U.S. Physical Therapy, Inc. reported strong financial results for the second quarter ended June 30, 2025, including all-time record patient visits. Total net revenue surged 18.0% to $197.3 million, with net revenue from physical therapy operations increasing 17.3% to $168.3 million. The Industrial Injury Prevention (IIP) segment continued its strong growth, with revenues up 22.6% to $29.1 million.
The company's USPH Net Income for Q2 2025 was $12.4 million, an increase from $7.5 million in Q2 2024, with earnings per share of $0.58. Non-GAAP Adjusted EBITDA increased 21.4% to $26.9 million. For the first six months of 2025, total net revenue increased 18.0% to $381.1 million, and Non-GAAP Adjusted EBITDA rose to $46.4 million.
Management raised its full-year 2025 adjusted EBITDA guidance to a range of $93 million to $97 million, reflecting confidence in continued volume growth and operational efficiencies. Additionally, the Board of Directors approved a new $25 million share repurchase program, providing flexibility in capital allocation and signaling confidence in the company's value.
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