US Physical Therapy Inc (STU:UPH)
€ 70 +2.5 (+3.79%) Market Cap: 1.06 Bil Enterprise Value: 1.64 Bil PE Ratio: 480.82 PB Ratio: 2.75 GF Score: 86/100

Q2 2026 US Physical Therapy Inc Earnings Call Transcript

Aug 6, 2026 / 02:30 PM GMT
Release Date Price: €66

Key Points

Positve
  • US Physical Therapy Inc (USPH) achieved a record second quarter with visits per clinic per day jumping to 32.7, up from 30.6 in the prior year's record quarter.
  • The company's net promoter score reached an exceptional 93.5, with 95% of patients being active promoters and only 1% detractors, indicating very high patient satisfaction.
  • Revenue growth was strong, with physical therapy revenues up 17.3% and injury prevention revenues up 22.6%, while gross profit in injury prevention increased by 25.8%.
  • Cost management was effective, with salaries and related costs per visit up only 0.7% (the smallest increase since Q4 2023) and total operating costs per visit actually decreasing year-over-year.
  • The company raised its full-year 2025 adjusted EBITDA guidance to $93-$97 million, up from the previous range of $88-$93 million, reflecting strong first-half performance and positive outlook.
Negative
  • US Physical Therapy Inc (USPH) continues to face significant headwinds from cumulative Medicare rate cuts, which have impacted the profit line by approximately $25 million this year alone.
  • Same-store growth in mature facilities was lighter than expected at just over 1%, partly due to tight staffing in some markets, which dampened performance.
  • A policy change by a large payer in Michigan, the company's third-largest state, negatively impacted the net rate per visit in the second quarter.
  • The company is incurring implementation costs for a new enterprise-wide financial and HR system, with costs expected to continue through 2026, adding to non-recurring expenses.
  • The net rate per visit in the second quarter ($105.33) was slightly lower than the first quarter ($105.66), reflecting the impact of the Medicare reduction and the Michigan payer change.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

USPH.N - US Physical Therapy Inc
Q2 2026 US Physical Therapy Inc Earnings Call
Aug 06, 2026 / 02:30PM GMT

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Presentation
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Unidentified_1 [1]
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About physical therapy first and volumes, a record second quarter for us, as you guys know, second quarter is typically.

Our busiest quarter in terms of, peak volume.

And so every second quarter, pretty much, last year, the same was a record quarter for us a year ago.

This year, our visits per clinic per day jumped to 32.7, up really nicely from, again, last year's second quarter record of 30.6.

So the drivers around this, I think more than anything, are happy patients, who

Love us at the end of their care who refer their family and friends and neighbors to us.

And

When pickleball happens, a year or two down the road, they come back and see us.

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