Jared Haas's questions to US Physical Therapy Inc (USPH) leadership • Q2 2025
Question
Jared Haas from William Blair & Company, L.L.C. asked for more context on the Industrial Injury Prevention (IIP) segment's backlog of large, unstarted contracts and the potential incremental revenue. He also inquired about the company's strategy regarding partnerships with virtual physical therapy providers who are now building out in-person networks.
Answer
CEO Christopher Reading stated he was not prepared to quantify the IIP backlog revenue, as it is dependent on successful staffing for new contracts. Regarding virtual PT, Reading confirmed discussions have occurred but expressed skepticism about the low-cost models of many virtual-first players. He contrasted their approach with USPH's use of technology like Limber to augment in-person care, suggesting USPH will eventually offer a broader, more clinically sound digital solution.