USPH Q1 2026 Earnings Call Transcript

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DATE

Thursday, May 7, 2026 astatine 10:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Christopher J. Reading

• Chief Financial Officer — Jason Curtis

• Chief Operating Officer — Eric Joseph Williams

Full Conference Call Transcript

Christopher J. Reading: Let maine commencement disconnected by covering immoderate of the cardinal objectives that we are neck-deep successful and moving on, and that we established arsenic priorities anterior to the commencement of the year.

These objectives see semi-virtualization of our beforehand desk, which volition nutrient savings successful some labour arsenic good arsenic wide ratio and improved authorization consistency, the second of which yet has an interaction connected rate; AI-assisted ambient listening documentation technology, which volition assistance our clinicians walk little head-down clip connected their computers and much clip interfacing with our patients—this evidently has a imaginable interaction connected productivity and complaint done portion capture, again with nonstop diligent interface; reengagement with distant therapeutic monitoring for our accepted Medicare colonisation aft CMS revised the rules successful precocious 2025, opening January 2026; enlargement of our cash-based programs crossed a large fig of our apical partnerships.

We initially rolled this retired past twelvemonth successful the apical 30 to 40 partners wherever a important portion of our maturation and income comes from, and surrounding that were maturation opportunities—one of those was cash-based programme deployment, and that is rolling retired arsenic we speak; and finally, a beardown concern and effort directionally to make accidental with ample hospitals and systems akin to the 2 that were antecedently announced, including NYU and different 1 successful the Gulf Coast region. Those efforts are going precise well. In fact, we conscionable started the NYU modulation process for our archetypal acceptable of clinics, and we volition beryllium rolling facilities successful implicit the adjacent fewer months crossed some opportunities.

These initiatives are connected way and we judge volition nutrient the results we person discussed arsenic the twelvemonth progresses. This, successful operation with the continuing ramp-up of visits crossed the company, gives america the assurance to reaffirm our archetypal guidance. In fact, we finished Q1 close connected budget. First 4th highlights see gross summation successful carnal therapy of 7.2% with a 2.5% same-store increase. This was driven from a 6.9% bump successful diligent volume, which for the 4th accrued our visits per session per time to 31.8. Demand was beardown this Q1.

We mislaid implicit 31,000 visits to weather, which impacts not conscionable revenue, but means that galore of our highest paid radical we person to wage to beryllium astatine location during these events, which has a resistance connected margins. All of that is present successful the rearview reflector arsenic we ramp into the busiest play of the year. The nett complaint for the 4th roseate to $106.49, up from $105.66 successful the anterior year. The biggest affirmative influencers determination see a 3.4% year-over-year summation successful the commercialized rates coupled with a tiny Medicare pricing summation we are ramping into arsenic the twelvemonth begins. Going against that a small bit, connected a blended basis, was a tiny driblet successful our Medicaid rate.