US Physical Therapy, Inc. (NYSE:USPH) Q2 2023 Earnings Conference Call August 9, 2023 10:30 AM ET

Company Participants

Christopher Reading - President, CEO & Director

Jake Martinez - SVP, Finance & Accounting

Carey Hendrickson - CFO

Eric Williams - COO, East

Conference Call Participants

Brian Tanquilut - Jefferies

Joanna Gajuk - Bank of America Merrill Lynch

Lawrence Solow - CJS Securities

Madeline Mollman - William Blair & Company

Operator

Good day, and thank you for standing by. Welcome to the U.S. Physical Therapy Second Quarter 2023 Earnings Conference Call. [Operator Instructions].

I'd like to turn the call over to Chris Reading, President and CEO. Please go ahead, sir.

Christopher Reading

Thank you, sir. Good morning, and welcome, everyone, to U.S. Physical Therapy's Second Quarter 2023 Earnings Call. With me on the line include Carey Hendrickson, our Chief Financial Officer; Eric Williams and Graham Reeve, our Co-COO; Rick Binstein, our Executive Vice President and General Counsel; Jake Martinez, our Senior Vice President of Finance and Accounting.

Before I provide a little color on the quarter, we need to cover a brief disclosure statement. So Jake, if you could take that, please.

Jake Martinez

Chris, this presentation contains forward-looking statements which involve certain risks and uncertainties. These forward-looking statements are based on the company's current views and assumptions. The company's actual results may vary materially from those anticipated. Please see the company's filings with the Securities and Exchange Commission for more information.

Christopher Reading

Thanks, Jake. So this morning, I'm going to keep my commentary kind of at a high level, and then we'll turn it over to Carey to go through the financials in more detail. I want to start by thanking our partners, our operations leadership team, sales and marketing directors and our digital marketing support and development teams, all of whom are working hard every day to drive patients to our door, we can effect life-changing care, allowing them to quickly return to work sports into all those activities that support families uplift parts as well as communities.

This would not be possible if not for the care, connection and dedication of our front line caregivers. Many therapists across our more than 150 individual partnerships. In these first 6 months, first 2 quarters of 2023 as a result of the excellent care and outcomes, you continue to provide our patient -- you continue to provide our patient demand has been greater than ever before in the history of our company. Quarter 1 delivered record visits per point for that, the highest ever for is normally a seasonally slowest quarter at 29.8. March gave us the best single month at that point at 30.7 visits per point per day. I'm pleased and proud to say that despite challenges in the labor market this past year, we were able to continue that quarter 1 momentum.