Brian Tanquilut

Joanna Gajuk

Michael Petusky

Lawrence Solow

Benjamin Rossi

Constantine Davides

Jared Haase

Jared Haas

Jiten Sanghai

Larry Solow

Ryan Quinn

- U.S. Physical Therapy, Inc. (USPH) has faced **Medicare reimbursement headwinds** totaling **$50 million** in EBITDA cuts over five years, with **$25 million** in the current year, but these cuts are **ending this year**.  **[885978_tx_375145_4]** 
- Despite these challenges, the company achieved **high double-digit growth** (e.g., **18%** last quarter) and updated its current year EBITDA guidance to between **$93 million and $97 million**.  **[885978_tx_375145_4]** 
- The company's industrial injury prevention business, started in **February 2017**, now generates over **$100 million in revenue** and over **$20 million in EBITDA**, growing **30%** last quarter, with a gross margin approximately **twice** that of physical therapy.  **[885978_tx_375145_5]** **[885978_tx_375145_6]** 
- USPH operates a **partner model** (typically **70% ownership** in nearly **800 facilities**) and deploys capital through de novos (costing **$170,000 to $200,000** each), strategic acquisitions (average buyback multiple of **7.25 times TTM EBITDA**), and also has a share repurchase plan and pays a quarterly dividend of approximately **$0.45**.  **[885978_tx_375145_1]** **[885978_tx_375145_2]** **[885978_tx_375145_6]**

US Physical Therapy Inc. Provides Business Update and Financial Outlook

U S PHYSICAL THERAPY INC /NV (USPH)