Houston, TX – U.S. Physical Therapy, Inc. (NYSE: USPH) recently reported results for the first quarter ended March 31, 2022 (“2022 First Quarter”).
Chris Reading, Chief Executive Officer, said, “We finished the first quarter in strong fashion, despite a slow start, with visits heavily impacted by Omicron and our highest level ever of employee-related quarantines. I am very pleased with our same store volume numbers along with our cost management, with same store costs up only 0.4% on a per visit basis despite significant pricing pressure on labor and materials. We made a lot of progress in the quarter, and I am pleased with where we are as we enter a traditionally busy season for us. On the acquisition front, we expect to have another very productive year.”
Operating Results per diluted share, a non-GAAP measure (defined below), was $0.65 per diluted share for the 2022 First Quarter as compared to $0.64 for the three months ended March 31, 2021 (“2021 First Quarter”).
For the 2022 First Quarter, USPH’s net income attributable to its shareholders, a Generally Accepted Accounting Principles (“GAAP”) measure, was $8.8 million compared to $8.2 million for the 2021 First Quarter. GAAP requires the Company to include a charge for the revaluation of its non-controlling interest, net of taxes, in its computation of earnings per diluted share. Earnings per diluted share on a GAAP basis, was $0.67 for the 2022 First Quarter as compared to $0.21 for the 2021 First Quarter.
Adjusted EBITDA, a non-GAAP measure (defined below), was $17.9 million for the 2022 First Quarter, a 14.2% increase from $15.6 million for the 2021 First Quarter. See pages 10 through 11 for a discussion and reconciliation to results according to GAAP.
Average visits per clinic per day in the 2022 First Quarter was 27.9, up from 27.1 in the 2021 First Quarter.
Total patient visits were 1,063,519 for the 2022 First Quarter, an increase of 12.2% from 947,788 for the 2021 First Quarter. On a same store basis, visits increased 5.9% in the 2022 First Quarter as compared to the 2021 First Quarter.
The net rate per patient visit was $103.00 in the 2022 First Quarter as compared to $104.72 in the 2021 First Quarter due to rate reductions implemented by Medicare in 2022.
Net patient revenue from physical therapy operations was $109.5 million for the 2022 First Quarter, an increase of 10.4% from $99.3 million for the 2021 First Quarter.
Industrial injury prevention (“IIP”) services revenue was an all-time high of $19.1 million for the 2022 First Quarter, representing a 90.5% increase over the 2021 First Quarter. Excluding $6.8 million of revenue related to the November 2021 IIP acquisition, IIP services revenue increased 22.4% period over period.
Total revenue of $131.7 million for the 2022 First Quarter was 17.2% higher than total revenue of $112.4 million for the 2021 First Quarter.
Physical therapy operating costs were $83.09 per visit in the 2022 First Quarter as compared to $81.18 in the 2021 First Quarter, an increase of 2.4%. On a same store basis, physical therapy operating costs per visit increased 0.4% to $81.08 in the 2022 First Quarter from $80.78 in the 2021 First Quarter.
Total operating cost was 79.8% of total revenue in the 2022 First Quarter, as compared to 77.0% for the 2021 First Quarter. Total salaries and related costs were 57.1% of total revenue for the 2022 First Quarter versus 56.8% for the 2021 First Quarter.
On March 31, 2022, the Company acquired 70.0% of the equity interest in a six-clinic physical therapy practice in South Central Pennsylvania (Madden & Gilbert Physical Therapy, LLC). The business generates more than $7.5 million in annual revenue and has approximately 71,000 patient visits per year.
The Company’s Board of Directors declared a quarterly dividend of $0.41 per share payable on June 14, 2022 to shareholders of record on May 16, 2022.
The complete results release is available here: U.S. Physical Therapy First Quarter 2022 Results (PDF)