U.S. Physical Therapy Reports 18% Revenue Growth to $197.3 Million in Q2 2025

U.S. Physical Therapy, Inc. reported significant financial growth in its latest quarterly results, with net revenue reaching $197.3 million for the second quarter of 2025, an increase of 18% from $167.2 million in the same period last year. The company's net patient revenue rose to $164.2 million, up 17% from $140.3 million, while other revenue also saw a notable increase of 23% to $33.2 million. The company’s net income attributable to shareholders was $12.4 million, or $0.58 per share, compared to $7.5 million, or $0.47 per share, in the prior year’s quarter.

In the first half of 2025, U.S. Physical Therapy's total revenue increased by 18% to $381.1 million, compared to $322.9 million in the first half of 2024. The company reported a net income of $22.3 million for the six months ended June 30, 2025, up from $15.6 million in the same period last year. The increase in revenue and profitability was attributed to a rise in patient visits, which totaled 3 million for the first half of 2025, reflecting a 15% increase from the previous year, and the addition of 51 net new clinics since June 2024.

Operationally, U.S. Physical Therapy expanded its clinic network, ending the second quarter of 2025 with 768 clinics, up from 722 a year earlier. The company added six clinics and closed four during the quarter. The average daily visits per clinic increased to 32.7, compared to 30.6 in the prior year. The company also reported a net rate per patient visit of $105.33, slightly up from $105.05 in the previous year, despite a 2.9% reduction in Medicare reimbursement rates.

Strategically, U.S. Physical Therapy has been active in acquisitions, completing several transactions to enhance its service offerings. Notably, the company acquired a 40% interest in an outpatient home-care practice and a 65% interest in another physical therapy practice during the first half of 2025. The company’s total liabilities increased to $414 million as of June 30, 2025, from $408.4 million at the end of 2024, primarily due to increased borrowings to support its growth initiatives. The company also announced a share repurchase program, authorizing the buyback of up to $25 million of its common stock, reflecting confidence in its financial position and future growth prospects.

Looking ahead, U.S. Physical Therapy remains focused on expanding its clinic network and enhancing operational efficiencies. The company anticipates continued growth in patient visits and revenue, supported by its strategic acquisitions and the ongoing demand for physical therapy services. The management expressed optimism about navigating the evolving healthcare landscape, including potential regulatory changes and reimbursement challenges, while maintaining a strong financial foundation.