U.S. Physical Therapy Inc, a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, reports results for the first quarter ended March 31, 2022 (2022 First Quarter).

Highlights of Results

  • Operating Results per diluted share, a non-GAAP measure (defined below), was $0.65 per diluted share for the 2022 First Quarter as compared to $0.64 for the three months ended March 31, 2021 (2021 First Quarter).
  • For the 2022 First Quarter, USPH’s net income attributable to its shareholders, a Generally Accepted Accounting Principles (“GAAP”) measure, was $8.8 million compared to $8.2 million for the 2021 First Quarter. GAAP requires the Company to include a charge for the revaluation of its non-controlling interest, net of taxes, in its computation of earnings per diluted share. Earnings per diluted share on a GAAP basis, was $0.67 for the 2022 First Quarter as compared to $0.21 for the 2021 First Quarter.
  • Adjusted EBITDA, a non-GAAP measure (defined below), was $17.9 million for the 2022 First Quarter, a 14.2% increase from $15.6 million for the 2021 First Quarter. See pages 10 through 11 for a discussion and reconciliation to results according to GAAP.
  • Average visits per clinic per day in the 2022 First Quarter was 27.9, up from 27.1 in the 2021 First Quarter.
  • Total patient visits were 1,063,519 for the 2022 First Quarter, an increase of 12.2% from 947,788 for the 2021 First Quarter. On a same store basis, visits increased 5.9% in the 2022 First Quarter as compared to the 2021 First Quarter.
  • The net rate per patient visit was $103.00 in the 2022 First Quarter as compared to $104.72 in the 2021 First Quarter due to rate reductions implemented by Medicare in 2022.
  • Net patient revenue from physical therapy operations was $109.5 million for the 2022 First Quarter, an increase of 10.4% from $99.3 million for the 2021 First Quarter.
  • Industrial injury prevention (“IIP”) services revenue was an all-time high of $19.1 million for the 2022 First Quarter, representing a 90.5% increase over the 2021 First Quarter. Excluding $6.8 million of revenue related to the November 2021 IIP acquisition, IIP services revenue increased 22.4% period over period.
  • Total revenue of $131.7 million for the 2022 First Quarter was 17.2% higher than total revenue of $112.4 million for the 2021 First Quarter.
  • Physical therapy operating costs were $83.09 per visit in the 2022 First Quarter as compared to $81.18 in the 2021 First Quarter, an increase of 2.4%. On a same store basis, physical therapy operating costs per visit increased 0.4% to $81.08 in the 2022 First Quarter from $80.78 in the 2021 First Quarter.
  • Total operating cost was 79.8% of total revenue in the 2022 First Quarter, as compared to 77.0% for the 2021 First Quarter. Total salaries and related costs were 57.1% of total revenue for the 2022 First Quarter versus 56.8% for the 2021 First Quarter.
  • On March 31, 2022, the Company acquired 70.0% of the equity interest in a six-clinic physical therapy practice in South Central Pennsylvania (Madden & Gilbert Physical Therapy, LLC). The business generates more than $7.5 million in annual revenue and has approximately 71,000 patient visits per year.
  • The Company’s Board of Directors declared a quarterly dividend of $0.41 per share payable on June 14, 2022 to shareholders of record on May 16, 2022.

[Source(s): U.S. Physical Therapy Inc, Business Wire]