RTTNews | Jul 26, 2021 10:24AM EDT

10:23 Monday, July 26, 2021 (RTTNews.com) - Shares of ATI Physical Therapy, Inc. (ATIP) tanked nearly 40% on Monday morning after the company reported its second-quarter results and revised its full-year 2021 forecast.

ATIP is currently trading at $5.10, down $3.24 or 38.85%, on the NYSE, on a volume of 4.7 million shares, up from average volume of 890 thousand. The stock has traded between $4.71 and $13.05 in the 52 week period.

Revenues surged 52.1% to $164.0 million from $107.8 million, last year driven by higher patient visit volumes, partially offset by lower RPV.

The company said its second-quarter net income (loss) will not be reported until the company files its quarterly report on Form 10-Q for the quarterly period ended June 30, 2021. Last year the company reported net loss of $4.6 million.

For full year 2021, ATI is now projecting revenue to be in the range of $640 million to $670 million and Adjusted EBITDA to be in the range of $60 million to $70 million, down from $731 million and $119 million, respectively.

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