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 Corporation and Inova Health System have announced a partnership to establish the first critical illness recovery hospital in Northern Virginia. This 32-bed facility, set to open in the first half of 2023 within Inova Mount Vernon Hospital, aims to provide essential post-acute care for patients recovering from serious illnesses. By integrating services from all five Inova hospitals, the new hospital will improve patient transitions and long-term outcomes, fulfilling a critical healthcare need in the region.
Select Medical and ShorePoint Health Venice announced a joint venture to operate a critical illness recovery and inpatient rehabilitation hospital in Venice, Florida. The new facility, branded Select Specialty Hospital – Venice, will feature 25 critical illness recovery beds and 28 inpatient rehabilitation beds. Renovations are set to begin this summer, with an anticipated opening in Q1 2023. This partnership aims to enhance specialty care for high acuity patients in the region and expands Select Medical’s presence in Florida, where it currently operates 12 critical illness recovery hospitals and 2 rehabilitation hospitals.
On May 5, 2022, Select Medical Holdings Corporation (NYSE: SEM) reported a 3.4% increase in revenue to $1,599.5 million for Q1 2022, while net income fell to $55.9 million from $137.2 million year-over-year. Income from operations decreased to $104 million, influenced by the prior year's CARES Act payments. The company declared a cash dividend of $0.125 per share, payable June 1, 2022. Select Medical reaffirmed its 2022 revenue outlook of $6.25 billion to $6.40 billion and plans to continue stock repurchases, having bought back 2.1 million shares at $51.7 million in Q1.
Select Medical announced plans to open a new 31-bed critical illness recovery hospital branded as Select Specialty Hospital – Oregon in early 2023. This facility will be located at Mercy Health - St. Charles Hospital in Ohio and will serve as a satellite of the existing Regency Hospital Toledo, which will be renamed Select Specialty Hospital – Toledo. With this expansion, Select Medical aims to enhance access to specialized post-acute care for patients in northern Ohio, providing a combined capacity of 76 beds in the region.
Select Medical Holdings Corporation (NYSE: SEM) is set to release its first-quarter financial results on May 5, 2022, after market close. A conference call to discuss these results and the company's outlook will take place on May 6, 2022, at 9:00 am ET. Select Medical operates a substantial network of healthcare facilities, including 104 critical illness recovery hospitals and 1,881 outpatient rehabilitation clinics as of December 31, 2021. For more information, visit www.selectmedical.com.
Select Medical Holdings Corporation (SEM) announced its Q4 and full year 2021 results, reporting a 6.8% revenue increase to $1.56 billion in Q4 and a 12.2% increase to $6.20 billion for the year. However, income from operations declined to $77.5 million in Q4 from $163.3 million a year prior, with net income falling from $102.2 million to $66.3 million. Adjusted EBITDA also decreased to $138.4 million in Q4, compared to $221.3 million a year earlier. The board declared a cash dividend of $0.125 per share, payable on March 16, 2022.
Select Medical Holdings Corporation (NYSE: SEM) announced estimated results for the year ending December 31, 2021, projecting net operating revenue around $6,204 million and Adjusted EBITDA at approximately $947 million. Earnings per share are expected to be between $2.90 and $2.92. The company faced significant labor cost increases in its critical illness recovery segment, impacting financial results adversely. Actual results will be disclosed on February 24, 2022, with a conference call scheduled for February 25, 2022, to discuss these results and future outlook.
Select Medical has announced a partnership with the PPA Tour, becoming the "Official Physical Therapy Partner" starting January 2022. This collaboration aims to enhance the physical health of pickleball players across the U.S. Select Medical operates over 1,800 centers in 39 states, providing extensive sports rehabilitation services. The 2022 PPA Tour will feature 20 tournaments, with Select Medical's professionals on-site to aid athletes. The partnership aligns with the growing popularity of pickleball, which has a diverse player demographic.
Select Medical reported a 7.8% year-over-year revenue increase to $1.534 billion for Q3 2021, while net income declined to $100.2 million from $104.5 million in Q3 2020. Adjusted EBITDA was $208.6 million, slightly down from $213.2 million in the prior year. The company declared a $0.125 cash dividend, payable on November 29, 2021. For the nine months ended September 30, 2021, revenue rose 14.1% to $4.645 billion, with net income up 78.9% to $433.6 million. Select Medical also increased its stock repurchase program to $1 billion.
Select Medical Holdings Corporation (NYSE: SEM) announced the appointment of Dr. Parvinderjit Singh Khanuja to its Board of Directors, effective November 1, 2021. Dr. Khanuja, with over 30 years of experience in medical oncology, is the founder of Ironwood Physicians, the largest cancer treatment center in Phoenix, AZ. His term will expire at the 2023 Annual Meeting of Stockholders. The Executive Chairman, Robert A. Ortenzio, expressed confidence that Dr. Khanuja will provide invaluable insights to the Board, enhancing strategic direction for the company.
FAQ
What is the current stock price of SELECT MEDICAL HOLDINGS (SEM)?
What is the market cap of SELECT MEDICAL HOLDINGS (SEM)?
What are the main segments of Select Medical Holdings Corp.?
Where is Select Medical Holdings Corp. headquartered?
How many employees does Select Medical have?
What is the focus of Select Medical's Concentra segment?
What recent financial achievements has Select Medical reported?
Is Select Medical planning any strategic changes?
How can investors stay updated on Select Medical's performance?
How many rehabilitation hospitals does Select Medical operate?
What is Select Medical's vision?
Where can I find detailed information about Select Medical's financial performance?
