Ati Physical Therapy Stock Price, News & Analysis

ATI Physical Therapy, Inc. (traded under the symbol ATIP on the OTC markets) is a nationally recognized provider of outpatient physical therapy and rehabilitation services in the United States. The company focuses on preventing and treating musculoskeletal (MSK) pain and emphasizes convenient access to care through a large network of clinics and a virtual practice. ATI describes its approach as patient-centered and evidence-based, using standardized clinical guidelines and operating processes across its locations.

According to company statements, ATI operates hundreds of outpatient clinics, with references in recent communications to approximately 850 to 900 locations across 24 states. These clinics, together with a virtual practice, form what ATI calls a single-branded platform built to support consistent clinical standards and operating procedures. ATI reports that it has accumulated outcomes data from more than 3 million unique patient cases, which it uses to support quality standards designed to deliver proven, predictable and impactful patient outcomes.

ATI highlights that it provides access to care for a wide range of patients, including individuals with MSK disorders, athletes and employees. Its services include outpatient clinical physical therapy and related rehabilitation offerings. Company disclosures also reference preventative services in the workplace, athletic training support, onsite workplace safety solutions and online physical therapy delivered via its CONNECT™ platform. Across these settings, ATI positions its clinics and virtual services as a way to improve quality of life through treatment plans tailored to individual patient needs.

In addition to its clinical operations, ATI notes that it participates in federal quality programs. The company reports that it has earned an “Exceptional” rating for quality patient care from the Centers for Medicare & Medicaid Services’ Merit-Based Incentive Payment System (MIPS) in multiple consecutive years since that program’s inception for physical therapy providers. ATI attributes this performance in part to its proprietary electronic medical record system and its Patient Outcomes Registry™, which it describes as containing millions of patient-reported outcomes across millions of patient episodes.

ATI also emphasizes its focus on clinician development and education partnerships. In one described initiative, ATI collaborates with Tufts University School of Medicine’s Doctor of Physical Therapy programs to expand access to physical therapy education and to support career advancement for ATI employees. This collaboration includes scholarships for ATI employees in Tufts DPT programs, participation in an online development program, and expanded clinical rotation opportunities at ATI clinics. The company presents this as part of its effort to support a reliable pipeline of physical therapists and to advance residency and fellowship training in areas such as sports and orthopedic care and primary care physical therapy.

From a corporate perspective, ATI has communicated that it faces a range of business and financial risks, including liquidity constraints, dependence on governmental and third-party payors, reimbursement rate pressures, regulatory requirements, competition for experienced physical therapists and exposure to macroeconomic conditions. Company communications have noted that its liquidity position raises substantial doubt about its ability to continue as a going concern absent additional capital or financing. ATI has described using financing transactions, such as second lien PIK notes, and credit facilities to support its operations, and has referenced initiatives like clinic footprint optimization, which can include opening, closing or divesting clinics.

ATI has also discussed its stock market listing history. The company has referenced the impact of a delisting of its shares from the New York Stock Exchange and has subsequently identified its shares as trading on the OTC markets under the symbol ATIP. In 2025, ATI announced that a consortium of existing stockholders led by investment firms completed a merger transaction to take the company private, with shares not held by that group acquired for cash. Following this transaction, ATI stated that it would continue to operate under its existing brand and leadership team and remain headquartered in Downers Grove, Illinois, while no longer being a publicly listed company in the same manner as before.

ATI’s communications describe its business model as centered on expanding patient access to high-quality MSK care, supported by standardized clinical processes, data-driven quality measurement and a network of outpatient clinics and virtual services. The company links its operational performance to factors such as patient visit volumes, rate per visit, clinician capacity and productivity, and clinic-level optimization. It also notes that its operations are subject to extensive healthcare regulation, privacy requirements for patient information and oversight by federal and state programs and private payors.

Business focus and operating platform

ATI characterizes itself as a provider of outpatient physical therapy and rehabilitation services designed to prevent and treat MSK disorders. Its platform includes:

• Outpatient physical therapy clinics across numerous U.S. states
• A virtual practice and online physical therapy through its CONNECT™ platform
• Preventative and workplace-oriented services, including onsite workplace safety solutions and athletic training support
• Data and outcomes infrastructure, including a proprietary electronic medical record and a Patient Outcomes Registry™

Through this platform, ATI aims to provide standardized care guided by clinical protocols, while using outcomes data to support quality improvement and to demonstrate the impact of its services on patient function and pain.

Quality recognition and data use

ATI reports that it has consistently earned an “Exceptional” rating in the MIPS program for physical therapy providers, which is used by the Centers for Medicare & Medicaid Services to assess quality of care and to determine eligibility for certain reimbursement adjustments. The company links this recognition to its use of electronic medical records and its outcomes registry, which it says includes more than 10 million patient-reported outcomes across millions of patient episodes. ATI presents this data infrastructure as central to its efforts to improve health outcomes and to manage the overall cost of MSK care.

Education and workforce development

In its collaboration with Tufts University School of Medicine, ATI outlines a model that combines academic training with clinical experience in its outpatient clinics. The initiative includes scholarships for ATI employees in Tufts’ DPT programs, participation in an online development program, expanded access to clinical rotations at ATI clinics and pathways into ATI’s sports and orthopedic residencies and a co-developed primary care physical therapy fellowship. ATI describes this as a way to expand the physical therapy workforce and to support professional advancement for its team members.

Corporate structure and ownership

ATI has communicated that it previously traded on the New York Stock Exchange under the symbol ATIP and later referenced trading on the OTC markets. In an August 2025 announcement, the company stated that a consortium of existing stockholders completed a merger to take ATI private, acquiring remaining shares for cash. ATI indicated that this transition to private ownership was intended to allow greater operational flexibility and a longer-term focus without the expense and constraints of quarterly public reporting, while continuing to operate under the ATI Physical Therapy brand.

Risk factors and operating environment

Company disclosures highlight a number of risks that can affect ATI’s business, including liquidity and capital markets risks, the need for additional financing, reimbursement pressures from Medicare, Medicaid and private payors, regulatory compliance obligations, competition for clinicians, and exposure to broader economic conditions. ATI notes that its facilities compete for experienced physical therapists and other clinical providers and that labor market dynamics and wage inflation can influence its costs and staffing levels. The company also references the potential impact of public health crises, climate and weather events, and regulatory reviews or audits on its operations and financial results.

Headquarters and geographic footprint

ATI states that it is based in Bolingbrook, Illinois, and also references remaining headquartered in Downers Grove, Illinois, in connection with its going-private transaction. Across its communications, the company consistently notes that it operates clinics in 24 U.S. states and supports both in-person and virtual care. Its clinic network size is described in different releases as approximately 850 to 900 locations, with changes over time due to clinic openings, closures and divestitures as part of footprint optimization efforts.