US Physical Therapy, Inc. (NYSE: USPH) reported Q1 EPS of $0.35, $0.05 better than the analyst estimate of $0.30. Revenue for the quarter came in at $62.8 million versus the consensus estimate of $67.7 million.

Same store visits increased slightly for de novo and acquired clinics open for one year or more while revenue decreased 1.7% as the average net rate per visit decreased by $1.91. In April, 2013, both the Medicare Multiple Procedure Payment Reduction (“MPPR”) and Sequestration went into effect which reduced the Company’s reimbursement for Medicare patients by approximately 10%.

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