| Selected Financial Data for Reportable Segments |
The Company has provided additional information regarding its reportable segments which contributes to the understanding of the Company and
provides useful information.
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Three Months Ended
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Six Months Ended
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June 30, 2026
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June 30, 2025
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June 30, 2026 |
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June 30, 2025 |
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(In thousands) |
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(In thousands) |
|
| Net revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
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Physical therapy operations
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|
$ |
182,355 |
|
|
$ |
168,292 |
|
|
$ |
350,030 |
|
|
$ |
324,700 |
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|
Industrial injury prevention services
|
|
|
31,704 |
|
|
|
29,052 |
|
|
|
62,314 |
|
|
|
56,432 |
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|
Total Company
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|
$ |
214,059 |
|
|
$ |
197,344 |
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|
$ |
412,344 |
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|
$ |
381,132 |
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|
|
|
|
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|
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Operating Costs:
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|
|
|
|
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Salaries and related costs:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Physical therapy operations
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|
$ |
105,793 |
|
|
$ |
95,668 |
|
|
$ |
206,280 |
|
|
$ |
189,241 |
|
Industrial injury prevention services
|
|
|
19,611 |
|
|
|
18,120 |
|
|
|
38,612 |
|
|
|
35,796 |
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Total salaries and related costs
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|
$ |
125,404 |
|
|
$ |
113,788 |
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|
$ |
244,892 |
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|
$ |
225,037 |
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Rent supplies, contract labor and other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Physical therapy operations
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|
$ |
34,301 |
|
|
$ |
29,826 |
|
|
$ |
68,345 |
|
|
$ |
59,925 |
|
Industrial injury prevention services
|
|
|
4,664 |
|
|
|
4,301 |
|
|
|
9,072 |
|
|
|
8,046 |
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Total rent, supplies, contract labor and other
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|
$ |
38,965 |
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|
$ |
34,127 |
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|
$ |
77,417 |
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|
$ |
67,971 |
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| Depreciation and amortization: * |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Physical therapy operations |
|
$ |
4,680 |
|
|
$ |
5,025 |
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|
$ |
9,429 |
|
|
$ |
9,719 |
|
| Industrial injury prevention services |
|
|
941 |
|
|
|
716 |
|
|
|
1,849 |
|
|
|
1,562 |
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Total depreciation and amortization
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|
$ |
5,621 |
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|
$ |
5,741 |
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|
$ |
11,278 |
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|
$ |
11,281 |
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Provision for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Physical therapy operations
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|
$ |
2,104 |
|
|
$ |
1,980 |
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|
$ |
4,070 |
|
|
$ |
3,821 |
|
Industrial injury prevention services
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|
|
16 |
|
|
|
15 |
|
|
|
54 |
|
|
|
22 |
|
Total provision for credit losses
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|
$ |
2,120 |
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|
$ |
1,995 |
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|
$ |
4,124 |
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|
$ |
3,843 |
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Clinic closure costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Physical therapy operations
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|
$ |
6 |
|
|
$ |
69 |
|
|
$ |
(62 |
) |
|
$ |
311 |
|
|
Industrial injury prevention services
|
|
|
-
|
|
|
|
-
|
|
|
|
- |
|
|
|
- |
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Total clinic closure costs
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|
$ |
6 |
|
|
$ |
69 |
|
|
$ |
(62 |
) |
|
$ |
311 |
|
Total Company
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|
$ |
172,116 |
|
|
$ |
155,720 |
|
|
$ |
337,649 |
|
|
$ |
308,443 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical therapy operations
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|
$ |
35,471 |
|
|
$ |
35,724 |
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|
$ |
61,968 |
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|
$ |
61,683 |
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Industrial injury prevention services
|
|
|
6,472 |
|
|
|
5,900 |
|
|
|
12,727 |
|
|
|
11,006 |
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Total Company
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|
$ |
41,943 |
|
|
$ |
41,624 |
|
|
$ |
74,695 |
|
|
$ |
72,689 |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Unallocated amounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Corporate office costs |
|
$ |
19,005 |
|
|
$ |
17,476 |
|
|
$ |
37,279 |
|
|
$ |
33,721 |
|
| Interest expense, debt and other |
|
|
3,213 |
|
|
|
2,422 |
|
|
|
6,004 |
|
|
|
4,701 |
|
| Interest income from investments |
|
|
(29 |
) |
|
|
(28 |
) |
|
|
(45 |
) |
|
|
(52 |
) |
| Loss (gain) on change in fair value of contingent earn-out consideration |
|
|
992 |
|
|
|
(790 |
) |
|
|
2,989 |
|
|
|
(5,612 |
) |
| Change in revaluation of put-right liability |
|
|
168 |
|
|
|
339 |
|
|
|
(195 |
) |
|
|
743 |
|
| Equity in earnings of unconsolidated affiliate |
|
|
(408 |
) |
|
|
(401 |
) |
|
|
(772 |
) |
|
|
(794 |
) |
| Loss on sale of a partnership |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
123 |
|
| Loss on extinguishment of debt |
|
|
124 |
|
|
|
- |
|
|
|
124 |
|
|
|
- |
|
| Other |
|
|
(175 |
) |
|
|
(47 |
) |
|
|
(305 |
) |
|
|
(122 |
) |
| Total unallocated amounts |
|
|
22,890 |
|
|
|
18,971 |
|
|
|
45,079 |
|
|
|
32,708 |
|
| Income before taxes |
|
$ |
19,053 |
|
|
$ |
22,653 |
|
|
$ |
29,616 |
|
|
$ |
39,981 |
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|
Assets:
|
|
June 30, 2026
|
|
|
December 31, 2025
|
|
Goodwill:
|
|
|
|
|
|
|
|
Physical therapy operations
|
|
$ |
613,813 |
|
|
$ |
604,440 |
|
|
Industrial injury prevention services
|
|
|
102,722 |
|
|
|
87,952 |
|
| Total goodwil |
|
$ |
716,535 |
|
|
$ |
692,392 |
|
| All other assets: |
|
|
|
|
|
|
|
|
| Physical therapy operations |
|
$ |
447,800 |
|
|
$ |
434,804 |
|
| Industrial injury prevention services |
|
|
84,539 |
|
|
|
76,814 |
|
| Total all other assets |
|
|
532,339 |
|
|
|
511,618 |
|
|
Total Assets
|
|
$ |
1,248,874 |
|
|
$ |
1,204,010 |
|
*Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments for the three and six months ended June 30, 2025 to conform with
current presentation.
|