SELECT MEDICAL HOLDINGS CORP - SEM STOCK NEWS

Select Medical and SSM Health have announced a joint venture partnership to operate a 50-bed inpatient rehabilitation hospital in Oklahoma City, named SSM Health Rehabilitation Hospital – Oklahoma City. The facility, set to open in December 2024, will be located at 700 NW 7th Street and incorporate SSM Health's existing 12-bed acute rehabilitation unit from St. Anthony Hospital.

This partnership expands on a 15-year collaboration between Select Medical and SSM Health in the St. Louis region, where they jointly operate three inpatient rehabilitation hospitals, 79 outpatient physical therapy centers, and 10 rehabilitation day institutes. Select Medical will serve as the majority owner and managing partner of the new joint venture in Oklahoma City.

Select Medical Holdings (NYSE: SEM) has announced it will release its third quarter 2024 financial results on Thursday, October 31, 2024, after market close. The company will host a conference call and live webcast to discuss the results and business outlook on Friday, November 1, 2024, at 9:00am ET. Investors can access the webcast through the company's website or a provided link, with a replay available shortly after the call.

As of June 30, 2024, Select Medical operates 107 critical illness recovery hospitals in 28 states, 33 rehabilitation hospitals in 12 states, 1,925 outpatient rehabilitation clinics in 39 states and D.C., 547 occupational health centers in 41 states, and 154 onsite clinics at employer worksites. The company has a presence in 46 states and the District of Columbia.

Select Medical has announced a definitive agreement to acquire Valir Rehabilitation Hospital, a 50-bed inpatient rehabilitation facility in Oklahoma City, from Valir Health. The financial terms were not disclosed. This acquisition will expand Select Medical's presence in Oklahoma City, where it already operates a critical illness recovery hospital and 29 outpatient centers statewide.

Tom Mullin, president of Select Medical, emphasized the company's commitment to providing a full continuum of care for patients throughout their recovery journey. The acquisition aligns with Select Medical's strategy to meet the growing demand for inpatient rehabilitative care in the Oklahoma City area.

Select Medical Holdings (NYSE: SEM) reported its Q2 2024 results, showing a 5.1% revenue increase to $1,759.7 million. Net income rose 3.2% to $94.8 million, while Adjusted EBITDA grew 3.1% to $226.3 million. Earnings per share remained steady at $0.60. The company's board declared a cash dividend of $0.125 per share, payable on August 30, 2024.

For the first half of 2024, revenue increased 6.3% to $3,548.5 million, with net income up 19.7% to $211.9 million. Select Medical operates 107 critical illness recovery hospitals, 33 rehabilitation hospitals, 1,925 outpatient rehabilitation clinics, and 547 occupational health centers across the United States.

The company also announced the successful IPO of its subsidiary, Concentra Group Holdings Parent, raising $528.8 million in gross proceeds.

Select Medical and Cedars-Sinai have launched a specialized spine care program in the Greater Los Angeles region. The program, offered at 11 Select Physical Therapy centers, aims to treat patients with acute or chronic spine conditions through evidence-based physical therapy. This initiative is part of a joint venture partnership established in 2021 between the two organizations.

The program focuses on conservative management through physical therapy, which can be effective for most patients with lower back pain. It aims to optimize patient function, reduce the need for surgical intervention, and decrease care costs by minimizing the use of opioids, diagnostic testing, and procedures. Patients receive tailored care plans aligned with best practices defined by leading medical authorities.

Select Medical Holdings (NYSE: SEM) announced the pricing of its subsidiary Concentra Group Holdings Parent, Inc.'s (NYSE: CON) initial public offering (IPO). Concentra is offering 22,500,000 shares at $23.50 per share, with an option for underwriters to purchase an additional 3,375,000 shares. Trading is expected to begin on July 25, 2024, under the symbol 'CON'. After the IPO, Select Medical will retain 82.23% ownership of Concentra (80.09% if the over-allotment option is fully exercised).

Concentra is the largest provider of occupational health services in the U.S., operating 547 occupational health centers in 41 states and 154 onsite health clinics at employer worksites in 37 states as of June 30, 2024. The company serves over 50,000 patients daily, offering occupational and consumer health services.

Select Medical Holdings (NYSE: SEM) has announced the launch of an IPO roadshow for its wholly owned subsidiary, Concentra Group Holdings Parent, Inc. The IPO aims to offer 22,500,000 shares of common stock, with an expected price range of $23.00 to $26.00 per share. Concentra plans to list on the NYSE under the symbol 'CON'.

Underwriters have a 30-day option to purchase up to 3,375,000 additional shares. Post-IPO, Select Medical will retain 82.23% ownership of Concentra (or 80.09% if the over-allotment option is fully exercised). The IPO is subject to market conditions and regulatory approval. J.P. Morgan, Goldman Sachs & Co. , and BofA Securities are leading the offering as book-running managers.

Select Medical Holdings (NYSE: SEM) announced preliminary financial results for its subsidiary, Concentra Group Holdings Parent, Inc., for Q2 2024.

Concentra's net operating revenue is estimated at $477.9 million, while income from operations is expected to be around $83.9 million. These figures are management estimates based on current information and may change after final financial reviews.

Select Medical will release its full Q2 results on August 1, 2024, after market close and will host a conference call on August 2, 2024, at 9:00am ET.

Select Medical operates numerous facilities across the U.S., including critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers.

On July 10, 2024, Select Medical and UPMC announced the opening of the Helen M. Simpson Rehabilitation Hospital - West Shore in Q2 2025, a satellite acute inpatient rehabilitation hospital in Mechanicsburg, Pennsylvania. This 20-bed facility will address the growing demand for specialized rehabilitative care in the Central Pennsylvania West Shore region, offering advanced therapies for stroke, spinal cord and brain injuries, amputations, neurological disorders, and orthopedic conditions.

Located on the newly renovated fifth floor of UPMC West Shore, a 166-bed acute care hospital, the new facility aims to improve patient transition and continuity of care, leveraging Select Medical's rehabilitation expertise within UPMC's comprehensive healthcare services. This joint venture underscores the commitment to delivering world-class care and meeting regional healthcare needs.