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Get filing alertsUSPH reports record Q2 volumes, reaffirms guidance despite margin pressure from healthcare costs
Filed August 10, 2026 · Period ending August 6, 2026 · ~1 min read
Key Changes
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high
Q2 revenue rose 8.5% to $214M on record 33.5 visits/clinic/day (vs 32.7 prior year); net rate up $2.26 to $107.59/visit; hospital affiliation rollout contributed $5.6M.
Exhibit 99.1 view on EDGAR → -
high
Adjusted PT gross margin fell to 19.9% from 21.4% prior year, pressured by ~$3.2M in elevated self-insured healthcare claims and upfront hiring for hospital affiliations.
Exhibit 99.1 view on EDGAR → -
high
Transitioned 31 clinics into hospital affiliations in Q2; remaining 39 expected in Q3. Hired ~50 clinicians in advance, absorbing short-term costs for future growth.
Exhibit 99.1 view on EDGAR → -
high
Reaffirmed full-year 2026 adjusted EBITDA guidance of $102M–$106M, reflecting confidence in back-half ramp from hospital affiliations.
Exhibit 99.1 view on EDGAR → -
medium
Acquired 12-clinic practice for $16.4M ($12M annual revenue); 2026 M&A total now $38M for $27M combined annual revenue.
Exhibit 99.1 view on EDGAR →
Summary
USPH furnished its Q2 2026 earnings call transcript, reporting strong top-line growth and record clinic volumes but margin pressure from elevated healthcare costs and strategic hiring. Revenue rose 8.5% to $214 million, driven by physical therapy revenue growth of 8.4% to $182 million. Management reaffirmed full-year 2026 adjusted EBITDA guidance of $102 million to $106 million, reflecting confidence that the back-half ramp from hospital affiliations will offset Q2 margin headwinds.
The company also acquired a 12-clinic practice for $16.4 million, bringing 2026 M&A deployment to $38 million for practices generating $27 million in combined annual revenue. Retail holders should watch whether the hospital affiliation model delivers the expected margin recovery in the second half and whether healthcare claims normalize.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
USPH furnished Q2 2026 earnings call transcript under Regulation FD.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On August 6, 2026 U.S. Physical Therapy, Inc. (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, hosted a conference call and webcast to discuss its results for the three and six months ended June 30, 2026. The transcript of the conference call is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The company held an earnings call on August 6, 2026 to discuss Q2 and first-half 2026 results. The full transcript is attached as Exhibit 99.1. This is a routine Regulation FD disclosure furnishing the call transcript to ensure equal access to material information discussed with analysts and investors.
Event · Exhibit 99.1
Q2 2026 earnings call: record volumes, strong net rate, hospital affiliation rollout underway, elevated healthcare costs and upfront hiring pressured margins.
Added in current filing · view on EDGAR →
Total revenue for Q2 2026 was $214 million, an 8.5% increase over last year. Physical therapy revenue for Q2 2026 was $182 million, an 8.4% increase over last year, including a nice 3.5% increase in mature clinics. Q2 2026 physical therapy revenue includes $5.6 million from the initial phases of our hospital affiliation rollout. Q2 2026 visits were 1,662,000, a 6.6% increase inclusive of hospital affiliation visits. Average daily visits per clinic was 33.5 in Q2 2026 compared to 32.7 in Q2 2025. Q2 2026 physical therapy revenue per visit inclusive of hospital affiliation revenue and visits was $107.59, a $2.26 increase versus last year.
The company reported total revenue of $214 million, up 8.5% year-over-year, driven by physical therapy revenue growth of 8.4% to $182 million. Visits reached a record 33.5 per clinic per day, up from 32.7 in Q2 2025, and net revenue per visit increased $2.26 to $107.59. The quarter included $5.6 million in revenue from newly transitioned hospital-affiliated clinics.
Added in current filing · view on EDGAR →
By the end of this month, we will have transitioned all 60 of our Metro clinics and will benefit from approximately 50 clinicians hired in advance, which will drive the opportunity for growth going forward. That was at the expense of some short-term cost absorption. However, once those facilities are transitioned, that creates nothing but upside opportunity with no cost downside based on how these agreements work with our hospital partners. ... During Q2 2026, the company integrated 31 existing clinics into hospital affiliations. The remaining 39 existing clinics are expected to integrate during the third quarter.
Management hired approximately 50 clinicians in advance of the rollout, absorbing short-term costs in Q2, but expects these hires to drive growth once the clinics are fully transitioned. Under the hospital affiliation model, licensed staff costs are fully reimbursed by the hospital partner.
Added in current filing · view on EDGAR →
subsequent to the end of the second quarter, the company completed the acquisition of a 12-clinic physical therapy practice for a purchase price of $16.4 million. This practice currently generates $12 million in annual revenue and 112,000 annual visits. Including the 2 previously announced Q1 2026 acquisitions, the cumulative purchase price of our three announced 2026 acquisitions is $38 million with a combined annualized revenue of $27 million.
The company acquired a 12-clinic physical therapy practice for $16.4 million, generating $12 million in annual revenue and 112,000 visits. Combined with two Q1 2026 acquisitions, the company has deployed $38 million in 2026 for practices generating $27 million in combined annual revenue. Management indicated a strong M&A pipeline and increased credit facility capacity to support future acquisitions. Note: these figures were previously disclosed in the company's Aug 6, 2026 8-K.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 11, 2026 · How we verify