USPH
U.S. Physical Therapy, Inc.78.50
-2.65-3.27%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A spotlights AI, IIP priority
Q&A elaborated on execution tailwinds like AI documentation in 200+ clinics and recruiting boosts driving turnover to seven-year lows, while demand stays solid despite pockets of staffing tightness curbing same-store growth above 1%. Management elevated injury prevention M&A as top capital priority over the new $25M buyback, with de novos on record pace including unannounced AquaNovos in high-rate New York. Medicare 2026 rates may deliver 1-1.75% lift, worth $1.5-2.5M EBITDA. Analysts flagged capacity; executives countered it's staffing, not space. Turnover hits seven-year low. Bullish tone persists—watch IIP deals, staffing ramp.
Key Stats
Market Cap
1.19BP/E (TTM)
33.12Basic EPS (TTM)
2.37Dividend Yield
0.02%Recent Filings
8-K
2026 exec incentives approved
U.S. Physical Therapy approved 2026 incentive plans for senior executives including CEO Reading, effective March 9, tying RSUs and bonuses to Adjusted EBITDA targets from $101.6M threshold to $108.2M maximum. Objective LTIPs offer up to 150% target RSUs vesting quarterly through 2030; discretionary plans add performance-based awards. Executives must stay employed through 2026. Retention locks in leadership.
8-K
Updated investor presentation
U.S. Physical Therapy updated its investor presentation on March 6, 2026, highlighting 780 owned/managed clinics across 44 states, $781mm TTM revenues, and $95mm TTM Adjusted EBITDA for 2025. Growth stemmed from 47 new clinics added since January 2025 via de novos and acquisitions in a fragmented $40bn+ rehab market. Volumes hit record 32.7 daily visits per clinic. Forward-looking statements note reimbursement and regulatory risks.
8-K
Q4 EBITDA surges to $24.8M
U.S. Physical Therapy crushed 2025 with adjusted EBITDA up 16.1% to $95 million despite Medicare cuts, fueled by record visits per clinic at 32.2 and net rates climbing to $105.76. Q4 shone brighter: EBITDA hit $24.8 million, gross margins expanded to 20.5%. Two hospital deals phase in mid-2026, promising $14 million enterprise EBITDA lift by 2027 (USPH share over $7 million). Guidance: $102-106 million EBITDA in 2026. Strong finish.
10-K
FY2025 results
U.S. Physical Therapy drove FY2025 net revenue to $781M, up 16% y/y, with physical therapy patient revenue hitting $650M (16% y/y growth) on 6.15M visits and net rate rising to $105.76 (1% y/y). Q4 added 11 clinics net of 10 closures, capping a year of 49 net adds versus 47 closures, while mature clinics ticked up 0.1% y/y; gross margins expanded to 19.2% amid controlled costs. IIP revenue climbed 18% y/y to $114M with margins at 18.9%. Q4 repurchased $5.6M shares; liquidity strong at $35.6M cash plus $144.5M revolver capacity. Medicare reimbursement cuts pressured rates, yet hospital alliances loom accretive.
8-K
Q4 revenue surges 13%; CFO transition.
U.S. Physical Therapy reported Q4 net revenue up 13.0% to $173.8M from physical therapy operations, with patient visits rising 11.2% to 1,593,336 and Adjusted EBITDA climbing 13.5% to $24.8M. CFO Carey Hendrickson resigns April 24, 2026—not due to disagreements—with SVP Jason Curtis stepping in interim. Board hiked dividend to $0.46/share, payable April 10; guides 2026 Adjusted EBITDA $102M-$106M.
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