U S PHYSICAL THERAPY INC

U.S. Physical Therapy, Inc. (NYSE: USPH) operates as one of the largest national outpatient physical therapy services providers in the United States. The company's website is www.usph.com.

The company operates through two primary reportable business segments: physical therapy operations and industrial injury prevention services. The physical therapy operations segment, which generates approximately 85 percent of revenue, consists of outpatient physical therapy, speech therapy, and occupational therapy clinics, along with home-care physical and speech therapy practices. These facilities provide pre- and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. The industrial injury prevention services segment delivers onsite injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments, primarily contracted directly with employers including numerous Fortune 500 companies.

As of December 31, 2025, U.S. Physical Therapy owned and managed 780 clinics across 44 states, with the highest concentrations in Texas, Tennessee, Michigan, New York, Virginia, Oregon, Florida, Pennsylvania, Georgia, Maryland, Idaho, Missouri, Arizona, Alabama, Connecticut, South Carolina, and Wyoming. The company generated net patient revenue of approximately $650 million in 2025, with payor sources including managed care programs and commercial health insurance at 48.5 percent, Medicare and Medicaid at 35.8 percent, workers' compensation insurance at 10.2 percent, and other sources at 5.5 percent.

The company operates primarily through subsidiary clinic partnerships in which it typically maintains equity interests ranging from 65 to 75 percent, with managing healthcare practitioners retaining limited partnership interests. The industrial injury prevention services business operates through Briotix Health, Limited Partnership, in which the company holds approximately 92 percent ownership following various acquisitions and contributions since 2017.

U.S. Physical Therapy's business model emphasizes local clinic autonomy combined with centralized support services including national purchasing, negotiated third-party payor contracts, and centralized administrative functions. The company's competitive strategy leverages partnerships with therapist-owners who maintain established relationships with local referral sources and have developed strong reputations in their communities.