U.s. Physical Therapy, Inc. · NYSE:USPH
U.s. Physical Therapy — Investor Presentation (August 2026)
31 slides from U.s. Physical Therapy's investor presentation, Aug 12, 2026
Slide 1: Contact
CONTACT: U.S. Physical Therapy, Inc. Jason Curtis, Interim Chief Financial Officer email: jcurtis@usph.com Chris Reading, Chief Executive Officer (713) 297-7000 Three Part Advisors Joe Noyons (817) 778-8424 Exhibit 99.1
Slide 2: USPh
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Slide 3: Disclaimer: Forward-Looking Statements
Disclaimer 2 Forward-Looking Statements This presentation contains forward-looking statements, which involve numerous risks and uncertainties. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking stateme
Slide 4: USPh At a Glance
796 Owned/Managed Outpatient Physical and Occupational Therapy Locations (1) 45 State National Footprint (1) 85% Physical Therapy Operations % of Revenue(2) 15% Injury Prevention Services % of Revenue(2) >$56bn US Rehabilitation Market(4) >6% No Company Has Greater Than 6% Market Share(4) Partner of
Slide 5: Expanding National Footprint of Physical Therapy Clinics
Expanding National Footprint of Physical Therapy Clinics 4 Color Scheme 0 155 217 155 155 155 20 81 163 124 59 129 170 68 61 254 163 11 796 managed and / or owned locations(1) in 45 states as of June 30, 2026 Clinic count includes owned and hospital affiliated clinics as well as other management con
Slide 6: Large and Growing Market Opportunity
Large and Growing Market Opportunity 5 $56B+ U.S. rehab market (1) Favorable demographics – physically active, aging and obese population segments Significant market potential ~50% of Americans over 18 years old develop a musculoskeletal injury that lasts more than 3 months Within this group, only 1
Slide 7: Outpatient Clinics are the Leading Setting For Care
Outpatient Clinics are the Leading Setting For Care 6 Orthopedic rehab is the primary driver of physical therapy services, representing approximately 60% of visits Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT). Outpatient Clinics Hospitals; State, Local,
Slide 8: Payors See Significant ROI for Physical Therapy
Payors See Significant ROI for Physical Therapy 7 Total Treatment Cost~$78K Hip replacement surgery($56,000) Inpatient care($15,000) Total Treatment Cost~$85K Hip replacement surgery($56,000) Inpatient care($15,000) Readmission Rate of20% Readmission Rate of10% Source: “Industry Trends in M&A and To
Slide 9: Competitive Landscape
Competitive Landscape 8 Source: “The Physical Therapy Tracker” (from Livingstone Partners, LLC published In the third quarter of 2025). The article is available in this link: https://www.livingstonepartners.com/physicaltherapytracker/ Highly fragmented U.S. outpatient rehab market with 37,000+ clini
Slide 10: Physical Therapy Growth Strategy
Physical Therapy Growth Strategy 9 Drive organic growth through de novo PT/OT clinic openings (utilize true partnership model) Maximize profits of existing facilities by growing volume, improving pricing, increasing efficiencies and adding programs and services Augment organic growth through strateg
Slide 11: Highly Retentive, Partnership Model
Highly Retentive, Partnership Model 10 Specialize in trauma, sports, work-related and pre- and post-surgical cases Partner with experienced physical therapists Drive volume via referrals Augment sales with marketing reps Organic growth includes lower cost de novo start up clinics Strategic acquisiti
Slide 12: USPh Partnership Advantages
More Resources Less Administrative Burden USPh Partnership Advantages 11 Accounting HR Real Estate Construction Purchasing Contracting/Credentialing Marketing Compliance Legal IT Capital and Resources to Enhance Development Rate No Personal Financial Risk Aligned Practice Incentives Unlimited Earnin
Slide 13: Acquisition Strategy
Acquisition Strategy 12 Completed more than 50 acquisitions since 2005 ranging in size from 1 to 52 clinics Acquisitions include nine industrial injury prevention services businesses Seeking & evaluating M&A transactions is part of USPh’s DNA PT acquisition criteria: Owner therapists continue to ope
Slide 14: New Clinics Since August 1, 2025
New Clinics Since August 1, 2025 13 From 08/01/2025 – 07/31/2026 Includes de-novo clinics and acquisitions of single and multi-site practices. Included in the clinic count (but excluded from the map) are other management contracts. 52 owned clinics added (1)(2) since August 1, 2025 2
Slide 15: Scale Advantages Create a Robust Business Case for Consolidation
Scale Advantages Create a Robust Business Case for Consolidation 14 Increased likelihood of selection for payor networks Scale is cited as a core criterion by specialty network managers and payors. Some limited leverage in negotiations with payors for reimbursement Higher likelihood of referrer acti
Slide 16: Revenue Mix by Segment and Payor Type
Revenue Mix by Segment and Payor Type 15 Other Workers Comp Private Insurance & Managed Care Medicaid Medicare PT Revenue Payor Mix by Payor Type Six Months Ended June 30, 2026 Physical Therapy Operations Industrial Injury Prevention PT Revenue Payor Mix by Payor Type (1) Six Months Ended June 30, 2
Slide 17: USPh Physical Therapy Growth Drivers
USPh Physical Therapy Growth Drivers 16 Clinic count includes owned and hospital affiliated clinics as well as other management contracts. This metric excludes homecare. In 2019, the Company sold interest in a partnership, which operated 30 clinics. In 2020, the Company sold 14 previously closed cli
Slide 18: Daily Physical Therapy Volumes Progression
Daily Physical Therapy Volumes Progression 17 COVID Trough Average Visits per Clinic per Day
Slide 19: Physical Therapy Operations Adjusted Gross Margin
Physical Therapy Operations 18 Includes management contracts. See the section titled Reconciliation of non-GAAP measures to the most directly comparable GAAP measure. Annual Adjusted Gross Margin Percentage (1)(2) Quarterly Adjusted Gross Margin Percentage (1)(2)
Slide 20: Industrial Injury Prevention
Today Services performed onsite at >600 client locations Industrial Injury Prevention 19 Industrial Injury Prevention services include onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity e
Slide 21: Industrial Injury Prevention Results
Industrial Injury Prevention 20 Note: For the year-to-date June 30, 2026, compared to the year-to-date June 30, 2025. * The Company acquired an IIP business in November 2021 with $26.7 million in revenue at an EBITDA margin of 16.0%, which reduced the overall IIP margin in 2022 and forward. ** The C
Slide 22: Strong Balance Sheet and Capital Allocation Strategy
Strong Balance Sheet and Capital Allocation Strategy 21 At June 30, 2024, we had $112.9 million in cash and $142.5 million outstanding on our term loan. We have $175 million available for borrowings under our revolving facility. A strong balance sheet and capital allocation strategy has allowed USPH
Slide 23: Executive Management
Executive Management 22 https://www.usph.com/about/senior-leadership/ https://www.linkedin.com/in/rick-binstein-66944512 Joined USPh in March 2018 Previously President & Chief Executive Officer of Baptist Health System in San Antonio, TX. Managed six hospitals with a $1.32B annual operating budget B
Slide 24: Summary Investment Highlights
23 Summary Investment Highlights Significant scale with national footprint Large and growing market / favorable demographics Proven business model, driven by organic growth and acquisitions Strong cash flow and balance sheet Publicly-traded, pure play operator of rehab clinics Attractive Dividend Yi
Slide 25: Appendix
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Slide 26: Demonstrated Track Record of Consistent Growth
Transaction Overview Demonstrated Track Record of Consistent Growth Over the last decade, USPH has consistently grown, organically and through strategic acquisitions USPH Revenue ($ in millions) Adj. EBITDA(1) ($ in millions) 4.7% 15.5% 8.6% 7.6% 16.1% 9.6% 6.2% (12.2%) 17.0% 11.7% 25 Growth (%) 201
Slide 27: Summary Financial Results
Summary Financial Results 26 Operating Results, a non-GAAP measure, equals net income attributable to our shareholders less, changes in revaluation of a put-right liability, clinic closure costs, loss on sale of a partnership, changes in fair value of contingent earn-out consideration, business acqu
Slide 28: Segment Information
Segment Information 27 Adjustments include clinic closures costs, certain earnout bonuses and incentive costs related to the Metro acquisition, expenses related to the acquisitions of equity interests in certain partnerships, costs associated with entering hospital affiliation contracts, clinic clos
Slide 29: Reconciliation of Non-GAAP Financial Measures – Operating Results
Reconciliation of Non-GAAP Financial Measures – Operating Results 28 Costs associated with clinic closures during the periods presented and, for purposes of Operating Results, includes accelerated depreciation related to closed clinics. Primarily consists of retention bonuses, as well as legal and c
Slide 30: Reconciliation of Non-GAAP Financial Measures: Adjusted EBITDA and Margin
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin 29 Costs associated with clinic closures during the periods presented and, for purposes of Operating Results, includes accelerated depreciation related to closed clinics. Primarily consists of retention bonuses,
Slide 31: Thank you
USP ONE PARTNER Thank you
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