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    Benjamin Rossi • JPMorgan Chase & Co.

    Benjamin Rossi's questions to US Physical Therapy Inc (USPH) leadership

    Benjamin Rossi's questions to US Physical Therapy Inc (USPH) leadership • Q1 2025

    Question

    Benjamin Rossi asked about the key drivers behind the strong performance in the Industrial Injury Prevention (IIP) segment, seeking details on growth vectors like volumes and rates, and the potential market runway. He also followed up on whether IIP contracts include automatic inflation-based rate escalators.

    Answer

    CEO Christopher Reading attributed the IIP segment's nearly 30% revenue and profit growth to both organic expansion with existing clients and successful acquisitions. He described the market as a "greenfield opportunity" because many companies have yet to adopt such services. Regarding rates, Reading and President Eric Williams clarified that while some contracts have percentage-based escalators, they are not typically indexed to inflation and are often renegotiated at renewal, with service line expansions providing further opportunities for price adjustments.

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    Benjamin Rossi's questions to Surgery Partners Inc (SGRY) leadership

    Benjamin Rossi's questions to Surgery Partners Inc (SGRY) leadership • Q3 2024

    Question

    Benjamin Rossi of JPMorgan Chase & Co. asked about the company's approach to M&A and capital deployment, particularly following the Chicago deal, and whether they are in a more opportunistic position. He also inquired about the opportunity for physician buy-ups within the current portfolio.

    Answer

    CEO J. Evans characterized M&A as inherently unpredictable but expressed satisfaction with the year's acquisitions, which align with their high-acuity strategy. He affirmed they remain opportunistic. On buy-ups, Evans explained the opportunity is not huge in the current portfolio as they already consolidate most facilities, but it will grow as the de novo pipeline matures. CFO David Doherty added that maintaining a healthy physician ownership mix is prioritized over achieving consolidation.

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