Investor Presentation May 2023 Disclaimer 2 Forward Looking Statements This presentation contains forward-looking statements, which involve numerous risks and uncertainties. Included are statements relating to opening of

Investor Presentation May 2023

Disclaimer 2 Forward Looking Statements This presentation contains

forward-looking statements, which involve numerous risks and uncertainties. Included are statements relating to opening of new clinics, availability of personnel and reimbursement environment. The forward-looking statements are based on the

Company's current views and assumptions and the Company's actual results could differ materially from those anticipated as a result of certain risks, uncertainties, and factors, which include, but are not limited to: general economic, business,

and regulatory conditions; public health crises and epidemics/pandemics, such as the novel strain of COVID-19; competition; reimbursement conditions; federal and state regulation; acquisitions; clinic closures, availability, terms, and use of

capital; availability and cost of skilled physical and occupational therapists; and weather. See Risk Factors in Item 1A of our Annual Report on Form 10- K for the year ended December 31, 2022, filed with the SEC on February 28, 2023. Non-GAAP

Financial Measures This Presentation includes certain measures ("non-GAAP financial measures") which are not presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), such as Operating

results, Basic and diluted operating results per share and Adjusted EBITDA. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and

assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to GAAP measures. Our presentation of these measures may not be comparable to similarly titled measures used by other

companies. Management believes that such measures are commonly reported by issuers and widely used by investors as indicators of a company's operating performance. All non-GAAP financial measures contained herein should be considered only as a

supplement to, and not as a superior measure to, financial measures prepared in accordance with GAAP.

Investment Highlights Leading Physical Therapy Company As of March 31, 2023,

operated 647 outpatient physical and occupational therapy clinics across 40 states One of the largest PT clinic owner/operator platforms Growing Industrial Injury Prevention business One of two publicly-traded, pure play

providers Attractive Market Dynamics US rehab market > $30B in annual revenue Highly fragmented; No company with >10% market share Attractive continued consolidation dynamics Favorable demographics - aging and active

population Proven Business Model Partner with experienced physical therapists Driven by organic growth and acquisitions Approximately one-half of clinics were de novo start-ups Solid Financial Position Strong cash flow and balance

sheet Diversified payor mix Consistent dividend 2

Expanding National Footprint of Physical Therapy

Clinics WA 11 OR 32 MT 2 ID 17 WY 7 NV 4 AK 4 AZ 20 ND 2 IA 2 WI 7 MN 6 SD 1 KS 10 MO 19 OK 6 TX 86 AR 5 LA 11 MS 2 AL 12 TN 81 OH 7 IN 8 MI 50 PA 29 WV 5 MA 2 CT 16 VA 47 NJ 11 DE

9 MD 28 NC 1 SC 15 GA 22 FL 37 ME 8 VT 1 HI 4 2 Added 93 clinics in last two years 647 Clinics in 40 States as of March 31, 2023

Large and Growing Market Opportunity $30B+ U.S. rehab market with projected

growth Favorable demographics - physically active, aging and obese population segments Untapped market potential ~50% of Americans over 18 years old develop a musculoskeletal injury that lasts more than 3 months Within this group, only 10%

use outpatient physical therapy services (1) Healthcare delivery shifting towards lower cost, high quality outpatient providers Challenging operating environment for small physical therapy practice owners 5 Source: "Industry Trends in

M&A and Total Addressable Market Study" (Bain & Company, WebPT)

Setting for Physical Therapy Care Orthopedic rehab is the primary driver of

physical therapy services, representing approximately 60% of visits Within physical therapy, outpatient clinics are the leading setting for care Outpatient Clinics 5 Source: "Industry Trends in M&A and Total Addressable Market Study"

(Bain & Company, WebPT) Hospitals; State, Local, and Private Home Health Total Offices of Physicians Other

Payors See Significant ROI for Physical Therapy Total Treatment Cost ~$79K Hip

replacement surgery ($56,000) Inpatient care ($15,000) Total Treatment Cost ~$85K Hip replacement surgery ($56,000) Inpatient care ($15,000) Readmission Rate of 20% Readmission Rate of 10% Outpatient Physical Therapy

Clinic Full Recovery Home Full Recovery 5 Source: "Industry Trends in M&A and Total Addressable Market Study" (Bain & Company, WebPT) With PT Without PT Average overall savings of ~$6k with significantly lower readmission rate

Competitive Landscape 8 Source: "Industry Trends in M&A and Total

Addressable Market Study" (Bain & Company, WebPT) Clinic counts as of December 31, 2022. 1,900+ Clinics(2) 900+ Clinics(2) 647 Clinics(3) Highly fragmented U.S. outpatient rehab market with 37,000+ clinics (1) USPh is one of the

largest owner/operator of PT clinics No company with >10% market share USPh is well-positioned to capitalize in a more challenged macro environment (3) Clinic counts as of March 31, 2023.

Growth Strategy Drive organic growth through de novo PT/OT clinic openings,

utilize true partnership model Maximize profits of existing facilities by growing patient volume, improving pricing, increasing efficiencies and adding programs and services Augment organic growth through strategic acquisitions 1 2 3 12

Focused Business Model Specialize in trauma, sports, work-related and pre- and

post-surgical cases Partner with experienced physical therapists Drive volume via referrals Augment sales with marketing reps Organic growth includes lower cost de novo start up clinics Strategic acquisitions structured as partnerships to

create strong alignment of interests: Significant ownership retained by founders (~20% to 40%) Maintain established local brand Monthly distributions of cash generated based on ownership percentages Agree to purchase remaining interest of

partners on back end at same EBITDA multiple as the original purchase 12

USPh Partnership Advantages Accounting HR Real

Estate Construction Purchasing Marketing Compliance Legal IT Capital and Resources to Enhance Development Rate Less Personal Financial Risk Aligned Practice Incentives Unlimited Earnings Potential Enhanced Benefits Package Business

Intelligence and Collaborative Guidance 12

Acquisition Strategy Completed 47 acquisitions since 2005 ranging in size from 3

to 52 clinics Acquisitions include five industrial injury prevention services businesses Seeking & evaluating M&A transactions is part of USPh's DNA Acquisition criteria: Owner therapists continue to operate clinics and retain

significant equity interest Immediately accretive to earnings Further de novo growth opportunities Values Alignment 12

56 clinics added since January 1, 2022 New Clinics / Brands Since January

2022 From 1/1/2022 - 3/31/2023 WV VT VA SC PA OH NJ NC ME MD WI SD ND MO MN MI KS IN IA GA FL MA CT TX OK MS LA AR AL HI WY WA OR NV MT ID AZ AK TN DE 2 2 4 14 7 6 15 2 6 12

Scale Advantages Create a Robust Business Case for Consolidation 14 Source:

"Industry Trends in M&A and Total Addressable Market Study" (Bain & Company, WebPT) Efficiency More efficient, patient- centric care model -- including clinic, home and telehealth options Compliance Enhanced

compliance capabilities Payor Networks Increased likelihood of selection for payor networks Scale is cited as a core criterion by specialty network managers and payors. Some limited leverage in negotiations with payors for

reimbursement Referrals Higher likelihood of referrer activity and advocacy Centralization Centralized infrastructure to limit costs and improve operational efficiencies Awareness Increased patient awareness and high brand

recognition Increasingly difficult environment for smaller clinics given increasing compliance, regulatory and payor complexities and challenging macroeconomic conditions

Revenue Mix by Segment and Payor Type 15 48% 4% 33% 9% 6% Physical Therapy

Revenue Mix by Payor Type Quarter Ended March 31, 2023 Private Insurance & Managed Care Medicaid Medicare Workers Comp Other 13% 87% Revenue Mix by Segment Type Quarter Ended March 31, 2023 Physical Therapy Operations Industrial

USPh Physical Therapy Growth Drivers 431 472 489 508 540 591 578

583 554 591 640 647 700 600 500 400 300 200 100 0 2,314 2,441 2,819 3,080 3,317 3,705 3,958 4,092 3,533 4,220 4,483 4,647 2,000 1,000 0 3,000 4,000 5,000 12 13 14 15 16 17 18 19 20 21 22 21.7 21.5

22.9 24.1 25 25.9 26.6 27.6 24.6 29.1 28.7 29.8 35 30 25 20 15 10 5 0 12 13 14 15 16 17 18 19 20 21 22 1Q23 12 13 14 15 16 17 18 19 20 21 22 1Q23 16 (1) In 2019, the Company sold interest in a partnership, which operated 30

clinics. In 2020, the Company sold 14 previously closed clinics and closed 34 clinics. (2) Represents TTM 1Q23 number of visits. Number of Clinics (1) Daily Patient Visits Per Clinic Number of Visits (in thousands) Both prior to and post

COVID-19, each driver has shown robust growth 2012-1Q23: CAGR +4.0% 2012-1Q23: CAGR +3.1% 2012-1Q23: CAGR +7.0% 1Q23(2)

Daily Volumes Progression 17 First Quarter 2023 average daily visits per clinic

were a record-high for a first quarter in the Company's history; the previous high was 27.9 in First Quarter 2022 First Quarter 2023 average visits were the second highest for a quarter in the Company's history, in what is typically the lowest

volume quarter of the year March 2023 average visits were 30.7, the highest volume month in the Company's history 26.2 18.9 25.8 27.7 27.1 30.0 29.5 29.8 27.9 29.5 28.8 29.1 29.8 20 25 30 35 15 10 5 0 1Q20 2Q20 3Q20 4Q20

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 COVID Trough Average Visits per Clinic per Day

Operations 18 22.7% 23.6% 23.1% 23.8% 20.2% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% 26.0% Note: Excludes management contracts. Annual Gross Margin

Percentage 20.0% 22.0% 18.7% 20.0% 21.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% 26.0% 12.0% 2018 2019 2020 2021 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Quarterly margin has increased each quarter since inflation effects began

in 3Q22 Quarterly Gross Margin Percentage

Today Services performed onsite at >600 client locations Industrial Injury

Prevention 19 Industrial Injury Prevention services include industrial sports medicine and injury prevention; post offer testing; ergonomic services; occupational health and medical services; specialized solutions March 2017 2020 13.0% of

Total Revenue(3) Since USPh's initial entry into the Industrial Injury Prevention services space, the business has grown both organically and through additional acquisitions % of Revenue full year 2018. % of Revenue full year 2020. Revenue

as of Q1 ending March 31, 2023. 5.6% of Total Revenue(1) 9.3% of Total Revenue(2) Initial Acquisition into the Industrial Injury Prevention services space 2018

Prevention 20 13.3% 20.4% 22.4% 25.7% 24.4% 20.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 2017 2018 2019 2020 2021 2022 $4.9 $25.5 $37.5 $39.2 $43.9 $77.1 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 2017 2018 2019 2020 2021 2022 Note:

2022 includes November 2021 acquisition with $26.7 million in revenue at a margin of 16.0%. Revenue ($ in millions) Margin Percentage (%)

Strong Cash Flow and Balance Sheet Strong Adjusted EBITDA and operating results

fund de novo clinics (new clinic development), while acquisitions are funded through both free cash flow and use of the Company's revolving credit facility 21 (1) Adjusted EBITDA, a non-GAAP measure, is defined as net income attributable to

USPH shareholders before interest income, interest expense, taxes, depreciation, amortization, change in fair value of contingent earn-out consideration, Relief Funds, changes in revaluation of put-right liability, equity-based awards

compensation expense, and related portions for non-controlling interests. Management believes reporting Adjusted EBITDA is useful information for investors in comparing the Company's period-to-period results as well as comparing with similar

businesses which report adjusted EBITDA as defined by their company. $32.6 $137.0 $169.6 Liquidity Cash Revolver Capacity Liquidity ($ in millions) (as of 3/31/23) $17.5 $18.5 1Q22 1Q23 Adj EBITDA Adjusted EBITDA(1) ($ in

millions) Highest Q1 Adj. EBITDA in Company History ~6% Growth Even with Year Over Year Inflation Effects

Shareholders $12.21 $114.10 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 * CEO joined Company in Fall of 2003 Total Cumulative Return through May 5, 2023 including dividends is $111.84 Cumulative Total Shareholder Return

Percentage is 916.0% Average Annual Total Shareholder Return is 46.8% Market Cap Increase during time period is from $154.7 million to $1.5 billion or by $1.3 billion, or 863.4% USPh Share Price (9/30/2003 - 5/5/2023) Strong &

Consistent Dividend Increased Annually 1 Dividend Increased From $0.41 per Share to $0.43 per Share in Q1 2023 2 Dividends do not limit de novo or inorganic growth 3 USPh Dividend Highlights 22 * - Chris Reading joined USPh in Q4

Executive Management Joined USPh as CFO in November 2020 Previously served as

CFO for Capital Senior Living Corporation (NYSE:CSU) and Belo Corp. (NYSE: BLC) BBA & MBA Carey Hendrickson Chief Financial Officer Joined USPh in March 2018 Previously President & Chief Executive Officer of Baptist Health System

in San Antonio, TX. Managed six hospitals with a $1.32B annual operating budget BS Physical Therapy & MBA Graham Reeve Chief Operating Officer - West Region Joined USPh in July 2021 Served since August 2018 as President and Chief

Operating Officer for Omni Ophthalmic Management Consultants (OOMC), an ophthalmology management services organization Previously served in the roles of Chief Operating Officer and then Chief Executive Officer of Drayer Physical Therapy

Institute, LLC, an outpatient physical therapy provider with a network of over 150 clinics in 14 states BA in Materials and Logistics Management Eric Williams Chief Operating Officer - East Region Joined USPh in May 2011 as VP, General

Counsel and Secretary and served in that role until March 17, 2022 Previously served as VP, General Counsel and Secretary for Physiotherapy Associates, Inc. (and its predecessor, Benchmark Medical, Inc.), a national provider of outpatient

physical therapy services. From 1997 through 2000, served as Assistant General Counsel and then General Counsel of NovaCare, Inc., a national provider of rehabilitation services. Law degree from The Columbus School of Law at The Catholic

University of America and Bachelor of Science degree in Business Administration from the University of Delaware in 1983 Rick Binstein Executive VP & General Counsel Joined USPh as COO in November 2003 Promoted to CEO and Board in

November 2004 Previously Senior Vice President of Operations with HealthSouth, managed over 200 facilities including OP, ASC, DX Imaging and rehab hospital operations BS Physical Therapy Chris Reading Chief Executive Officer 23

Summary Significant scale with national footprint Large and growing market /

favorable demographics Proven business model, driven by organic growth and acquisitions Strong cash flow and balance sheet Publicly-traded, pure play operator of rehab clinics Attractive Dividend Yield 23

First Quarter 2023 and 2022 Results 26 First Quarter Ended March

31, 2023 2022 (in thousands, except per share data) Net Revenue $ 148,509 $ 131,704 Gross profit 30,857 26,588 Operating income 16,998 15,032 GAAP Net income 11,427 11,982 Net Income attributable to USPH

shareholders 7,410 8,799 Earnings per share attributable to USPH shareholders 0.58 0.67 Non-GAAP Operating results (1) 7,718 8,350 Non-GAAP Operating results per share (1) 0.59 0.65 Non-GAAP Adjusted EBITDA

(2) 18,478 17,495 Operating Results, a non-GAAP measure, equals net income attributable to USPH diluted shareholders per the consolidated statements of income, less a change in revaluation of the put- right liability, Relief Funds, changes

in fair value of contingent earnout consideration, and any allocations to non-controlling interests, all net of taxes. Operating Results per diluted share also exclude the impact of the revaluation of redeemable non-controlling interest and the

associated tax impact. See slide titled "Strong Cash Flow and Balance Sheet" for the definition of Adjusted EBITDA.

Segment Information - First Quarter 2023 and 2022 Results First Quarter Ended

March 31, 2023 2022 (in thousands, except percentages) Gross profit $ 30,857 $ 26,588 PT Gross profit $ 26,759 $ 22,041 PT Gross margin % 21.0% 20.0% Industrial injury prevention gross profit $ 3,768 $ 4,152 Industrial injury

prevention gross margin % 19.5% 21.8% Operating income $ 16,998 $ 15,032 Operating income margin % 11.4% 11.4% 27