Company: USPH
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001140361-25-029744
Chunk: 3

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 3
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Item 2.

              MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of U.S. Physical Therapy, Inc. and its subsidiaries (herein referred to as “we,” “us,” “our” or the “Company”) should be read in conjunction
        with (i) our historical consolidated financial statements and accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q; and (ii) our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the
        Securities and Exchange Commission (the “SEC”) on March 3, 2025 (“2024 Annual Report”).

This discussion includes forward-looking statements that are subject to risk and uncertainties. Actual results may differ substantially from the statements we make in this section
        due to a number of factors that are discussed below.

FORWARD-LOOKING STATEMENTS

We make statements in this report that are considered forward-looking statements within the meaning given such term under Section 21E of the Securities Exchange Act of 1934, as
        amended (the “Exchange Act”). These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words
        such as “believes”, “expects”, “intends”, “plans”, “appear”, “should” and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating
        to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions, and actual results could differ materially from those anticipated in such forward-looking
        statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:

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              changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status;

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              revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;

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              changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients;

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              private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability;

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              compliance with federal and state laws and regulations relating to the