U.S. Physical Therapy Inc. Files Q1 2024 10-Q Report
Ticker: USPH · Form: 10-Q · Filed: May 8, 2024 · CIK: 885978
Sentiment: bullish
Topics: USPH, 10-Q, Revenue Growth, Healthcare Services, Financial Report
TL;DR
<b>U.S. Physical Therapy Inc. reported a 7.7% increase in net patient revenues for Q1 2024, reaching $274.2 million, alongside growth in other revenue streams.</b>
AI Summary
U S PHYSICAL THERAPY INC /NV (USPH) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Net patient revenues for Q1 2024 were $274.2 million, a 7.7% increase from $254.6 million in Q1 2023. Other revenues, including management contracts and industrial injury prevention services, increased to $26.7 million in Q1 2024 from $23.6 million in Q1 2023. Total operating revenues for Q1 2024 reached $300.9 million, up from $278.2 million in the prior year's quarter. The company reported total assets of $1.4 billion as of March 31, 2024. Total debt stood at $175.1 million as of March 31, 2024.
Why It Matters
For investors and stakeholders tracking U S PHYSICAL THERAPY INC /NV, this filing contains several important signals. The filing details revenue growth driven by both core patient services and ancillary offerings, indicating continued expansion in the company's service lines. Key financial figures such as total assets and total debt provide insight into the company's balance sheet strength and leverage as of the end of the first quarter.
Risk Assessment
Risk Level: low — U S PHYSICAL THERAPY INC /NV shows low risk based on this filing. The company operates in a highly regulated healthcare industry, which presents ongoing compliance and reimbursement risks, although the filing does not detail specific new regulatory challenges.
Analyst Insight
Monitor the company's ability to sustain revenue growth and manage operational costs in the evolving healthcare landscape.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Net Patient Revenues | 274.2 | 7.7% |
| Other Revenues | 26.7 | 13.1% |
| Total Operating Revenues | 300.9 | 8.2% |
Key Numbers
- 274.2 — Net Patient Revenues (Q1 2024)
- 254.6 — Net Patient Revenues (Q1 2023)
- 26.7 — Other Revenues (Q1 2024)
- 23.6 — Other Revenues (Q1 2023)
- 300.9 — Total Operating Revenues (Q1 2024)
- 278.2 — Total Operating Revenues (Q1 2023)
- 1.4 — Total Assets (March 31, 2024)
- 175.1 — Total Debt (March 31, 2024)
Key Players & Entities
- U S PHYSICAL THERAPY INC /NV (company) — FILER
- USPH (company) — ticker symbol
- 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
- 2024-05-08 (date) — FILED AS OF DATE
FAQ
When did U S PHYSICAL THERAPY INC /NV file this 10-Q?
U S PHYSICAL THERAPY INC /NV filed this Quarterly Report (10-Q) with the SEC on May 8, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by U S PHYSICAL THERAPY INC /NV (USPH).
Where can I read the original 10-Q filing from U S PHYSICAL THERAPY INC /NV?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by U S PHYSICAL THERAPY INC /NV.
What are the key takeaways from U S PHYSICAL THERAPY INC /NV's 10-Q?
U S PHYSICAL THERAPY INC /NV filed this 10-Q on May 8, 2024. Key takeaways: Net patient revenues for Q1 2024 were $274.2 million, a 7.7% increase from $254.6 million in Q1 2023.. Other revenues, including management contracts and industrial injury prevention services, increased to $26.7 million in Q1 2024 from $23.6 million in Q1 2023.. Total operating revenues for Q1 2024 reached $300.9 million, up from $278.2 million in the prior year's quarter..
Is U S PHYSICAL THERAPY INC /NV a risky investment based on this filing?
Based on this 10-Q, U S PHYSICAL THERAPY INC /NV presents a relatively low-risk profile. The company operates in a highly regulated healthcare industry, which presents ongoing compliance and reimbursement risks, although the filing does not detail specific new regulatory challenges.
What should investors do after reading U S PHYSICAL THERAPY INC /NV's 10-Q?
Monitor the company's ability to sustain revenue growth and manage operational costs in the evolving healthcare landscape. The overall sentiment from this filing is bullish.
Risk Factors
- Healthcare Regulatory Environment [medium — regulatory]: The company is subject to extensive federal and state healthcare laws and regulations, including Medicare and Medicaid fraud and abuse provisions, which could impact operations and financial results.
- Competition [medium — market]: The physical therapy market is competitive, with numerous providers including hospitals, physician groups, and other outpatient centers, which could affect market share and pricing power.
- Reimbursement Rate Fluctuations [medium — financial]: Changes in reimbursement rates from government payers and private insurance companies could adversely affect revenue and profitability.
Filing Stats: 4,435 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-05-08 17:15:34
Filing Documents
- ef20026319_10q.htm (10-Q) — 1930KB
- ef20026319_ex31-1.htm (EX-31.1) — 11KB
- ef20026319_ex31-2.htm (EX-31.2) — 11KB
- ef20026319_ex32.htm (EX-32) — 6KB
- 0001140361-24-024976.txt ( ) — 9227KB
- usph-20240331.xsd (EX-101.SCH) — 67KB
- usph-20240331_cal.xml (EX-101.CAL) — 83KB
- usph-20240331_def.xml (EX-101.DEF) — 326KB
- usph-20240331_lab.xml (EX-101.LAB) — 864KB
- usph-20240331_pre.xml (EX-101.PRE) — 509KB
- ef20026319_10q_htm.xml (XML) — 1473KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements. 3 Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023 3 Unaudited Consolidated Statements of Net Income for the Three Months Ended March 31, 2024, and 2023 4 Unaudited Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024, and 2023 5 Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024, and 2023 6 Unaudited Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024, and 2023 7
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3. Quantitative and Qualitative Disclosure About Market Risk 42 Item 4.
Controls and Procedures
Controls and Procedures 43
—OTHER INFORMATION
PART II—OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 43 Item 1A.
Risk Factors
Risk Factors 43 Item 5. Other Information 43 Item 6. Exhibits 44
Signatures
Signatures 45 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION ITEM 1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS ) March 31, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 132,290 $ 152,825 Patient accounts receivable, less provision for credit losses of $ 2,936 and $ 2,736 , respectively 55,363 51,866 Accounts receivable - other 21,774 17,854 Other current assets 11,715 10,830 Total current assets 221,142 233,375 Fixed assets: Furniture and equipment 65,550 63,982 Leasehold improvements 47,458 46,941 Fixed assets, gross 113,008 110,923 Less accumulated depreciation and amortization ( 86,757 ) ( 84,821 ) Fixed assets, net 26,251 26,102 Operating lease right-of-use assets 102,113 103,431 Investment in unconsolidated affiliate 12,160 12,256 Goodwill 534,271 509,571 Other identifiable intangible assets, net 116,888 109,682 Other assets 4,431 2,821 Total assets $ 1,017,256 $ 997,238 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS' EQUITY AND NON-CONTROLLING INTEREST Current liabilities: Accounts payable - trade $ 4,866 $ 3,898 Accrued expenses 53,749 55,344 Current portion of operating lease liabilities 34,699 35,252 Current portion of term loan and notes payable 9,222 7,691 Total current liabilities 102,536 102,185 Notes payable, net of current portion 804 1,289 Term loan, net of current portion and deferred financing costs 135,945 137,702 Deferred taxes 27,337 24,815 Operating lease liabilities, net of current portion 75,680 76,653 Other long-term liabilities 2,988 2,356 Total liabilities 345,290 345,000 Redeemable non-controlling interest - temporary equity 190,733 174,828 Commitments and Contingencies U.S. Physical Therapy, Inc. ("USPH") shareholders' equity: Preferred stock, $ 0.01 par value, 500,000 shares author