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 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.
Select Medical reported a 2.2% increase in revenue to $1,567.8 million for Q3 2022, compared to $1,534.2 million in Q3 2021. However, income from operations significantly decreased to $91.5 million from $150.3 million. Net income fell to $38.1 million compared to $100.2 million the previous year. The company declared a $0.125 cash dividend payable on November 29, 2022. Select Medical's 2022 revenue outlook remains between $6.25 billion and $6.40 billion.
Select Medical Holdings Corporation (NYSE: SEM) will announce its third-quarter financial results for the period ending September 30, 2022, on November 3, 2022, post-market close. A conference call to discuss these results, along with the company's business outlook, is scheduled for November 4, 2022, at 9:00 AM ET. The call will be available via live webcast on Select Medical's website. As of September 30, 2022, Select Medical operates numerous health facilities across the United States, highlighting its extensive presence in the healthcare industry.
Select Medical plans to open a third inpatient rehabilitation hospital in Central Pennsylvania to meet the rising demand in the West Shore region. In partnership with UPMC, the new facility will include 35 private rooms and advanced rehabilitation equipment, targeting patients recovering from various conditions. Set to open in 2023, renovations will take place at an existing building on UPMC's West Shore Campus. Currently, Select Medical operates two other rehabilitation hospitals in Central Pennsylvania through joint ventures, showcasing its extensive reach in critical illness recovery services.
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