U.S. Physical Therapy Announces Acquisition

Rhea-AI Summary

U.S. Physical Therapy, Inc. (USPH) has made its first acquisition of 2021, acquiring 70% of a five-clinic physical therapy practice for $11.9 million. The practice generates approximately $7.0 million in annual revenue and has around 46,000 patient visits per year. CEO Chris Reading expressed optimism about the partnership's growth potential, noting record-high volume and revenue achieved in 2020 despite challenges posed by the pandemic. This acquisition highlights USPH's commitment to expanding its outpatient physical therapy services.

Positive

• Acquisition of a five-clinic practice expands USPH's portfolio.
• Acquisition valued at $11.9 million with robust annual revenue of $7.0 million.
• The practice achieved record-high volume and revenue in 2020, indicating strong growth potential.
• Partnership with experienced founders expected to enhance service delivery.

Negative

• None.

U.S. Physical Therapy, Inc. ("USPH" or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics, today announced its first acquisition of 2021 and the second in the past four months.

The Company completed the acquisition of a five clinic physical therapy practice. USPH acquired 70% of the equity interests with the practice’s founder and associates retaining 30%. The purchase price was $11.9 million. The business generates approximately $7.0 million in annual revenue and has approximately 46,000 patient visits per year.

Chris Reading, Chief Executive Officer, stated “Our new partner has done a tremendous job in growing this practice, achieving record-high volume and revenue in 2020 despite the pandemic, and we believe there is still significant growth to come. The founders are delightful people and our entire team is very excited to work with them to further grow and scale our new partnership.”

About U.S. Physical Therapy, Inc.

Founded in 1990, U.S. Physical Therapy, Inc. operates 561 outpatient physical therapy clinics in 39 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, the Company manages 40 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The Company also has an industrial injury prevention business which provides onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments.

More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210401005498/en/

FAQ

What recent acquisition did USPH complete?

U.S. Physical Therapy, Inc. acquired 70% of a five-clinic physical therapy practice for $11.9 million.

How much revenue does the acquired practice generate?

The acquired practice generates approximately $7.0 million in annual revenue.

What are the expected benefits of the USPH acquisition?

The acquisition is expected to enhance USPH's service portfolio and tap into the growth potential of the acquired practice.

What is the significance of the acquisition for USPH's growth?

The acquisition marks USPH's commitment to expanding its outpatient physical therapy services and leveraging successful practices.