---
schema_version: "secwatch.filing_event.v1"
accession: "0000885978-23-000015"
form_type: "8-K"
ticker: "USPH"
cik: "0000885978"
company_name: "U S PHYSICAL THERAPY INC /NV"
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T18:57:07.712736+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# USPH Q1 net income $0.58/share, revenue up 12.8% to $148.5M, reaffirms FY guidance

## Summary
- Q1 net income attributable to USPH $7.4M ($0.58 diluted EPS) vs $8.8M ($0.67) YoY; operating income up 13.1% to $17.0M.
- Adjusted EBITDA $18.5M (record Q1) up from $17.5M; patient visits increased 15.4% to 1,227,490.
- Average visits per clinic per day 29.8 (all-time Q1 high); physical therapy margin improved to 21.0% from 20.0%.
- Quarterly dividend $0.43/share declared, payable June 9, 2023 to holders of record May 18, 2023.
- Reaffirmed FY2023 Adjusted EBITDA guidance $75–80M; acquired 80% of a clinic ($3.2M annual revenue) and opened 7 clinics.

## SEC filing metadata
- accession: 0000885978-23-000015
- form_type: 8-K
- ticker: USPH
- cik: 0000885978
- company_name: U S PHYSICAL THERAPY INC /NV
- filed_at: 2023-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885978/000088597823000015/0000885978-23-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885978/000088597823000015/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885978-23-000015
- JSON: https://secwatch.observer/filing/0000885978-23-000015.json
- Plain text: https://secwatch.observer/filing/0000885978-23-000015.txt

## Key facts
- Earnings Releases
  U S PHYSICAL THERAPY INC /NV reported three months ended March 31, 2023 results: revenue $148.5 million, net income $7.4 million, EPS $0.58 per diluted share. Guidance reaffirmed.
  - Period: three months ended March 31, 2023
  - Revenue: $148.5 million
  - Net income: $7.4 million
  - EPS: $0.58 per diluted share
  - Guidance: reaffirmed
  - Result: reported results
  source text: Total net revenue for 2023 First Quarter was $148.5 million, an increase of 12.8%, compared to $131.7 million for the 2022 First Quarter.
  evidence_url: https://www.sec.gov/Archives/edgar/data/885978/000088597823000015/0000885978-23-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.