U.s. Physical Therapy, Inc. · NYSE:USPH
U.s. Physical Therapy — Q4 2025 Earnings Presentation
30 slides from U.s. Physical Therapy's earnings presentation, March 2026
Slide 1: USPh One Partner
ARTNER USP
Slide 2: Disclaimer
Disclaimer 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 statement
Slide 3: USPh At a Glance
USPh At a Glance Leading Physical Therapy Company 780 44 Owned/Managed Outpatient State Physical and Occupational National Footprint (1) Diversified Payor Mix Therapy Clinics (1) 85% 15% Physical Therapy Injury Prevention Operations % of Revenue(1) Services % of Revenue(1) Attractive Market Dynamics
Slide 4: Expanding National Footprint of Physical Therapy Clinics
Expanding National Footprint of Physical Therapy Clinics * Included in the clinic count (but excluded from the map) are 34 clinics that the Company manages on behalf of third parties. 4
Slide 5: Large and Growing Market Opportunity
Large and Growing Market Opportunity $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% use
Slide 6: Physical Therapy Delivery Mix
Outpatient Clinics are the Leading Setting For Care Orthopedic rehab is the primary driver of physical therapy services, representing approximately 60% of visits 100% 11% 90% 7% 80% Physical Therapy Delivery Mix 12% 70% 60% Outpatient Clinics 28% 50% 40% 30% Hospitals; Home Health Offices of Other S
Slide 7: Payors See Significant ROI for Physical Therapy
Payors See Significant ROI for Physical Therapy With PT Without PT Hip replacement surgery Hip replacement surgery ($56,000) ($56,000) Inpatient care Inpatient care ($15,000) ($15,000) Outpatient Physical Readmission Readmission Rate of Home Rate of Therapy Clinic 10% 20% Full Recovery Full Recovery
Slide 8: Competitive Landscape
Competitive Landscape Highly fragmented U.S. outpatient rehab market with 37,000+ clinics (1) No company with >10% market share(2) USPh is one of the largest owner/operator of PT clinics USPh is well-positioned to capitalize in a more challenged macro environment 1,900+ 780 Clinics(3) Managed / Owne
Slide 9: Physical Therapy Growth Strategy
Physical Therapy Growth Strategy Drive organic growth through de novo PT/OT clinic openings (utilize true 1 partnership model) Maximize profits of existing facilities by growing volume, improving 2 pricing, increasing efficiencies and adding programs and services Augment organic growth through strat
Slide 10: Highly Retentive, Partnership Model
Highly Retentive, Partnership Model 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 acquisitions
Slide 11: USPh Partnership Advantages
USPh Partnership Advantages Accounting Capital and Resources to HR Enhance Development Rate Real Estate No Personal Financial Risk Construction Aligned Practice Incentives Purchasing Unlimited Earnings Potential Contracting/Credentialing Enhanced Benefits Marketing Package Compliance Business Intell
Slide 12: Acquisition Strategy
Acquisition Strategy Completed more than 50 acquisitions since 2005 ranging in size from 1 to 52 clinics Acquisitions include eight industrial injury prevention services businesses Seeking & evaluating M&A transactions is part of USPh’s DNA PT acquisition criteria: Owner therapists continue to opera
Slide 13: New Clinics Since January 1, 2025
New Clinics Since January 1, 2025 From 1/01/2025 – 12/31/2025 ME VT MA CT PA NJ OH MD WV VA NC TN 5 OK AR SC AL GA MS TX LA FL AK 47 owned clinics added (1)(2) since January 1, 2025 13 (1) Includes de-novo clinics and acquisitions of single and multi-site practices. (2) Included in the clinic count
Slide 14: Scale Advantages Create a Robust Business Case for Consolidation
Scale Advantages Create a Robust Business Case for Consolidation Referrals Payor Networks Higher likelihood of referrer Increased likelihood of selection for activity and advocacy payor networks Scale is cited as a core criterion by specialty network managers and payors. Ability to negotiate hig
Slide 15: Revenue Mix by Segment and Payor Type
Revenue Mix by Segment and Payor Type Revenue Mix by Segment Type Physical Therapy Revenue Mix by Payor Type Year Ended December 31, 2025 Year Ended December 31, 2025 6% 10% 15% 48% 85% 33% 3% Private Insurance & Managed Care Physical Therapy Operations Medicaid Industrial Injury Prevention Medicare
Slide 16: USPh Physical Therapy Growth Drivers
USPh Physical Therapy Growth Drivers Both prior to and post COVID-19, each driver has shown robust growth Number of Owned Clinics (1) Daily Patient Visits Per Clinic 2012-2025: CAGR +4% 2012-2025: CAGR +3% 800 722 746 35 32.2 30.4 700 640 671 29.1 28.7 30.0 30 27.6 24.6 578 591 583 554 591 25 25.9 2
Slide 17: Daily Physical Therapy Volumes Progression
Daily Physical Therapy Volumes Progression Average Visits per Clinic per Day COVID Trough 35 32.7 32.2 32.7 30.6 30.1 31.6 31.2 30.0 29.5 29.8 29.5 28.8 29.1 29.8 30.4 29.7 29.9 29.5 30 27.7 27.1 27.9 26.2 25.8 25 20 18.9 15 10 5 0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q2
Slide 18: Physical Therapy Operations
Physical Therapy Operations Annual Adjusted Gross Margin Quarterly Adjusted Gross Margin Percentage (1)(2)(3) Percentage (1)(2)(3) 26.0% 26.0% 23.8% 24.0% 24.0% 23.1% 22.0% 22.0% 21.4%21.7% 20.8% 21.2% 20.6% 20.5% 20.3% 19.9% 20.0% 20.0% 19.2% 19.4% 19.2% 18.4% 18.4% 18.6% 18.6% 18.0% 18.0% 16.6% 16
Slide 19: Industrial Injury Prevention
Industrial Injury Prevention Industrial Injury Prevention services include industrial sports medicine and injury prevention, post offer testing, ergonomic services, occupational health and medical services, and specialized solutions Since USPh’s initial entry into the Industrial Injury Prevention se
Slide 20: Industrial Injury Prevention
Industrial Injury Prevention Revenue ($ in millions) Gross Margin (%) (1) 30.0% $100.0 25.0% 24.7% $80.0 23.1% 22.4% 20.0% 18.5% 18.6% 18.9% 18.2% $60.0 $114.4 15.0% $96.9 $40.0 $77.1 $78.3 10.0% $43.9 $20.0 $37.5 $39.2 5.0% $0.0 0.0% 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 * 2023 202
Slide 21: Strong Balance Sheet and Capital Allocation Strategy
Strong Balance Sheet and Capital Allocation Strategy Capital Allocation Strategy Liquidity ($ in millions) (as of 12/31/2025) Acquisitions Debt Management Continue fueling a Maintain strategic flexibility highly acquisitive and a conservative balance growth strategy within a sheet fragmented landsca
Slide 22: Executive Management
Executive Management Joined USPh as COO in November 2003 Chris Reading Promoted to CEO and Board in November 2004 Chief Executive Previously Senior Vice President of Operations with HealthSouth, managed over 200 facilities including OP, Officer ASC, DX Imaging and rehab hospital operations B
Slide 23: Summary Investment Highlights
Summary Investment Highlights Publicly-traded, pure play operator of rehab clinics Proven business model, driven by organic growth and acquisitions Significant scale with national footprint Large and growing market / favorable demographics Strong cash flow and balance sheet Attractive Dividend Yield
Slide 24: Appendix
: A “Usp ONE PARTNER
Slide 25: Demonstrated Track Record of Consistent Growth
Demonstrated Track Record of Consistent Growth Over the last decade, USPH has consistently grown, organically and through strategic acquisitions USPH Revenue ($ in millions) 2013-2025: CAGR +9% $781 $671 $605 $553 $454 $482 $495 $414 $423 $331 $357 $305 $264 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 2
Slide 26: Summary Financial Results
Summary Financial Results For the Year Ended December 31, 2025 December 31, 2024 December 31, 2023 (in thousands, except per share data) Net Revenue $ 780,990 $ 671,345 $ 604,802 Operating costs 631,297 547,424 483,293 Gross profit 149,693 123,921 121,509 Operating income 86,677 62,994 50,511 Net in
Slide 27: Segment Information
Segment Information For Year Ended Decem ber 31, 2025 For Year Ended Decem ber 31, 2024 For Year Ended Decem ber 31, 2023 As Reported Adjustm ent (1) Adjusted As Reported Adjustm ent (1) Adjusted As Reported Adjustm ent (1) Adjusted (in thousands, except percentages) Physical Therapy Operations Net
Slide 28: Reconciliation of Non-GAAP Financial Measures – Operating Results
Reconciliation of Non-GAAP Financial Measures – Operating Results For the Year Ended December 31, 2025 December 31, 2024 December 31, 2023 Operating Results (a non-GAAP measure) Net income attributable to USPH shareholders $ 39,583 $ 31,424 $ 28,239 Adjustments: Impairment of goodwill and other inta
Slide 29: Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA and Margin
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin For the Year Ended December 31, 2025 December 31, 2024 December 31, 2023 Adjusted EBITDA (a non-GAAP measure) Net income attributable to USPH shareholders $ 39,583 $ 31,424 28,239 Adjustments: Provision for inco
Slide 30: Thank you
USP ONE PARTNER Thank you
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