US Physical Therapy Inc
F:UPH

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US Physical Therapy Inc Logo
US Physical Therapy Inc
F:UPH
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Price: 62 EUR 4.2% Market Closed
Market Cap: €934.3m

US Physical Therapy Inc
Investor Relations

US Physical Therapy owns and manages outpatient physical therapy clinics and related rehabilitation centers. Its therapists treat people recovering from injuries, surgery, or chronic pain, and it also serves employers with industrial injury prevention and on-site care programs. The company is paid for patient visits and therapy services, usually through insurance, Medicare, workers’ compensation, or direct payment. Its main customers are patients who need physical rehabilitation, plus employers and other organizations that want to reduce workplace injuries and speed employee recovery. The company also works with referring physicians and local medical groups, since many patients are sent to therapy after a doctor visit or procedure. That referral-based model is a key part of how its clinics stay busy. What makes the business different is that it is a clinic operator, not a drug maker or device company. It earns money from hands-on care delivered in local clinics and on customer sites, so its value comes from therapist expertise, patient relationships, and efficient clinic management. This gives it a steady role in the healthcare system as a provider of routine rehabilitation services rather than specialized hospital care.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 7, 2026
AI Summary
Q1 2026

In line quarter: Management said Q1 came in almost exactly where they budgeted, despite weather disrupting more than 31,000 visits and pressuring margins.

Guidance reaffirmed: The company reaffirmed full-year 2026 adjusted EBITDA guidance of $102 million to $106 million and said the year’s key initiatives should ramp through 2026.

Growth drivers: Physical therapy revenue rose 7.2%, injury prevention revenue rose 11.8%, and same-store physical therapy revenue increased 2.5%.

Hospital ramp: The two hospital partnership initiatives are starting to roll out and should build sequentially through the year, with the full quarterly benefit not expected until late 2026.

Balance sheet: US Physical Therapy closed a larger $450 million credit facility at improved pricing, giving it more flexibility for acquisitions, partnerships, and capital returns.

Cash-based programs: Management is pushing cash-based offerings like laser, shockwave, and dry needling, saying partner interest is strong and traction is building.

Key Financials
Revenue
$198 million
Physical therapy revenue
$168 million
Same-store physical therapy revenue
2.5%
Total patient visits
1,543,000
Daily visits per clinic
31.8
Net patient revenue per visit
$106.49
Commercial revenue per visit
3.4%
Medicare rate increase
1.75%
Adjusted physical therapy payroll cost per visit
$64.20
Adjusted physical therapy operating cost per visit
$90.31
Adjusted physical therapy margin
16.1%
Injury prevention revenue
$31 million
Injury prevention same-store revenue
8.2%
Injury prevention margin
20.4%
Corporate expense as a rate to revenue
8.8%
Adjusted EBITDA
$20.2 million
Operating results per share
$0.46
Net income attributable to shareholders
$5 million
Loss on change in fair value of contingent earn-out considerations
$2 million
GAAP loss per share
$0.12
Cash and cash equivalents
$28 million
Borrowings on credit facility
$204 million
Credit facility
$450 million
Interest expense
$2.8 million
Income tax rate
32.3%
Purchased non-controlling interest
$14 million
First acquisition revenue
$8 million
First acquisition visits
66,000
Second acquisition business
$7 million
Weather-related lost visits
31,000
Earnings Call Recording
Other Earnings Calls

Management

Mr. Christopher J. Reading
Chairman & CEO
No Bio Available
Mr. Eric Joseph Williams
President & COO
No Bio Available
Mr. Carey P. Hendrickson
Chief Financial Officer
No Bio Available
Mr. Richard S. Binstein
Executive VP, General Counsel & Secretary
No Bio Available
Mr. Graham D. Reeve M.B.A., P.T.
Chief Operating Officer - West
No Bio Available
Mr. Jake Martinez
Senior Vice President of Finance & Accounting
No Bio Available
Mr. Chadd Pence
Senior Vice President of Information Systems
No Bio Available
Ms. Jayne Fleck Pool ATC, PT, SCS
Senior VP & Chief Compliance Officer
No Bio Available
Mr. Jason Anderson
Vice President of Human Resources
No Bio Available
Mr. Jon C. Bates CPA, M.B.A.
VP & Corporate Controller
No Bio Available

Contacts

Address
TEXAS
Houston
1300 W Sam Houston Pkwy N Ste 300
Contacts
+17132977000.0
www.usph.com
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