7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-12-31 2023-09-30 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2018-12-31 2017-12-31 2014-09-30 2014-03-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-09-30 2010-06-30 2010-03-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 
      
    		                                                
      net patient revenue
    		164,024,000 164,183,000 152,547,000 102,623,000 139,146,000 140,271,000 131,452,000 127,243,000 120,146,000 116,710,000 118,196,000 109,538,000 113,511,000 112,327,000                                   
      other revenue
    		33,108,000 33,161,000 31,241,000 20,101,500 28,887,000 26,919,000 23,349,000 22,764,000 21,036,000 22,892,000 22,460,000 22,166,000 16,322,000 13,566,000                                   
      net revenue
    		197,132,000 197,344,000 183,788,000 122,724,500 168,033,000 167,190,000 154,801,000 150,007,000 141,182,000 139,602,000 140,656,000 131,704,000 129,833,000 125,893,000                                   
      operating cost:
    		                                                
      salaries and related costs
    		116,619,000 113,788,000 111,249,000 72,475,000 99,835,000 96,334,000 90,633,000 89,846,000 82,317,000 81,786,000 79,939,000 75,149,000 75,296,000 70,492,000 68,866,000 63,815,000 65,677,000 57,519,000 43,429,000 69,004,000 70,549,000 66,748,000 70,669,000  117,214,000 41,802,000 37,942,000 36,522,000 35,733,000 35,813,000 34,415,000 33,978,000 33,376,000 32,671,000 32,799,000 31,928,000 32,430,000 31,120,000 29,639,000 27,991,000 27,644,000 26,771,000 26,823,000 26,430,000 25,403,000 25,686,000 25,661,000 24,821,000 
      rent, supplies, contract labor and other
    		36,115,000 34,127,000 33,844,000 25,107,500 33,914,000 35,277,000 32,080,000 30,707,000 29,678,000 29,696,000 28,345,000 28,662,000 25,961,000 24,239,000 22,416,000 21,420,000 21,421,000 19,695,000 20,311,000 22,909,000 23,143,000 22,166,000 23,026,000                          
      depreciation and amortization
    		5,495,000 5,741,000 5,540,000                                              
      benefit from credit losses
    		2,073,000 1,995,000 1,848,000 1,266,250 1,721,000 1,717,000 1,572,000 1,525,000 1,356,000 1,336,000 1,551,000 1,305,000 1,383,000 1,358,000 1,364,000 1,200,000                                 
      (gain) loss on clinic closures - lease and other
    		-42,000                                                
      total operating cost
    		160,260,000 155,720,000 152,723,000 99,876,000 138,902,000 133,328,000 124,285,000 122,078,000 113,351,000 112,818,000 109,835,000 105,116,000 102,650,000 96,094,000                                   
      gross profit
    		36,872,000 41,624,000 31,065,000 22,848,500 29,131,000 33,862,000 30,516,000 27,929,000 27,831,000 26,784,000 30,821,000 26,588,000 27,183,000 29,799,000 34,304,000 25,896,000 29,118,000 30,357,000 19,284,000 15,691,000 26,959,000 27,372,000 31,425,000                          
      yoy
    		26.57% 22.92% 1.80% -18.19% 4.67% 26.43% -0.99% 5.04% 2.38% -10.12% -10.15% 2.67% -6.65% -1.84% 77.89% 65.04% 8.01% 10.91% -38.63%                              
      qoq
    		-11.42% 33.99% 35.96% -21.57% -13.97% 10.96% 9.26% 0.35% 3.91% -13.10% 15.92% -2.19% -8.78% -13.13% 32.47% -11.07% -4.08% 57.42% 22.90% -41.80% -1.51% -12.90%                           
      gross margin %
    		                                                
      corporate office costs
    		17,414,000 17,476,000 16,245,000 10,679,750 14,385,000 14,249,000 13,901,000 12,048,000 11,925,000 11,889,000 10,741,000 11,556,000 10,718,000 12,867,000 12,074,000 10,874,000 10,916,000 10,422,000 9,022,000 11,677,000 11,673,000 10,556,000 11,527,000  13,675,000 7,468,000 7,132,000 6,766,000 6,224,000 6,622,000 6,507,000 6,147,000 5,977,000 6,396,000 6,262,000 7,088,000 5,142,000 6,007,000 6,481,000 5,798,000 5,511,000 5,805,000 5,790,000 6,234,000 5,388,000 5,052,000 4,677,000 5,431,000 
      (gain) loss on change in fair value of contingent earn-out consideration
    		-5,872,000 -790,000                                               
      operating income
    		25,330,000 24,938,000 19,642,000 12,168,750 14,746,000 19,613,000 -880,000 15,881,000 6,794,000 14,895,000 20,080,000 15,032,000 16,465,000 16,932,000 22,230,000 15,022,000 18,202,000 19,935,000 10,262,000 4,014,000 15,286,000 16,816,000 19,898,000       10,684,000 8,151,000 7,942,000 9,392,000 10,598,000 9,871,000 7,715,000 8,652,000 10,882,000 8,682,000 8,733,000 9,990,000 6,666,000 7,195,000 8,487,000 6,457,000    
      yoy
    		71.78% 27.15% -2332.05% -23.38% 117.04% 31.68% -104.38% 5.65% -58.74% -12.03% -9.67% 0.07% -9.54% -15.06% 116.62% 274.24% 19.08% 18.55% -48.43%           0.81% -17.42% 2.94% 8.55% -2.61% 13.70% -11.66% -13.39% 63.25% 20.67% 2.90% 54.72%        
      qoq
    		1.57% 26.96% 61.41% -17.48% -24.82% -2328.75% -105.54% 133.75% -54.39% -25.82% 33.58% -8.70% -2.76% -23.83% 47.98% -17.47% -8.69% 94.26% 155.66% -73.74% -9.10% -15.49%        31.08% 2.63% -15.44% -11.38% 7.37% 27.95% -10.83% -20.49% 25.34% -0.58% -12.58% 49.86% -7.35% -15.22% 31.44%     
      operating margin %
    		                                                
      other income:
    		                                                
      interest expense, debt and other
    		-2,408,000 -2,422,000 -2,279,000 -1,491,500 -2,018,000 -1,980,000 -2,010,000 -2,101,000                                         
      interest income from investments
    		33,000 28,000 24,000 908,750 1,018,000 1,074,000                                           
      change in revaluation of put-right liability
    		-663,000 -339,000 -404,000 -34,000 168,000 -223,000 2,926,000 -145,000                                         
      equity in earnings of unconsolidated affiliate
    		361,000 401,000 393,000 187,500 231,000 248,000 149,000 206,000 192,000 304,000 340,000 339,000                                     
      loss on sale of a partnership
    		  -123,000                                              
      other
    		222,000 47,000 75,000 65,250 90,000 109,000 85,000 78,000                                         
      total other income
    		-2,455,000 -2,285,000 -2,314,000 -1,697,000 -2,410,000 -4,818,000 986,000 -102,000                                         
      income before taxes
    		22,875,000 22,653,000 17,328,000 10,471,750 12,336,000 14,795,000 106,000 15,779,000 4,560,000 16,036,000 19,495,000 15,480,000 13,701,750 17,938,000 22,039,000 14,830,000 23,196,000 20,042,000 18,645,000 3,630,000 14,439,000 16,266,000 25,118,000       10,555,000  7,354,000 9,251,000 10,454,000 9,711,000 6,973,250 8,507,000 10,775,000 8,611,000 8,684,000 9,911,000 7,182,000       
      benefit from income taxes
    		5,233,000 4,933,000 3,860,000 2,195,250 2,559,000 3,083,000 1,399,000 3,557,000 1,212,000 3,215,000 4,239,000 3,498,000 3,946,000 3,815,000 4,567,000 2,944,000 4,569,000 4,279,000 3,882,000 292,000 2,424,000 3,197,000 5,318,000  -5,001,000 3,625,000 2,939,000 3,438,000 3,017,000 3,181,000 2,409,000 2,042,000 2,953,000 3,140,000 2,899,000 2,845,000 2,654,000 3,172,000 2,426,000 2,507,000 2,877,000 2,051,000 1,964,000 2,342,000 1,779,000 1,451,000 1,635,000 1,863,000 
      net income
    		17,642,000 17,720,000 13,468,000 8,276,500 9,777,000 11,712,000 -1,293,000 12,222,000 3,348,000 12,821,000 15,256,000 11,982,000 14,443,000 14,123,000 17,472,000 11,886,000 18,627,000 15,763,000 14,763,000 3,338,000 12,015,000 13,069,000 19,800,000                       2,233,000 2,531,000 2,855,000 
      yoy
    		80.44% 51.30% -1141.61% -32.28% 192.03% -8.65% -108.48% 2.00% -76.82% -9.22% -12.68% 0.81% -22.46% -10.40% 18.35% 256.08% 55.03% 20.61% -25.44%                              
      qoq
    		-0.44% 31.57% 62.73% -15.35% -16.52% -1005.80% -110.58% 265.05% -73.89% -15.96% 27.32% -17.04% 2.27% -19.17% 47.00% -36.19% 18.17% 6.77% 342.27% -72.22% -8.06% -33.99%                        -11.77% -11.35%  
      net income margin %
    		                                                
      less: net income attributable to non-controlling interest:
    		                                                
      redeemable non-controlling interest - temporary equity
    		-3,790,000 -3,914,000 -2,012,000 -1,884,750 -1,998,000 -3,314,000 3,190,000 -1,976,000 318,000 -2,037,000 -2,626,000 -2,557,000 -2,689,000 -2,605,000                                   
      non-controlling interest - permanent equity
    		-714,000 -1,413,000 -1,557,000 -846,750 -1,151,000 -892,000 -1,241,000 -992,000 -1,059,000 -1,227,000 -1,435,000 -626,000 -1,541,000 -1,509,000                                   
      net income attributable to usph shareholders
    		13,138,000 12,393,000 9,899,000 5,545,000 6,628,000 7,506,000 656,000 9,254,000 2,607,000 9,557,000 11,195,000 8,799,000 10,213,000 10,009,000 12,436,000 8,173,000 13,030,000 10,916,000 10,232,000 1,016,000 7,929,000 9,047,000 14,620,000                          
      basic and diluted earnings per share attributable to usph shareholders
    		0.48 0.58 0.8 0.33 0.39 0.47 -0.44 0.51 -0.02 0.72 0.87 0.67 0.72 0.66 0.82 0.21 0.68 0.61 0.99 0.2 0.55 0.66 0.85                          
      shares used in computation - basic and diluted
    		15,204 15,197 15,132 3,763.75 15,077 15,072 270 14,987 6 13,001 12,998 12,937 4 12,909 12,902 12,870 6 12,847 12,843 12,796 6 12,774 12,767                          
      dividends declared per common share
    		0.45 0.45 0.45 0.33 0.44 0.44 0.43 0.43 0.41 0.41 0.41 0.41 0.38 0.38 0.35 0.35    0.32 0.3 0.3 0.27  0.44 0.12 0.12 0.1 0.1 0.1 0.1 0.49 0.09 0.09 0.09 0.06 0.08 0.08 0.08          
      clinic closure costs - lease and other
    		 69,000 242,000 1,027,250 3,432,000                                            
      gain on change in fair value of contingent earn-out consideration
    		  -4,822,000                                              
      other income
    		                                                
      change in fair value of contingent earn-out consideration
    		   -1,333,000 -1,899,000 -4,046,000 -1,747,000 187,000 520,000 2,000,000                                       
      relief funds
    		                5,152,000 390,000 7,959,000                              
      interest income
    		      547,750 1,673,000                                     3,000    
      other income and expense
    		                                                
      resolution of a payor matter
    		             1,216,000                                   
      interest and other income
    		        69,000 65,000 679,000 46,000 41,000 58,000 46,000 54,000 45,000 50,000 4,000 43,000 19,000 7,000 4,000  85,000 2,000 1,000 2,000 2,000 1,000 2,000 2,000 1,000 1,000 2,000 5,437,000 4,000 2,000 2,000 1,000 2,000 580,000 2,000 2,000     
      gain on revaluation of put-right liability
    		        192,750 785,000  603,000                                     
      interest expense - debt and other
    		        -2,239,000 -2,013,000 -987,000 -540,000 -191,000 -268,000 -237,000 -246,000 -203,000 -351,000 -653,000 -427,000                             
      total other income and expense
    		        -2,234,000 1,141,000 -585,000 448,000 1,924,000 1,006,000 -191,000 -192,000 4,994,000 107,000 8,383,000                              
      loss on revaluation of put-right liability
    		          -617,000                                      
      closure costs - lease and other
    		            10,000 5,000 -22,000 37,000 6,000 79,000 94,000 1,893,000                             
      closure costs - derecognition of goodwill
    		                                                
      other income and expense:
    		                                                
      gain on sale of partnership interest and clinics
    		                 18,000 1,073,000                              
      net patient revenues
    		              113,238,000 99,254,000 104,537,000 96,398,000 72,279,000 100,126,000 108,940,000 104,392,000 113,363,000  168,175,000 76,184,000 68,397,000 67,256,000 64,368,000 65,295,000 61,505,000 61,110,000 60,782,000 62,052,000 60,499,000 58,697,000 57,332,000 56,678,000 53,872,000 51,748,000 52,296,000 48,779,000 49,578,000 50,291,000 46,664,000 46,409,000 46,128,000 46,205,000 
      other revenues
    		              13,690,000 13,114,000 12,929,000 12,531,000 11,578,000 12,591,000 13,174,000 12,859,000 13,010,000  20,192,000 1,532,000 1,370,000 1,349,000 1,461,000 1,929,000 1,593,000 1,584,000 2,071,000 1,907,000 2,083,000 1,981,000 2,343,000 3,234,000 2,869,000          
      net revenues
    		              126,928,000 112,368,000 117,466,000 108,929,000 83,857,000 112,717,000 122,114,000 117,251,000 126,373,000  188,367,000 77,716,000 69,767,000 68,605,000 65,829,000 67,224,000 63,098,000 62,694,000 62,853,000 63,959,000 62,582,000 60,678,000 59,675,000 59,912,000 56,741,000 53,398,000 54,103,000 50,405,000 51,037,000 51,787,000 48,169,000 47,814,000 47,232,000 47,389,000 
      operating costs:
    		                                                
      total operating costs
    		              92,624,000 86,472,000 88,348,000 78,572,000 64,573,000 97,026,000 95,155,000 89,879,000 94,948,000                          
      less: net income attributable to non-controlling interests:
    		                                                
      redeemable non-controlling interests - temporary equity
    		              -3,611,000 -2,453,000 -3,364,000 -3,019,000 -2,996,000 -1,796,000 -2,507,000 -2,379,000 -3,378,000                          
      non-controlling interests - permanent equity
    		              -1,425,000 -1,260,000 -2,233,000 -1,828,000 -1,535,000 -526,000 -1,579,000 -1,643,000 -1,802,000                          
      benefit from doubtful accounts
    		                844,750 1,279,000 739,000 1,361,000 1,450,000 962,000 1,240,000  578,000 1,090,000 950,000 994,000 1,095,000 1,193,000 1,089,000 1,192,000 1,259,000 1,280,000 1,117,000 1,231,000 1,426,000 504,000 624,000 695,000 734,000 1,034,000 1,001,000 869,000 706,000 843,000 747,000 735,000 
      closure costs - write-off of goodwill
    		                   1,859,000                             
      closure costs
    		                    13,000 3,000 13,000  627,000 -39,000 13,000 225,000 -5,000 8,000 18,000 135,000 5,000 22,000 49,000 15,000 13,000 11,000 20,000 19,000 -14,000 29,000 49,000 32,000 2,000    
      gain on sale of partnership interest
    		                    -309,000  5,823,000                          
      interest expense
    		                    -380,500 -557,000 -607,000  -205,500 -237,000 -253,000 -140,000 -133,000 -130,000 -135,000 -108,000 -142,000 -145,000 -162,000 -165,000 -149,000 -109,000 -73,000 -50,000 -81,000 -64,000 -93,000 -113,000 -88,000 -121,000 -158,000 -114,000 
      clinic operating costs:
    		                                                
      rent, clinic supplies, contract labor and other
    		                        11,384,500 16,117,000 14,216,000 14,726,000 12,878,000 12,904,000 12,918,000 13,300,000 12,844,000 12,992,000 12,484,000 12,701,000 12,012,000 11,388,000 11,295,000 10,162,000 10,238,000 10,100,000 10,179,000 9,735,000 10,213,000 10,153,000 10,216,000 9,842,000 
      total clinic operating costs
    		                        42,114,250 58,970,000 53,121,000 52,467,000 49,701,000 49,918,000 48,440,000 48,605,000 47,484,000 46,965,000 46,449,000 45,875,000 45,881,000 43,023,000 41,578,000 38,867,000 38,602,000 37,934,000 38,052,000      
      gross margin
    		                        14,306,750 18,746,000 16,646,000 16,138,000 16,128,000 17,306,000 14,658,000 14,089,000 15,369,000 16,994,000               
      operating income from continuing operations
    		                        8,753,250 11,278,000 9,514,000 9,372,000 9,904,000                 5,648,000 5,931,000 6,560,000 
      income before taxes from continuing operations
    		                        8,548,500 11,043,000 9,262,000 9,234,000 9,773,000                    
      net income from continuing operations including non-controlling interests
    		                        5,790,250 7,418,000 6,323,000 5,796,000 6,756,000                    
      discontinued operations, net of tax
    		                           -1,241,250 -4,497,000                    
      net income including non-controlling interests
    		                        5,790,250 7,418,000 6,323,000 5,754,000 2,259,000                    
      less: net income attributable to non-controlling interests
    		                        1,817,000 -2,202,000 -2,095,000 -1,893,000 -2,032,000                    
      net income attributable to common shareholders
    		                        3,969,000 5,216,000 4,228,000 3,861,000 227,000 4,914,000 3,721,000 4,043,000 4,563,000 4,849,000 4,478,000 8,229,000 4,099,000 4,900,000 3,746,000 3,875,000 4,451,000 3,172,000 3,101,000      
      diluted earnings per share attributable to common shareholders:
    		                                                
      from continuing operations
    		                        0.325 0.43 0.35 0.32 0.38                    
      basic earnings per share attributable to common shareholders:
    		                                                
      revaluation of redeemable non-controlling interests, net of tax
    		                        -0.023  -0.08                      
      from discontinued operations
    		                           -0.01 -0.36                    
      basic
    		                        0.303 0.43  0.31 0.02                    
      diluted
    		                        0.303 0.43                       
      shares used in computation:
    		                                                
      basic
    		                        3,050.25 12,244 12,129 13 12,106 12,089 11,955 26 11,827 11,781 11,726 -10 11,886 11,807 11,718 11,667 11,622 11,614 11,570 11,615 12,020    
      diluted
    		                        3,052 12,247 12,144 13 12,120 12,110 11,979 12 11,928 11,903 11,838 -30 12,011 11,999 11,945 11,889 11,857 11,840 11,748 11,653 12,025    
      earnings attributable to common shareholders:
    		                                                
      from discontinued operations
    		                           -0.01 -0.36                    
      from discontinued operations
    		                           -0.01 -0.36                    
      basic
    		                        0.303 0.43  0.31 0.02                    
      diluted earnings per share attributable to common shareholders:
    		                                                
      diluted
    		                           0.32 0.02                    
      net income including noncontrolling interests
    		                             7,374,000 5,609,000 5,794,000 6,298,000 7,314,000 6,812,000 10,142,000 5,853,000 7,603,000 6,185,000 6,177,000 7,034,000 5,131,000 5,140,000 6,034,000 4,593,000    
      less: net income attributable to noncontrolling interests
    		                             -2,460,000 -1,888,000 -1,751,000 -1,735,000 -2,465,000 -2,334,000 -1,913,000 -1,754,000 -2,703,000 -2,439,000 -2,302,000 -2,583,000 -1,959,000 -2,039,000      
      earnings per share attributable to common shareholders:
    		                                                
      basic
    		                             0.41 0.31 0.34 0.39 0.41 0.38 0.7 0.35 0.42 0.32 0.33 0.38 0.27 0.27 0.31     
      diluted
    		                             0.41 0.31 0.34 0.38 0.41 0.38 0.69 0.34 0.41 0.31 0.33 0.38 0.27 0.26 0.31     
      income from operations
    		                              8,018,000            7,104,000 8,376,000 6,372,000    
      management contract revenues and other revenues
    		                                       1,650,000 1,807,000 1,626,000 1,459,000 1,496,000 1,505,000    
      less: net income attributable to noncontrolling interest
    		                                           -2,412,000 -1,839,000    
      net income attributable to u. s. physical therapy, inc
    		                                           3,622,000     
      earnings per share attributable to u. s. physical therapy, inc. common shareholders:
    		                                                
      basic
    		                             0.41 0.31 0.34 0.39 0.41 0.38 0.7 0.35 0.42 0.32 0.33 0.38 0.27 0.27 0.31     
      diluted
    		                             0.41 0.31 0.34 0.38 0.41 0.38 0.69 0.34 0.41 0.31 0.33 0.38 0.27 0.26 0.31     
      net income attributable to u. s. physical therapy, inc.
    		                                            2,754,000    
      earnings per share:
    		                                                
      net income attributable to u. s. physical therapy, inc. common shareholders:
    		                                                
      basic
    		                                            0.23    
      diluted
    		                                            0.23    
      management contract and other revenues
    		                                             835,500 1,104,000 1,184,000 
      interest, investment and other income
    		                                             10,000 -24,000 249,000 
      minority interests in subsidiary limited partnerships
    		                                             -1,853,000 -1,583,000 -1,977,000 
      income before income taxes from continuing operations
    		                                             3,684,000 4,166,000 4,718,000 
      net income from continuing operations
    		                                             2,233,000 2,531,000 2,855,000 
      discontinued operations:
    		                                                
      income from discontinued operations
    		                                                
      tax benefit (expense) from discontinued operations
    		                                                
      basic — income from continuing operations
    		                                             0.19 0.21 0.24 
      basic — income from discontinued operations
    		                                                
      total basic earnings per common share
    		                                             0.19 0.21 0.24 
      diluted — income from continuing operations
    		                                             0.18 0.21 0.24 
      diluted — income from discontinued operations
    		                                                
      total diluted earnings per common share
    		                                             0.18 0.21 0.24 
      shares used in computation:
    		                                                
      basic earnings per common share
    		                                             26 11,918 11,874 
      diluted earnings per common share
    		                                             12 12,132 12,045 
      
    		                                                
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.