US Physical Therapy (USPH) reaffirmed its full-year guidance after finishing Q1 on budget, with revenue increasing 7.2% and same-store sales up 2.5%. Patient volume rose 6.9%, bringing visits per clinic per day to 31.8, whilst net rate increased to $106.49 from $105.66 year-over-year. CEO Christopher Reading outlined key initiatives including semi-virtualisation of front desks, AI-assisted documentation technology, and expansion of cash-based programmes across top partnerships. The company is also pursuing large hospital system opportunities, having recently begun transitioning NYU clinics. Weather disruptions cost over 31,000 visits during the quarter, impacting margins. Commercial rates increased 3.4% year-over-year, partially offset by a slight Medicaid rate decline. The company expressed confidence in meeting targets as it enters the year's busiest period.

Record Q1 revenue as U.S. Physical Therapy (NYSE: USPH) reaffirms 2026 outlook. Filing Impact Filing Sentiment Rhea-AI Filing summary. U.S. Physical Therapy, Inc. reported record first quarter 2026 net revenue of $198.3 million, driven by net patient revenue of $164.3 million and other revenue of $34.0 million. Net income attributable to USPH shareholders was $5.0 million, down from $9.9 million a year earlier, with basic and diluted earnings per share at a loss of $0.12 versus earnings of $0.80. Adjusted EBITDA, a key non-GAAP metric, increased to $20.2 million from $19.5 million. Management reaffirmed full year 2026 adjusted EBITDA guidance of $102.0 million to $106.0 million, reflecting contributions from two strategic hospital alliances. Upon full integration, these alliances are expected to add at least $6.0 million and $1.3 million of annualized EBITDA to USPH based on its ownership stakes. The board declared a quarterly dividend of $0.46 per share, payable June 12, 2026 to shareholders of record on May 22, 2026. The company ended the quarter with 783 outpatient physical therapy clinics in 44 states and continues to invest in technology, hospital alliances and industrial injury prevention services. Insights. Record revenue and steady EBITDA, but GAAP earnings declined. U.S. Physical Therapy delivered record Q1 2026 net revenue of $198.3M, with net patient revenue up to $164.3M. Segment data show physical therapy net patient revenue rising 7.7% and industrial injury prevention net revenue up 11.8%, indicating broad-based growth. However, GAAP net income attributable to shareholders fell to $5.0M from $9.9M, and earnings per share turned to a loss of $0.12. This shift is tied to items such as changes in fair value of contingent earn-out consideration and revaluation of redeemable non-controlling interests, which also motivate the company's emphasis on non-GAAP metrics. Management reaffirmed 2026 adjusted EBITDA guidance of $102.0M-$106.0M, incorporating phased contributions beginning in May 2026 from two hospital alliances. These are expected to add at least $6.0M and $1.3M in annualized EBITDA to USPH upon full integration, supporting the dividend of $0.46 per share declared for payment on June 12, 2026. 8-K event classification. 3 items: 2.02, 8.01, 9.01 Key figures. Net revenue Q1 2026: $198.3M Net patient revenue Q1 2026: $164.3M Net income attributable to USPH shareholders: $5.0M +5 more Key terms. Adjusted EBITDA, Operating Results, redeemable non-controlling interest, industrial injury prevention, +2 more Earnings snapshot. Net revenue: $198.3M · Guidance included 05/06/2026 - 01:30 PM Faq. How did U.S. Physical Therapy (USPH) perform financially in Q1 2026? U.S. Physical Therapy reported record Q1 2026 net revenue of $198.3 million, up from $183.8 million a year earlier. Net income attributable to USPH shareholders was $5.0 million, compared with $9.9 million in Q1 2025, reflecting higher non-operating and non-controlling interest impacts. What were U.S. Physical Therapy's earnings per share in Q1 2026? For Q1 2026, U.S. Physical Therapy reported basic and diluted earnings per share attributable to shareholders of $(0.12), versus $0.80 in Q1 2025. Shares used in the computation were about 15.2 million in both periods, so the decline mainly reflects lower net income and equity-structure adjustments. What adjusted EBITDA did U.S. Physical Therapy (USPH) generate in Q1 2026? Adjusted EBITDA for Q1 2026 was $20.2 million, slightly above $19.5 million in Q1 2025. This non-GAAP measure adds back items such as interest, taxes, depreciation, amortization, equity-based compensation and fair value adjustments to highlight underlying operating performance. What full year 2026 guidance did U.S. Physical Therapy reaffirm? Management reaffirmed full year 2026 adjusted EBITDA guidance of $102.0 million to $106.0 million. This outlook incorporates partial-year contributions from two hospital alliances and the January 1, 2026 Medicare rate increase, with a phased ramp-up beginning in May 2026. How will the new hospital alliances affect U.S. Physical Therapy's EBITDA? Upon full integration, 60 Metro clinics are expected to add at least $12 million in annualized EBITDA to Metro, with about $6 million attributable to USPH. A second partner's ten clinics are expected to add at least $2 million, with around $1.3 million attributable to USPH based on its ownership stakes. What dividend did U.S. Physical Therapy declare in this 8-K filing? The board declared a quarterly cash dividend of $0.46 per common share. It will be payable on June 12, 2026 to shareholders of record as of May 22, 2026, continuing the company's pattern of regular cash returns to shareholders. How many clinics does U.S. Physical Therapy operate after Q1 2026? As of the end of Q1 2026, U.S. Physical Therapy owned or managed 783 outpatient physical therapy clinics in 44 states. This reflects 13 owned clinic additions and 4 owned clinic closures during the quarter, plus changes in managed clinics shown in the roll-forward table. Filing exhibits & attachments. 5 documents Press releases.

U.S. Physical Therapy has closed a $450 million, five-year credit facility comprising a $175 million term loan and a $275 million revolver, maturing 14 April 2031. The facility was upsized from its initial $400 million launch amount due to strong lender support. The new agreement expands and extends the company's previous $325 million credit facility, which was set to expire on 17 June 2027. Bank of America Securities served as joint lead arranger and sole bookrunner, with participation from Regions Capital Markets, US Bank, JP Morgan, Citizens Bank and Bank United. Founded in 1990, U.S. Physical Therapy owns and manages 783 outpatient physical therapy clinics across 44 states and operates an industrial injury prevention business. The company plans to use the facility for acquisitions whilst returning capital to shareholders.