U.S. Physical Therapy (USPH) adds 12-clinic deal, expanding into 45th state
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
U.S. Physical Therapy, Inc. has acquired a twelve-clinic physical therapy practice, effective July 1, 2026, taking a 67% equity interest while the current owners retain 33%.
The acquired practice generates about 112,000 annual patient visits and $12 million in annual revenue. This deal expands USPH’s footprint from 44 to 45 states, supporting its national network of 795 outpatient physical therapy clinics and its industrial injury prevention services business.
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Insights
USPH adds a 12-clinic practice, modestly expanding scale and geography.
U.S. Physical Therapy is buying a twelve-clinic practice, taking a 67% stake while partners retain 33%. The business contributes roughly $12 million in annual revenue from about 112,000 visits, indicating an established regional operation.
The acquisition moves USPH from operations in 44 to 45 states, fitting its strategy as a national outpatient physical therapy and industrial injury prevention provider. No purchase price or earnings impact is disclosed in the excerpt, so the financial materiality versus USPH’s overall scale is unclear.
USPH now owns and/or manages 795 clinics across 45 states. Subsequent company filings may detail integration progress or additional acquisition activity, giving more clarity on how this and similar deals shape long-term growth and margins.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Equity interest acquired: 67% stake
Clinics acquired: 12 clinics
Annual visits: 112,000 visits
+3 more
6 metrics
Equity interest acquired
67% stake
Majority interest in twelve-clinic physical therapy practice
Clinics acquired
12 clinics
Size of acquired physical therapy practice
Annual visits
112,000 visits
Patient volume generated annually by acquired practice
Annual revenue
$12 million
Annual revenue generated by acquired practice
State footprint expansion
44 to 45 states
USPH geographic coverage after acquisition
Total clinics operated
795 clinics
Outpatient physical therapy clinics USPH owns and/or manages in 45 states
Key Terms
equity interest, industrial injury prevention services, outpatient physical therapy clinics, functional capacity evaluations, +1 more
5 terms
equity interest financial
"USPH acquired a 67% equity interest, with 33% retained by the current owners."
An equity interest is an ownership stake in a company that gives the holder a share of its assets, profits and sometimes voting power—think of owning a slice of a pie that grows or shrinks with the business. Investors care because the size and type of that stake determine how much they benefit from future gains, bear losses, receive dividends, or influence decisions, and it directly affects the value and risk of their investment.
industrial injury prevention services financial
"provider of industrial injury prevention services, announced the acquisition"
outpatient physical therapy clinics financial
"owns and/or manages 795 outpatient physical therapy clinics in 45 states."
functional capacity evaluations technical
"including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments."
Functional capacity evaluations are structured assessments that measure a person's physical and sometimes mental ability to perform specific job tasks, like lifting, standing, or concentrating. Think of it as a road test that shows whether someone can safely and effectively return to work or needs accommodations; for investors, these evaluations influence healthcare and insurance costs, benefit payments, workplace liability, and the pace at which employees can be returned to productive roles.
ergonomic assessments technical
"post-offer employment testing, functional capacity evaluations, and ergonomic assessments."
Ergonomic assessments are evaluations of workstations, tools and tasks to see how well they fit the human body and reduce strain or injury. Like tailoring a chair and desk to a person's shape, these reviews identify changes that can lower medical costs, reduce sick leave and boost productivity. Investors watch them because better ergonomics can cut liability and operating costs, improve employee retention and protect a company’s reputation.
FAQ
What acquisition did U.S. Physical Therapy (USPH) announce in July 2026?
U.S. Physical Therapy announced the acquisition of a twelve-clinic physical therapy practice, effective July 1, 2026. USPH acquired a majority stake, adding established outpatient locations to its national clinic network and expanding its geographic presence.
How much of the new physical therapy practice did USPH acquire?
USPH acquired a 67% equity interest in the twelve-clinic practice, with the current owners retaining 33%. This structure keeps local partners invested in the business while giving USPH control and aligning incentives for future growth and performance.
What revenue and volume does the acquired USPH practice generate?
The acquired practice generates approximately $12 million in annual revenue and about 112,000 annual patient visits. These figures indicate a sizeable, established regional platform that contributes both volume and top-line growth to U.S. Physical Therapy’s operations.
How does this acquisition change U.S. Physical Therapy’s geographic footprint?
The acquisition expands U.S. Physical Therapy’s operations from 44 to 45 states. This increases the company’s national reach and supports its strategy of providing outpatient physical therapy services and industrial injury prevention programs across a broader geographic base.
How many clinics does U.S. Physical Therapy operate after this deal?
After the acquisition, U.S. Physical Therapy owns and/or manages 795 outpatient physical therapy clinics in 45 states. This broad clinic base underpins its role as a national provider of orthopedic, sports, neurological, and worker rehabilitation services.
What services beyond outpatient clinics does U.S. Physical Therapy (USPH) provide?
Beyond outpatient clinics, USPH operates an industrial injury prevention business providing onsite services for employees. These include injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments for employer clients.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 1, 2026
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction
of incorporation or organization)
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(Commission
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(I.R.S. Employer
Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code: (713 ) 297-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions ( see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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ITEM 8.01 Other Event.
On July 2, 2026 – U.S. Physical Therapy, Inc. (“USPH”) (NYSE, NYSE Texas: USPH), a
national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, announced the acquisition of a twelve-clinic physical therapy practice, effective July 1, 2026. USPH acquired a 67% equity interest,
with 33% retained by the current owners. The practice currently generates approximately 112,000 annual visits and $12 million in annual revenue.
A copy of the press release is attached hereto as Exhibit 99.1 to this Current
Report on Form 8-K.
The information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Exchange Act, except as shall be expressly set forth by specific reference in such
filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Exhibits
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Description of Exhibits
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99.1
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Registrant's Press Release dated July 2, 2026
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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U.S. PHYSICAL THERAPY, INC.
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Dated: July 6, 2026
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By:
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/s/ JASON CURTIS
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Jason Curtis
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Interim Chief Financial Officer
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(duly authorized officer and principal financial and accounting officer)
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CONTACT:
U.S. Physical Therapy, Inc.
Jason Curtis, Interim Chief Financial Officer
email: jcurtis@usph.com
Chris Reading, Chief Executive Officer
(713) 297-7000
Three Part Advisors
Joe Noyons
(817) 778-8424
U.S. Physical Therapy Announces the Acquisition of a Twelve-Clinic Physical Therapy
Practice
Houston, TX, July 2, 2026 – U.S.
Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today announced the acquisition of a
twelve-clinic physical therapy practice, effective July 1, 2026. USPH acquired a 67% equity interest, with 33% retained by the current owners. The practice currently generates approximately 112,000 annual visits and $12 million in annual
revenue.
Graham Reeve, Chief Operating Officer-West, said, “We are thrilled to welcome our newest partners and our newest
state to the USPH family. The expansion to a new state represents an important step in USPH’s continuing growth. Our new partners are known for delivering exceptional clinical care while building trusted relationships within the
communities they serve, and we look forward to building on this strong foundation together.”
This acquisition expands USPH’s footprint from 44 to 45 states, demonstrating our commitment to bring best-in
class physical therapy services to local communities while leveraging national resources and expertise to drive growth and deliver exceptional patient care.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. owns and/or manages 795 outpatient physical therapy clinics in 45 states. USPH clinics
provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically related injuries and rehabilitation of injured workers. USPH also has an industrial
injury prevention business which provides onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic
assessments.
More information about U.S. Physical Therapy, Inc. is available
at www.usph.com. The information included on that website is not incorporated into this press release.