U.S. Physical Therapy Reports Strong Q3 2024 Growth

U.s. Physical Therapy ( (USPH) ) has released its Q3 earnings. Here is a breakdown of the information U.s. Physical Therapy presented to its investors.

U.S. Physical Therapy, Inc. is a national operator specializing in outpatient physical therapy clinics and industrial injury prevention services, with approximately 750 clinics across 43 states. The company recently released its third-quarter 2024 earnings report, highlighting significant achievements and strategic developments.

For the third quarter of 2024, U.S. Physical Therapy reported a record increase in patient volume and revenue, with total revenue from physical therapy operations rising by 9.3% to $142.7 million. Adjusted EBITDA for the quarter improved by $2.5 million to $21.1 million, while operating results increased to $10.4 million. Despite the closure of 32 clinics, net income attributable to shareholders was $6.6 million, which included closure-related costs. Excluding these costs, net income was $9.1 million. The company maintained a strategic focus on improving reimbursement rates and expanding its industrial injury prevention services, which saw a revenue increase of 29.9% to $25.3 million.

The quarter also saw U.S. Physical Therapy’s strategic expansion through acquisitions, including a 70% equity interest in an eight-clinic practice and a 50% equity stake in a management services organization overseeing 50 clinics. This expansion is part of the company’s ongoing strategy to enhance its clinic portfolio and broaden its service offerings. Additionally, the daily average patient visits reached a record high of 30.1 per clinic, and the net rate per patient visit increased despite a Medicare rate reduction.

Looking ahead, U.S. Physical Therapy’s management remains optimistic about the company’s growth trajectory, emphasizing that recent strategic changes and increased demand will positively impact future performance. The company plans to continue expanding its clinic network and industrial injury prevention services, with a focus on optimizing operations and capitalizing on acquisition opportunities.