U.S. Physical Therapy Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 revenue rose 7.9% year-over-year, driven by higher patient volumes and strong commercial rates, despite weather-related disruptions. Guidance for full-year adjusted EBITDA of $102–$106 million was reaffirmed, with hospital partnerships and acquisitions expected to ramp up contributions in the second half.
Fiscal Year 2025
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Adjusted EBITDA and net revenue grew over 16% year-over-year, with record patient visit volumes and strong margin improvement despite Medicare headwinds. Two exclusive hospital alliances and multiple acquisitions are set to drive further growth and margin expansion in 2026.
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Record Q2 with strong revenue and margin growth in both physical therapy and injury prevention segments, driven by acquisitions, operational efficiencies, and robust demand. Raised full-year adjusted EBITDA guidance and authorized a $25M share repurchase program.
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A partnership-driven physical therapy network continues double-digit growth despite Medicare headwinds, leveraging disciplined acquisitions, operational efficiency, and a rapidly expanding industrial injury prevention segment with high margins and strong organic growth.
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Record Q2 driven by strong growth in physical therapy and industrial injury prevention, with adjusted EBITDA up 21% year-over-year. Raised 2025 guidance, expanded margins, and launched a $25M share repurchase program, while continuing to invest in technology and acquisitions.
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Operating nearly 800 clinics, the company leverages a partnership model and active M&A to drive growth in a fragmented market. Revenue is diversified across commercial, Medicare, and workers’ comp, with rising rates and strong demand from demographic trends.
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Record Q1 volumes and strong rate increases drove 16.4% revenue growth, with adjusted EBITDA up 16.5% year-over-year. The Metro acquisition and IIP segment outperformed, while weather and Medicare cuts posed headwinds. Guidance update expected after further data.
Fiscal Year 2024
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Record patient volume and strong revenue growth were driven by acquisitions, organic expansion, and a robust IIP segment. Despite Medicare rate cuts and cost pressures, guidance calls for continued EBITDA growth in 2025, supported by efficiency initiatives and new market opportunities.
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Operating 752 clinics in 43 states, the company leverages a unique partnership model to drive growth through acquisitions and de novos, maintaining strong margins and a robust balance sheet. Industrial injury prevention is a fast-growing segment, and reimbursement rates are improving despite Medicare headwinds.
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Q3 saw 6% growth in patient visits and 9.3% revenue growth, with Adjusted EBITDA up 13.4%. The company closed 32 clinics, acquired Metro Physical Therapy, and expanded its injury prevention business, while maintaining strong guidance and a robust balance sheet.
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A leading outpatient physical therapy provider detailed its partnership-driven growth, robust financials, and expanding injury prevention business. Despite Medicare reimbursement cuts, it continues to grow through selective acquisitions and organic expansion, maintaining strong cash flow and a stable balance sheet.
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Record-high clinic volumes and strong contract negotiations drove revenue and net rate growth, but higher labor costs and continued Medicare cuts pressured margins. The IIP segment outperformed, and guidance was updated to reflect ongoing wage challenges.