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U S PHYSICAL THERAPY INC /NV
0000885978
0000885978
2024-05-01
2024-05-01
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 1, 2024
U.S. PHYSICAL THERAPY, INC.
(Exact name of registrant as specified in its charter)
Nevada 001-11151 76-0364866
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification No.)
1300 WEST SAM HOUSTON PARKWAY 77043
,
SUITE 300
,
HOUSTON
,
Texas
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (
713
)
297-7000
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (
see
General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.01 par value USPH New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 ((s)230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 ((s)240.12b-2 of this
chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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ITEM 8.01
Other Event.
On May 1, 2024 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 services ("IIP"), announced the acquisition of
an IIP services business by one of its primary IIP companies, Briotix Health
Limited Partnership ("Briotix"). Briotix purchased 100% of the IIP services
business for a total purchase price of approximately $24.0 million. The
business currently generates approximately $11.0 million in annual revenues.
In a separate transaction, USPH also acquired a two-clinic physical therapy
practice with approximately $1.0 million in annual revenue, which is being
tucked into a larger recently acquired practice.
A copy of the press release is attached hereto as Exhibit 99.1 to this Current
Report on Form 8-K.
The information in this Current Report on Form 8-K, including the exhibits,
shall not be deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to
the liabilities of that section, and shall not be incorporated by reference
into any registration statement or other document filed under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.
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ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibits Description of Exhibits
99.1
Registrant's Press Release dated May 1, 2024
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
U.S. PHYSICAL THERAPY, INC.
Dated: May 1, 2024 By: /s/ CAREY HENDRICKSON
Carey Hendrickson
Chief Financial Officer
(duly authorized officer and principal financial and accounting officer)
CONTACT:
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. Physical Therapy Announces Acquisitions
The Company Acquired an Industrial Injury Prevention Business
and a Physical Therapy Practice
Houston, TX, May 1, 2024
- 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 services ("IIP"), announced the acquisition of an
IIP services business by one of its primary IIP companies, Briotix Health
Limited Partnership ("Briotix"). Briotix purchased 100% of the IIP services
business for a total purchase price of approximately $24.0 million. The
business currently generates approximately $11.0 million in annual revenues.
In a separate transaction, USPH also acquired a two-clinic physical therapy
practice with approximately $1.0 million in annual revenue, which is being
tucked into a larger recently acquired practice.
Chris Reading, Chief Executive Officer, said, "We are extremely pleased to
announce our industrial injury prevention acquisition today. The
relationships with this team extend for many years and there is a great
respect for what they have built over a long period of time. This opportunity
will fit well within our Briotix partnership from an operational and cultural
perspective and will open us up to several new industry verticals in
transportation, construction and manufacturing. Additionally, we look forward
to cross-selling opportunities for the more than 20 Briotix program offerings
now available."
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 683 outpatient physical
therapy clinics in 42 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 41 physical therapy facilities for unaffiliated
third parties, including hospitals and physician groups. The Company also has
an industrial injury prevention business which provides onsite services for
clients' employees including injury prevention and rehabilitation, performance
optimization, post-offer employment testing, functional capacity evaluations,
and ergonomic assessments.
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.
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