<SEC-DOCUMENT>0001140361-20-007385.txt : 20200330
<SEC-HEADER>0001140361-20-007385.hdr.sgml : 20200330
<ACCEPTANCE-DATETIME>20200330160530
ACCESSION NUMBER:		0001140361-20-007385
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200330
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200330
DATE AS OF CHANGE:		20200330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S PHYSICAL THERAPY INC /NV
		CENTRAL INDEX KEY:			0000885978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		IRS NUMBER:				760364866
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11151
		FILM NUMBER:		20756994

	BUSINESS ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
		BUSINESS PHONE:		7132977000

	MAIL ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
</SEC-HEADER>
<DOCUMENT>
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<TEXT>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>
      <div><font style="color: #000000;"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt;">&#160;<font style="font-weight: bold;">FORM 8-K</font></div>
      <div><font style="color: #000000;"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Pursuant to Section 13 or 15(d)</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">of the Securities Exchange Act of 1934</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Date of Report (Date of earliest event reported): March 30, 2020</div>
      <div><font style="color: #000000;"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt;"><font style="font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</font></div>
      <div style="text-align: center; color: #000000; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
      <div><font style="color: #000000;"> </font><br>
      </div>
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            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Nevada</div>
            </td>
            <td style="width: 34.2%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">1-11151</div>
            </td>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">76-0364866</div>
            </td>
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            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(State or other jurisdiction of incorporation or organization)</div>
            </td>
            <td style="width: 34.2%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(Commission File Number)</div>
            </td>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(I.R.S. Employer Identification No.)</div>
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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">1300 West Sam Houston Parkway South,</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Suite 300, Houston, Texas</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">77042</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(Address of Principal Executive Offices)</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(Zip Code)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; color: #000000; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (713) 297-7000</div>
      <div style="text-align: center;"><font style="font-weight: bold; color: #000000;"> </font><br>
      </div>
      <div style="color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
        following provisions (<u>see</u> General Instruction A.2. below):</div>
      <div><br>
      </div>
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                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
                </td>
              </tr>

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      </div>
      <div><br>
      </div>
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                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</div>
                </td>
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                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
                </td>
              </tr>

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        </div>
      </div>
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      </div>
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                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><font style="color: #000000;"> </font><br>
      </div>
      <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
      </div>
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            <td style="width: 35%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;" colspan="1">
              <div style="color: rgb(35, 31, 32);">Title of each class</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="text-align: center; color: #231F20;">Trading</div>
              <div style="text-align: center; color: #231F20;">Symbol(s)</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="1">
              <div style="color: rgb(35, 31, 32);">Name of each exchange on which registered</div>
            </td>
          </tr>
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            <td style="width: 35%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Common Stock, $.01 par value</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">USPH</div>
            </td>
            <td style="width: 45%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">New York Stock Exchange</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="color: #000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
        chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
      <div style="color: #000000;"> <br>
      </div>
      <div style="color: #000000;">
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              <td style="width: 75%; text-align: right;">Emerging growth company</td>
              <td style="width: 5%;"><br>
              </td>
              <td style="width: 20%;" colspan="1"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></td>
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      </div>
      <div><br>
      </div>
      <div style="color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
        or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160; <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
      <div style="color: rgb(0, 0, 0);"> <br>
      </div>
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                <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 5.02</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
                    Officers.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div><font style="color: #000000;">As a result of the current business environment, </font>U.S. Physical Therapy, Inc. (the
        &#8220;Company&#8221; &#8220;we&#8221; and &#8220;our&#8221;) reported today that Mr. Lawrance McAfee, the Company&#8217;s Executive Vice President and Chief Financial Officer, has agreed not to retire on October 1, 2020, as previously announced on a Current Report on Form 8-K filed on
        January 14, 2020. Mr. McAfee will defer retirement until a later date. Accordingly, the Company has temporarily suspended the search for a successor.</div>
      <div> <br>
      </div>
      <div style="text-align: justify;">
        <div>
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                <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 8.01</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Other Events.</div>
                </td>
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        </div>
      </div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Board Director Fees</div>
      <div style="color: #000000;">Also, the Company reported today that the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) has agreed to a reduction of 50% in its quarterly retainer fees,
        committee chairman fees and committee meeting fees.</div>
      <div style="color: #000000;"> <br>
      </div>
      <div style="color: #000000; font-weight: bold;">Annual Meeting Schedule</div>
      <div style="color: #000000;">Additionally, the Board has decided not to hold the 2020 Annual Meeting of Stockholders (&#8220;Annual Meeting&#8221;) in May of this year as originally planned.&#160; The
        Annual Meeting will be scheduled later in the year and appropriate notice will be provided to stockholders. The deadline in order for a shareholder proposal to be considered for inclusion in the proxy statement and form of proxy relating to the
        Annual Meeting will be adjusted so that stockholders will have sufficient time to submit any such proposals before the proxy materials are printed and mailed to stockholders.</div>
      <div style="color: #000000;"> <br>
      </div>
      <div style="color: #000000; font-weight: bold;">Risk Factors</div>
      <div style="color: #000000;">Our business can be affected by certain risks, uncertainties and factors which include, but are not limited to:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z78a89d3d71d44f99878f46f71412281f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the multiple effects of the impact of public health crises and epidemics/pandemics, such as the novel strain of&#160; COVID-19 (coronavirus) which the financial
                    magnitude cannot be currently estimated;</div>
                </td>
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        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z731d8f7175284da2a3d6bb7ed3ac12e6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">changes as the result of government enacted national healthcare reform&#894;</div>
                </td>
              </tr>

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        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z26368daa9d574cdcbc8410f947b55e82" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status&#894;</div>
                </td>
              </tr>

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        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1e60ffc59f644f8ca64924cb0bccd2eb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction&#894;</div>
                </td>
              </tr>

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        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zde097f4bc2a640399e5bc9b292e3a02a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">business and regulatory conditions including federal and state regulations&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z738579d9edbe4d56a6d9dd68c96cb1a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased
                    costs&#894;</div>
                </td>
              </tr>

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        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z75c73f7087c34fdb882260ab849b2106" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and
                    penalties for failure to comply&#894;</div>
                </td>
              </tr>

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        </div>
      </div>
      <div style="text-align: justify;">
        <div>
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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by
                    patients&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">revenue and earnings expectations&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zff49478a3cd4445e8cdef3ad6080a899" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">legal actions, which could subject us to increased operating costs and uninsured liabilities&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z279eed2e29c043918e11ab0f90932e16" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">general economic conditions&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z03ae2dbe63974293bc4893694a1ff1fe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">availability and cost of qualified physical therapists&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2baa2502fa0e4b0c9c232d0a9958e6a1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">personnel productivity and retaining key personnel&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4d5fe212b5324b608297ca2a92f44fd5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or
                    closure costs including the possible write-down or write-off of goodwill and other intangible assets&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z86191c05a3804a2589da9e9cfbccb870" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">competitive environment in the industrial injury prevention business, which could result in the termination or non-renewal of contractual service arrangements
                    and other adverse financial consequences for that service line;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z22cc174d8bc0456aa8f37541378dacce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">acquisitions, purchase of non-controlling interests (minority interests) and the successful integration of the operations of the acquired businesses&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9ca88d617f0648deb18e51e28c8b2f14" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">maintaining our information technology systems with adequate safeguards to protect against cyber-attacks&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze6b1b65842834b958600a0e807848cfb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a security breach of our or our third party vendors&#8217; information technology systems may subject us to potential legal action and reputational harm and may
                    result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z721d57184a9948a5a437a4dec91735bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">maintaining adequate internal controls&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7db105d1e151486c8b63a445b01853fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">maintaining necessary insurance coverage&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z480d90a8bfd64854a0d8318430c12e42" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">availability, terms, and use of capital&#894; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7d95eda0b9d848ed83ee6f38484c4de7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">weather and other seasonal factors.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="color: #000000;">Refer to the Company&#8217;s Annual Report on Form 10-K &#8211; Item 1A. Risk Factors - filed on February 28, 2020 and the Current Report on Form 8-K filed on March
        26, 2020 &#8211; Item 8.01 Other Events &#8211; Amendment to Risk Factors - for a listing and explanation of risk factors.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
      <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
      </div>
      <div style="color: #000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
        undersigned hereunto duly authorized.</div>
      <div style="color: #000000;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z14471b3b32cf4627b0798a275d92e0f2" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: #000000; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: middle;"><br>
            </td>
            <td style="width: 3%; vertical-align: middle;"><br>
            </td>
            <td style="width: 47%; vertical-align: middle;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">Dated: March 30, 2020</div>
            </td>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">By:</div>
            </td>
            <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">/s/ LAWRANCE W. MCAFEE</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 3%; vertical-align: top;"><br>
            </td>
            <td style="width: 47%; vertical-align: top;">
              <div style="color: #000000;">Lawrance W. McAfee</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 3%; vertical-align: top;"><br>
            </td>
            <td style="width: 47%; vertical-align: top;">
              <div style="color: #000000;">Chief Financial Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 3%; vertical-align: top;"><br>
            </td>
            <td style="width: 47%; vertical-align: top;">
              <div style="color: #000000;">(duly authorized officer and principal financial and accounting officer)</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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