<SEC-DOCUMENT>0001140361-20-008999.txt : 20200416
<SEC-HEADER>0001140361-20-008999.hdr.sgml : 20200416
<ACCEPTANCE-DATETIME>20200416090015
ACCESSION NUMBER:		0001140361-20-008999
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200416
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200416
DATE AS OF CHANGE:		20200416

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:		20795295

	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>
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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;"><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: #000000; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Date of Report (Date of earliest event reported): April 16, 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: rgb(0, 0, 0); font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
    <div><font style="color: #000000;"> </font><br>
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          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Nevada</div>
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          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">1-11151</div>
          </td>
          <td style="width: 32.66%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">76-0364866</div>
          </td>
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          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(State or other jurisdiction</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">of incorporation or organization)</div>
          </td>
          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Commission File Number)</div>
          </td>
          <td style="width: 32.66%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(I.R.S. Employer Identification No.)</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">1300 West Sam Houston Parkway South,</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Suite 300, Houston, Texas</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 49%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">77042</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Address of Principal Executive Offices)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); 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>
    <div>
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              <td style="width: 36pt; vertical-align: top;">&#9744;</td>
              <td style="width: auto; vertical-align: bottom;">
                <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
              </td>
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              <td style="width: 36pt; vertical-align: top; align: right;">&#9744;</td>
              <td style="width: auto; vertical-align: bottom;">
                <div style="color: rgb(0, 0, 0);"> Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</div>
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              <td style="width: 36pt; vertical-align: top; align: right;">&#9744;</td>
              <td style="width: auto; vertical-align: bottom;">
                <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
              </td>
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    <div style="text-indent: -36pt; margin-left: 36pt;"><font style="color: #000000;"> </font><br>
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              <td style="width: 36pt; vertical-align: top; align: right;">&#9744;</td>
              <td style="width: auto; vertical-align: bottom;">
                <div style="color: rgb(0, 0, 0);">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: 30%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center; color: rgb(35, 31, 32);">Title of each class</div>
            <div>&#160;</div>
          </td>
          <td style="width: 22.68%; 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: rgb(35, 31, 32);">Trading</div>
            <div style="text-align: center; color: rgb(35, 31, 32);">Symbol(s)</div>
          </td>
          <td style="width: 47%; 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: rgb(35, 31, 32);">Name of each exchange on which registered</div>
            <div>&#160;</div>
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          <td style="width: 30%; 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: rgb(0, 0, 0);">Common Stock, $.01 par value</div>
          </td>
          <td style="width: 22.68%; 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: rgb(0, 0, 0);">USPH</div>
          </td>
          <td style="width: 47%; 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: rgb(0, 0, 0);">New York Stock Exchange</div>
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    <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>&#160;</div>
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          <td style="width: 60%; vertical-align: top;">
            <div style="text-align: right; color: rgb(0, 0, 0);">Emerging growth company</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#9744;</td>
          <td style="width: 30%; vertical-align: top;"><br>
          </td>
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    <div>&#160;</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; &#9744;</div>
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              <td style="width: 72pt; vertical-align: top; align: right; color: #000000; 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>&#160;</div>
    <div style="color: #000000; font-weight: bold;">Reliance on SEC Relief from Filing Requirements</div>
    <div><br>
    </div>
    <div style="text-align: justify;">U.S. Physical Therapy, Inc. (the &#8220;Company, &#8220;us&#8221;, &#8220;our&#8221; and &#8220;we&#8221;) <font style="color: #252525;">is filing this Current Report on Form 8-K pursuant to the Order of the Securities and Exchange Commission (the &#8220;SEC&#8221;),
        issued on March 4, 2020 and as revised on March 25, 2020 pursuant to Section 36 of the Exchange Act, granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (Release No. 34-88465) (the &#8220;SEC Order&#8221;). The SEC
        Order provides that a registrant subject to the reporting requirements of Exchange Act Section 13(a) or 15(d), and any person required to make any filings with respect to such registrant, is exempt from any requirement to file or furnish materials
        with the Commission under Exchange Act Sections 13(a), 13(f), 13(g), 14(a), 14(c), 14(f), 15(d) and Regulations 13A, Regulation 13D-G (except for those provisions mandating the filing of Schedule 13D or amendments to Schedule 13D), 14A, 14C and
        15D, and Exchange Act Rules 13f-1, and 14f-1, as applicable, if certain conditions are satisfied.</font></div>
    <div style="text-align: justify;"><font style="color: #252525;"> </font><br>
    </div>
    <div style="text-align: justify; color: #252525;">The Company, relying on the SEC Order, will delay the filing of its Quarterly Report on Form 10-Q for the three months ended March 31, 2020 (the &#8220;Report&#8221;) due to the circumstances related to COVID-19.
      In particular, due to the government imposed restrictions in many of the areas we operate including our corporate offices, COVID-19 has caused disruptions to the Company and limited access to its facilities resulting in limited support from its
      staff. The Company&#8217;s operations are located throughout the United States with its corporate office in Houston, Texas. These restrictions have, in turn, slowed the completion of the Company&#8217;s internal quarterly review, including evaluating the various
      impacts of COVID-19 on its financial statements, and to prepare and complete in a timely manner the Report. Notwithstanding the foregoing, the Company expects to file the Report on May 21, 2020, approximately two weeks later than normal.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Business Update</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">The effects of the COVID-19 pandemic continue to adversely impact us. Our patient volumes last week overall were approximately 55% of normal but vary significantly by region.&#160; At this
        point, we have 51 clinics at least temporarily closed and we anticipate additional closures.&#160; Clinics that remain open continue to experience a significant decline in patient volume as new patient referrals continue to slow and existing patients
        continue to cancel scheduled appointments and fail to schedule additional appointments. Likewise the Company&#8217;s industrial injury prevention business is experiencing a significant downturn as a number of our clients&#8217; locations are on reduced work
        schedules or closed. As a result, the Company expects a significant drop in revenue and, in the near term, expects to incur losses. Management has taken a number of steps to mitigate these losses</font>. To date we have furloughed or terminated
      approximately 2,000 employees, comprising more than 40% of our employees across the Company. In our corporate office, we have made across the board employee salary reductions of from 20% to 25%, as well as a 35% to 40% salary reduction for
      executives, and a 50% reduction of our Board of Directors related fees. In addition, many of our clinic partnerships have made similar salary reductions. We continue to deploy a telehealth and e-visit solution to perform services remotely,
      renegotiate leases, slow development <font style="color: #000000;">of new clinics, delay potential acquisitions and cut other expenses.</font></div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Dividend Payment and Suspension of Further Dividends in 2020</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company will pay the first quarter dividend as scheduled on Friday, April 17, 2020.&#160; As previously disclosed, the Board of Directors declared a cash dividend of $0.32 per share payable on April 17,
      2020 to shareholders of record as of March 13, 2020. Although a final decision has not yet been made by the Company&#8217;s Board of Directors, management does not anticipate that the Company will pay subsequent dividends for the remainder of 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Additional Risk Factor</div>
    <div style="background-color: #FEFEFE;">
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">T</font><font style="color: #252525;">he Company will be including the following Risk Factor in the Report which should be read in conjunction with the risk factors described in our
          Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020:</font></div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; color: #252525; font-style: italic; font-weight: bold;">We are subject to risks associated with public health crises and epidemics/pandemics, such as the novel strain of<a name="z1275"></a><a name="keyword"></a>
      coronavirus (COVID-19).</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #252525;">Our operations expose us to risks associated with public health crises and epidemics/pandemics, such as the novel strain of<a name="z1302"></a> coronavirus (COVID-19) that has spread globally. In recent
      weeks, the continued spread has led to disruption and volatility in the global capital markets, which increases the cost of, and adversely impacts access to, capital and increases economic uncertainty. The pandemic has caused an economic slowdown of
      potentially extended duration, and it is possible that it could cause a global recession.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #252525;">COVID-19 is having, and will continue to have, an adverse impact on our operations and supply chains, including an increase in cancellations of physical therapy patient appointments and a decline in the
      scheduling of new or additional patient appointments.&#160; Due to these impacts and measures, we have experienced, and will continue to experience, significant and unpredictable reductions and cancellations of our patient visits.</div>
    <div style="text-align: justify; color: #252525;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: justify; color: #252525;">As a result, given the rapid and evolving nature of the virus, COVID-19 will negatively affect our revenue, and it is uncertain how materially COVID-19 will affect operations generally if these impacts
      persist or worsen over an extended period of time. Any of these impacts would have a significant adverse effect on our business, financial condition and results of operations, and at this point, the extent of the impact of COVID-19 remains uncertain.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Summary of Risk Factors</div>
    <div><br>
    </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 style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z66a99a32e22d475d9769295dbd2ffcdb" 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;">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>
        <table cellspacing="0" cellpadding="0" id="z42b560bac5924d6d9301716e5690cf0c" 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;">changes as the result of government enacted national healthcare reform&#894;</div>
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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 in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status&#894;</div>
              </td>
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    </div>
    <div style="text-align: justify;">
      <div>
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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>
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    <div style="text-align: justify;">
      <div>
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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;">business and regulatory conditions including federal and state regulations&#894;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
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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;">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>

        </table>
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    <div style="text-align: justify;">
      <div>
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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;">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>
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            </tr>

        </table>
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    <div style="text-align: justify;">
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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;">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>

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

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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>

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      </div>
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    <div style="text-align: justify;">
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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;">general economic conditions&#894;</div>
              </td>
            </tr>

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    <div style="text-align: justify;">
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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;">availability and cost of qualified physical therapists&#894;</div>
              </td>
            </tr>

        </table>
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    <div style="text-align: justify;">
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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;">personnel productivity and retaining key personnel&#894;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
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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;">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>

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    <div style="text-align: justify;">
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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;">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>
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    </div>
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            <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="z58f7e703f329489c8436831a4781da7b" 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>
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            <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>
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    <div style="text-align: justify;">
      <div>
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            <tr>
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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;">maintaining adequate internal controls&#894;</div>
              </td>
            </tr>

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

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

        </table>
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;">Refer to Item 1A. Risk Factors in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 28, 2020 for a listing and explanation of risk factors and the above
      noted additional risk factor.</div>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SIGNATURE</div>
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    <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><font style="color: #000000;"> </font><br>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
          </td>
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        <tr>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 3%; vertical-align: middle;">&#160;</td>
          <td style="width: 47%; vertical-align: middle;">&#160;</td>
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        <tr>
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            <div style="color: rgb(0, 0, 0);">Dated: April 16, 2020</div>
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          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">By:</div>
          </td>
          <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0);">/s/ LAWRANCE W. MCAFEE</div>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">Lawrance W. McAfee</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">Chief Financial Officer</div>
          </td>
        </tr>
        <tr>
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            <div style="color: rgb(0, 0, 0);">(duly authorized officer and principal financial and accounting officer)</div>
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    <div>&#160;</div>
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