U.s. Physical Therapy, Inc. · NYSE:USPH
U.s. Physical Therapy — Investor Presentation (August 2025)
31 slides from U.s. Physical Therapy's investor presentation, Aug 12, 2025
Slide 1: Contact
CONTACT: U.S. Physical Therapy, Inc. Carey Hendrickson, Chief Financial Officer email: chendrickson@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 are statements relating to opening of new clinics, availability of personnel and reimbursement environment. The forward-looking statements are based
Slide 4: USPh At a Glance
768 Owned/Managed Outpatient Physical and Occupational Therapy Clinics (1) 44 State National Footprint (1) 85% Physical Therapy Operations % of Revenue(1) 15% Injury Prevention Services % of Revenue(1) >$40bn US Rehabilitation Market >10% No Company Has Greater Than 10% Market Share(3) Partner of Ch
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 * Included in the clinic count (but excluded from the map) are 36 clinics that the Company manages on behalf of third parties.
Slide 6: Large and Growing Market Opportunity
Large and Growing Market Opportunity 5 $40B+ U.S. rehab market 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 10% u
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~$79K 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: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT). Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT). Select Medical used as proxy for largest physical therapy operator in the U.S. with 1, 925
Slide 10: Growth Strategy
Growth Strategy 9 Drive organic growth through de novo PT/OT clinic openings, utilize true partnership model Maximize profits of existing facilities by growing patient volume, improving pricing, increasing efficiencies and adding programs and services Augment organic growth through strategic acquisi
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: More Resources, Less Administrative Burden: 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 more than five industrial injury prevention services businesses Seeking & evaluating M&A transactions is part of USPh’s DNA Acquisition criteria: Owner therapists continue
Slide 14: New Clinics Since July 1, 2024
New Clinics Since July 1, 2024 13 95 clinics added (1) since July 1, 2024 From 07/01/2024 – 06/30/2025 WV VT VA SC PA OH NJ NC ME MD MA GA FL CT TX OK MS LA AR AL AK TN 5 Includes de-novo clinics and acquisitions of single and multi-site practices. 51
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 Physical Therapy Revenue Mix by Payor Type Three Months Ended June 30, 2025 Other Workers Comp Private Insurance & Managed Care Medicaid Medicare Revenue Mix by Segment Type Three Months Ended June 30, 2025 Physical Therapy Operations Industrial Injury Preven
Slide 17: USPh Physical Therapy Growth Drivers
USPh Physical Therapy Growth Drivers 16 In 2019, the Company sold interest in a partnership, which operated 30 clinics. In 2020, the Company sold 14 previously closed clinics and closed 34 clinics. Number of Owned Clinics (1) Daily Patient Visits Per Clinic Number of Patient Visits (in thousands) Bo
Slide 18: Daily Physical Therapy Volumes Progression
Daily Physical Therapy Volumes Progression 17 Continue to see record-high volumes Average daily visits per clinic was an all-time high of 32.7 COVID Trough Average Visits per Clinic per Day
Slide 19: Physical Therapy Operations
Physical Therapy Operations 18 Note: Excludes management contracts. Also excludes closure costs where applicable. This is a non-GAAP measure. See a reconciliation of GAAP to Non-GAAP financial measures in our Form 10-Q for the Third Quarter ended September 30, 2024 filed with the SEC on November 8,
Slide 20: Industrial Injury Prevention
Today Services performed onsite at >600 client locations Industrial Injury Prevention 19 Industrial Injury Prevention services include industrial sports medicine and injury prevention; post offer testing; ergonomic services; occupational health and medical services; specialized solutions March 2017
Slide 21: Industrial Injury Prevention
Industrial Injury Prevention 20 Note: 2022 includes November 2021 acquisition with $26.7 million in revenue at an EBITDA Margin of 16.0%. Revenue ($ in millions) Gross Margin (%) Second Quarter 2025: Revenue +22.6% Gross profit +25.8% Gross Margin 22.0% TTM Revenue through Q2 2025: $108.0 million
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 $175 million available for borrowings under our revolving facility. A strong balance sheet and capital allocation strategy has allowed USPH
Slide 23: Executive Management
Executive Management 22 https://www.usph.com/about/senior-leadership/ https://www.linkedin.com/in/rick-binstein-66944512 Joined USPh as CFO in November 2020 Previously served as CFO for Capital Senior Living Corporation (NYSE:CSU) and Belo Corp. (NYSE: BLC) BBA & MBA Carey Hendrickson Chief Financia
Slide 24: Summary Investment Highlights
23 Summary Investment Highlights Significant scale with national footprint Large and growing market / favorable demographics Proven business model, driven by organic growth and acquisitions Strong cash flow and balance sheet Publicly-traded, pure play operator of rehab clinics Attractive Dividend Yi
Slide 25: Appendix
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Slide 26: Demonstrated Track Record of Consistent Growth
Transaction Overview Demonstrated Track Record of Consistent Growth Over the last decade, USPH has consistently grown, organically and through strategic acquisitions USPH Revenue ($ 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% 19.2% 21.3% 18.4%
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 Excludes $0.2 million and $0.3 million in the three and six months ended June 30, 2025, respectively, related to certain incentive costs related to the Metro acquisition.
Slide 29: Reconciliation of Non-GAAP Financial Measures – Operating Results
Reconciliation of Non-GAAP Financial Measures – Operating Results 28 Costs associated with the closure of ten and eleven clinics during the 2025 Six Months and the 2024 Six Months, respectively. Primarily consists of retention bonuses, legal and consulting expenses related to the acquisitions of equ
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
Slide 31: Thank you
USP ONE PARTNER Thank you
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