U.S. Physical Therapy (USPH): Return Expectations Tempered Despite Solid Execution
Conestoga Capital Advisors’ Q2 2026 investor letter says small caps strengthened, with the Russell 2000 up and Russell 2000 Growth up 25.7% in Q2. The firm discussed U.S. Physical Therapy (NYSE:USPH), an outpatient clinic operator, and said it sold the position due to labor cost pressures, reimbursement uncertainty, and slower margin growth, despite solid rehab demand. USPH closed at $76.46 on Aug. 6, 2026.





