USPh Completes Acquisition of 50-Clinic Physical Therapy Practice

Thursday, October 31, 2024 4:05 PM, EST

Houston, TX, October 31, 2024 – U.S. Physical Therapy, Inc. (“USPH”) (NYSE: USPH), a national operator of
outpatient physical therapy clinics and provider of industrial injury prevention services, closed the previously announced
acquisition of a 50% equity interest in a management services organization (the “Company”) that provides management
and administrative services to 50 outpatient physical therapy clinics, the majority of which are in New York, with plans
to further expand in New York and adjacent states. The Company-managed clinics deliver physical, occupational and
speech therapy in outpatient clinics, and also provide physical therapy services to patients in their homes. Through its
managed therapy providers, the Company currently generates approximately $64.0 million in annual revenue and
approximately $12.0 million in annual EBITDA on a consolidated basis.
About U.S. Physical Therapy, Inc.

Founded in 1990, U.S. Physical Therapy, Inc. owns and/or manages 750 outpatient physical therapy clinics in 43 states.
USPH 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. USPH 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.

USPh Therapy Announces Acquisition of 50-Clinic Physical Therapy Management Services Organization

Monday, October 07, 2024 4:05 PM, EST

Houston, TX, October 7, 2024 – U.S. Physical Therapy, Inc. (“USPH”) (NYSE: USPH), a national operator of outpatient
physical therapy clinics and provider of industrial injury prevention services, today announced that it has signed an
agreement to purchase a 50% equity interest in a management services organization (the “Company”) that provides
management and administrative services to 50 physical therapy clinics. The Company expects to close the transaction on
October 31, 2024.
The Company manages 50 outpatient clinics, the majority of which are in New York, with plans to further expand in New
York and adjacent states. The Company-managed clinics deliver physical, occupational and speech therapy and also
provide physical therapy services to patients in their homes. Through its managed therapy providers, the Company
currently generates approximately $64.0 million in annual revenue and approximately $12.0 million in annual EBITDA
on a consolidated basis. The current owners of the Company will continue to have a 50% ownership interest. The Chief
Executive Officer of the Company, who will remain with the Company as its executive leader, joined the Company in
2016 and has grown the group of managed clinics from five clinics to 50 clinics.
Chris Reading, Chief Executive Officer of USPH, stated, “We are extremely excited about this partnership. We have been
working on this for some time and look forward to completing this transaction by month’s end. I am especially impressed
by the leadership of what will soon be our newest and largest PT partnership. The CEO has assembled a dedicated and
capable executive team who have demonstrated their collective ability to oversee and deliver exceptional care to their
patients while growing their company at an extraordinary rate. Our entire team looks forward to completing this
opportunity while assisting our newest partners on their outsized growth vision for the region.”
BofA Securities, Inc. acted as financial advisor to USPH on this transaction. Livingstone Partners LLC acted as advisor
to the Company.
About U.S. Physical Therapy, Inc.

Founded in 1990, U.S. Physical Therapy, Inc. operates approximately 687 outpatient physical therapy clinics in 42 states.
USPH’s clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sportsrelated injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning
and operating clinics, USPH manages 40 physical therapy facilities for unaffiliated third parties, including hospitals and
physician groups. USPH 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.

USPh Announces the Acquisition of an Eight-Clinic Physical Therapy Practice

Tuesday, September 03, 2024 7:30 AM, EST

Houston, TX, September 3, 2024 – U.S. Physical Therapy, Inc. (the “Company”) (NYSE: USPH), a national operator
of outpatient physical therapy clinics and provider of industrial injury prevention services, announced the acquisition of
a physical therapy and hand therapy practice with eight clinic locations located in Pennsylvania which currently generates
approximately $5.5 million in annual revenues. The Company acquired a 70% interest in the Company with the current
owners retaining a 30% ownership interest.

About U.S. Physical Therapy, Inc.

Founded in 1990, U.S. Physical Therapy, Inc. operates 687 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 40 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.

USPh Announces Acquisitions

Wednesday, May 01, 2024 8:30 AM, EST

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.

USPh Announces Acquisition of a Nine-Clinic Physical Therapy And Hand Therapy Practice

Monday, April 01, 2023 7:30 AM, EST

Houston, TX, April 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, announced the
acquisition of a physical therapy and hand therapy practice with nine clinic locations.

USPH acquired a 50% equity interest in the practice for a purchase price of $16.4 million, with the current practice owners
retaining a 50% interest. The business currently generates approximately $11.4 million in annual revenues and
approximately 65,000 annual visits.

Chris Reading, Chief Executive Officer, said, “This will be a great partnership addition to an already strong market for
us. Our newest partners have done an exceptional job with a nicely developed workers comp centric mix of business and
an appetite to grow in this and surrounding markets.”

About U.S. Physical Therapy, Inc.

Founded in 1990, U.S. Physical Therapy, Inc. operates 678 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.