1. It's like **DaVita** for physical therapy and rehabilitation clinics.

2. Think of it as the **Quest Diagnostics** of physical therapy, operating a nationwide network of specialized clinics.

• Physical Therapy Services: Provides outpatient care and rehabilitation for orthopedic disorders, sports injuries, neurological conditions, and post-operative needs.
• Industrial Injury Prevention Services: Offers specialized services to businesses including onsite injury prevention, performance optimization, and ergonomic assessments.

U.S. Physical Therapy primarily serves individuals through its extensive network of outpatient physical therapy clinics. While insurance companies often handle the payment for services, the direct customers receiving care are individuals seeking treatment and rehabilitation. The company also offers industrial injury prevention services to other companies, but the background information does not provide specific names of these corporate customers.

Based on the services provided, the major categories of individual customers that U.S. Physical Therapy serves are:

1. Patients with Musculoskeletal and Sports-Related Injuries: This category includes individuals requiring pre-and post-operative care, treatment for orthopedic-related disorders, and rehabilitation for sports-related injuries.
2. Injured Workers: These are individuals who require physical therapy services for work-related injuries, often under workers' compensation programs.
3. Patients with Neurological Conditions and those Seeking Preventative Care: This group includes individuals needing rehabilitation for neurological-related injuries, as well as those utilizing services for general preventative care and wellness.

Christopher J. Reading, PT, Chief Executive Officer and Chairman of the Board of Directors

Christopher J. Reading has served as Chief Executive Officer and a Director since 2004, and was appointed Chairman of the Board of Directors in May 2024. Prior to joining U.S. Physical Therapy, he held various executive and management positions with HealthSouth Corporation from 1990 to 2003, including Senior Vice President of Operations, where he was responsible for over 200 facilities across 10 states. He graduated magna cum laude from the Medical College of Virginia with a B.S. in Physical Therapy in 1985 and had a clinical career in sports medicine before transitioning to the business and development side of ambulatory healthcare. Mr. Reading also serves as President of APTQI (Alliance for Physical Therapy, Quality and Innovation).

Carey P. Hendrickson, MBA, Chief Financial Officer

Carey P. Hendrickson serves as the Chief Financial Officer at U.S. Physical Therapy, Inc., a position he assumed effective November 9, 2020. Before joining USPH, he held the Chief Financial Officer role at two other public companies: Capital Senior Living Corporation (from May 2014) and Belo Corp. (from 2010 through 2014). At Belo Corp., his career also included roles such as Senior Vice President/Chief Accounting Officer, Vice President/Human Resources, Vice President/Investor Relations and Corporate Communications, and Vice President/Strategic & Financial Planning. He began his career with KPMG LLP. Mr. Hendrickson holds a BBA in Accounting from Baylor University and an MBA from the University of Texas at Arlington.

Eric Williams, President and Chief Operating Officer

Eric Williams serves as the President and Chief Operating Officer of U.S. Physical Therapy, Inc.

Graham Reeve, PT, MBA, Chief Operating Officer

Graham Reeve was appointed Chief Operating Officer in March 2018. Before his tenure at U.S. Physical Therapy, he served as Chief Executive Officer and Chief Operating Officer of The Baptist Health System in San Antonio, TX, which is part of Tenet Healthcare. His prior experience also includes roles with HealthSouth Corporation and Caremark Physical Therapy. Mr. Reeve holds a BS in Physical Therapy and an MBA.

Rick Binstein, Executive Vice President and General Counsel

Rick Binstein holds the position of Executive Vice President and General Counsel at U.S. Physical Therapy, Inc.

1. Government Reimbursement Cuts and Regulatory Changes: A significant portion of USPH's revenue is derived from government programs like Medicare and Medicaid, making the company highly vulnerable to changes in healthcare policy, including ongoing reimbursement rate reductions. For instance, Medicare rate reductions have notably impacted profits, with a 2.9% decrease in Medicare reimbursement for therapy services effective for 2025. These regulatory shifts can lead to unforeseen changes that adversely affect the company's operations and profitability.
2. Intense Competition and Market Fragmentation: The physical therapy and industrial injury prevention markets are highly competitive and fragmented. USPH faces competition from hospitals, private clinics, physician-owned therapy clinics, and chiropractors. This competitive landscape can exert pressure on pricing and service offerings, requiring continuous innovation and differentiation for USPH to maintain and grow its market share.
3. Operational Risks Related to Acquisitions and Talent Management: USPH's growth strategy relies heavily on acquisitions, which introduces operational risks related to integrating new clinics and services while maintaining consistent quality of care and operational efficiency. Additionally, the company faces "talent risk" due to the shortage of therapists and rising wage pressures for licensed physical therapists and assistants, which can increase operating costs and staffing complexity.

The clear emerging threat for U.S. Physical Therapy is the rapid adoption and technological advancement of telehealth and virtual physical therapy platforms. These platforms enable remote consultations, guidance, and monitoring for a range of conditions, potentially reducing the need for patients to visit traditional brick-and-mortar clinics or requiring fewer in-person visits for certain aspects of care. This shift could lead to decreased utilization of USPH's extensive network of physical clinics, increase competition from new providers with lower overheads, and fundamentally alter patient preferences for service delivery.

The addressable markets for U.S. Physical Therapy, Inc.'s (USPH) main products and services in the U.S. are as follows:

Physical Therapy Operations

The U.S. physical therapy services market was valued at approximately USD 50.23 billion in 2024. This market is projected to grow to about USD 76.61 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.88% from 2025 to 2033. Other estimates for the U.S. physical and occupational therapy industry in 2024 also range around USD 53 billion.

Industrial Injury Prevention Services

The addressable market for industrial injury prevention services can be considered within the broader U.S. workplace safety market. The U.S. workplace safety market generated a revenue of USD 4,915.0 million (USD 4.915 billion) in 2024. This market is expected to grow to USD 10,463.4 million (USD 10.463 billion) by 2030, with a CAGR of 14% from 2025 to 2030. "Workplace Safety Services" is identified as the fastest-growing product type segment within this market.

U.S. Physical Therapy, Inc. (USPH) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions and Partnerships: The company consistently expands its footprint through strategic acquisitions of physical therapy practices and industrial injury prevention businesses. Recent examples include an industrial injury prevention business acquisition in February 2026 for approximately $15.1 million, and an eight-clinic physical therapy management services company in January 2026. USPH also forms strategic alliances with hospital systems, such as the one with NYU Langone Health, which integrates a significant number of outpatient clinics and is expected to contribute at least $14 million to physical therapy revenue and income by 2027.
2. Expansion of Industrial Injury Prevention (IIP) Services: The Industrial Injury Prevention segment is a significant growth driver, showing strong organic and acquisition-driven expansion. This segment offers services such as onsite injury prevention and rehabilitation, performance optimization, and ergonomic assessments, with continued demand for these services expected to boost revenue.
3. Organic Growth through Increased Patient Visits and Improved Reimbursement Rates: U.S. Physical Therapy focuses on increasing patient visit volumes within its existing clinics and improving net reimbursement rates. The company has reported strong demand and record visits per clinic per day. Efforts include strategic contract negotiations with commercial and other payers, and a focus on growing its higher-rate workers' compensation business.
4. De Novo Clinic Development: Alongside acquisitions, the opening of new, de novo clinics remains a component of USPH's growth strategy. This allows the company to expand into new geographic areas or underserved markets organically.
5. Launch and Expansion of New Service Offerings and Technology: USPH is investing in and expanding new service lines such as cash-based offerings and remote therapeutic monitoring (RTM). Additionally, the company is deploying technology, including AI-backed tools for scheduling and billing, and digital triage tools, to optimize operations, improve patient adherence, and potentially enhance revenue through greater efficiency and better patient routing.

Share Repurchases

• U.S. Physical Therapy repurchased 81,322 shares for a total of $5.6 million on the open market during the three and twelve months ended December 31, 2025.
• The timing and amount of future share repurchases under the program are contingent on the company's stock price performance, ongoing capital allocation priorities, and general market conditions.

Share Issuance

• A secondary offering in May 2023 resulted in an increase in the number of shares outstanding.
• The number of shares outstanding increased by 0.74% in one recent year.
• Over the last five years, the company's share count grew by 18%, contributing to shareholder dilution.

Outbound Investments

• In early 2026, U.S. Physical Therapy acquired a 70% interest in an industrial injury prevention business for approximately $15.1 million, and also acquired a 50% interest in an eight-clinic physical therapy practice.
• The company acquired an outpatient home care practice providing speech and occupational therapy through its subsidiary MSO Metro LLC in 2025.
• In 2024, notable acquisitions included a 75% equity interest in an eight-clinic practice in November and an industrial injury prevention business in April; in October 2023, the company acquired an industrial injury prevention business and a 55% equity interest in an ergonomics software business.

Capital Expenditures

• Capital expenditures amounted to -$14.07 million in the last 12 months (as of late 2025/early 2026).
• In the fourth quarter of 2025, U.S. Physical Therapy invested $3.9 million in capital expenditures, primarily for funding long-term assets and infrastructure.