Company: USPH
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001140361-25-029744
Chunk: 12

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 12
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 gross profit margin  (5)(6)

                18.8

                %

                19.0

                %

                Salaries and related costs per visit (6)

                $

                61.74

                $

                60.52

                $

                1.22

                2.0

                %

                Operating costs per visit (6)

                $

                86.52

                $

                84.97

                $

                1.55

                1.8

                %

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

(2) Includes 20 clinics added during the 2025 Six Months and 96 clinics added during the year ended December 31, 2024. (Owned)

(3) Includes 10 clinics closed during the 2025 Six Months 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 $0.3 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

Revenues from physical therapy operations increased $46.8 million, or 16.8% in the 2025 Six Months versus the comparable prior year period due to increased volume from the 51 net new
          clinics added since the comparable prior year period as well as an increase in net rate per patient visit to $105.49 for the 2025 Six Months from $104.23 for the 2024 Six Months. Gross profit from physical therapy operations increased $7.9
          million, or 14.9%, to $60.7 million for the 2025 Six Months. Excluding certain incentive costs related to the Metro acquisition of $0.3 million, the adjusted gross profit margin was 18.8% for the 2025 Six Months (See reconciliation of
        non-GAAP measures to the most comparable GAAP measure on page 40).

Other revenues increased approximately $1.4 million, or 21.4% , to $7.8 million for the 2025 Six Months from $6.6 million for the 2024 Six Months.

Operating costs

Operating costs from physical therapy operations increased by $38.9 million, or 17.3%, to