美国理疗保健 2026年四季度报告

U.S. Physical Therapy, Inc.Carey Hendrickson, Chief Financial Officeremail: chendrickson@usph.comChris Reading, Chief Executive Officer(713) 297-7000 U.S. Physical Therapy ReportsFourth Quarter and Full Year 2025 Results Houston, TX, February 25, 2026– 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 fourthquarter and full year ended December 31, 2025. FINANCIAL HIGHLIGHTS Year Ended December 31, 2025 versus Year Ended December 31, 2024 Adjusted EBITDA(1), a non-Generally Accepted Accounting Principles (“GAAP”) measure, was $95.0 million for the year ended December 31, 2025 (“2025 Year”), an increase of $13.2 million or 16.2%, from $81.8 million for the year ended December 31,2024 (“2024 Year”).Net income attributable to USPH shareholders (“USPH Net Income”), a GAAP measure, was $39.6 million for the 2025 Yearcompared to $31.4 million for the 2024 Year. Under GAAP, increases and decreases in the value of redeemable noncontrollinginterests (related to ownership interests of our partners in subsidiaries that are not fully owned by USPH), net of taxes, are notincluded in net income, but they are included in the calculation of earnings per share. The Company’s improved performance in Operating Results(1), a non-GAAP measure, was $40.0 million for the 2025 Year compared to $36.9 million for the 2024 Year. On a per share basis, Operating Results was $2.63 for the 2025 Year compared to $2.45 for the 2024 Year.Fourth Quarter Ended December 31, 2025, versus Fourth Quarter Ended December 31, 2024 Non-GAAP Adjusted EBITDA(1)was $24.8 million for the three months ended December 31, 2025 (“2025 Fourth Quarter”) anincrease of $3.0 million, or 13.5%, from $21.8 million for the three months ended December 31, 2024 (“2024 Fourth Quarter”).USPH Net Income was $4.2 million for the 2025 Fourth Quarter compared to $9.2 million for the 2024 Fourth Quarter, with thedecrease attributable to the change in fair value of contingent earnout consideration quarter over quarter – a net loss of $5.2million in the 2025 Fourth Quarter compared to a net gain of $5.1 million in the 2024 Fourth Quarter. Under GAAP, increasesand decreases in the value of redeemable noncontrolling interests, net of taxes, are not included in net income, but they areincluded in the calculation of earnings per share. The Company’s improved performance in the 2025 Fourth Quarter increasedthe value of these ownership interests, net of taxes, by $10.8 million, which reduced earnings per share. Loss per share was$0.44 for the 2025 Fourth Quarter compared to earnings per share of $0.52 for the 2024 Fourth Quarter. Non-GAAP Operating Results(1)was $10.2 million for the 2025 Fourth Quarter compared to $7.8 million for the 2024 Fourth Quarter. On a per share basis, Non-GAAP Operating Results was $0.67 for the 2025 Fourth Quarter compared to $0.51 for the2024 Fourth Quarter.Net revenue from physical therapy operations for the 2025 Fourth Quarter increased $20.0 million, or 13.0%, to $173.8 millionfrom $153.8 million for the 2024 Fourth Quarter. Physical therapy operations’ gross profit was $35.2 million for the 2025 Fourth Net rate per patient visit for the 2025 Fourth Quarter was $106.49 compared to $104.73 for the 2024 Fourth Quarter.Total patient visits were 1,593,336 for the 2025 Fourth Quarter, an 11.2% increase from 1,432,801 for the 2024 Fourth Quarter.Average daily patient visits per clinic, which does not include home-care visits, was 32.7 for the 2025 Fourth Quarter, a record-high volume per clinic for a fourth quarter, compared to 31.6 for the 2024 Fourth Quarter.Industrial injury prevention services (“IIP”) revenue was $28.9 million for the 2025 Fourth Quarter, an increase of 8.7% ascompared to the 2024 Fourth Quarter. IIP gross profit was $5.0 million for the 2025 Fourth Quarter, an increase of $0.5 million,or 11.5%, from $4.4 million for the 2024 Fourth Quarter.The Company added 11 and closed 10 owned and/or managed clinics in the 2025 Fourth Quarter bringing its total count to 780 asof December 31, 2025, compared to 761 as of December 31, 2024.The Company repurchased 81,322 of its own shares of common stock for total consideration of $5.6 million on the open marketduring the 2025 Fourth Quarter, demonstrating its confidence in the long-term prospects of the Company.On January 2, 2026, the Company acquired an eight-clinic practice currently generating approximately $8.0 million in annualrevenue and 66,000 in annual visits. USPH acquired a 50% interest and 50% was retained by the previous owners.On January 31, 2026, the Company acquired an industrial injury prevention business currently generating approximately $7.0 MANAGEMENT’S COMMENTS Chris Reading, Chief Executive Officer, said, “Our team delivered a strong finish to a solid year where we made progress aro