U.S. Physical Therapy Makes Third Acquisition in Industrial Injury Prevention Sector
April 11 2019 - 6:00AM
Business Wire
Management Raises 2019 Earnings
Guidance
U.S. Physical Therapy, Inc. (NYSE: USPH), announced today that
it has acquired a third company that is a provider of industrial
injury prevention services. The previous acquisitions in this
business line occurred in 2017 and 2018.
The acquired company specializes in delivering injury prevention
and care, post offer employment testing, functional capacity
evaluations and return-to-work services. It performs these services
across a network in 45 states including onsite at eleven client
locations. This relationship-based health delivery system is paid
for directly by corporate clients. Clients include large companies
across a variety of industries.
The acquired business produced $13 million in revenue in 2018.
U.S. Physical Therapy purchased the company for total consideration
of $23.6 million. The business was then combined with Briotix
Health, USPH’s industrial injury prevention operation, increasing
U.S. Physical Therapy’s ownership position in the partnership to
approximately 76%.
Chris Reading, U.S. Physical Therapy Chief Executive Officer,
said, “Companies are looking for greater assistance managing their
employees’ health and retention as well as reducing costs
associated with health insurance and workers compensation. They
often have to work with multiple entities to service all their
testing, workers compensation, treatment and return-to-work needs.
This acquisition significantly broadens our industrial injury
prevention services offering while having minimal overlap with our
existing business.”
Management Raises 2019 Earnings
Guidance
In conjunction with today’s acquisition announcement, U.S.
Physical Therapy’s management is raising 2019 earnings guidance
from Operating Results, a non-GAAP measure, to $35.9 million to
$37.3 million, or $2.82 to $2.92 per share. On March 7th, the
Company issued initial 2019 earnings guidance from Operating
Results in the range of $35.1 million to $36.4 million or $2.76 to
$2.85 per share. Both the initial and revised earnings ranges are
based on an assumed annual corporate tax rate of approximately
26.5%. Please note that the earnings guidance represents projected
Operating Results from existing operations but excludes future
acquisitions. The annual guidance figures may not be updated unless
there is a material development that causes management to believe
that Operating Results will be significantly outside the given
range.
About U.S. Physical Therapy,
Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 590
outpatient physical therapy clinics in 41 states. The Company's
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. In addition to owning and operating clinics, the
Company manages 28 physical therapy facilities for unaffiliated
third parties, including hospitals and physician groups. The
Company also has an industrial injury prevention business which
provides onsite and offsite services for clients’ employees
including injury prevention, rehabilitation, assessments and
performance optimization.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190411005097/en/
U.S. Physical Therapy, Inc.Larry McAfee, Chief Financial
OfficerChris Reading, Chief Executive Officer(713) 297-7000
US Physical Therapy (NYSE:USPH)
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