Overview

• Physical therapy operator's Q4 revenue beat analyst expectations

• Company reported Q4 net income of $4.2 mln, with a loss per share of $0.44

• Company repurchased 81,322 shares for $5.6 mln in Q4, indicating confidence in long-term prospects

Outlook

• US Physical Therapy expects 2026 adjusted EBITDA between $102.0 mln and $106.0 mln

• Company anticipates $2.5 mln revenue boost from Medicare rate increase in 2026

• Strategic hospital alliances to modestly contribute to 2026 earnings

Result Drivers

• PATIENT VISITS - Total patient visits increased by 11.2% to 1.59 million, boosting revenue from physical therapy operations

• NET REVENUE PER VISIT - Net rate per patient visit rose to $106.49 from $104.73, contributing to revenue growth

• INDUSTRIAL INJURY PREVENTION - Revenue from industrial injury prevention services rose 8.7%, aiding overall revenue growth

Company press release: ID:nBw4XCY3za

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$202.7 mln	$200.42 mln (7 Analysts)
Q4 EPS		-$0.44
Q4 Net Income		$4.20 mln
Q4 Adjusted EBITDA		$24.80 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the healthcare facilities & services peer group is "buy"

• Wall Street's median 12-month price target for US Physical Therapy Inc is $103.00, about 26.1% above its February 25 closing price of $81.68

• The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 29 three months ago

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