Company: USPH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001140361-25-018157
Chunk: 11

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 11
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 costs per visit, clinics (6)

            $

            63.53

            $

            61.42

            $

            2.11

            3.4

            %

            Operating costs per visit, clinics (6)

            $

            89.28

            $

            85.50

            $

            3.78

            4.4

            %

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

(2) Includes 14 clinics added during the 2025 First Quarter and 103 added during the year ended December 31, 2024.

(3) Includes 7 clinics closed during the 2025 First Quarter and 45 clinics closed during the year ended December 31, 2024.

(4) Includes revenues from management contracts.

(5) Includes costs from management contracts.

(6) Excludes costs from management contracts and $0.1 million of certain incentive costs related to the Metro acquisition. Please refer to the reconcilliation of non-GAAP measures to the most comparable GAAP measure on page 40.

(7) Not meaningful.

Revenues

Net revenue from physical therapy operations increased $22.0 million, or 16.4%, to $156.4 million for the 2025 First Quarter from $134.4 million for the 2024 First Quarter. This increase was due to the increase in
      visits from the 53 net clinics added since the comparable prior year period and an increase in net rate per patient visit, which reflects our strategic priority of increasing reimbursement rates through contract negotiations with commercial and other
      payors as well as growing workers compensation as a percent of our overall mix of business.

Net rate per patient visit for the 2025 First Quarter was $105.66, increasing $2.29 per visit from $103.37 for the 2024 First Quarter, despite the approximate 2.9% Medicare rate reduction which went into effect on
      January 1, 2025. Net rate per patient visit also increased sequentially by $0.93 from $104.73 for the three months ended December 31, 2024.

Other revenues increased by $0.5 million, or 15.3%, to $3.9 million for the 2025 First Quarter from $3.4 million for the 2024 First Quarter.

Operating costs

Operating costs from physical therapy operations increased $20.6 million, or 18.6%, to