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Dec 31, 2021
US Physical Therapy Q4 2021 Earnings Report
Reported increased revenue and earnings, driven by strong patient volumes and industrial injury prevention services.
Key Takeaways
U.S. Physical Therapy reported a strong fourth quarter and full year 2021, marked by record patient volumes and significant growth in industrial injury prevention services. Total revenue for the quarter increased by 10.5% compared to the previous year, and the company provided positive earnings guidance for 2022.
Total revenue for the fourth quarter of 2021 increased by 10.5% to $129.8 million.
Net income attributable to USPH shareholders was $10.2 million, compared to $13.0 million in the fourth quarter of 2020.
Industrial injury prevention services revenue reached an all-time high of $13.4 million, a 38.5% increase year-over-year.
The Board of Directors raised the Company’s quarterly dividend from $0.38 per share to $0.41 per share, an increase of 7.9%.
US Physical Therapy
US Physical Therapy
US Physical Therapy Revenue by Segment
Revenue by Segment
Physical Therapy Operations Revenue
CapyFin.comIndustrial Injury Prevention Services Revenue
CapyFin.com Forward Guidance
Management expects Operating Results for 2022 to be in the range of $3.25 to $3.35 per diluted share, considering Medicare rate reductions and the phase-out of sequestration relief.
Positive Outlook
- Projected Operating Results from existing operations
- Exclusion of future acquisitions from earnings guidance
- Estimated annual effective tax rate of approximately 27.1%
- Raised the Company’s quarterly dividend on February 22, 2022, from $0.38 per share to $0.41 per share, an increase of 7.9%
- The Board of Directors subsequently declared a quarterly dividend of $0.41 per share payable on April 8, 2022 to shareholders of record on March 14, 2022.
Challenges Ahead
- Medicare rate reduction for the full year of 2022 of approximately 0.75%
- Phase-out of sequestration relief resulting in a 1% to 2% reduction in the rate applied to all Medicare payments
- 15% decrease in rate for care provided to a Medicare patient by a physical therapy assistant effective January 1, 2022
- The earnings guidance represents projected Operating Results from existing operations and excludes future acquisitions.
- The annual guidance figures will not be updated unless there is a material development that causes management to believe that Operating Results will be significantly outside the given range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income