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Jun 30, 2022
US Physical Therapy Q2 2022 Earnings Report
Second quarter results reported with revenue increase, but net income and operating income decreased compared to the same period last year.
Key Takeaways
U.S. Physical Therapy reported a 10.8% increase in total revenue to $140.7 million for the second quarter of 2022, driven by growth in physical therapy operations and industrial injury prevention services. However, net income attributable to USPH shareholders decreased to $11.2 million, and operating income also saw a decrease.
Operating Results per diluted share was $0.90, the second highest quarterly amount in the Company’s history.
Adjusted EBITDA was $21.3 million.
Net income attributable to shareholders was $11.2 million.
Total revenue was $140.7 million, an increase of 10.8%.
Revenue by Segment
Forward Guidance
Management expects Adjusted EBITDA for the full year of 2022 to be in the range of $73.5 million to $75.4 million and Operating Results to be in the range of $2.65 to $2.75 per share.
Positive Outlook
- Company has $150 million of fixed debt which is currently expected to generate interest at a fixed rate of 4.665% for the remainder of the year.
- New credit facility gives more dry powder to use for acquisitions and other investments.
- Expect to close a number of deals before year’s end which should be very positive for 2023 and forward.
- Financing transaction completed in the second quarter, which was important to provide the capital needed for growth.
- Interest rate swap, which fixed the interest rate on $150 million of our debt for five years, provides certainty in the rising interest rate environment at a rate that we believe is favorable over the five-year period.
Challenges Ahead
- Increases in the Company’s interest expense due to rising interest rates in the U.S.
- Impact of inflation on the Company’s wages and other costs which elevated during the second quarter and are expected to continue through the remainder of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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