U.S. Physical Therapy, Inc. · NYSE:USPH
U.S. Physical Therapy — Q3 2025 Earnings Presentation
30 slides from U.S. Physical Therapy's earnings presentation, November 2025
Slide 1: USPh cover
USP QREPPARTNER
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements, which involve numerous risks and uncertainties. Included are statements relating to opening of new clinics, availability of personnel and reimbursement environment. The forward-looking statements are based o
Slide 3: USPh At a Glance
USPh At a Glance Leading Physical Therapy Company 779 44 Owned/Managed Outpatient State Physical and Occupational National Footprint (1) Diversified Payor Mix Therapy Clinics (1) 85% 15% Physical Therapy Injury Prevention Operations % of Revenue(1) Services % of Revenue(1) Attractive Market Dynamics
Slide 4: Expanding National Footprint of Physical Therapy Clinics
Expanding National Footprint of Physical Therapy Clinics * Included in the clinic count (but excluded from the map) are 34 clinics that the Company manages on behalf of third parties. 4
Slide 5: Large and Growing Market Opportunity
Large and Growing Market Opportunity $40B+ U.S. rehab market Favorable demographics – physically active, aging and obese population segments Significant market potential ~50% of Americans over 18 years old develop a musculoskeletal injury that lasts more than 3 months Within this group, on
Slide 6: Outpatient Clinics are the Leading Setting For Care
Outpatient Clinics are the Leading Setting For Care Orthopedic rehab is the primary driver of physical therapy services, representing approximately 60% of visits 100% 11% 90% 7% 80% Physical Therapy Delivery Mix 12% 70% 60% Outpatient Clinics 28% 50% 40% 30% Hospitals; Home Health Offices of Other S
Slide 7: Payors See Significant ROI for Physical Therapy
Payors See Significant ROI for Physical Therapy With PT Without PT Hip replacement surgery Hip replacement surgery ($56,000) ($56,000) Inpatient care Inpatient care ($15,000) ($15,000) Outpatient Physical Readmission Readmission Rate of Home Rate of Therapy Clinic 10% 20% Full Recovery Full Recovery
Slide 8: Competitive Landscape
Competitive Landscape Highly fragmented U.S. outpatient rehab market with 37,000+ clinics (1) No company with >10% market share(2) USPh is one of the largest owner/operator of PT clinics USPh is well-positioned to capitalize in a more challenged macro environment 1,900+ 850+ 779 Clinics(3) Clinics(4
Slide 9: Physical Therapy Growth Strategy
Physical Therapy Growth Strategy 1 Drive organic growth through de novo PT/OT clinic openings (utilize true partnership model) 2 Maximize profits of existing facilities by growing volume, improving pricing, increasing efficiencies and adding programs and services 3 Augment organic growth through str
Slide 10: Highly Retentive, Partnership Model
Highly Retentive, Partnership Model Specialize in trauma, sports, work-related and pre- and post-surgical cases Partner with experienced physical therapists Drive volume via referrals Augment sales with marketing reps Organic growth includes lower cost de novo start up clinics Strategic
Slide 11: USPh Partnership Advantages
USPh Partnership Advantages Accounting Capital and Resources to HR Enhance Development Rate Real Estate No Personal Financial Risk Construction Aligned Practice Incentives Purchasing Unlimited Earnings Potential Contracting/Credentialing Enhanced Benefits Marketing Package Compliance Business Intell
Slide 12: Acquisition Strategy
Acquisition Strategy Completed more than 50 acquisitions since 2005 ranging in size from 1 to 52 clinics Acquisitions include approximately eight industrial injury prevention services businesses Seeking & evaluating M&A transactions is part of USPh’s DNA PT acquisition criteria: Owner therapists con
Slide 13: New Clinics Since October 1, 2024
New Clinics Since October 1, 2024 From 10/01/2024 – 9/30/2025 ME VT MA CT PA NJ OH MD WV VA NC TN 5 OK AR SC AL GA MS TX LA FL AK 99 clinics added (1) since October 1, 2024 13 (1) Includes de-novo clinics and acquisitions of single and multi-site practices.
Slide 14: Scale Advantages Create a Robust Business Case for Consolidation
Scale Advantages Create a Robust Business Case for Consolidation Referrals Payor Networks Higher likelihood of referrer Increased likelihood of selection for activity and advocacy payor networks Scale is cited as a core criterion by specialty network managers and payors. Ability to negotiate hig
Slide 15: Revenue Mix by Segment and Payor Type
Revenue Mix by Segment and Payor Type Revenue Mix by Segment Type Physical Therapy Revenue Mix by Payor Type Three Months Ended September 30, 2025 Three Months Ended September 30, 2025 5% 10% 49% 15% 85% 33% 3% Private Insurance & Managed Care Physical Therapy Operations Medicaid Industrial Injury P
Slide 16: USPh Physical Therapy Growth Drivers
USPh Physical Therapy Growth Drivers Both prior to and post COVID-19, each driver has shown robust growth Number of Owned Clinics (1) Daily Patient Visits Per Clinic 2012-2025: CAGR +4% 2012-2025: CAGR +3% 800 722 745 35 32.0 700 640 671 29.1 28.7 30.0 30.4 578 591 583 554 591 30 25.9 26.6 27.6 24.6
Slide 17: Daily Physical Therapy Volumes Progression
Daily Physical Therapy Volumes Progression Average Visits per Clinic per Day COVID Trough 35 32.7 32.2 30.6 30.1 31.6 31.2 30.0 29.5 29.8 29.5 28.8 29.1 29.8 30.4 29.7 29.9 29.5 30 27.7 27.1 27.9 26.2 25.8 25 20 18.9 15 10 5 0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q2
Slide 18: Physical Therapy Operations
Physical Therapy Operations Quarterly Adjusted Gross Margin Annual Gross Margin Percentage (1) Percentage (1)(2) 26.0% 26.0% Excludes $3.4M 23.8% of clinic closure 24.0% 23.6% 24.0% costs (2) 23.1% 22.0% 22.0% 21.4%21.7% 20.8% 21.2% 20.6% 20.3% 19.9% 20.0% 20.0% 19.2% 19.2% 18.4% 18.4% 18.4% 18.6% 1
Slide 19: Industrial Injury Prevention
Industrial Injury Prevention Industrial Injury Prevention services include industrial sports medicine and injury prevention, post offer testing, ergonomic services, occupational health and medical services, and specialized solutions Since USPh’s initial entry into the Industrial Injury Prevention se
Slide 20: Industrial Injury Prevention
Industrial Injury Prevention Revenue ($ in millions) Gross Margin (%) (1) Third Quarter 2025: 30.0% Revenue +14.6% TTM Revenue through Gross profit +15.6% Q3 2025: $96.9 Gross Margin 19.6% $100.0 $112.1 million 24.7% 25.0% 23.1% 22.4% $77.1 $78.3 $80.0 20.4% 20.0% 18.2% 18.5% 18.6% $60.0 15.0% $43.9
Slide 21: Strong Balance Sheet and Capital Allocation Strategy
Strong Balance Sheet and Capital Allocation Strategy Capital Allocation Strategy Liquidity ($ in millions) (as of 9/30/2025) Acquisitions Debt Management Continue fueling a Maintain strategic flexibility highly acquisitive and a conservative balance growth strategy within a sheet fragmented landscap
Slide 22: Executive Management
Executive Management Joined USPh as COO in November 2003 Chris Reading Promoted to CEO and Board in November 2004 Chief Executive Previously Senior Vice President of Operations with HealthSouth, managed over 200 facilities including OP, Officer ASC, DX Imaging and rehab hospital operations B
Slide 23: Summary Investment Highlights
Summary Investment Highlights Publicly-traded, pure play operator of rehab clinics Proven business model, driven by organic growth and acquisitions Significant scale with national footprint Large and growing market / favorable demographics Strong cash flow and balance sheet Attractive Dividend Yield
Slide 24: Appendix
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Slide 25: Demonstrated Track Record of Consistent Growth
Demonstrated Track Record of Consistent Growth Over the last decade, USPH has consistently grown, organically and through strategic acquisitions USPH Revenue ($ in millions) 2013-2024: CAGR +9% $671 $605 $553 $454 $482 $495 $414 $423 $331 $357 $305 $264 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 23 24
Slide 26: Summary Financial Results
Summary Financial Results Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (in thousands, except per share data) Net Revenue $ 197,132 $ 168,033 $ 578,264 $ 490,898 Operating costs 160,260 138,902 468,703 399,504 Gross profit 36,872 29,
Slide 27: Segment Information
Segment Information Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Reported Adjustments Adjusted Reported Adjustments Adjusted (in thousands, except percentages) Physical Therapy Operations Net Revenue $ 168,110 $ 168,110 $ 142,714 $ 142,714 Gross profit (1) 31,193 (50)
Slide 28: Reconciliation of Non-GAAP Financial Measures – Operating Results
Reconciliation of Non-GAAP Financial Measures – Operating Results Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (In thousands, except per share data) Operating Results (a non-GAAP measure) Net income attributable to USPH shareholders
Slide 29: Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (In thousands, except per share data) Adjusted EBITDA (a non-GAAP measure) Net income attributable
Slide 30: Thank you
USP ONE PARTNER Thank you
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