U.S. Physical Therapy reported a solid second quarter in 2026, marked by significant revenue increases and strategic advancements. The company saw an 8.5% rise in total net revenue, reaching $214.1 million, with physical therapy net revenue growing by 8.4% to $182.4 million. This growth was largely attributed to a surge in patient visits and all-time high net rates. The industrial injury prevention segment also contributed positively, experiencing a 9.1% increase in revenue to $31.7 million, bolstered by organic expansion and a key acquisition in January 2026.
Despite these revenue gains, the company's net income attributable to shareholders decreased to $9.9 million from $12.4 million in the previous year. This decline was primarily due to elevated employee health costs and pre-emptive hiring expenses associated with new hospital affiliations. However, adjusted EBITDA remained relatively stable at $27.0 million. Patient visits climbed by 6.6% to over 1.66 million, and the average visits per clinic per day hit a record 33.5. The net revenue per patient visit also increased to $107.59, reflecting improved rates across Medicare, commercial, and workers' compensation payers. The company also integrated 31 existing clinics into new hospital affiliations, with an additional 39 expected to transition in the third quarter, further solidifying its strategic partnerships.
Looking ahead, U.S. Physical Therapy is focused on leveraging its growing hospital affiliations, particularly the NYU Langone alliance, and expanding its acquisition pipeline. The company continues to invest in digital and hybrid care models to enhance efficiency and mitigate inflationary pressures. With a projected increase in Medicare rates for 2027 and continued commercial rate growth, management anticipates substantial positive momentum. The successful refinancing of its credit facility, providing $229 million in available liquidity and an additional $125 million accordion feature, positions the company for continued strategic acquisitions and future expansion, reinforcing its commitment to sustained growth and market leadership in the healthcare sector.
U.S. Physical Therapy's proactive strategies in healthcare integration and market expansion demonstrate a forward-thinking approach that will undoubtedly contribute to enhancing community well-being and economic vitality. By continually adapting to market dynamics and embracing innovative care models, the company sets a benchmark for industry excellence, ensuring accessible and high-quality physical rehabilitation services for all.
