U S Physical Therapy (USPH) Q2 FY26 earnings call

U.S. Physical Therapy delivered strong Q2 FY26 results driven by record visit volumes and net rates, alongside significant progress in its hospital affiliation strategy. While short-term costs related to front-loaded hiring and higher self-insured healthcare expenses impacted Q2 margins, management reaffirmed full-year adjusted EBITDA guidance, anticipating benefits from hospital integrations and efficiency initiatives in the second half of the year. The company is also actively pursuing M&A and digital opportunities for future growth.