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US Physical Therapy Q1 2025 Earnings Report
U.S. Physical Therapy reported increased revenue and net income in the first quarter of 2025, driven by acquisitions and higher net patient revenue per visit.
Key Takeaways
U.S. Physical Therapy, Inc. reported strong first quarter 2025 results with a significant increase in net income and revenue, primarily due to recent acquisitions and improved net patient revenue per visit, despite a Medicare rate reduction.
Adjusted EBITDA increased by 16.5% to $19.5 million, driven by acquisitions and higher net patient revenue per visit.
Net income attributable to USPH's shareholders increased by 23.75% to $9.9 million.
Total revenue from physical therapy operations grew by 16.4% to $156.4 million.
Net rate per patient visit increased by $2.29 to $105.66, despite a Medicare rate reduction.
Revenue by Segment
Forward Guidance
The company anticipates continued growth through strategic acquisitions, development of satellite clinics, and expansion of industrial injury prevention services, while navigating potential challenges in reimbursement and market conditions.
Positive Outlook
- Continued focus on acquiring multi-clinic outpatient physical therapy practices.
- Development of outpatient physical therapy clinics as satellites in existing partnerships.
- Continued acquisition of companies providing industrial injury prevention services.
- Strong referral and visit demand accelerating as the quarter progressed.
- Insurance renegotiations and workers compensation efforts providing a lift.
Challenges Ahead
- Changes in Medicare rules and guidelines and potential retroactive reduction in revenue.
- Changes in reimbursement rates or payment methods from third-party payors.
- Competitive, economic, or reimbursement conditions potentially requiring clinic reorganization or closure.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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