U S PHYSICAL THERAPY INC /NV — Form 8-K
Filed August 10, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 58/100
What the filing says
U.S. Physical Therapy reported Q2 2026 revenue of $214M (+8.5% YoY) with 1.662M visits (+6.6%). Hospital affiliation rollout generated $5.6M in new revenue from 31 transitioned clinics (39 more planned Q3). PT gross margin fell to 19.9% from 21.4% YoY, driven by $2.4M in above-average employee health claims (vs. light 2025 experience) and ~$2M in pre-hired clinician costs. Net rate rose to $107.59 (+$2.26 YoY). Company reaffirmed FY2026 adjusted EBITDA guidance of $102–$106M. Post-quarter, acquired 12-clinic PT practice for $16.4M ($12M annual revenue). Credit facility upsized to $450M with $125M accordion.
Why this rating
Hospital partnerships are strategic but early-stage (31 of 70 clinics integrated). Q2 margin compression and reinvestment offset topline strength. Modest 2026 earnings dilution, but 2027 upside structured. Small M&A ($38M cumulative) relative to $736M market cap. Neutral near-term stock reaction; market watching execution.
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