U.S. Physical Therapy, Inc. (USPH) Q1 2025 Earnings Call Transcript

2025-05-10 00:36:01 ET

U.S. Physical Therapy, Inc. (USPH)

Q1 2025 Earnings Conference Call

May 08, 2025 10:30 AM ET

Company Participants

Christopher Reading - Chairman and Chief Executive Officer

Jason Curtis - Senior Vice President of Finance and Accounting

Carey Hendrickson - Chief Financial Officer

Eric Williams - President and Chief Operating Officer

Conference Call Participants

Joanna Gajuk - Bank of America

Benjamin Rossi - JPMorgan Chase & Co.

Brian Tanquilut - Jefferies

Lawrence Solow - CJS Securities, Inc.

Jared Haase - William Blair & Company

Constantine Davides - Citizens JMP Securities

Michael Petusky - Barrington Research Associates, Inc.

Presentation

Operator

Good day, everyone, and thank you for standing by. Welcome to the U.S. Physical Therapy First Quarter 2025 Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I'd now like to turn the call over to Chris Reading, Chairman and CEO. Please go ahead, sir.

Christopher Reading

Good morning, everyone, and welcome to our U.S. Physical Therapy First Quarter 2025 Call. With me, as usual, on the phone this morning, Carey Hendrickson, our Chief Financial Officer; Rick Binstein, our Executive Vice President and General Counsel; Eric Williams, our President and Chief Operating Officer; Graham Reeve, our Chief Operating Officer, West; and Jason Curtis, our Senior Vice President, Finance and Accounting.

Before we start the call today, I'll ask Jason to cover a brief disclosure, and then we'll get going.

Jason Curtis

Thank you, Chris. The presentation includes forward-looking statements, which involve certain risks and uncertainties. These forward-looking statements are based on the company's current views and assumptions. The company's actual results may vary materially from those anticipated. Please see the company's filings with the Securities and Exchange Commission for more information.

This presentation also contains certain non-GAAP measures as defined in Regulation G, and the related reconciliations can be found on the company's earnings release and the company's presentations on our website.

Christopher Reading

Thanks, Jason. So I'm going to do this call this morning a little bit differently than I generally do it. I've done this a few times. Rather than read prepared remarks, I'm going to walk through this in a little bit more fluid way. I think I can tell the story a little bit better, so if you'll hang with me. We started this quarter out, and we had some tough weather to begin.

And by the end of it, was still the best first quarter on a visit per clinic per day perspective than we've ever produced. And that was against the year last year, which was uniformly very strong. Nine out of last year's 12 months were the best highest months that we've ever experienced.

So January, again, a little slower than we would have liked, at 29.4%, moved up in February, still weather impacted, unfortunately, at 31.4%. And then we finished really strong in March at 33.2 visits per clinic per day. And that really has continued as we've gone forward. Remember, for us, Q1 is the lightest volume quarter typically of the year....

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