U.S. Physical Therapy(NYSE) USPH

U.S. Physical Therapy, Inc. helps people recover from injuries or surgeries through a network of clinics. They provide specialized care for physical and occupational health needs across the country. The company also helps businesses keep their employees safe by preventing workplace accidents.

Helping Patients and Workers Recover

• Net Patient Revenue: Outpatient therapy services for sports injuries and post-surgery care provided in clinics; accounts for 80.9% of net revenue.
• Other Revenue: Specialized industrial injury prevention services and management contracts for external therapy sites; accounts for 16.5% of net revenue.
• Hospital Affiliation Revenue: Care delivered through strategic partnerships where clinics operate within a hospital network; accounts for 2.6% of net revenue.

Expansion Through Partnerships and Purchases

• Announced two 10-year strategic alliances in Feb. 2026 to integrate 70 outpatient clinics into major hospital networks.
• Acquired a 50% interest in an eight-clinic practice and a 70% interest in an industrial injury prevention business in Jan. 2026.
• Added 19 new locations through acquisitions and new satellite clinics during the first six months of 2026.
• Purchased a 67% interest in a twelve-clinic practice on July 1, 2026.

Reaching Clients Nationwide

The company operated 781 clinic locations across 39 states as of June 30, 2026. Its industrial division employs expert athletic trainers to provide on-site safety programs for large corporate clients.

The Financial Scorecard

• Total net revenue rose 8.5% year over year to $214.1 million for the three-month period ended June 30, 2026.
• Net income attributable to shareholders was $9.9 million in the 2026 second quarter, down 20.1% from the prior year period.
• Operating costs increased 10.5% to $172.1 million during the three months ended June 30, 2026.
• Cash provided by operating activities reached $38.2 million for the six-month period ended June 30, 2026.

The Evolution of Care

The company has shifted from a traditional clinic operator into a diversified provider of both rehabilitative and preventative healthcare services. Its growth now relies on a combination of strategic hospital alliances and targeted clinic acquisitions.