U.S. Physical Therapy, Inc. reported robust financial results for the first quarter ended March 31, 2025. Net revenue from physical therapy operations increased 16.4% to $156.4 million, driven by a 13.9% increase in patient visits and a 2.2% rise in net rate per patient visit to $105.66, despite a 2.9% Medicare rate reduction. The Industrial Injury Prevention (IIP) segment's revenue grew 28.8% to $27.4 million.
The company's USPH Net Income for Q1 2025 was $9.9 million, an increase from $8.0 million in Q1 2024, with earnings per share rising to $0.80 from $0.46. Non-GAAP Adjusted EBITDA increased 16.5% to $19.5 million. The Board of Directors also declared a quarterly dividend of $0.45 per share, payable on June 13, 2025, representing an increase from the prior quarter's dividend.
Despite a weather-impacted start to the quarter, strong referral and visit demand accelerated, supported by successful insurance renegotiations and workers' compensation efforts. The company's strategic focus on increasing reimbursement rates and growing its workers' compensation business contributed to the positive performance.
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