U.S. Physical Therapy Reports Fourth Quarter and Full Year 2024 Results

About this update from U.s. Physical Therapy, Inc.

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("USPH" or the "Company") (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today reported results for the three months and year ended December 31, 2024.","length":324,"tagName":"p"},{"type":"text","content":" FINANCIAL HIGHLIGHTS ","length":20,"tagName":"p"},{"type":"text","content":" Year Ended December 31, 2024 versus Year Ended December 31, 2023 ","length":64,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted EBITDA (1) , a non-Generally Accepted Accounting Principles ("GAAP") measure, was $81.8 million for the year ended December 31, 2024 ("2024 Year"), an increase of $3.9 million, from $77.9 million for the year ended December 31, 2023 ("2023 Year").","length":285,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Operating Results (1) , a non-GAAP measure, was $36.9 million for the 2024 Year, an increase of $0.5 million, from $36.4 million in the 2023 Year. On a per share basis, Operating Results were $2.45 in the 2024 Year compared to $2.57 in the 2023 Year due to the increase in the number of shares outstanding associated with the Company’s secondary offering completed in May 2023. In addition, the 2024 Year includes a $1.0 million true-up of income tax expense recorded during the three months ended December 31, 2024 ("2024 Fourth Quarter").","length":549,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net income attributable to USPH’s shareholders ("USPH Net Income"), a GAAP measure, was $31.4 million for the 2024 Year compared to $28.2 million for the 2023 Year. For the 2024 Year, USPH Net Income included a charge of $4.4 million (prior to allocation of the related minority interest and income taxes) related to the closure of 45 underperforming clinics, a non-cash charge of $2.4 million (prior to allocation of income taxes) related to the impairment of assets held for sale and a $1.0 million true-up of income tax expense. For the 2023 Year, USPH Net Income included a charge of $17.5 million (prior to the allocation of minority interest and income taxes) related to the impairment of goodwill and other intangible assets.","length":742,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"In accordance with GAAP, the revaluation of noncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation of earnings per share. Earnings per share, was $1.84 for the 2024 Year compared to $1.28 for the 2023 Year.","length":318,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1894,"olType":false},{"type":"text","content":" Fourth Quarter Ended December 31, 2024 versus Fourth Quarter Ended December 31, 2023 ","length":84,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Non-GAAP Adjusted EBITDA (1) for the 2024 Fourth Quarter was $21.8 million compared to $19.0 million for the fourth quarter ended December 31, 2023 ("2023 Fourth Quarter").","length":182,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Non-GAAP Operating Results (1) for the 2024 Fourth Quarter was $7.8 million, or $0.51 per share, compared to $8.9 million, or $0.59 per share, for the 2023 Fourth Quarter. The 2024 Fourth Quarter includes a $1.0 million true-up of income tax expense.","length":250,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"USPH Net Income was $9.2 million for the 2024 Fourth Quarter compared to $0.7 million for the 2023 Fourth Quarter. For the 2024 Fourth Quarter, USPH Net Income included a charge of $0.2 million (prior to allocation of the related minority interest and income taxes) related to the closure of underperforming clinics, a non-cash charge of $2.4 million (prior to allocation of income taxes) related to the impairment of assets held for sale and a $1.0 million true-up of income tax expense. For the 2023 Fourth Quarter, USPH Net Income included a charge of $17.5 million (prior to the allocation of minority interest and income taxes) related to the impairment of goodwill and other intangible assets.","length":699,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"In accordance with GAAP, the revaluation of redeemable non-controlling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation of earnings per share. Earnings per share for the 2024 Fourth Quarter was $0.52 compared to net loss per share of $0.38 for the 2023 Fourth Quarter.","length":371,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total revenue from physical therapy operations for the 2024 Fourth Quarter increased $19.2 million, or 14.2%, to $153.8 million.","length":128,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net rate per patient visit for the 2024 Fourth Quarter increased to $104.73 from $103.68 for the 2023 Fourth Quarter, an increase of 1.0%, despite the 1.8% Medicare rate reduction which went into effect at the beginning of 2024 and the impact of acquisitions added during the quarter with net rates below the Company’s average net rate. The increase in net rate per patient visit reflects the Company’s strategic priority of increasing reimbursement rates through contract negotiations with commercial and other payors.","length":519,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Average daily patient visits per clinic was 31.7 for the 2024 Fourth Quarter, a record-high for a quarter in the Company’s history, compared to 29.9 in the comparable prior year quarter. Total patient visits were 1,432,801 in the 2024 Fourth Quarter, a 13.0% increase from the 2023 Fourth Quarter.","length":297,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Industrial injury prevention services ("IIP") revenue was $26.6 million for the 2024 Fourth Quarter, an increase of 32.1% as compared to the 2023 Fourth Quarter. IIP gross profit was $4.9 million in the 2024 Fourth Quarter, an increase of $0.7 million, or 15.6%, from $4.3 million in the 2023 Fourth Quarter.","length":318,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"During the 2024 Fourth Quarter, the Company added 70 clinics (through acquisition or denovos) and closed 2 clinics bringing its total owned and/or managed clinic count to 768 as of December 31, 2024, compared to 714 as of December 31, 2023.","length":240,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"On October 31, 2024, the Company acquired a 50% equity interest in a management services organization that provides management and administrative services to 50 physical therapy clinics with the original owners retaining a 50% equity interest. Through its managed therapy providers, the acquired company currently generates approximately $64.0 million in annual revenue and approximately $12.0 million in annual EBITDA on a consolidated basis.","length":443,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"On November 30, 2024, the Company acquired a 75% equity interest in an eight-clinic practice with the practice owners retaining a 25% equity interest. The business currently generates $6.5 million in annual revenues and 43,000 annual visits.","length":241,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company’s Board of Directors raised the Company’s quarterly dividend rate from $0.44 per share to $0.45 per share, effective immediately, and declared a quarterly dividend for the first quarter of 2025 at the higher rate. The dividend will be payable on April 11, 2025, to shareholders of record on March 14, 2025.","length":318,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Management currently expects the Company’s Adjusted EBITDA for 2025 to be in the range of $88 million to $93 million. See "Management Provides 2025 Guidance" below for more information.","length":195,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":4201,"olType":false},{"type":"readMore"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"3","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":"___________________________","length":27,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"(1)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":"These are Non-GAAP Measures. See pages 13 to 15 of this release for the definition and reconciliation of Non-GAAP Adjusted EBITDA, Non-GAAP Operating Results and other Non-GAAP measures to the most directly comparable GAAP measure.","length":231,"tagName":"p","attribs":{}}]}]}],"length":261},{"type":"text","content":" MANAGEMENT’S COMMENTS ","length":21,"tagName":"p"},{"type":"text","content":"Chris Reading, Chief Executive Officer, said, "The past few years have been particularly challenging for our industry due in large part to the intersection and impact of Medicare reimbursement reductions done in sequence, and the rising cost of people and goods, impacted by inflation and exacerbated by a tight labor market. Despite those headwinds, our entire team has worked to find a way to grow in volume, rate, and ultimately in profit, although those results are certainly muted due to the cumulative Medicare reductions, which have been significant. As we near what we expect to be the end of these rate headwinds, we have found additional capabilities in terms of visit growth, new market expansions, positive commercial rate renegotiations and other initiatives we believe will deliver additional capacity and profitability in the future. We continue to work on the cost side of our business, which is largely people driven and, being a people-centric company, this has proven to be our greatest challenge and one where we are not (yet) satisfied with our result. To that end, we are piloting several initiatives which we believe could be impactful to our overall cost and labor efficiency while we continue more traditional efforts as well. We expect 2025 to be a solid growth year supported by these initiatives, a continued record demand for our services, further expected rate lift, and recent acquisitions in both physical therapy and our injury prevention business."","length":1492,"tagName":"p"},{"type":"text","content":" 2024 FOURTH QUARTER VERSUS 2023 FOURTH QUARTER ","length":46,"tagName":"p"},{"type":"text","content":"Additional supplemental tables of financial and performance metrics are presented on page 16 of this release.","length":109,"tagName":"p"},{"type":"text","content":" Physical Therapy Operations ","length":27,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:49%;","val":[]},{"colspan":"7","rowspan":"1","style":"border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Three Months Ended 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Excluding the clinic closure costs, Adjusted gross profit (1) for the 2024 Year was $128.3 million, or 19.1% of net revenue, compared to $121.7 million, or 20.1% of net revenue, for the 2023 Year.","length":684,"tagName":"p"},{"type":"text","content":"Revenues from physical therapy operations increased $47.9 million, or 9.1%, to $574.4 million in the 2024 Year compared to $526.5 million in the 2023 Year. This increase was primarily due to the increase in volume from the 58 net clinics added since the comparable prior year period, a 1.5% increase in visits at mature clinics and an increase in net rate per patient visit to $104.71 for the 2024 Year from $102.80 for the 2023 Year. Gross profit from physical therapy operations, which included $4.4 million of costs associated with the 45 clinic closures, was $103.9 million, or 18.1% of net revenue, for the 2024 Year compared to $105.1 million, or 20.0% of net revenue, for the 2023 Year. Excluding the clinic closure costs, adjusted physical therapy gross profit (1) was $108.3 million, or 18.9% of net revenue, in the 2024 Year compared to $105.2 million, or 20.0% of net revenue, in the 2023 Year.","length":905,"tagName":"p"},{"type":"text","content":"Revenues from IIP increased $18.7 million, or 23.8%, to $96.9 million for the 2024 Year from $78.3 million for the 2023 Year. Gross profit from IIP operations increased $3.5 million, or 21.5%, to $20.0 million for the 2024 Year from $16.4 million for the 2023 Year while the gross profit margin from IIP operations was 20.6% for the 2024 Year compared to 21.0% for the 2023 Year.","length":379,"tagName":"p"},{"type":"text","content":"Corporate office costs were $58.3 million, or 8.7% of net revenue, in the 2024 Year, compared to $52.0 million, or 8.6% of net revenue, in the 2023 Year.","length":153,"tagName":"p"},{"type":"text","content":"A non-cash impairment charge of $2.4 million was recognized during the 2024 Year related to the impairment of assets held for sale while $17.5 million of non-cash impairment charge was recognized during the 2023 Year related to a reporting unit in the Company’s IIP segment.","length":274,"tagName":"p"},{"type":"text","content":"Operating income was $63.2 million for the 2024 Year compared to $52.1 million for the 2023 Year. Excluding the clinic closure costs and non-cash impairment charges, adjusted operating income (1) was $70.0 million during the 2024 Year compared to $69.7 million during the 2023 Year.","length":282,"tagName":"p"},{"type":"text","content":"Other expenses were $3.0 million in the 2024 Year compared to $2.7 million in the 2023 Year, with the increase primarily due to increased net expense related to the fair value adjustments of certain contingent earn-out consideration and a put liability partially offset by lower interest expense as a result of lower outstanding borrowings and higher interest income from investing excess cash associated with proceeds from the Company’s secondary offering completed in May 2023.","length":479,"tagName":"p"},{"type":"text","content":"The provision for income tax was $14.6 million for the 2024 Year and $12.2 million for the 2023 Year while the effective tax rate was 31.7% and 30.1% over the same periods, respectively. The 2024 Year includes a $1.0 million true-up of income tax expense.","length":255,"tagName":"p"},{"type":"text","content":"USPH Net Income was $31.4 million for the 2024 Year compared to $28.2 million for the 2023 Year. For the 2024 Year, USPH Net Income included a charge of $4.4 million (prior to allocation of the related minority interest and income taxes) related to the closure of 45 underperforming clinics, a non-cash charge of $2.4 million (prior to allocation of income taxes) related to the impairment of assets held for sale and a $1.0 million true-up of income tax expense. For the 2023 Year, USPH Net Income included a charge of $17.5 million (prior to the allocation of minority interest and income taxes) related to the impairment of goodwill and other intangible assets.","length":664,"tagName":"p"},{"type":"text","content":"In accordance with GAAP, the revaluation of noncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation of earnings per share. Earnings per share, was $1.84 for the 2024 Year compared to $1.28 for the 2023 Year.","length":318,"tagName":"p"},{"type":"text","content":"Non-GAAP Adjusted EBITDA (1) was $81.8 million for the 2024 Year, an increase of $3.9 million, from $77.9 million for the 2023 Year. Non-GAAP Operating Results (1) was $36.9 million for the 2024 Year, an increase of $0.5 million, from $36.4 million for the 2023 Year. On a per share basis, Operating Results (1) decreased to $2.45 for the 2024 Year from $2.57 for the 2023 Year due to the increase in the number of shares outstanding associated with the Company’s secondary offering completed in May 2023 and a $1.0 million true-up of income tax expense.","length":554,"tagName":"p"},{"type":"text","content":"For additional information on 2024 Year results, please refer to the Company’s Annual Report on Form 10-K which is expected to be filed with the Securities and Exchange Commission on March 3, 2025.","length":197,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"3","rowspan":"1","val":[{"type":"text","content":"___________________________","length":27,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":" (1) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":" These are Non-GAAP Measures. See pages 13 to 15 of this release for the definition and reconciliation of Non-GAAP Adjusted EBITDA, Non-GAAP Operating Results and other Non-GAAP measures to the most directly comparable GAAP measure .","length":231,"tagName":"p","attribs":{}}]}]}],"length":261},{"type":"text","content":" BALANCE SHEET AND CASH FLOW ","length":27,"tagName":"p"},{"type":"text","content":"Total cash and cash equivalents were $41.4 million as of December 31, 2024, compared to $152.8 million at December 31, 2023, with the decrease primarily related to cash used for acquisitions during the 2024 Year. Additionally, the Company had $151.6 million of outstanding borrowings and $164.0 million in available credit under its credit facilities as of December 31, 2024, compared to $144.4 million of outstanding borrowings and $175.0 million in available credit under its credit facilities as of December 31, 2023.","length":520,"tagName":"p"},{"type":"text","content":" RECENT ACQUISITIONS ","length":19,"tagName":"p"},{"type":"text","content":"On October 31, 2024, the Company acquired a 50% equity interest in a management services organization that provides management and administrative services to 50 physical therapy clinics with the owners retaining a 50% equity interest. Through its managed therapy providers, the acquired company currently generates approximately $64.0 million in annual revenue and approximately $12.0 million in annual EBITDA on a consolidated basis.","length":434,"tagName":"p"},{"type":"text","content":"On November 30, 2024, the Company acquired a 75% equity interest in an eight-clinic practice with the practice owners retaining a 25% equity interest. The business currently generates $6.5 million in annual revenues and 43,000 annual visits.","length":241,"tagName":"p"},{"type":"text","content":"The Company’s strategy is to continue acquiring multi-clinic outpatient physical therapy practices, to develop outpatient physical therapy clinics as satellites in existing partnerships and to continue acquiring companies that provide industrial injury prevention services.","length":273,"tagName":"p"},{"type":"text","content":" QUARTERLY DIVIDEND ","length":18,"tagName":"p"},{"type":"text","content":"The Company’s Board of Directors increased the Company’s quarterly dividend on February 25, 2025, from $0.44 per share to $0.45 per share. The Board of Directors subsequently declared a quarterly dividend of $0.45 per share payable on April 11, 2025, to shareholders of record on March 14, 2025.","length":295,"tagName":"p"},{"type":"text","content":" 2025 EARNINGS GUIDANCE ","length":22,"tagName":"p"},{"type":"text","content":"Management expects the Company’s Adjusted EBITDA for 2025 to be in the range of $88 million to $93 million. As in previous years, we expect the first quarter to be the lowest quarter for EBITDA, approximately 20% of full year EBITDA, due to normal seasonal factors. The previously announced Medicare rate reduction of approximately 2.9% effective January 1, 2025, is expected to reduce the Company’s revenue by approximately $6.5 million for the full year 2025 as compared to 2024, which equates to an EBITDA reduction of approximately $5.7 million, net of non-controlling interests. Management expects to more than offset the decreases in revenue and EBITDA related to the Medicare rate reduction and other factors from:","length":721,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"the full-year contribution from acquisitions completed in 2024","length":62,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"the full-year impact of rate negotiations in commercial and other payor categories completed during 2024","length":104,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"the partial-year impact of rate negotiations in commercial and other payor categories expected to be completed during 2025","length":122,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"volume increases at the Company’s existing clinics, and","length":55,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"continued double-digit growth in the Company’s industrial injury prevention business.","length":85,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":428,"olType":false},{"type":"text","content":"The annual guidance figures will not be updated unless there is a material development that causes management to believe that Adjusted EBITDA will be significantly outside the given range.","length":188,"tagName":"p"},{"type":"text","content":" CONFERENCE CALL INFORMATION ","length":27,"tagName":"p"},{"type":"text","content":"U.S. Physical Therapy’s management will host a conference call at 10:30 a.m. ET / 9:30 a.m. CT, on February 27, 2025, to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024. Interested parties may participate in the call by dialing (800) 445-7795 (Primary) or (785) 424-1699 (Alternate) and conference ID of USPHQ424. Please call approximately 10 minutes before the call is scheduled to begin. To listen to the live call, go to the Company’s website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, a playback of the conference call can be accessed until May 28, 2025, at the Company’s website.","length":713,"tagName":"p"},{"type":"text","content":" FORWARD LOOKING STATEMENTS ","length":26,"tagName":"p"},{"type":"text","content":"This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as "believes", "expects", "intends", "plans", "appear", "should" and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:","length":1047,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status;","length":151,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;","length":95,"tagName":"p","attribs":{}...

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