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USPH Reports Second Quarter 2026 Results, Reaffirms Full Year Guidance

USPH
  • U.S. Physical Therapy, Inc. reported total net revenue of $214.1 million for Q2 2026, an 8.5% increase compared to Q2 2025.
  • Net income attributable to shareholders for Q2 2026 was $9.9 million ($0.25 per share), down from $12.4 million ($0.58 per share) in Q2 2025.
  • Non-GAAP operating results for Q2 2026 were $11.3 million ($0.75 per share), compared to $12.4 million ($0.81 per share) in the prior year period.
  • Adjusted EBITDA for Q2 2026 reached $27.0 million, a slight increase from $26.9 million in Q2 2025.
  • Physical therapy net revenue grew 8.4% to $182.4 million, driven by a 6.6% increase in patient visits to 1.66 million.
  • Physical therapy margins decreased to 19.5% in Q2 2026 from 21.2% in Q2 2025, impacted by approximately 100 basis points of unfavorable health benefit costs.
  • Industrial injury prevention (IIP) revenue increased 9.1% to $31.7 million, with IIP margin holding steady at 20.4%.
  • The company completed the integration of 31 clinics into hospital affiliations in Q2 2026, with 39 remaining clinics expected to integrate in Q3 2026.
  • Clinic count stood at 781 as of June 30, 2026, after adding four locations and closing four during the quarter.
  • Cash and cash equivalents declined to $24.9 million as of June 30, 2026, while borrowings under the credit facility rose to $221.0 million.
  • The company closed a new $450.0 million five-year credit facility in April 2026, replacing the prior $325.0 million facility.
  • The Board declared a quarterly dividend of $0.46 per share, payable on September 11, 2026.
  • During Q2 2026, the company repurchased 306,256 shares for $19.2 million under its $25.0 million authorization.
  • Three acquisitions totaling $37.6 million were announced in 2026, including a 67% stake in a 12-clinic practice acquired on July 1, 2026.
  • Management reaffirmed full-year 2026 adjusted EBITDA guidance of $102.0 million to $106.0 million.
  • A conference call to discuss results is scheduled for August 6, 2026, at 10:30 a.m. ET.