Jiten Sanghai's questions to US Physical Therapy Inc (USPH) leadership • Q2 2025
Question
Jiten Sanghai of Corre Partners Management, LLC inquired about the theoretical capacity for visits per clinic, given the record volumes, and the resulting margin accretion from incremental visits. He also asked about the staffing environment for the record number of de novo clinics planned for the year and the economics of recruiting new FTEs.
Answer
CEO Christopher Reading explained that clinic capacity is not limited by physical footprint but by staffing, and that visits per day can continue to grow by extending hours and filling slower times. He confirmed that incremental visits are more profitable as fixed costs are covered. He pointed to prior comments on investments in recruiting, school affiliations, and mentorship as key to staffing new de novos, noting that while the market is competitive, the company is successfully finding and retaining talent.