US Physical Therapy (USPH) – NYSE

us-physical-therapyU.S. Physical Therapy, through its subsidiaries, operates outpatient physical and occupational therapy clinics that provides pre- and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers and neurological-related injuries. The Company also operates two clinics, which specialize in the outpatient, non-surgical treatment of osteo arthritis degeneration joint disease and other musculoskeletal conditions and perform certain services on behalf of third parties that provide physical therapy services. In May 2013, the Company acquired an 80% interest in a five clinic physical therapy group. In October 2013, U.S. Physical Therapy Inc announced that it has sold the remaining piece of its former Physician Services business. In December 2013, the Company announced that it has acquired a majority interest in a 12 clinic physical therapy business. Effective December 16, 2013, US Physical Therapy Inc acquired a 90% interest in ARC Physical Therapy+. In August 2014, U.S. Physical Therapy Inc purchased a three clinic physical therapy practice.

It primarily operates through subsidiary clinic partnerships in which it generally owns a 1% general partnership interest and a 64% limited partnership interest and the managing therapist(s) of the clinics owns the remaining limited partnership interest in the majority of the clinics (referred to as Clinic Partnerships). To a lesser extent, it operates some clinics through wholly owned subsidiaries under profit sharing arrangements with therapists (referred to as Wholly Owned Facilities). On July 25, 2011, the Company acquired a 51% interest in a 20 clinic multi-partner physical therapy group.

At December 31, 2011, the Company operated 416 clinics, inclusive of the two clinics that perform physician services (Physician Services Clinics), in 42 states. There were 314 clinics operated under Clinic Partnerships and 102 were operated as Wholly Owned Facilities. The average age of the 416 clinics in operation at December 31, 2011 was eight years. Of the 416 clinics, the Company developed 293 and acquired 123. During the year ended December 31, 2011, the Company opened 21 clinics, acquired 20 and closed 17. Its clinics are in various states, which include Tennessee, Texas, Michigan, Washington, Georgia, Maryland, New Jersey, Wisconsin, Arizona, Florida, Oklahoma, Virginia and Indiana. In addition to its 416 clinics, at December 31, 2011, the Company also managed 15 physical therapy practices for third parties, including physicians. Of the 21 clinics opened during 2011, six were with new partners and 15 were satellites of existing partnerships.

Most of the Company’s clinics are Clinic Partnerships in which it owns the general partnership interest and a majority of the limited partnership interests. The managing healthcare practioner of the clinics usually owns a portion of the limited partnership interests. As of December 31, 2011, through wholly-owned subsidiaries, it owned a 1% general partnership interest in all the Clinic Partnerships, except for one partnership in which it owns a 6% general partnership interest. Its limited partnership interests range from 50% to 99% in the Clinic Partnerships, but with respect to the majority of its Clinic Partnerships, it owns a limited partnership interest of 64%. For the great majority of the Clinic Partnerships, the managing healthcare practioner is a physical therapist who owns the remaining limited partnership interest in the Clinic Partnerships. The Company’s clinic occupies approximately 1,500 to 3,000 square feet of leased space in an office building or shopping center.

The Company provides services at its clinics on an outpatient basis. Patients are usually treated for approximately one hour per day, two to three times a week, typically for two to six weeks. The Company generally charges for treatment on a per procedure basis. Therapists at the clinics initially perform a comprehensive evaluation of each patient, which is then followed by a treatment plan specific to the injury as prescribed by the patient’s physician. The treatment plan may include a number of procedures, including therapeutic exercise, manual therapy techniques, ultrasound, electrical stimulation, hot packs, iontophoresis, education on management of daily life skills and home exercise programs. The principal sources of payment for the clinics’ services are managed care programs, commercial health insurance, Medicare and workers’ compensation insurance.


Please note that the Technical Indicators and Fundamental Factors indicated below will change during the day as the market fluctuates.

Technical Indicators:

  • 100% Technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 12 new highs and up 17.42% in the last month
  • Relative Strength Index 81.17%
  • Tchnical support level at 38.75
  • Recently traded at 42.16 with a 50 day moving average of 36.51

 

Fundaental Factors:
  • Market Cap: $513.94 Million
  • P/E: 28.06
  • EPS: $1.50
  • Dividend Yield: 1.14%
  • Revenue expected to grow 13.00% this year and another 6.00% next year
  • Earnings are estimated to increase 16.60% this year, an additional 10.10% next year and continue to compound at an annual rate of 12.50% for the the next 5 years
  • Wall Street analysts issued 4 strong buy and 3 hold recommendations on the stock
The 50-100 day MACD Oscillator has been the best technical trading strategy on thus stock and should be used as your exit point.

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