Select Medical Holdings Corporation Announces Results For Its First Quarter Ended March 31, 2024 and Cash Dividend
Select Medical Holdings announced strong financial results for the first quarter ended March 31, 2024. The company reported revenue growth of 7.4% to $1.788.8 million, with net income increasing by 37.4% to $117.2 million. Adjusted EBITDA also rose by 22.4% to $261.9 million. Select Medical operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers across the United States. The company declared a cash dividend of $0.125 per share and authorized a common stock repurchase program of up to $1.0 billion. Select Medical reaffirmed its 2024 business outlook, expecting revenue between $6.9 billion to $7.1 billion and adjusted earnings per share in the range of $1.96 to $2.20.
Revenue increased by 7.4% to $1.788.8 million.
Net income surged by 37.4% to $117.2 million.
Adjusted EBITDA rose by 22.4% to $261.9 million.
Select Medical operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the U.S.
The company declared a cash dividend of $0.125 per share.
Authorized a common stock repurchase program of up to $1.0 billion.
Reaffirmed 2024 business outlook with revenue between $6.9 billion to $7.1 billion.
Adjusted earnings per share expected in the range of $1.96 to $2.20.
No shares were repurchased under the authorized stock repurchase program in the first quarter of 2024.
Future dividends are not guaranteed and are at the discretion of the Board of Directors.
For the first quarter ended March 31, 2024, revenue increased
Company Overview
Select Medical is one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in
Critical Illness Recovery Hospital Segment
For the first quarter ended March 31, 2024, revenue for the critical illness recovery hospital segment increased
Rehabilitation Hospital Segment
For the first quarter ended March 31, 2024, revenue for the rehabilitation hospital segment increased
Outpatient Rehabilitation Segment
For the first quarter ended March 31, 2024, revenue for the outpatient rehabilitation segment increased
Concentra Segment
For the first quarter ended March 31, 2024, revenue for the Concentra segment increased
Dividend
On May 1, 2024, Select Medical's Board of Directors declared a cash dividend of
There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of Select Medical's Board of Directors after taking into account various factors, including, but not limited to, Select Medical's financial condition, operating results, available cash and current and anticipated cash needs, the terms of Select Medical's indebtedness, and other factors Select Medical's Board of Directors may deem to be relevant.
Stock Repurchase Program
The Board of Directors of Select Medical has authorized a common stock repurchase program to repurchase up to
Select Medical did not repurchase shares under its authorized stock repurchase program during the three months ended March 31, 2024. Since the inception of the common stock repurchase program through March 31, 2024, Select Medical has repurchased 48,234,823 shares at a cost of approximately
Business Outlook
Select Medical is reaffirming its 2024 business outlook for revenue and adjusting its 2024 business outlook for Adjusted EBITDA and fully diluted earnings per share, which was provided most recently in its February 22, 2024, press release. Select Medical is also issuing its business outlook for adjusted earnings per share. Select Medical expects revenue to be in the range of
Conference Call
Select Medical will host a conference call regarding its first quarter results and its business outlook on Friday, May 3, 2024, at 9:00am ET. The conference call will be a live webcast and can be accessed at Select Medical Holdings Corporation's website at www.selectmedicalholdings.com. A replay of the webcast will be available shortly after the call through the same link.
For listeners wishing to dial-in via telephone, or participate in the question and answer session, you may pre-register for the call at Select Medical Earnings Call Registration to obtain your dial-in number and unique passcode.
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), including statements related to Select Medical's 2024 and long-term business outlook. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:
- changes in government reimbursement for our services and/or new payment policies may result in a reduction in revenue, an increase in costs, and a reduction in profitability;
- adverse economic conditions including an inflationary environment could cause us to continue to experience increases in the prices of labor and other costs of doing business resulting in a negative impact on our business, operating results, cash flows, and financial condition;
- shortages in qualified nurses, therapists, physicians, or other licensed providers, and/or the inability to attract or retain qualified healthcare professionals could limit our ability to staff our facilities;
- shortages in qualified health professionals could cause us to increase our dependence on contract labor, increase our efforts to recruit and train new employees, and expand upon our initiatives to retain existing staff, which could increase our operating costs significantly;
- public threats such as a global pandemic, or widespread outbreak of an infectious disease, similar to the COVID-19 pandemic, could negatively impact patient volumes and revenues, increase labor and other operating costs, disrupt global financial markets, and/or further legislative and regulatory actions which impact healthcare providers, including actions that may impact the Medicare program;
- the failure of our Medicare-certified long term care hospitals or inpatient rehabilitation facilities to maintain their Medicare certifications may cause our revenue and profitability to decline;
- the failure of our Medicare-certified long term care hospitals and inpatient rehabilitation facilities operated as "hospitals within hospitals" to qualify as hospitals separate from their host hospitals may cause our revenue and profitability to decline;
- a government investigation or assertion that we have violated applicable regulations may result in sanctions or reputational harm and increased costs;
- acquisitions or joint ventures may prove difficult or unsuccessful, use significant resources, or expose us to unforeseen liabilities;
- our plans and expectations related to our acquisitions and our ability to realize anticipated synergies;
- failure to complete or achieve some or all the expected benefits of the potential separation of Concentra;
- private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability;
- the failure to maintain established relationships with the physicians in the areas we serve could reduce our revenue and profitability;
- competition may limit our ability to grow and result in a decrease in our revenue and profitability;
- the loss of key members of our management team could significantly disrupt our operations;
- the effect of claims asserted against us could subject us to substantial uninsured liabilities;
- a security breach of our or our third-party vendors' information technology systems may subject us to potential legal and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 or the Health Information Technology for Economic and Clinical Health Act; and
- other factors discussed from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including factors discussed under the heading "Risk Factors" of the annual report on Form 10-K for the year ended December 31, 2023.
Except as required by applicable law, including the securities laws of
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
ir@selectmedical.com
I. Condensed Consolidated Statements of Operations For the Three Months Ended March 31, 2023 and 2024 (In thousands, except per share amounts, unaudited) | ||||||
2023 | 2024 | % Change | ||||
Revenue | $ 1,664,980 | $ 1,788,809 | 7.4 % | |||
Costs and expenses: | ||||||
Cost of services, exclusive of depreciation and amortization | 1,418,819 | 1,494,610 | 5.3 | |||
General and administrative | 42,279 | 48,447 | 14.6 | |||
Depreciation and amortization | 52,425 | 54,069 | 3.1 | |||
Total costs and expenses | 1,513,523 | 1,597,126 | 5.5 | |||
Other operating income | — | 2,284 | N/M | |||
Income from operations | 151,457 | 193,967 | 28.1 | |||
Other income and expense: | ||||||
Equity in earnings of unconsolidated subsidiaries | 8,556 | 10,421 | 21.8 | |||
Interest expense | (48,571) | (50,763) | 4.5 | |||
Income before income taxes | 111,442 | 153,625 | 37.9 | |||
Income tax expense | 26,185 | 36,458 | 39.2 | |||
Net income | 85,257 | 117,167 | 37.4 | |||
Less: Net income attributable to non-controlling interests | 14,452 | 20,270 | 40.3 | |||
Net income attributable to Select Medical | $ 70,805 | $ 96,897 | 36.9 % | |||
Basic and diluted earnings per common share:(1) | $ 0.56 | $ 0.75 |
(1) | Refer to table II for calculation of earnings per common share. | ||||||||
N/M | Not meaningful |
II. Earnings per Share |
For the Three Months Ended March 31, 2023 and 2024 |
Select Medical's capital structure includes common stock and unvested restricted stock awards. To compute earnings per share ("EPS"), Select Medical applies the two-class method because its unvested restricted stock awards are participating securities which are entitled to participate equally with its common stock in undistributed earnings.
The following table sets forth the net income attributable to Select Medical, its common shares outstanding, and its participating securities outstanding for the three months ended March 31, 2023 and 2024:
Basic and Diluted EPS | |||
Three Months Ended March 31, | |||
2023 | 2024 | ||
Net income | $ 85,257 | $ 117,167 | |
Less: net income attributable to non-controlling interests | 14,452 | 20,270 | |
Net income attributable to Select Medical | 70,805 | 96,897 | |
Less: net income attributable to participating securities | 2,573 | 3,398 | |
Net income attributable to common shares | $ 68,232 | $ 93,499 |
The following tables set forth the computation of EPS under the two-class method for the three months ended March 31, 2023 and 2024:
Three Months Ended March 31, | |||||||||||||
2023 | 2024 | ||||||||||||
Net Income | Shares(1) | Basic and | Net Income | Shares(1) | Basic and | ||||||||
(in thousands, except for per share amounts) | |||||||||||||
Common shares | $ 68,232 | 122,553 | $ 0.56 | $ 93,499 | 123,859 | $ 0.75 | |||||||
Participating securities | 2,573 | 4,622 | $ 0.56 | 3,398 | 4,501 | $ 0.75 | |||||||
Total | $ 70,805 | $ 96,897 |
(1) | Represents the weighted average share count outstanding during the period. |
III. Condensed Consolidated Balance Sheets (In thousands, unaudited) | ||||
December 31, 2023 | March 31, 2024 | |||
Assets | ||||
Current Assets: | ||||
Cash and cash equivalents | $ 84,006 | $ 92,620 | ||
Accounts receivable | 940,335 | 1,134,788 | ||
Other current assets | 233,305 | 212,932 | ||
Total Current Assets | 1,257,646 | 1,440,340 | ||
Operating lease right-of-use assets | 1,188,616 | 1,176,713 | ||
Property and equipment, net | 1,023,561 | 1,024,626 | ||
Goodwill | 3,513,170 | 3,517,071 | ||
Identifiable intangible assets, net | 329,916 | 324,125 | ||
Other assets | 376,722 | 375,388 | ||
Total Assets | $ 7,689,631 | $ 7,858,263 | ||
Liabilities and Equity | ||||
Current Liabilities: | ||||
Payables and accruals | $ 932,736 | $ 878,576 | ||
Current operating lease liabilities | 245,400 | 245,617 | ||
Current portion of long-term debt and notes payable | 70,329 | 60,184 | ||
Total Current Liabilities | 1,248,465 | 1,184,377 | ||
Non-current operating lease liabilities | 1,025,867 | 1,015,160 | ||
Long-term debt, net of current portion | 3,587,675 | 3,758,631 | ||
Non-current deferred tax liability | 143,306 | 133,987 | ||
Other non-current liabilities | 110,303 | 100,175 | ||
Total Liabilities | 6,115,616 | 6,192,330 | ||
Redeemable non-controlling interests | 26,297 | 28,290 | ||
Total equity | 1,547,718 | 1,637,643 | ||
Total Liabilities and Equity | $ 7,689,631 | $ 7,858,263 |
IV. Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2023 and 2024 (In thousands, unaudited) | ||||
2023 | 2024 | |||
Operating activities | ||||
Net income | $ 85,257 | $ 117,167 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Distributions from unconsolidated subsidiaries | 2,566 | 12,374 | ||
Depreciation and amortization | 52,425 | 54,069 | ||
Provision for expected credit losses | 429 | 854 | ||
Equity in earnings of unconsolidated subsidiaries | (8,556) | (10,421) | ||
(Gain) loss on sale or disposal of assets | (7) | 44 | ||
Stock compensation expense | 10,181 | 11,610 | ||
Amortization of debt discount, premium, and issuance costs | 565 | 750 | ||
Deferred income taxes | (2,601) | (6,891) | ||
Changes in operating assets and liabilities, net of effects of business combinations: | ||||
Accounts receivable | (55,397) | (195,308) | ||
Other current assets | (11,742) | (9,611) | ||
Other assets | 3,659 | 2,363 | ||
Accounts payable and accrued expenses | (25,339) | (43,689) | ||
Net cash provided by (used in) operating activities | 51,440 | (66,689) | ||
Investing activities | ||||
Business combinations, net of cash acquired | (397) | (5,405) | ||
Purchases of property, equipment, and other assets | (58,885) | (52,517) | ||
Investment in businesses | (9,800) | — | ||
Proceeds from sale of assets and businesses | 20 | 265 | ||
Net cash used in investing activities | (69,062) | (57,657) | ||
Financing activities | ||||
Borrowings on revolving facilities | 225,000 | 495,000 | ||
Payments on revolving facilities | (210,000) | (265,000) | ||
Payments on term loans | — | (79,085) | ||
Borrowings of other debt | 21,448 | 17,728 | ||
Principal payments on other debt | (11,170) | (9,061) | ||
Dividends paid to common stockholders | (15,897) | (16,045) | ||
Decrease in overdrafts | (724) | (1,740) | ||
Proceeds from issuance of non-controlling interests | 2,731 | 4,002 | ||
Distributions to and purchases of non-controlling interests | (7,969) | (12,839) | ||
Net cash provided by financing activities | 3,419 | 132,960 | ||
Net increase (decrease) in cash and cash equivalents | (14,203) | 8,614 | ||
Cash and cash equivalents at beginning of period | 97,906 | 84,006 | ||
Cash and cash equivalents at end of period | $ 83,703 | $ 92,620 | ||
Supplemental information | ||||
Cash paid for interest, excluding amounts received of | $ 84,531 | $ 88,834 | ||
Cash paid for taxes | 336 | 604 |
V. Key Statistics For the Three Months Ended March 31, 2023, and 2024 (unaudited) | ||||||
2023 | 2024 | % Change | ||||
Critical Illness Recovery Hospital | ||||||
Number of hospitals operated – end of period(a) | 105 | 107 | ||||
Revenue (,000) | $ 593,926 | $ 655,880 | 10.4 % | |||
Number of patient days(b)(c) | 286,746 | 294,622 | 2.7 % | |||
Number of admissions(b)(d) | 9,438 | 9,529 | 1.0 % | |||
Revenue per patient day(b)(e) | $ 2,058 | $ 2,219 | 7.8 % | |||
Occupancy rate(b)(f) | 72 % | 71 % | (1.4) % | |||
Adjusted EBITDA (,000) | $ 76,773 | $ 115,940 | 51.0 % | |||
Adjusted EBITDA margin | 12.9 % | 17.7 % | ||||
Rehabilitation Hospital | ||||||
Number of hospitals operated – end of period(a) | 32 | 33 | ||||
Revenue (,000) | $ 231,462 | $ 265,700 | 14.8 % | |||
Number of patient days(b)(c) | 107,910 | 116,844 | 8.3 % | |||
Number of admissions(b)(d) | 7,620 | 8,275 | 8.6 % | |||
Revenue per patient day(b)(e) | $ 1,969 | $ 2,096 | 6.4 % | |||
Occupancy rate(b)(f) | 86 % | 87 % | 1.2 % | |||
Adjusted EBITDA (,000) | $ 47,216 | $ 61,400 | 30.0 % | |||
Adjusted EBITDA margin | 20.4 % | 23.1 % | ||||
Outpatient Rehabilitation | ||||||
Number of clinics operated – end of period(a) | 1,936 | 1,922 | ||||
Working days(g) | 64 | 64 | ||||
Revenue (,000) | $ 295,903 | $ 303,158 | 2.5 % | |||
Number of visits(b)(h) | 2,636,770 | 2,735,126 | 3.7 % | |||
Revenue per visit(b)(i) | $ 101 | $ 99 | (2.0) % | |||
Adjusted EBITDA (,000) | $ 30,199 | $ 24,928 | (17.5) % | |||
Adjusted EBITDA margin | 10.2 % | 8.2 % | ||||
Concentra | ||||||
Number of centers operated – end of period(b) | 539 | 547 | ||||
Working days(g) | 64 | 64 | ||||
Revenue (,000) | $ 456,298 | $ 467,598 | 2.5 % | |||
Number of visits(b)(h) | 3,217,945 | 3,155,655 | (1.9) % | |||
Revenue per visit(b)(i) | $ 133 | $ 139 | 4.5 % | |||
Adjusted EBITDA (,000) | $ 93,748 | $ 96,142 | 2.6 % | |||
Adjusted EBITDA margin | 20.5 % | 20.6 % |
(a) | Includes managed locations. | ||||||||
(b) | Excludes managed locations. For purposes of the Concentra segment, onsite clinics are excluded. | ||||||||
(c) | Each patient day represents one patient occupying one bed for one day during the periods presented. | ||||||||
(d) | Represents the number of patients admitted to Select Medical's hospitals during the periods presented. | ||||||||
(e) | Represents the average amount of revenue recognized for each patient day. Revenue per patient day is calculated by dividing patient service revenues, excluding revenues from certain other ancillary and outpatient services provided at Select Medical's hospitals, by the total number of patient days. | ||||||||
(f) | Represents the portion of our hospitals being utilized for patient care during the periods presented. Occupancy rate is calculated using the number of patient days, as presented above, divided by the total number of bed days available during the period. Bed days available is derived by adding the daily number of available licensed beds for each of the periods presented. | ||||||||
(g) | Represents the number of days in which normal business operations were conducted during the periods presented. | ||||||||
(h) | Represents the number of visits in which patients were treated at Select Medical's outpatient rehabilitation clinics and Concentra centers during the periods presented. | ||||||||
(i) | Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated by dividing patient service revenue, excluding revenues from certain other ancillary services, by the total number of visits. For purposes of this computation for the Concentra segment, patient service revenue does not include onsite clinics. |
VI. Net Income to Adjusted EBITDA Reconciliation |
For the Three Months Ended March 31, 2023 and 2024 |
The presentation of Adjusted EBITDA is important to investors because Adjusted EBITDA is commonly used as an analytical indicator of performance by investors within the healthcare industry. Adjusted EBITDA is used by management to evaluate financial performance and determine resource allocation for each of Select Medical's segments. Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in
The following table reconciles net income to Adjusted EBITDA for Select Medical. Adjusted EBITDA is used by Select Medical to report its segment performance. Adjusted EBITDA is defined as earnings excluding interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, transaction costs associated with the Concentra separation, gain (loss) on sale of businesses, and equity in earnings (losses) of unconsolidated subsidiaries.
Three Months Ended March 31, | ||||
2023 | 2024 | |||
Net income | $ 85,257 | $ 117,167 | ||
Income tax expense | 26,185 | 36,458 | ||
Interest expense | 48,571 | 50,763 | ||
Equity in earnings of unconsolidated subsidiaries | (8,556) | (10,421) | ||
Income from operations | 151,457 | 193,967 | ||
Stock compensation expense: | ||||
Included in general and administrative | 8,405 | 9,682 | ||
Included in cost of services | 1,776 | 1,928 | ||
Depreciation and amortization | 52,425 | 54,069 | ||
Concentra separation transaction costs(b) | — | 2,271 | ||
Adjusted EBITDA | $ 214,063 | $ 261,917 | ||
Critical illness recovery hospital | $ 76,773 | $ 115,940 | ||
Rehabilitation hospital | 47,216 | 61,400 | ||
Outpatient rehabilitation | 30,199 | 24,928 | ||
Concentra | 93,748 | 96,142 | ||
Other(a) | (33,873) | (36,493) | ||
Adjusted EBITDA | $ 214,063 | $ 261,917 |
(a) | Other primarily includes general and administrative costs. | ||||||||
(b) | Concentra separation transaction costs represent incremental consulting, legal, and audit-related fees incurred in connection with the Company's planned separation of the Concentra segment into a new, publicly traded company and are included within general and administrative expenses on the Condensed Consolidated Statements of Operations. |
VII. Reconciliation of Earnings per Common Share to Adjusted Earnings per Common Share |
For the Three Months Ended March 31, 2023 and 2024 |
Adjusted net income attributable to common shares and adjusted earnings per common share are not measures of financial performance under GAAP. Items excluded from adjusted net income attributable to common shares and adjusted earnings per common share are significant components in understanding and assessing financial performance. Select Medical believes that the presentation of adjusted net income attributable to common shares and adjusted earnings per common share are important to investors because they are reflective of the financial performance of Select Medical's ongoing operations and provide better comparability of its results of operations between periods. Adjusted net income attributable to common shares and adjusted earnings per common share should not be considered in isolation or as alternatives to, or substitutes for, net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because adjusted net income attributable to common shares and adjusted earnings per common share are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, adjusted net income attributable to common shares and adjusted earnings per common share as presented may not be comparable to other similarly titled measures of other companies.
The following tables reconcile net income attributable to common shares and earnings per common share on a fully diluted basis to adjusted net income attributable to common shares and adjusted earnings per common share on a fully diluted basis.
Three Months Ended March 31, | ||||||||
2023 | Per Share(a) | 2024 | Per Share(a) | |||||
Net income attributable to common shares(a) | $ 68,232 | $ 0.56 | $ 93,499 | $ 0.75 | ||||
Adjustments:(b) | ||||||||
Concentra separation transaction costs, net of tax | — | — | 1,619 | 0.01 | ||||
Adjusted net income attributable to common shares | $ 68,232 | $ 0.56 | $ 95,118 | $ 0.77 | (c) |
(a) | Net income attributable to common shares and earnings per common share are calculated based on the weighted average common shares outstanding, as presented in table II. | ||||||||
(b) | Adjustments to net income attributable to common shares include estimated income tax and non-controlling interest impacts and are calculated based on the diluted weighted average common shares outstanding. The estimated income tax impact, which is determined using tax rates based on the nature of the adjustment and the jurisdiction in which the adjustment occurred, includes both current and deferred income tax expense or benefit. | ||||||||
(c) | Does not total due to rounding. |
VIII. Net Income to Adjusted EBITDA and Earnings per Common Share to Adjusted Earnings per Common Share |
Business Outlook for the Year Ending December 31, 2024 |
The following are reconciliations of full year 2024 Adjusted EBITDA and adjusted earnings per common share expectations as computed at the low and high points of the range to the closest comparable GAAP financial measure. Refer to table VI and VII for discussion of Select Medical's use of Adjusted EBITDA and adjusted earnings per common share in evaluating financial performance. Refer to table VI for the definition of Adjusted EBITDA. Each item presented in the below table is an estimation of full year 2024 expectations.
Range | |||
Non-GAAP Measure Reconciliation | Low | High | |
Net income attributable to Select Medical | $ 252 | $ 284 | |
Net income attributable to non-controlling interests | 68 | 69 | |
Net income | 320 | 353 | |
Income tax expense | 96 | 105 | |
Interest expense | 218 | 218 | |
Equity in earnings of unconsolidated subsidiaries | (43) | (45) | |
Income from operations | 591 | 631 | |
Stock compensation expense | 48 | 48 | |
Depreciation and amortization | 204 | 204 | |
Concentra separation transaction costs(a) | 2 | 2 | |
Adjusted EBITDA | $ 845 | $ 885 | |
Range | |||
Non-GAAP Measure Reconciliation | Low | High | |
Basic and diluted earnings per common share | $ 1.95 | $ 2.19 | |
Adjustments: | |||
Concentra separation transaction costs, net of tax (a) | 0.01 | 0.01 | |
Adjusted earnings per common share | $ 1.96 | $ 2.20 |
(a) | Concentra separation transaction costs represent incremental consulting, legal, and audit-related fees incurred in connection with the Company's planned separation of the Concentra Segment into a new, publicly traded company and are included within general and administrative expenses on the Condensed Consolidated Statements of Operations. The transaction costs reflect the costs incurred by the Company during the three months ended March 24, 2024, and they do not include an estimate of costs to be incurred during the remainder of 2024. |
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SOURCE - Select Medical Holdings Corporation
FAQ
<p>What was the revenue growth for Select Medical in the first quarter of 2024?</p>
Revenue for Select Medical increased by 7.4% to $1.788.8 million in the first quarter of 2024.
<p>What was the net income growth for Select Medical in the first quarter of 2024?</p>
Net income for Select Medical increased by 37.4% to $117.2 million in the first quarter of 2024.
<p>Did Select Medical declare a cash dividend recently?</p>
Yes, Select Medical declared a cash dividend of $0.125 per share on May 1, 2024.
<p>What is the 2024 business outlook for Select Medical?</p>
Select Medical expects revenue between $6.9 billion to $7.1 billion in 2024, with adjusted earnings per share in the range of $1.96 to $2.20.
<p>Has Select Medical authorized a stock repurchase program?</p>
Yes, the company has authorized a common stock repurchase program of up to $1.0 billion.