UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

   Date of Report (Date of earliest event reported): May 3, 2007 (May 3, 2007)

                           U.S. PHYSICAL THERAPY, INC.
             (Exact name of registrant as specified in its charter)

            Nevada                     1-11151                  76-0364866
-------------------------------        -------            ----------------------
(State or other jurisdiction of   (Commission File           (I.R.S. Employer
 incorporation or organization)        Number)              Identification No.)


1300 West Sam Houston Parkway South, Suite 300, Houston, Texas      77042
---------------------------------------------------------------   ----------
          (Address of Principal Executive Offices)                (Zip Code)

       Registrant's telephone number, including area code: (713) 297-7000


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 (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))





ITEM 2.02   RESULTS OF OPERATIONS AND FINANCIAL RESULTS

On May 3, 2007, U.S. Physical Therapy, Inc. (the "Company") reported its results
for the first quarter ended March 31, 2007. A copy of the press release is
attached hereto as Exhibit 99.1.



Exhibits       Description of Exhibits
--------       -----------------------

99.1           Registrant's press release dated May 3, 2007 announcing financial
               results for the first quarter ended March 31, 2007.*

*Furnished herewith.







                                    SIGNATURE

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.


                                        U.S. PHYSICAL THERAPY, INC.


Dated: May 3, 2007                   By:  /s/ LAWRANCE W. MCAFEE
                                        ------------------------
                                             Lawrance W. McAfee
                                            Chief Financial Officer
                               (duly authorized officer and principal financial
                                            and accounting officer)







                                INDEX TO EXHIBITS

EXHIBIT              DESCRIPTION OF EXHIBIT
-------              ----------------------

99.1                 Press Release dated May 3, 2007.*

* Furnished herewith