Company: USPH
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001140361-25-029744
Chunk: 9

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 9
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 6.9

                %

                Adjusted gross profit margin  (5)(6)

                21.1

                %

                20.1

                %

                Salaries and related costs per visit (6)

                $

                60.08

                $

                59.66

                $

                0.42

                0.7

                %

                Operating costs per visit (6)

                $

                83.95

                $

                84.46

                $

                (0.51

                )

                (0.6

                )%

        (1) See Glossary of Terms - Revenue Metrics for definitions.

        (2) Includes six clinics added during the 2025 Second Quarter, 14 clinics added during the 2025 First Quarter and 96 clinics added during the year ended December 31,
          2024. (Owned)

        (3) Includes three clinics closed during the 2025 Second Quarter, seven clincs closed in the 2025 First Quarter and 45 clinics closed during the year ended December 31,
          2024. (Owned)

        (4) Includes revenues from management contracts.

        (5) Includes costs from management contracts.

        (6) Excludes $0.2 million of certain incentive costs related to the Metro acquisition. Please refer to the reconciliation of non-GAAP measures to the most directly
          comparable GAAP measure on page 40.

        (7) Not meaningful.

Revenues

Net revenue from physical therapy operations increased $24.8 million, or 17.3%, to $168.3 million for the 2025 Second Quarter from $143.5 million for the 2024 Second Quarter. This growth was due to the increase in
        visits from the 51 net clinics added since the comparable prior year period and an increase in net rate per patient visit, which reflects the Company’s strategic priority of increasing reimbursement rates through contract negotiations with
        commercial and other payors, and the addition of acquisitions with accretive net rate per patient visit. Net rate per patient visit for the 2025 Second Quarter was $105.33 up from $105.05 for the 2024 Second Quarter, despite the approximate 2.9%
        Medicare rate reduction which went into effect on January 1, 2025.

Total patient visits were 1,558,756 for the 2025 Second Quarter, a 16.7% increase from the 202