U.S. Physical Therapy, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, net revenue from physical therapy operations increased 14.2% to $153.8 million, driven by a 13.0% rise in patient visits and a 1.0% increase in net rate per patient visit to $104.73. The Industrial Injury Prevention (IIP) segment saw revenues grow 32.1% to $26.6 million, with organic IIP revenue increasing 18.5%.
The company's Q4 2024 USPH Net Income was $9.2 million, compared to $0.7 million in Q4 2023, with earnings per share of $0.52, a significant improvement from a net loss per share of $0.38 in the prior year. Non-GAAP Adjusted EBITDA increased by $2.8 million to $21.8 million. For the full year 2024, total net revenue increased 11.0% to $671.3 million, and USPH Net Income rose to $31.4 million from $28.2 million in 2023, resulting in earnings per share of $1.84.
Management indicated that 2025 is expected to be a solid growth year, supported by ongoing initiatives, continued record demand for services, anticipated rate increases, and recent acquisitions in both physical therapy and injury prevention. The company's focus on volume growth, new market expansions, and positive commercial rate renegotiations is expected to drive future profitability.
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