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Dec 31, 2024
US Physical Therapy Q4 2024 Earnings Report
U.S. Physical Therapy reported increased revenue and net income for the fourth quarter and full year 2024, driven by record patient volume and strategic acquisitions.
Key Takeaways
U.S. Physical Therapy reported strong financial results for the fourth quarter and full year 2024, with significant increases in net patient revenue and gross profit. The company achieved record quarterly patient volume and expanded its clinic count through strategic acquisitions, despite challenges from Medicare reimbursement reductions.
Net patient revenue for physical therapy operations increased by 14.2% to $153.8 million in Q4 2024.
Total patient visits reached a record 1,432,801 in Q4 2024, up 13.0% from the prior year.
Industrial injury prevention services revenue grew by 32.1% to $26.6 million in Q4 2024.
The company added 70 clinics through acquisition or de novo in Q4 2024, bringing the total owned/managed clinic count to 768.
Revenue by Segment
Forward Guidance
Management expects Adjusted EBITDA for 2025 to be in the range of $88 million to $93 million, with the first quarter anticipated to be the lowest due to normal seasonal factors.
Positive Outlook
- Full-year contribution from acquisitions completed in 2024.
- Full-year impact of rate negotiations in commercial and other payor categories completed during 2024.
- Partial-year impact of rate negotiations in commercial and other payor categories expected to be completed during 2025.
- Volume increases at the Company's existing clinics.
- Continued double-digit growth in the Company's industrial injury prevention business.
Challenges Ahead
- Medicare rate reduction of approximately 2.9% effective January 1, 2025, expected to reduce revenue by approximately $6.5 million.
- Medicare rate reduction expected to reduce EBITDA by approximately $5.7 million, net of non-controlling interests.
- First quarter expected to be the lowest quarter for EBITDA, approximately 20% of full year EBITDA, due to normal seasonal factors.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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