Investment Thesis
U.S. Physical Therapy 5-year share price performance. Source: TradingView.
Investors looking to gain access to the reportedly $30bn US physical and occupational therapy market have few options other than to open a position in U.S. Physical Therapy (USPH), since it is - in its management's words - the only publicly traded, pure play operator of rehab clinics.
The company primarily operates through subsidiary clinic partnerships structured like de novos with founders retaining a substantial ownership interest, and has a portfolio of >580 clinics in 40 states, 26 managed physical therapy practices,