In This Story
U.S. Physical Therapy, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $168,033,000 from $150,007,000 in the same quarter the previous year. This increase is attributed to a rise in patient visits and higher reimbursement rates from commercial payors.
Operating costs for the quarter were $138,902,000, representing 82.7% of net revenue, compared to 81.4% in the same quarter of the previous year. The increase in operating costs is due to costs associated with the closure of 32 clinics.
The company reported a gross profit of $29,131,000 for the quarter, compared to $27,929,000 in the previous year, with the gross profit margin decreasing to 17.3% from 18.6%.
Net income attributable to USPH shareholders was $6,628,000 for the quarter, down from $9,254,000 in the previous year. Earnings per share were $0.39, compared to $0.51 in the previous year.
Cash provided by operating activities was $55,531,000, while cash used in investing and financing activities was $54,597,000 and $36,800,000, respectively.
U.S. Physical Therapy had cash and cash equivalents of $116,959,000 as of September 30, 2024. The company maintains a revolving credit facility with $175,000,000 of credit availability.
The filing also details various acquisitions made during the quarter, including a 70% equity interest in an eight-clinic practice and a 50% equity interest in a nine-clinic practice.
The company declared a quarterly dividend of $0.44 per share, payable on December 6, 2024.
U.S. Physical Therapy continues to focus on expanding its outpatient physical therapy operations and industrial injury prevention services, with a strategy of acquiring clinic practices and developing new clinics.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the U.S. Physical Therapy Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.