---
schema_version: "secwatch.filing_event.v1"
accession: "0000885978-24-000005"
form_type: "8-K"
ticker: "USPH"
cik: "0000885978"
company_name: "U S PHYSICAL THERAPY INC /NV"
filed_at: "2024-02-28T23:59:59+00:00"
generated_at: "2026-06-05T09:59:19.201289+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# USPH Q4 net loss $0.7M ($0.38/share) on $17.5M impairment; FY Adj EBITDA $77.7M; 2024 guide $80-85M

## Summary
- Net income FY2023 $28.2M ($1.28/share) vs $32.2M ($2.25/share) in FY2022; non-GAAP Op Results $36.3M ($2.56/share).
- Record patient visits in FY2023 of 5.0M (+11.6%); total clinics 671 as of Dec 31, 2023 (46 added, 15 closed).
- Q4 2023 total net revenue $154.8M (+9.6%); gross profit $30.5M; GAAP loss per share $0.38 due to $17.5M impairment.
- Board raised quarterly dividend to $0.44/share from $0.43; payable Apr 5, 2024 to record Mar 12, 2024.
- 2024 Adjusted EBITDA guided at $80-85M; expects to offset ~$6M Medicare rate cut via rate negotiations, volume growth, & acquisitions.

## SEC filing metadata
- accession: 0000885978-24-000005
- form_type: 8-K
- ticker: USPH
- cik: 0000885978
- company_name: U S PHYSICAL THERAPY INC /NV
- filed_at: 2024-02-28T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885978/000088597824000005/0000885978-24-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885978/000088597824000005/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885978-24-000005
- JSON: https://secwatch.observer/filing/0000885978-24-000005.json
- Plain text: https://secwatch.observer/filing/0000885978-24-000005.txt

## Key facts
- Earnings Releases
  U S PHYSICAL THERAPY INC /NV reported financial results for the fourth quarter and the full year ended December 31, 2023.
  - Period: the fourth quarter and the full year ended December 31, 2023
  - Result: reported results
  source text: On February 28, 2024, – U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, reported results for the fourth quarter and the full year ended December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/885978/000088597824000005/0000885978-24-000005-index.htm

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