US Physical Therapy Posts 16.3% Revenue Growth, Guides $102–106M EBITDA
US Physical Therapy posted a record 32.7 average daily visits per clinic in Q4, marking its seventh consecutive quarterly record and 32.2 visits for full-year 2025. Net revenue climbed 16.3% and adjusted EBITDA rose 16.2% to $95.0 million, with hospital affiliations set to add over $7 million EBITDA.
1. Record Patient Volumes and Profitability
US Physical Therapy achieved an average of 32.7 visits per clinic per day in Q4 2025, the highest fourth-quarter level in company history and seventh straight quarterly record, while full-year daily visits reached a record 32.2.
2. Strong 2025 Financial Performance
Net revenue increased 16.3% year over year in 2025, and adjusted EBITDA climbed 16.1% from $81.8 million to $95.0 million, while operating income rose 18.4% despite continued Medicare rate reductions.
3. Cost Control and Margin Expansion
Per-visit salaries fell 1.1% to $62.15 and total operating costs dropped 0.6% to $85.56 in Q4, driving adjusted gross margin up nearly 200 basis points to 20.5%, aided by ambient-listening documentation and semi-virtual intake initiatives.
4. Strategic Hospital Affiliations and 2026 Outlook
Two hospital affiliations covering 70 clinics will begin mid-2026, expected to generate a $14 million enterprise EBITDA lift in 2027 (over $7 million to US Physical Therapy), and the company forecasts $102–$106 million in adjusted EBITDA for 2026, including $2.5 million from a Medicare rate increase.