美国理疗保健 2025年二季度报告

Carey Hendrickson, Chief Financial Officeremail: chendrickson@usph.comChris Reading, Chief Executive Officer(713) 297-7000Three Part AdvisorsJoe Noyons(817) 778-8424 U.S. Physical Therapy ReportsThird Quarter 2025 Results Houston, TX, November 5, 2025– U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE, NYSE Texas: USPH), a nationaloperator of outpatient physical therapy clinics and provider of industrial injury prevention services, today reported results for the three andnine months ended September 30, 2025. FINANCIAL HIGHLIGHTS Adjusted EBITDA(1), a non-Generally Accepted Accounting Principles (“GAAP”) measure, was $23.9 million for the threemonths ended September 30, 2025 (“2025 Third Quarter”), an increase of $2.8 million, or 13.2%, from $21.1 million for the threemonths ended September 30, 2024 (“2024 Third Quarter”) primarily driven by clinic additions.Net income attributable to USPH shareholders (“USPH Net Income”), a GAAP measure, was $13.1 million for the 2025 Third Quarter compared to $6.6 million for the 2024 Third Quarter. In accordance with GAAP, the revaluation of redeemablenoncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings. However, this changeis included in the computation of earnings per share. Earnings per share was $0.48 and $0.39 in 2025 Third Quarter and 2024Third Quarter, respectively.Operating Results(1), a non-GAAP measure, was $10.1 million for the 2025 Third Quarter compared to $10.4 million for the 2024Third Quarter. On a per share basis, Operating Results was $0.66 for the 2025 Third Quarter compared to $0.69 for the 2024 ThirdQuarter.Total revenue from physical therapy operations for the 2025 Third Quarter increased $25.4 million, or 17.8%, to $168.1 millionfrom $142.7 million for the 2024 Third Quarter. Physical therapy operations gross profit was $31.2 million for the 2025 ThirdQuarter, an increase of $7.2 million, or 30.0%, from $24.0 million for the 2024 Third Quarter.Net rate per patient visit for the 2025 Third Quarter was $105.54 compared to $105.65 for the 2024 Third Quarter.Total patient visits were 1,554,207, which includes 30,137 home-care visits, for the 2025 Third Quarter, an 18.0% increase fromthe 2024 Third Quarter. For the nine months ended September 30, 2025 (“2025 Nine Months”), the Company had 4,556,768 totalpatient visits, which includes 81,573 home-care visits, compared to 3,920,388 for the nine months ended September 30, 2024(“2024 Nine Months”). There were no home-care visits in the 2024 Nine Months.Average daily patient visits per clinic, which does not include home-care visits, was 32.2 for the 2025 Third Quarter, a record-high volume per clinic for a third quarter, compared to 30.1 for the 2024 Third Quarter.Industrial injury prevention services (“IIP”) revenue was $29.0 million for the 2025 Third Quarter, an increase of 14.6% ascompared to the 2024 Third Quarter. IIP gross profit was $5.7 million for the 2025 Third Quarter, an increase of $0.5 million, or10.7%, from $5.1 million for the 2024 Third Quarter.The Company added 18 and closed seven owned and/or managed clinics in the 2025 Third Quarter bringing its total count to 779as of September 30, 2025, compared to 700 as of September 30, 2024.On July 31, 2025, the Company acquired a 60% equity interest in a three-clinic practice with the original practice owners retaininga 40% equity interest. The business currently generates $5.3 million in annual revenue and approximately 28,000 in annual visits.The Company’s Board of Directors declared a quarterly dividend of $0.45 per share payable on December 12, 2025, to shareholdersof record on November 17, 2025. Management reaffirmed its full-year 2025 Adjusted EBITDA guidance range of $93.0 million to $97.0 million. See “2025Earnings Guidance” below for more information. (1)These are non-GAAP Measures. See pages 13 to 14 of this release for the definition and reconciliation of Adjusted EBITDA, Operating Results andother non-GAAP measures to the most directly comparable GAAP measure. MANAGEMENT’S COMMENTS Chris Reading, Chief Executive Officer, said, “This was a very solid quarter for us across the board with record visits per clinic per day,continued clinic expansion with 84 net owned additions since the third quarter of 2024, and sustained double-digit growth in our injuryprevention business. Importantly, we are also making progress on some key initiatives that will benefit our 2026 growth and performance,along with an expected and overdue Medicare pricing lift.” 2025 Third Quarter Versus 2024 Third Quarter Additional supplemental tables of financial and performance metrics are presented on page 15 of this release. Net revenue from physical therapy operations increased $25.4 million, or 17.8%, to $168.1 million for the 2025 Third Quarter from $142.7million for the 2024 Third Quarter. This growth was due to the increase in visits from the 84 net owned clinics added