Recent Updates — USPH

U.S. Physical Therapy entered into a 45-month forward-starting interest rate swap with Bank of America, effective June 30, 2027, to hedge variable interest rates on its term debt. The agreement carries an initial notional amount of $170.6 million and amortizes in line with the company's existing Credit Agreement until termination on April 14, 2031. Under the swap terms, the company will pay a fixed rate of 4.578% per annum in exchange for receiving payments based on one-month SOFR. This transaction manages interest rate risk associated with the Fourth Amended and Restated Credit Agreement dated April 14, 2026. U.S. Physical Therapy operates as a provider of outpatient physical therapy services.

U.S. Physical Therapy announced the appointment of Myra Davis to its Board of Directors, effective October 1, 2026. Davis, currently Executive Vice President and Chief Information Innovation Officer at Texas Children’s Hospital, brings over two decades of healthcare technology leadership experience. She will receive an annual cash retainer and equity grant consistent with existing director compensation policies. The company operates a national network of outpatient physical therapy clinics and provides industrial injury prevention services.

U.S. Physical Therapy appointed Nchacha Etta as Executive Vice President and Chief Financial Officer, effective September 1, 2026. Etta receives a $625,000 annual base salary, an initial equity grant valued at approximately $550,000 vesting over four years, and a prorated equity grant of approximately $200,000 for the remainder of 2026. Jason Curtis steps down as Interim CFO but remains Senior Vice President of Finance and Accounting. Etta brings prior executive finance experience from Omnicell, EssilorLuxottica, Johnson & Johnson Vision, and The Coca-Cola Company. U.S. Physical Therapy operates outpatient physical therapy clinics and provides industrial injury prevention services across the United States.

U.S. Physical Therapy, Inc. filed an 8-K on August 12, 2026, under Regulation FD to update its investor presentation for the three and six months ended June 30, 2026. The filing provides non-GAAP financial metrics including $812 million in trailing twelve-month revenues, $96 million in adjusted EBITDA, and an annual dividend of $1.84 per share. It also highlights operational growth with 796 owned or managed outpatient locations across 45 states as of July 31, 2026. The company operates a national network of outpatient physical therapy clinics and provides industrial injury prevention services.

U.S. Physical Therapy reported Q2 2026 total revenue of $214 million, an 8.5% increase year-over-year, driven by strong visit volumes and record net rates. Adjusted EBITDA was $27.0 million, while adjusted EPS declined to $0.75 from $0.81 in the prior year period due to higher-than-average employee medical claims ($3.2 million impact) and front-loaded hiring costs for new hospital affiliations. The company completed the acquisition of a 12-clinic practice for $16.4 million, bringing cumulative 2026 M&A spend to $38 million. Management reaffirmed full-year adjusted EBITDA guidance of $102–$106 million and highlighted significant growth potential from transitioning clinics into hospital affiliation partnerships, including a major NYU Langone agreement. U.S. Physical Therapy operates outpatient physical therapy clinics and provides industrial injury prevention services across the United States.

U.S. Physical Therapy reported second quarter 2026 results with total net revenue of $214.1 million, an 8.5% increase year-over-year. Net income attributable to shareholders was $9.9 million, or $0.25 per share, compared to $12.4 million and $0.58 per share in the prior year period. The company reaffirmed its full-year 2026 adjusted EBITDA guidance of $102.0 million to $106.0 million. Additionally, the Board declared a quarterly cash dividend of $0.46 per share, payable on September 11, 2026, to shareholders of record as of August 21, 2026. U.S. Physical Therapy operates outpatient physical therapy clinics and provides industrial injury prevention services across the United States.