Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Selected Financial Data for Reportable Segments

The Company has provided additional information regarding its reportable segments which contributes to the understanding of the Company and provides useful information.

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	(In thousands)						(In thousands)
Net revenue:
Physical therapy operations	$	168,110		$	142,714		$	492,810		$	420,625
Industrial injury prevention services		29,022			25,319			85,454			70,273
Total Company	$	197,132		$	168,033		$	578,264		$	490,898

Operating Costs:
Salaries and related costs:
Physical therapy operations	$	98,237		$	84,160		$	287,489		$	245,387
Industrial injury prevention services		18,382			15,675			54,167			44,513
Total salaries and related costs	$	116,619		$	99,835		$	341,656		$	289,900
Rent supplies, contract labor and other:
Physical therapy operations	$	32,026		$	26,047		$	91,939		$	78,022
Industrial injury prevention services		4,089			3,709			12,147			10,082
Total rent, supplies, contract labor and other	$	36,115		$	29,756		$	104,086		$	88,104
Depreciation and amortization:
Physical therapy operations	$	4,665		$	3,355		$	14,383		$	10,213
Industrial injury prevention services		830			803			2,393			2,113
Total depreciation and amortization	$	5,495		$	4,158		$	16,776		$	12,326
Provision for credit losses:
Physical therapy operations	$	2,031		$	1,721		$	5,853		$	5,065
Industrial injury prevention services		42			-			63			-
Total provision for credit losses	$	2,073		$	1,721		$	5,916		$	5,065
(Gain) loss on clinic closures - lease and other:
Physical therapy operations	$	(42	)	$	3,432		$	269		$	4,109
Industrial injury prevention services		-			-			-			-
Total clinic closure costs	$	(42	)	$	3,432		$	269		$	4,109
Total Company	$	160,260		$	138,902		$	468,703		$	399,504

Gross profit:
Physical therapy operations	$	31,193		$	23,999		$	92,877		$	77,829
Industrial injury prevention services		5,679			5,132			16,684			13,565
Total Company	$	36,872		$	29,131		$	109,561		$	91,394

Unallocated amounts
Corporate office costs	$	17,414		$	14,385		$	51,135		$	42,719
Interest expense, debt and other		2,408			2,018			7,109			5,966
Interest income from investments		(33	)		(1,018	)		(85	)		(3,635	)
(Gain) loss on change in fair value of contingent earn-out consideration		(5,872	)		1,899			(11,484	)		5,332
Change in revaluation of put-right liability		663			(168	)		1,406			136
Equity in earnings of unconsolidated affiliate		(361	)		(231	)		(1,155	)		(750	)
Loss on sale of a partnership		-			-			123			-
Other		(222	)		(90	)		(344	)		(261	)
Total unallocated amounts	$	13,997		$	16,795		$	46,705		$	49,507
Income before taxes	$	22,875		$	12,336		$	62,856		$	41,887

	September 30, 2025		December 31, 2024
Assets:
Goodwill:
Physical therapy operations	$	602,460	$	579,046
Industrial injury prevention services		87,952		88,106
Total goodwill	$	690,412	$	667,152
All other assets:
Physical therapy operations		427,491	$	415,039
Industrial injury prevention services		78,367		85,276
Total all other assets		505,858		500,315
Total Assets	$	1,196,270	$	1,167,467