US Physical Therapy Posts 16.3% Revenue Gain on 11.2% Visits Increase
US Physical Therapy reported 16.3% revenue growth in 2025 driven by an 11.2% rise in patient visits and an 18% increase in injury prevention revenue. Net rate per patient visit rose 1% to $105.76 despite a 2.9% Medicare rate reduction.
1. Q4 2025 Performance
US Physical Therapy raised net rate per patient visit 1% to $105.76 and achieved a record 32.2 daily visits per clinic, driving an 11.2% year-over-year rise in total patient visits and supporting a 16.3% increase in annual revenue with 16% physical therapy and 18% injury prevention growth.
2. Pricing and Margin Outlook
Management forecasts a 1.5% to 2% hike in non-Medicare pricing and a 1.75% Medicare rate increase, which should yield roughly a 1.1% lift in Medicare-related visits; gross margins dipped sequentially in injury prevention due to staffing and seasonal facility closures but are expected to improve following the New York acquisition’s strong margin profile.
3. Strategic Alliances and Growth Plans
Strategic hospital alliances are being phased in to broaden patient reach and boost revenue and EBITDA by 2027, while mature clinics saw a 1.5% visit uptick in Q4 under tight wage inflation controls; same-store revenues are expected to grow about 3% through combined visit and rate increases.