U.S. Physical Therapy delivered a quarter that surpassed Wall Street's expectations, with management attributing the outperformance to strong execution of its hospital partnership strategy and sustained volume growth. CEO Chris Reading credited the company's ability to maintain record patient visits per clinic, even through a seasonally softer period, as a key factor. The integration of Metro N.Y. and Gulf Coast hospital affiliations led to a significant increase in hospital-based revenue, which in turn drove a record net rate per visit. Management also pointed to improved productivity at mature clinics and notable gains in its industrial injury prevention business, while acknowledging elevated self-insured health costs as a margin headwind.
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U.S. Physical Therapy (USPH) Q3 2026 highlights:
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Revenue $220.6 million vs S&P analysts' estimates of $214.3 million (11.9% year-on-year growth, 2.9% beat)
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Adjusted EPS $0.80 vs S&P analysts' estimates of $0.73 (10.3% beat)
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Adjusted EBITDA $27.78 million vs analyst estimates of $26.55 million (12.6% margin, 4.6% beat)
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EBITDA guidance $104 million at the midpo...