US Physical Therapy (USPH) shares plummeted 18.51% during intraday trading on Thursday, marking a significant downturn for the healthcare services provider.
The sharp decline follows the company's release of first-quarter results that fell short of analyst expectations. US Physical Therapy reported adjusted earnings of 46 cents per share for the quarter ended March 31, missing the consensus estimate of 55 cents per share. Revenue came in at $198.29 million, also below the expected $201.01 million, despite representing a 7.9% increase from the same period last year.
Notably, the company reported a quarterly loss of $1.84 million, with reported EPS showing a loss of 12 cents. This earnings miss represents a continuation of recent challenges, as analysts had already reduced their mean earnings estimate by approximately 8.7% over the last three months prior to the report.