<SEC-DOCUMENT>0001140361-20-009672.txt : 20200424
<SEC-HEADER>0001140361-20-009672.hdr.sgml : 20200424
<ACCEPTANCE-DATETIME>20200424160118
ACCESSION NUMBER:		0001140361-20-009672
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200424
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200424
DATE AS OF CHANGE:		20200424

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:		20814890

	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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    <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>
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    <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: #000000; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Pursuant to Section 13 or 15(d)</div>
    <div style="text-align: center; color: #000000; 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: #000000; font-weight: bold;">Date of Report (Date of earliest event reported): April 24, 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>
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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>
          </td>
          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-weight: bold;">1-11151</div>
          </td>
          <td style="width: 32.66%; 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: rgb(0, 0, 0); font-weight: bold;">(State or other jurisdiction 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>
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    <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>

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    <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; align: right;">&#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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    <div><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);"> 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; 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><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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            <div style="text-align: center; color: rgb(35, 31, 32);">Title of each class</div>
          </td>
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            <div style="text-align: center; color: rgb(35, 31, 32);">Trading</div>
          </td>
          <td style="width: 48.7%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(35, 31, 32);">Name of each exchange on which registered</div>
          </td>
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          <td style="width: 28.62%; 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);">&#160;</td>
          <td style="width: 22%; 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(35, 31, 32);">Symbol(s)</div>
          </td>
          <td style="width: 48.7%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 28.62%; 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%; 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: 48.7%; 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>
          </td>
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    </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><br>
    </div>
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          <td style="width: 50%; 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: 40%; vertical-align: top;">&#160;</td>
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    <div><font style="color: #000000;"> </font><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; &#9744;</div>
    <div><br>
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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>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="color: #000000; font-weight: bold;">Business Update</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The effects of the COVID-19 pandemic continue to adversely impact U.S. Physical Therapy, Inc. (the &#8220;Company&#8221;, &#8220;us&#8221;, &#8220;our&#8221; and &#8220;we&#8221;). Our physical therapy patient volumes are currently at approximately
      50% of normal rates and vary significantly by region.&#160; In some of our markets, the patient volume appears to be stabilizing.&#160; At this point, we have 72 clinics that are closed as a result of this pandemic, 41 of these clinics are closed temporarily
      while 31 clinics likely will not reopen.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Likewise the Company&#8217;s industrial injury prevention business is experiencing a downturn, currently producing approximately 80% to 85% of pre-pandemic revenue, as some of our clients&#8217; locations are on
      reduced work schedules or closed while others have increased the utilization of our services.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As a result, the Company is experiencing a significant drop in revenue and, in the near term, expects to incur losses.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">As previously disclosed, management has taken a number of steps to mitigate these losses</font>. To date we have furloughed or terminated more than 2,150 employees, comprising
      approximately 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 (i) deploy a telehealth and e-visit solution to perform services remotely, (ii) renegotiate leases, (iii) slow development <font style="color: #000000;">of new clinics, (iv) delay potential acquisitions and (v) reduce other expenses.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Currently, we have a cash balance of approximately $100.0 million.&#160; In addition to collections from our patient receivables, we have drawn all funds available on our credit line of $125.0 million,
      received funds from (a) the Medicare Accelerated and Advance Payment Program (&#8220;MAAPP&#8221;) ($10.6 million to date) and (b) the Public Health and Social Services Emergency Fund (&#8220;Relief Fund&#8221;) ($5.9 million to date) as part of the Coronavirus Aid, Relief,
      and Economics Securities Act (&#8220;CARES Act&#8221;).&#160;&#160; MAAPP funds will be applied to future Medicare billings commencing in August 2020, with all such amounts required to be repaid by us by November 2020. Beginning November 2020, any unpaid balance will
      begin accruing interest. The Relief Fund monies do not have to be repaid.&#160; In addition, we are taking advantage of the allowed deferral of the employer payroll taxes under the CARES Act.</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 its quarterly report on Form 10-Q for the period ended March 31, 2020 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 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 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><br>
    </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>
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    <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>&#160;</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;">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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          <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>
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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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          <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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          <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>
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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;">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>
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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;">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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            <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>
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            <div style="color: #000000;">revenue and earnings expectations&#894;</div>
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            <div style="color: #000000;">legal actions, which could subject us to increased operating costs and uninsured liabilities&#894;</div>
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            <div style="color: #000000;">general economic conditions&#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;">availability and cost of qualified physical therapists&#894;</div>
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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;">personnel productivity and retaining key personnel&#894;</div>
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          </td>
          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
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            <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
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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;">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
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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>
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            <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>
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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>
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            <div style="color: #000000;">maintaining our information technology systems with adequate safeguards to protect against cyber-attacks&#894;</div>
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            <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
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          </td>
          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
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            <div style="color: #000000;">maintaining adequate internal controls&#894;</div>
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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;">maintaining necessary insurance coverage&#894;</div>
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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;">availability, terms, and use of capital&#894; and</div>
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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>
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            <div style="color: #000000;">weather and other seasonal factors.</div>
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    <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>
    <div><br>
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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>
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
          </td>
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          <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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            <div style="color: rgb(0, 0, 0);">Dated: April 24, 2020</div>
          </td>
          <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: 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);">Lawrance W. McAfee</div>
          </td>
        </tr>
        <tr>
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          <td style="width: 3%; vertical-align: top;">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">Chief Financial Officer</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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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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