Full Press Release Details
Physical Therapy Announces Nine-Clinic Group Acquisition
HOUSTON--(BUSINESS WIRE)--July 5, 2017--U.S. Physical Therapy, Inc.
(NYSE: USPH), a national operator of outpatient physical therapy
clinics, announced that the Company has just completed the acquisition
of a nine-clinic physical therapy practice. USPH acquired a 60% interest
with the practice's clinical owners retaining 40%. The purchase price
was $16.3 million. The business generated $8.6 million in revenue in
2016. There were 92,000 patient visits at an average net rate of
approximately $94 per visit.
Chris Reading, Chief Executive Officer, said, "We are very pleased to
bring on yet another fine group into our USPH family. Our partners in
this transaction have a long-established history of building a
patient-centric and clinician-friendly company which has grown rapidly.
Together we believe that we can further their growth and expansion for
many more years to come."
Thus far in 2017 U.S. Physical Therapy has acquired 30 physical therapy
clinics and eight physical therapy management contracts. Additionally
the Company acquired a leading provider of workforce performance
solutions whose services include onsite injury prevention and
rehabilitation, performance optimization and ergonomic assessments.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 567 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 31
physical therapy facilities for unaffiliated third parties, including
hospitals and physician groups. The Company also provides onsite
services for clients' employees including injury prevention,
rehabilitation, ergonomic 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
U.S. Physical Therapy, Inc.
Larry McAfee, (713) 297-7000
Chris Reading, (713) 297-7000