U.S. Physical Therapy Announces Industrial Focused Partnership
17 December 2013 - 12:00AM
Business Wire
Purchases Significant Interest in Business
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of
outpatient physical therapy clinics, reported today that the
Company has acquired a 90% interest in a physical therapy business
focused on creating solutions for industry. Programs include
traditional physical and occupational therapy, work hardening,
corporate wellness, as well as pre and post offer and functional
capacity testing. The practice includes 11 clinics and three onsite
industrial client locations. The business sees more than 65,000
patient visits per year with approximately 75% of those workers
comp related. Annual revenue of the business exceeds $11,500,000.
The acquired interest was purchased by U.S. Physical Therapy for
$36,000,000.
Chris Reading, President and Chief Executive Officer, said, “We
are very excited to complete this partnership with a very talented
group of people. Our new team members, who have a strong history in
delivering cutting edge solutions to industry, will be a great
complement to our Fit2WRK brand. Our Company will continue to focus
on attracting, supporting, and growing our talented network of
partner-owned facilities as we work together to improve the lives
of our patients.”
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 project. Included among such statements are 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 not limited to:
- changes in Medicare guidelines and
reimbursement or failure of our clinics to maintain their Medicare
certification status;
- business and regulatory conditions
including federal and state regulations;
- changes in reimbursement rates or
payment methods from third party payors including government
agencies and deductibles and co-pays owed by patients;
- revenue and earnings expectations;
- general economic conditions;
- changes as the result of government
enacted national healthcare reform;
- availability and cost of qualified
physical and occupational therapists;
- personnel productivity;
- competitive, economic or reimbursement
conditions in our markets which may require us to reorganize or
close certain operations and thereby incur losses and/or closure
costs including the possible write-down or write-off of goodwill
and other intangible assets;
- maintaining adequate internal
controls;
- availability, terms, and use of
capital;
- acquisitions, purchase of non
controlling interests (minority interests) and the successful
integration of the operations of the acquired businesses; and
- weather and other seasonal
factors.
Many factors are beyond our control. Given these uncertainties,
you should not place undue reliance on our forward-looking
statements. Please see our periodic reports filed with the
Securities and Exchange Commission for more information on these
factors. Our forward-looking statements represent our estimates and
assumptions only as of the date of this press release. Except as
required by law, we are under no obligation to update any
forward-looking statement, regardless of the reason the statement
is no longer accurate.
About U.S. Physical Therapy,
Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 474
outpatient physical and occupational therapy clinics in 43 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 20 physical therapy
facilities for third parties, including hospitals and physician
groups.
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.
U.S. Physical Therapy, Inc.Larry McAfee, 713-297-7000Chief
Financial OfficerorChris Reading, 713-297-7000Chief Executive
OfficerorThe Ruth GroupStephanie Carrington, 646-536-7017
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