U.S. Physical Therapy Reports Second Quarter 2025 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 and six months ended June 30, 2025.","length":317,"tagName":"p"},{"type":"text","content":" FINANCIAL HIGHLIGHTS ","length":20,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted EBITDA (1) , a non-Generally Accepted Accounting Principles ("GAAP") measure, was $26.9 million for the three months ended June 30, 2025 ("2025 Second Quarter"), an increase of $4.7 million, or 21.4%, from $22.1 million for the three months ended June 30, 2024 ("2024 Second Quarter") primarily driven by higher patient visits.","length":365,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net income attributable to USPH’s shareholders ("USPH Net Income"), a GAAP measure, was $12.4 million for the 2025 Second Quarter compared to $7.5 million for the 2024 Second Quarter. 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 $0.58 for the 2025 Second Quarter compared to $0.47 for the 2024 Second Quarter.","length":531,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Operating Results (1) , a non-GAAP measure, was $12.4 million for the 2025 Second Quarter compared to $11.0 million for the 2024 Second Quarter, an increase of 11.8% over the same period. On a per share basis, Operating Results was $0.81 for the 2025 Second Quarter compared to $0.73 for the 2024 Second Quarter.","length":311,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total revenue from physical therapy operations for the 2025 Second Quarter increased $24.8 million, or 17.3%, to $168.3 million.","length":128,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net rate per patient visit for the 2025 Second Quarter was $105.33 up from $105.05 for the 2024 Second Quarter, despite the approximate 2.9% Medicare rate reduction which went into effect on January 1, 2025.","length":207,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total patient visits were 1,558,756 for the 2025 Second Quarter, a 16.7% increase from the 2024 Second Quarter. Total patient visits includes 28,493 home-care visits, which the Company will break out separately each period going forward. For the six months ended June 30, 2025, the Company had 3,002,561 total patient visits, which includes 51,436 home-care visits. There were no home-care visits in the first six months of 2024.","length":429,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Average daily patient visits per clinic, which does not include home-care visits, was an all-time high of 32.7 for the 2025 Second Quarter compared to 30.6 for the 2024 Second Quarter.","length":184,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Industrial injury prevention services ("IIP") revenue was $29.1 million for the 2025 Second Quarter, an increase of 22.6% as compared to the 2024 Second Quarter. IIP gross profit was $6.4 million for the 2025 Second Quarter, an increase of $1.3 million, or 25.8%, from $5.1 million for the 2024 Second Quarter.","length":320,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company added six clinics and closed four clinics in the 2025 Second Quarter bringing its total owned and/or managed clinic count to 768 as of June 30, 2025, compared to 722 as of June 30, 2024.","length":198,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"On April 30, 2025, the Company announced the acquisition of an outpatient home-care physical and speech therapy practice through its 50%-owned subsidiary, MSO Metro, LLC. MSO Metro LLC. acquired 80% of equity interests of the practice, with the original practice owners retaining 20% of equity interests. The practice currently generates approximately $2.1 million in annual revenue.","length":383,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"On July 31, 2025, the Company acquired a 60% equity interest in a three-clinic practice with the practice owners retaining a 40% equity interest. The business currently generates $5.3 million in annual revenue and approximately 28,000 in annual visits.","length":252,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company’s Board of Directors declared a quarterly dividend of $0.45 per share payable on September 12, 2025, to shareholders of record on August 22, 2025.","length":158,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Management increased its guidance for Adjusted EBITDA for full-year 2025 to a range of $93.0 million to $97.0 million. See "2025 Earnings Guidance" below for more information.","length":185,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":3651,"olType":false},{"type":"readMore"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":"_______________________","length":23,"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","style":"vertical-align:top;padding-left:5.0px;","val":[{"type":"text","content":" These are non-GAAP Measures. See pages 13 to 15 of this release for the definition and reconciliation of Adjusted EBITDA, Operating Results and other non -GAAP measures to the most directly comparable GAAP measure. ","length":213,"tagName":"p","attribs":{}}]}]}],"length":239},{"type":"text","content":" MANAGEMENT’S COMMENTS ","length":21,"tagName":"p"},{"type":"text","content":"Chris Reading, Chief Executive Officer, said, "Volumes in our physical therapy business remain at record levels while we execute our plan for cost rationalization and improved efficiencies. Our injury prevention business continues a strong growth path, both organically and through carefully added acquisitions, which have broadened our service offerings and increased our exposure to new industry verticals. As a result of our efforts and expected progress we have updated our earnings guidance for the year."","length":520,"tagName":"p"},{"type":"text","content":" 2025 Second Quarter Versus 2024 Second 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:42%;","val":[]},{"colspan":"7","rowspan":"1","style":"border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Three Months Ended ","length":18,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:1%;","val":[]},{"colspan":"5","rowspan":"1","style":"border-bottom:solid black 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Implementation costs associated with the new financial and human resources system are expected to continue through the end of 2026. As a ratio to net revenue, corporate office costs was 8.9% for the 2025 Second Quarter compared to 8.5% for the 2024 Second Quarter. Excluding the acquisition integration costs and the costs associated with the implementation of the new financial and human resources system of $0.3 million, corporate office costs was 8.7% of net revenue for the 2025 Second Quarter.","length":808,"tagName":"p"},{"type":"text","content":"The Company revalued contingent consideration related to certain acquisitions and recognized a net gain (a decrease in the related liabilities) of $0.8 million for the 2025 Second Quarter compared to a net loss (an increase in the related liabilities) of $4.0 million for the 2024 Second Quarter.","length":296,"tagName":"p"},{"type":"text","content":"Operating income was $24.9 million for the 2025 Second Quarter compared to $15.6 million for the 2024 Second Quarter. Excluding the impact of change in value of contingent consideration in the 2025 Second Quarter of $0.8 million, and the 2024 Second Quarter of $4.0 million, operating income increased to $24.1 million for the 2025 Second Quarter from $19.6 million in the 2024 Fourth Quarter.","length":393,"tagName":"p"},{"type":"text","content":"Interest expense increased by $0.4 million to $2.4 million for the 2025 Second Quarter compared to $2.0 million for the 2024 Second Quarter due to a higher average outstanding balance on our revolving credit facility for the 2025 Second Quarter. The interest rate associated with borrowings on the Company’s credit facilities was 5.1% for the 2025 Second Quarter and 4.7% for the 2024 Second Quarter, with an all-in-effective interest rate (including all associated costs), of 5.6% and 5.4% over the same periods, respectively.","length":527,"tagName":"p"},{"type":"text","content":"Interest income was less than $0.1 million during the 2025 Second Quarter compared to $1.1 million for the 2024 Second Quarter as the cash on the balance sheet at the end of the 2024 Second Quarter has since been deployed to fund acquisitions.","length":243,"tagName":"p"},{"type":"text","content":"The Company revalued a put-right liability related to the future purchase of an IIP business and recognized a net non-cash expense (an increase in the related liability) of $0.3 million for the 2025 Second Quarter compared to $0.2 million for the 2024 Second Quarter (an increase in the related liability).","length":306,"tagName":"p"},{"type":"text","content":"The provision for income taxes was $4.9 million for the 2025 Second Quarter compared to $3.1 million during the 2024 Second Quarter while the effective tax rate was 28.5% and 29.1% over the same periods, respectively.","length":217,"tagName":"p"},{"type":"text","content":" USPH Net Income and Non-GAAP Measures ","length":37,"tagName":"p"},{"type":"text","content":"Net income attributable to non-controlling interest (temporary and permanent) was $5.3 million for the 2025 Second Quarter compared to $4.2 million for the 2024 Second Quarter.","length":176,"tagName":"p"},{"type":"text","content":"USPH Net Income was $12.4 million for the 2025 Second Quarter compared to $7.5 million for the 2024 Second Quarter. In accordance with GAAP, the revaluation of redeemable 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 $0.58 for the 2025 Second Quarter compared to $0.47 for the 2024 Second Quarter.","length":464,"tagName":"p"},{"type":"text","content":"Non-GAAP Adjusted EBITDA (1) was $26.9 million for the 2025 Second Quarter, an increase of $4.7 million or 21.4%, from $22.1 million for the 2024 Second Quarter. Non-GAAP Operating Results (1) was $12.4 million, or $0.81 per share, for the 2025 Second Quarter compared to $11.0 million, or $0.73 per share, for the 2024 Second Quarter.","length":335,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":"_______________________","length":23,"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","style":"vertical-align:top;padding-left:5.0px;","val":[{"type":"text","content":" These are Non-GAAP Measures. See pages 13 to 15 of this release for the definition and reconciliation of Adjusted EBITDA, Operating Results, and other non-GAAP measures to the most directly comparable GAAP measure. ","length":214,"tagName":"p","attribs":{}}]}]}],"length":240},{"type":"text","content":" 2025 Six Months Versus 2024 Six Months ","length":38,"tagName":"p"},{"type":"text","content":"Total net revenue for the six months ended June 30, 2025 ("2025 Six Months") increased $58.3 million, or 18.0%, to $381.1 million from $322.9 million for the six months ended June 30, 2024 ("2024 Six Months") while operating costs increased $47.8 million, or 18.4%, to $308.4 million from $260.6 million over the same periods, respectively. 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Excluding certain incentive costs related to the Metro acquisition of $0.3 million, the adjusted gross profit margin was 18.8% for the 2025 Six Months.","length":627,"tagName":"p"},{"type":"text","content":"Revenues from IIP increased $11.5 million, or 25.5%, to $56.4 million for the 2025 Six Months versus the comparable prior year period. Gross profit from IIP operations increased $2.6 million, or 27.3%, to $12.0 million for the 2025 Six Months and the gross profit margin from IIP operations was 21.2% for the 2025 Six Months. Excluding the IIP acquisition made in April 2024, IIP revenue increased by $7.2 million or 16.7% in the 2025 Six Months and gross profit increased $1.9 million or 21.0% in the 2025 Six Months over the comparable prior year period.","length":556,"tagName":"p"},{"type":"text","content":"Corporate office costs were $33.7 million for the 2025 Six Months, compared to $28.3 million for the 2024 Six Months. As a percent of net revenue, corporate office costs were 8.8% for both periods. Excluding the acquisition integration costs and the costs associated with the implementation of the new financial and human resources system of $0.7 million, corporate office costs was 8.7% of net revenue for the 2025 Six Months.","length":427,"tagName":"p"},{"type":"text","content":"The Company revalued contingent consideration related to certain acquisitions and recognized a net gain (a decrease in the related liabilities) of $5.6 million for the 2025 Six Months compared to a net loss of $3.4 million for the 2024 Six Months (an increase in the related liabilities).","length":288,"tagName":"p"},{"type":"text","content":"Operating income was $44.6 million for the 2025 Six Months compared to $30.5 million for the 2024 Six Months. 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The effective tax rate was 28.3% and 28.6% over the same periods, respectively.","length":191,"tagName":"p"},{"type":"text","content":"USPH Net Income was $22.3 million for the 2025 Six Months as compared to $15.6 million for the 2024 Six Months while earnings per share was $1.38 for the 2025 Six Months compared to $0.93 for the 2024 Six Months.","length":212,"tagName":"p"},{"type":"text","content":"Non-GAAP Adjusted EBITDA increased $7.5 million to $46.4 million for the 2025 Six Months from $38.9 million for the 2024 Six Months while non-GAAP Operating Results increased $0.9 million to $19.7 million, or $1.30 per share, for the 2025 Six Months from $18.8 million, or $1.25 per share, for the 2024 Six Months.","length":314,"tagName":"p"},{"type":"text","content":"See pages 13 to 15 of this release for the definition and reconciliation of Adjusted EBITDA, Operating Results and other non-GAAP measures to the most directly comparable GAAP measure.","length":184,"tagName":"p"},{"type":"text","content":"For additional information on 2025 Six Months results, please refer to the Company’s Quarterly Report on Form 10-Q which is expected to be filed with the Securities and Exchange Commission on August 8, 2025.","length":207,"tagName":"p"},{"type":"text","content":" BALANCE SHEET AND CASH FLOW ","length":27,"tagName":"p"},{"type":"text","content":"Total cash and cash equivalents were $34.1 million as of June 30, 2025, compared to $41.4 million as of December 31, 2024, and $112.9 million as of June 30, 2024. The Company had $159.5 million in outstanding borrowings and $150.5 million in available credit under the Company’s revolving facility as of June 30, 2025. This compares to $151.6 million of outstanding borrowings and $164.0 million in available credit under the Company’s revolving facility as of December 31, 2024.","length":479,"tagName":"p"},{"type":"text","content":" RECENT ACQUISITIONS ","length":19,"tagName":"p"},{"type":"text","content":"On April 30, 2025, the Company announced the acquisition of an outpatient home-care physical and speech therapy practice through its 50%-owned subsidiary, MSO Metro, LLC. MSO Metro LLC. acquired 80% of equity interests of the practice, with the original practice owners retaining 20% of equity interests. The practice currently generates approximately $2.1 million in annual revenue.","length":383,"tagName":"p"},{"type":"text","content":"On July 31, 2025, the Company acquired a 60% equity interest in a three-clinic practice with the practice owners retaining a 40% equity interest. The business currently generates $5.3 million in annual revenue and 28,000 in annual visits.","length":238,"tagName":"p"},{"type":"text","content":"The Company’s strategy is to continue acquiring multi-clinic outpatient physical therapy practices and home-care physical and speech 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":326,"tagName":"p"},{"type":"text","content":" 2025 EARNINGS GUIDANCE ","length":22,"tagName":"p"},{"type":"text","content":"Management raised its Adjusted EBITDA guidance for full year 2025 to a range of $93.0 million to $97.0 million based on the Company’s strong year-to-date performance and management’s confidence in its ability to continue to deliver solid results for its shareholders in the second half of 2025.","length":294,"tagName":"p"},{"type":"text","content":"The annual earnings 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":197,"tagName":"p"},{"type":"text","content":" QUARTERLY DIVIDEND ","length":18,"tagName":"p"},{"type":"text","content":"The Company’s Board of Directors declared a quarterly dividend of $0.45 per share payable on September 12, 2025, to shareholders of record on August 22, 2025.","length":158,"tagName":"p"},{"type":"text","content":" SHARE REPURCHASE PROGRAM ","length":24,"tagName":"p"},{"type":"text","content":"The Company’s Board of Directors approved a share repurchase program effective August 5, 2025. The program authorizes the repurchase by the Company of up to $25 million of its outstanding shares of common stock over the period ending on December 31, 2026. Under the share repurchase program, shares may be repurchased from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. The timing and amount of share repurchases under the share repurchase program, if any, will depend on several factors, including the Company's stock price performance, ongoing capital allocation priorities and general market conditions.","length":712,"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 August 7, 2025, to discuss the Company’s financial results for the three and six months ended June 30, 2025. Interested parties may participate in the call by dialing (800) 343-4136 (Primary) or (203) 518-9843 (Alternate) and conference ID of USPHQ225. 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 www.usph.com 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 November 5, 2025, on the Company’s website.","length":723,"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":{}}]},{"val":[{"type":"text","content":"changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients;","length":165,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability;","length":125,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply;","length":186,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"compliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and penalties for failure to comply ;","length":167,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;","length":258,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"the impact of future public health crises and epidemics/pandemics, such as was the case with the novel strain of COVID-19 and its variants;","length":139,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"certain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a separate company;","length":163,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations;","length":193,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing and our ability to operate our business;","length":162,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"changes as the result of government enacted national healthcare reform;","length":71,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"the ability to control variable interest entities for which we do not have a direct ownership;","length":94,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"business and regulatory conditions including federal and state regulations;","length":75,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs;","length":161,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"revenue and earnings expectations;","length":34,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"contingent consideration provisions in certain of our acquisition agreements, the value of which may impact future financial results;","length":133,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"legal actions, which could subject us to increased operating costs and uninsured liabilities;","length":93,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"general economic conditions, including but not limited to inflationary and recessionary periods;","length":96,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"actual or perceived events involving banking volatility or limited liability, defaults or other adverse developments that affect the U.S or the international financial systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations;","length":317,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"our business depends on hiring, training, and retaining qualified employees;","length":76,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"availability and cost of qualified physical therapists;","length":55,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual service arrangements and other adverse financial consequences for that service line;","length":231,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses;","length":127,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interest (minority interests);","length":176,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"maintaining our information technology systems with adequate safeguards to protect against cyber-attacks;","length":105,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"a security breach of our or our third party vendors’ information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act;","length":318,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of those contractual arrangements by such clients could cause operating results to be less than expected;","length":252,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"maintaining adequate internal controls;","length":39,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"maintaining necessary insurance coverage;","length":41,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"availability, terms, and use of capital; and","length":44,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"weather and other seasonal factors.","length":35,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":4377,"olType":false},{"type":"text","content":"Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. For additional information regarding these and other risks and uncertainties, that could cause actual results to differ materially from those contained in our forward-looking statements, please refer to "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on March 3, 3025 and any risk factors contained in subsequent quarterly and annual reports we file with the SEC. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.","length":904,"tagName":"p"},{"type":"text","content":" GLOSSARY OF TERMS – REVENUE METRICS ","length":35,"tagName":"p"},{"type":"text","content":" Mature clinics are clinics (physical clinic locations and home-care business units) opened or acquired prior to January 1, 2024, and are still operating as of the balance sheet date.","length":182,"tagName":"p"},{"type":"text","content":" Net rate per patient visit is net patient revenue related to our physical therapy operations divided by total number of patient visits (defined below) during the periods presented.","length":180,"tagName":"p"},{"type":"text","content":" Patient visits is the number of unique patient visits during the periods presented for both physical clinic locations and home-care.","length":132,"tagName":"p"},{"type":"text","content":" Average daily visits per clinic per day is patient visits (excluding home-care visits) divided by the number of days in which normal business operations were conducted during the periods presented and further divided by the average number of clinics in operation during the periods presented.","length":292,"tagName":"p"},{"type":"text","content":" ABOUT U.S. PHYSICAL THERAPY, INC. ","length":33,"tagName":"p"},{"type":"text","content":...

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