U.S. Physical Therapy, Inc.

U.S. Physical Therapy reported second quarter 2026 total net revenue of $214.1 million, an 8.5% increase from the prior year quarter, while net income attributable to shareholders fell to $9.9 million from $12.4 million a year earlier due to higher employee health costs and front-loaded hiring expenses. Physical therapy net revenue grew 8.4% to $182.4 million, driven by record net rates of $107.59 per visit and a 6.6% increase in patient visits to 1,661,694, with visits per clinic per day reaching an all-time high of 33.5. Industrial injury prevention revenue rose 9.1% to $31.7 million, and adjusted EBITDA was relatively flat at $27.0 million compared to $26.9 million in the second quarter of 2025. The company reaffirmed full year 2026 adjusted EBITDA guidance of $102 million to $106 million and noted that it completed the acquisition of a 12-clinic physical therapy practice for a purchase price of $16.4 million, bringing total 2026 acquisition spending to $37.6 million across three acquisitions with combined annualized revenue of approximately $27 million.

The six outpatient and specialty care stocks tracked by this publication reported a strong first quarter, with revenues beating analysts' consensus estimates by 2% and next quarter's revenue guidance coming in 5.9% above expectations. Encompass Health reported revenues of 1.59 billion dollars, up 9% year on year and exceeding estimates by 1.2%, while agilon health posted revenues of 1.42 billion dollars, down 7.3% year on year but beating estimates by 3.2% and delivering the highest guidance raise among its peers. U.S. Physical Therapy, the weakest performer, reported revenues of 198.3 million dollars, up 7.9% year on year and in line with expectations, but significantly missed analysts' EPS estimates. LifeStance Health Group recorded revenues of 403.5 million dollars, up 21.2% year on year and topping estimates by 4.2%, achieving the fastest revenue growth and biggest analyst estimate beat in the group. DaVita reported revenues of 3.42 billion dollars, up 6% year on year and surpassing estimates by 2.1%, with a beat on both EPS and full-year EPS guidance. Since their latest earnings results, share prices of these outpatient and specialty care stocks have risen 62.3% on average.