U.S. Physical Therapy, Inc. Carey Hendrickson, Chief Financial Officer email: Chendrickson@usph.com Chris Reading, Chief Executive Officer (713) 297-7000 Three Part Advisors Joe Noyons (817) 778-8424 U.S. Physic

U.S. Physical Therapy, Inc.

Carey Hendrickson, Chief Financial Officer

email: Chendrickson@usph.com

Chris Reading, Chief Executive Officer

U.S. Physical Therapy Reports

First Quarter 2022 Results

Declares Quarterly Dividend

Houston, TX, May 5, 2022 -

U.S. Physical Therapy, Inc. ("USPH" or the "Company") (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention ("IIP") services, today reported results for the first quarter ended March

31, 2022 ("2022 First Quarter").

SUMMARY OF FIRST QUARTER RESULTS

For the 2022 First Quarter, the Company's net income attributable to its shareholders was $8.8 million as compared

to $8.2 million for the 2021 First Quarter. In accordance with GAAP, the revaluation of redeemable non-controlling interest, net of taxes, is not included in net income but charged directly to retained earnings; however, the charge for this

change is included in the earnings per basic and diluted share calculation. Inclusive of the charge for revaluation of non-controlling interest, net of taxes, the amount is $8.7 million, or $0.67 per diluted share, for the 2022 First Quarter,

and $2.8 million, or $0.21 per diluted share, for the 2021 First Quarter.

For the 2022 First Quarter, the Company's Operating Results, a non-GAAP measure, was $8.4 million, or $0.65 per

diluted share, an increase of 2.2%, as compared to $8.2 million, or $0.64 per diluted share, for the 2021 First Quarter. See table on page 10 and 11.

First Quarter 2022 Compared to First Quarter 2021

Other Financial Measures

For the 2022 First Quarter, the Company's Adjusted EBITDA, a non-GAAP measure, was $17.9 million, an increase of 14.2% from

$15.6 million in the 2021 First Quarter. See definition, explanation and calculation of Adjusted EBITDA, a non-GAAP measure, in the schedule on page 10.

Medicare Accelerated and Advance Payment Program ("MAAPP Funds")

On March 27, 2020, in response to the COVID-19 pandemic, the federal government approved the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The CARES Act provided waivers, reimbursement, grants and other funds to assist health care providers during the COVID-19 pandemic, including $100.0 billion in

appropriations for the Public Health and Social Services Emergency Fund, also referred to as the Provider Relief Fund, to be used for preventing, preparing, and responding to the coronavirus, and for reimbursing eligible health care

providers for lost revenues and health care related expenses that are attributable to COVID-19.

The CARES Act allowed for qualified healthcare

providers to receive advanced payments under the MAAPP Funds during the COVID-19 pandemic. Under this program, healthcare providers could choose to receive advanced payments for future Medicare services provided. The Company applied for and

received approval from Centers for Medicare &

Medicaid Services ("CMS") in April 2020. The Company recorded the $14.1 million in advance payments received as a liability. During the 2021 First Quarter, the Company repaid the MAAPP Funds of $14.1 million rather than applying them to future services performed.

Acquisition in First Quarter 2022

On March 31, 2022, the Company acquired a 70% interest in a six-clinic physical therapy practice in South Central

Pennsylvania - Madden and Gilbert Physical Therapy, LLC. The practice's owners retained 30% of the equity interests. The purchase price for the 70% equity interest was approximately $11.5 million. The business generates more than $7.5 million

in annual revenue and has approximately 71,000 patient visits per year.

The Company's strategy is to continue acquiring multi-clinic outpatient physical therapy practices, to develop

outpatient physical therapy clinics as satellites in existing partnerships and to continue acquiring companies that provide industrial injury prevention services.

The Board of Directors declared a quarterly

dividend of $0.41 per share payable on June 14, 2022, to shareholders of record on May 16, 2022.

Management's Comments

Chris Reading, Chief Executive Officer, said, "We finished the first quarter in strong fashion, despite a slow start,

with visits heavily impacted by Omicron and our highest level ever of employee-related quarantines. I am very pleased with our same store volume numbers along with our cost management, with same store costs up only 0.4% on a per visit basis

despite significant pricing pressure on labor and materials. We made a lot of progress in the quarter, and I am pleased with where we are as we enter a traditionally busy season for us. On the acquisition front, we expect to have another

very productive year."

First Quarter 2022 Conference Call

U.S. Physical Therapy's management will host a conference call at 10:30 a.m. Eastern Time, 9:30 a.m. Central Time,

on May 5, 2022, to discuss results for the Company's 2022 First Quarter. Interested parties may participate in the call by dialing 1-877-830-2598 or 785-424-1062 and entering reservation number USPHQ12022 approximately 10 minutes before the

call is scheduled to begin. To listen to the live call via webcast, go to the Company's website at www.usph.com at least 15 minutes early to register, download and install any necessary audio software. The conference call will be archived

and can be accessed until August 5, 2022, at U.S. Physical Therapy's website.

Forward-Looking Statements

This press release contains statements that are considered to be forward-looking within the meaning under Section 21E

of the Securities Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These

statements (often using words such as "believes", "expects", "intends", "plans", "appear", "should" and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among

such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are

the multiple effects of the

impact of public health crises and epidemics/pandemics, such as the novel strain of COVID-19 and its variants, for which the total financial magnitude cannot be currently estimated;

changes in Medicare rules and

guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status;

revenue we receive from Medicare

and Medicaid being subject to potential retroactive reduction;

changes in reimbursement rates

or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients;

compliance with federal and

state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply;

competitive, economic or

reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;

the impact of COVID-19 related

vaccination and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations;

changes as the result of

government enacted national healthcare reform; business and regulatory conditions including federal and state regulations;

governmental and other third

party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs;

revenue and earnings

legal actions, which could

subject us to increased operating costs and uninsured liabilities;

general economic conditions;

availability and cost of

qualified physical therapists;

personnel productivity and

retaining key personnel;

competitive environment in the

industrial injury prevention services business, which could result in the termination or nonrenewal of contractual service arrangements and other adverse financial consequences for that service line;

acquisitions, and the successful

integration of the operations of the acquired businesses;

impact on the business and cash

reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interest (minority interests);

maintaining our information

technology systems with adequate safeguards to protect against cyber-attacks;

a security breach of our or our

third party vendors' information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information

Technology for Economic and Clinical Health Act;

maintaining clients for which we

perform management and other services, as a breach or termination of those contractual arrangements by such clients could cause operating results to be less than expected;