Us Physical Therapy Stock Earnings Reports

U.S. Physical Therapy reported Q1 2026 revenue growth driven by volume gains and reinforced its full-year guidance. Key operational initiatives include semi-virtual front desk, AI-assisted documentation, reengagement with remote therapeutic monitoring for traditional Medicare, expansion of cash-based programs (e.g., lasers, shockwave, dry needling), and pursuit of large hospital/system partnerships (NYU transition started). Q1 highlights: total revenue $198M (+7.9% y/y), physical therapy revenue $168M (+7.2%), total visits 1.543M (+6.9%), daily visits per clinic 31.8, net revenue per visit $106.49, adjusted EBITDA $20.2M for Q1 (+$0.7M y/y). IIP (industrial injury prevention) revenue grew 11.8% and margin expanded. Adjusted PT margin compressed modestly (16.1% vs. 16.8% prior year) due to weather-related visit losses (~31,000 visits, ≈$3.3M revenue impact), some mix effects (small Medicaid rate decline), and investments in initiatives. The company completed two acquisitions in Q1 and repurchased $14M of noncontrolling interests. It secured an upsized $450M five-year credit facility with improved pricing to support growth and M&A. Management reiterated full-year adjusted EBITDA guidance of $102M–$106M and expects hospital affiliations and technology/efficiency initiatives to ramp benefits through the year (hospital contribution to be phased in, more material by Q4).