Company: USPH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001140361-25-018157
Chunk: 9

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 9
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 $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. The increase in net rate per patient visit 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.

Gross profit which included $0.2 million of costs associated with seven clinic closures, in the 2025 First Quarter, was $31.1 million, or 16.9% of net revenue, during the 2025 First Quarter compared to
      $28.4 million, or 18.2% of net revenue, for the 2024 First Quarter.

Our Net Income was $9.9 million for the 2025 First Quarter compared to $8.0 million in the 2024 First Quarter. In accordance with GAAP, the revaluation of noncontrolling interest, net of taxes, is not included in net
      income but is charged directly to retained earnings; however, this change is included in the computation of earnings per share. Earnings per share was $0.80 for the 2025 First Quarter compared to $0.46 for the 2024 First Quarter

      37

The following table provides a calculation of earnings per share.

            Three Months Ended

             March 31, 2025

             March 31, 2024

            Earnings per Share

            (In thousands, except per share data)

            Computation of earnings per share - USPH shareholders:

            Net income attributable to USPH shareholders

            $

            9,899

            $

            8,046

            Charges to retained earnings:

            Revaluation of redeemable non-controlling interest

            2,903

            (1,439

            )

            Tax effect at statutory rate (federal and state)

            (742

            )

            368

            $

            12,060

            $

            6,975

            Earnings per share (basic and diluted)

            $

            0.80

            $

            0.46

            Shares used in computation:

            Basic and diluted earnings per share - weighted-average shares