Welcome to our dedicated page for SELECT MEDICAL HOLDINGS news (Ticker: SEM), a resource for investors and traders seeking the latest updates and insights on SELECT MEDICAL HOLDINGS stock.
Select Medical Holdings Corp. (NYSE: SEM) is a prominent healthcare provider in the United States, specializing in four key areas: long-term acute care, inpatient medical rehabilitation, outpatient physical therapy, and contract therapy. The company's extensive network is supported by nearly 40,000 dedicated professionals who are committed to delivering high-quality care across the nation.
Select Medical's operations are divided into four main segments:
- Critical Illness Recovery Hospitals: Designed for patients needing extended recovery time and specialized medical services, this segment includes 107 hospitals across 28 states.
- Rehabilitation Hospitals: These facilities focus on helping patients regain their strength and functionality, comprising 33 hospitals in 12 states.
- Outpatient Rehabilitation Clinics: With 1,933 clinics in 39 states and the District of Columbia, this segment provides physical therapy and rehabilitation services.
- Concentra: This segment includes 544 occupational health centers and 150 onsite clinics at employer worksites, offering services such as workers' compensation injury care, physical exams, and preventive care.
Despite its significant growth, Select Medical remains dedicated to its foundational principles of clinical quality and operational excellence. The company's vision emphasizes putting patients first, constantly seeking improvement, and attracting top talent to deliver the best possible care.
In recent developments, Select Medical has been actively engaged in strategic initiatives to enhance its operations and financial performance. The company has announced plans for the potential separation of its Concentra business, aiming to create two independent, publicly traded entities. This move is intended to increase shareholder value and allow each company to focus on its core strengths.
Financially, Select Medical reported an estimated net operating revenue of approximately $1.67 billion for the second quarter of 2023, with an Adjusted EBITDA of about $219 million. The company continues to demonstrate robust financial health, with approximately $100 million in cash and $3.75 billion in indebtedness as of June 30, 2023.
Looking ahead, Select Medical remains committed to expanding its footprint and enhancing the quality of care provided to its patients. The company regularly updates its stakeholders through earnings calls and press releases, ensuring transparency and engagement with its investor base.
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.
Select Medical Holdings (NYSE: SEM) will announce its second-quarter 2024 financial results on Thursday, August 1, 2024, after market close.
A conference call to discuss these results and the company’s business outlook will be held on Friday, August 2, 2024, at 9:00 am ET. This call will be accessible through a live webcast available on Select Medical's website. A replay will be available shortly after.
Select Medical operates multiple segments, including critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers across the United States. As of March 31, 2024, the company had a presence in 46 states and the District of Columbia, operating a significant number of facilities in each segment.
Select Medical Holdings (NYSE: SEM) and Concentra Group Holdings Parent announced that Concentra Escrow Issuer has priced an offering of $650 million in senior notes due in 2032 at an interest rate of 6.875%.
This offering is part of Select's plan to separate from Concentra, its wholly-owned occupational health services business. Conditions include securing additional financing and merging Issuer with Concentra Health Services, Inc. (CHSI). Upon merging, CHSI will assume Issuer’s obligations under the notes.
The offering is set to close independently of the merger, which is expected in Q3 2024. Proceeds will be held in escrow until the merger completion. If the merger does not occur by September 30, 2024, the notes will be redeemed at 100% of their issue price plus accrued interest. Concentra plans to use $50 million from the offering for corporate purposes and the remainder to pay dividends to Select Medical These notes are available only to qualified institutional buyers and are not registered under the Securities Act.
Select Medical Holdings (NYSE: SEM) and Concentra Group Holdings Parent, Inc. announced the commencement of a $750 million senior notes offering by Concentra Escrow Issuer , a subsidiary of Concentra Health Services, Inc. The offering supports Select's plan to separate Concentra from its business.
The Issuer will merge with Concentra Health Services, Inc. Upon merger, Concentra and its subsidiaries will guarantee the notes. The proceeds, held in escrow, will be used for corporate purposes and dividends to Select Medical
If the merger isn't completed by September 30, 2024, the notes will be redeemed at 100% of their issue price, plus interest.
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