U.S. Physical Therapy (USPH)

U.S. Physical Therapy, Inc. is the largest publicly-traded, pure-play operator of outpatient physical and occupational therapy clinics. The clinics provide pre- and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, rehabilitation of injured workers and preventative care. USPh also manages several physical therapy facilities for third parties, including physician groups. Each of USPh's clinics are directed by a licensed physical therapist that drive patient volume via local physicians, former patients and other referral sources. Marketing representatives are used to further augment sales. Historically, USPh has grown its business through de novo development; approximately two-thirds of USPh clinics were originally start-ups. Strategic acquisitions, which accelerate the Company's growth, are structured like the de novo partnerships, with significant ownership retained by founders.