SELECT MEDICAL HOLDINGS CORP - SEM STOCK NEWS

Select Medical Holdings Corporation (NYSE: SEM) will release its financial results for Q1 2023 on May 4, 2023, after market close. A conference call discussing these results and the company's business outlook is scheduled for May 5, 2023, at 9:00 AM ET. Investors can access the call via Select Medical's website or dial in after pre-registering. The company is a leading operator of critical illness recovery hospitals, rehabilitation hospitals, outpatient clinics, and occupational health centers in the U.S., operating 103 critical illness recovery hospitals and over 1,900 outpatient rehabilitation clinics as of December 31, 2022. For more information, visit Select Medical's official website.

Select Medical has announced the acquisition of Vibra Hospital of Richmond, a long-term acute care facility in Virginia. The financial terms of the agreement have not been disclosed. The 63-bed hospital will be rebranded as Select Specialty Hospital – Richmond, focusing on post-ICU care for critically ill patients. This acquisition will enhance Select Medical's care continuum in Virginia, joining existing facilities and outpatient centers in the state. As of December 31, 2022, Select Medical operated 103 critical illness recovery hospitals across 28 states, further establishing its position in the healthcare industry.

Select Medical announced plans to build a new 63-bed specialty hospital in Orlando, Florida, focusing on critical illness recovery and inpatient rehabilitation. The facility is expected to open in late 2024 and will cater to patients recovering from chronic, complex conditions and injuries, addressing a growing demand for post-ICU care in the region. With Florida's rapidly growing population and a significant percentage over 65 years old, the new hospital aims to enhance access to quality post-acute care. Currently, Select Medical operates two critical illness recovery hospitals in Orlando and multiple facilities across Florida.

Select Medical Corporation (NYSE:SEM) and Lutheran Health Network announced a joint venture to enhance inpatient rehabilitation and critical illness recovery care in Fort Wayne, Indiana. This collaboration will include the existing 36-bed Lutheran Health Network Rehabilitation Hospital and the construction of a new specialty hospital. Select Medical will be the majority owner and managing partner, marking its first rehabilitation hospital in Indiana. The initiative aims to improve care for patients recovering from severe illnesses and injuries, further expanding Select Medical's statewide post-acute care network.

Select Medical Holdings Corporation (NYSE: SEM) reported a 1.4% increase in Q4 revenue to $1,581.5 million and a 12.0% rise in operating income to $86.9 million. However, net income dropped to $37.7 million from $66.3 million year-over-year. For the full year, revenue rose 2.1% to $6,333.5 million, but operating income fell dramatically to $403.3 million from $713.8 million in 2021. Adjusted EBITDA for Q4 was $148.9 million, up 7.6%, while it totaled $646.9 million for the year, down from $947.4 million. A cash dividend of $0.125 per share was declared, payable on March 15, 2023. Revenue outlook for 2023 is projected between $6.5 billion and $6.7 billion.

Select Medical has announced a joint venture with AtlantiCare to establish a new inpatient rehabilitation hospital and 13 outpatient physical therapy centers in southeastern New Jersey. As the majority owner and managing partner, Select Medical will oversee the new facilities, with construction expected to begin this year in Galloway Township, pending state approvals. The rehabilitation hospital, set to open between 2024 and 2025, will focus on patients recovering from serious conditions such as strokes and spinal cord injuries. These centers will enhance access to coordinated care in the region, building on Select Medical's extensive network of rehabilitation facilities.

Select Medical Holdings Corporation (NYSE: SEM) will release its financial results for the fourth quarter and full year ended December 31, 2022, on February 23, 2023, after market close. A conference call to discuss these results and the company's business outlook is scheduled for February 24, 2023, at 9:00 AM ET. The call will be available via live webcast on the company's website, with a replay accessible afterward. Select Medical operates one of the largest networks of critical illness recovery and rehabilitation facilities in the U.S., with 103 critical illness recovery hospitals and 1,928 outpatient rehabilitation clinics across 46 states and the District of Columbia.

Select Medical and OhioHealth have expanded their joint venture by acquiring the operating assets of Reunion Rehabilitation Hospital in Dublin, OH. This acquisition will enhance their rehabilitation services and the new facility will feature 40 private rooms and cutting-edge rehabilitation technology. Additionally, a new 12-bed Neuro Transitional Center will be constructed in Dublin, marking the region's first facility of its kind, set to open in spring 2024. The partnership aims to meet the growing healthcare needs in Central Ohio, providing essential care for patients recovering from severe injuries and medical conditions.