This 8-K filing provides the full transcript of US Physical Therapy's Q2 2026 earnings call, detailing strong revenue and visit growth, record net rates, and significant progress in hospital affiliation arrangements, particularly with NYU Langone. The company reaffirmed its full-year 2026 adjusted EBITDA guidance, indicating a positive outlook despite some short-term cost absorption.
US Physical Therapy (USPH) reported robust Q2 2026 results, including an 8.5% revenue increase and record visits per clinic per day, reaching an all-time high of 33.5. A key highlight is the successful transition of 31 clinics under the NYU Langone affiliation, with more to follow, which is expected to drive future revenue growth. Despite increased self-insured healthcare costs impacting operating profits, the company's proactive hiring for these affiliations and initiatives like WelcomeWare are set to mitigate these challenges. The reaffirmation of full-year 2026 adjusted EBITDA guidance of $102 million to $106 million, supported by strong partnerships and potential acquisitions, signals confidence in continued performance. This news is positive for USPH investors, indicating strong operational execution and strategic growth initiatives.