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Select Medical Holdings Corporation Announces Results For Its Second Quarter Ended June 30, 2021 and Cash Dividend

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Select Medical Holdings Corporation (NYSE: SEM) reported a remarkable 26.9% revenue increase for Q2 2021, totaling $1,564.0 million, up from $1,232.7 million the previous year. Net income surged 190.7% to $196.2 million, with earnings per share rising to $1.22. The company declared a cash dividend of $0.125 per share, payable on August 30, 2021. Adjusted EBITDA also saw a significant rise of 91.3% to $342.0 million. For the full year 2021, Select Medical projects revenue between $5.85 billion and $6.05 billion.

Positive
  • Revenue up 26.9% to $1,564.0 million for Q2 2021.
  • Net income increased 190.7% to $196.2 million.
  • Earnings per share rose to $1.22.
  • Declared a cash dividend of $0.125 per share.
  • Adjusted EBITDA increased by 91.3% to $342.0 million.
  • 2021 revenue guidance raised to $5.85 billion - $6.05 billion.
Negative
  • Increased labor costs due to COVID-19 protocols.
  • Occupancy rates in critical illness recovery hospitals fell to 69%.

MECHANICSBURG, Pa., Aug. 5, 2021 /PRNewswire/ -- Select Medical Holdings Corporation ("Select Medical," "we," "us," or "our") (NYSE: SEM) today announced results for its second quarter ended June 30, 2021 and the declaration of a cash dividend.

For the second quarter ended June 30, 2021, revenue increased 26.9% to $1,564.0 million, compared to $1,232.7 million for the same quarter, prior year. Income from operations increased 137.6% to $284.0 million for the second quarter ended June 30, 2021, compared to $119.5 million for the same quarter, prior year. Income from operations included $98.0 million of other operating income related to the recognition of payments received under the Provider Relief Fund for the second quarter ended June 30, 2021, compared to $55.0 million for the same quarter, prior year. Refer to "CARES Act Provider Relief Fund" for further discussion. Net income increased 190.7% to $196.2 million for the second quarter ended June 30, 2021, compared to $67.5 million for the same quarter, prior year. Net income included a pre-tax gain on sale of businesses of $0.3 million for the second quarter ended June 30, 2020. Adjusted EBITDA increased 91.3% to $342.0 million for the second quarter ended June 30, 2021, compared to $178.8 million for the same quarter, prior year. Earnings per common share increased to $1.22 for the second quarter ended June 30, 2021, compared to $0.39 for the same quarter, prior year. Adjusted earnings per common share was $1.22 for the second quarter ended June 30, 2021, compared to $0.38 for the same quarter, prior year. Adjusted earnings per common share excluded the gain on sale of businesses and its related tax effects for the second quarter ended June 30, 2020. The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table IX of this release. A reconciliation of earnings per common share to adjusted earnings per common share is presented in table X of this release.

For the six months ended June 30, 2021, revenue increased 17.5% to $3,110.5 million, compared to $2,647.4 million for the same period, prior year. Income from operations increased 95.8% to $486.0 million for the six months ended June 30, 2021, compared to $248.2 million for the same period, prior year. Income from operations included $114.1 million of other operating income related to the recognition of payments received under the Provider Relief Fund for the six months ended June 30, 2021, compared to $55.0 million for the same period, prior year. Refer to "CARES Act Provider Relief Fund" for further discussion. Net income increased 141.7% to $333.4 million for the six months ended June 30, 2021, compared to $137.9 million for the same period, prior year. Net income included a pre-tax gain on sale of businesses of $7.5 million for the six months ended June 30, 2020. Adjusted EBITDA increased 64.0% to $600.4 million for the six months ended June 30, 2021, compared to $366.1 million for the same period, prior year. Earnings per common share increased to $2.04 for the six months ended June 30, 2021, compared to $0.78 for the same period, prior year. Adjusted earnings per common share was $2.04 for the six months ended June 30, 2021, compared to $0.75 for the same period, prior year. Adjusted earnings per common share excluded the gain on sale of businesses and its related tax effects for the six months ended June 30, 2020. The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table IX of this release. A reconciliation of earnings per common share to adjusted earnings per common share is presented in table X of this release.

Please refer to "Effects of the COVID-19 Pandemic on Select Medical's Results of Operations during the Three and Six Months Ended June 30, 2020 and 2021" below for further discussion regarding the impact of the coronavirus disease 2019 ("COVID-19") pandemic on Select Medical's operating results.

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 the United States based on number of facilities.   Select Medical's reportable segments include the critical illness recovery hospital segment, the rehabilitation hospital segment, the outpatient rehabilitation segment, and the Concentra segment. As of June 30, 2021, Select Medical operated 99 critical illness recovery hospitals in 28 states, 30 rehabilitation hospitals in 12 states, and 1,833 outpatient rehabilitation clinics in 38 states and the District of Columbia. Select Medical's joint venture subsidiary Concentra operated 518 occupational health centers in 41 states. At June 30, 2021, Select Medical had operations in 46 states and the District of Columbia. Information about Select Medical is available at www.selectmedical.com.

CARES Act Provider Relief Fund

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted. The CARES Act provided additional waivers, reimbursement, grants and other funds to assist health care providers during the COVID-19 pandemic, including $100.0 billion in appropriations for the Public Health and Social Services Emergency Fund, also referred to as the Provider Relief Fund, to be used for preventing, preparing, and responding to COVID-19, and for reimbursing eligible health care providers for health care related expenses and lost revenues that are attributable to COVID-19.

Select Medical recognized $98.0 million and $114.1 million of payments received under the Provider Relief Fund as other operating income during the three and six months ended June 30, 2021. Select Medical recognized $55.0 million of payments received under the Provider Relief Fund as other operating income during both the three and six months ended June 30, 2020.

Critical Illness Recovery Hospital Segment

For the second quarter ended June 30, 2021, revenue for the critical illness recovery hospital segment increased 4.7% to $544.1 million, compared to $519.6 million for the same quarter, prior year. Adjusted EBITDA for the critical illness recovery hospital segment was $72.9 million for the second quarter ended June 30, 2021, compared to $89.7 million for the same quarter, prior year. The Adjusted EBITDA margin for the critical illness recovery hospital segment was 13.4% for the second quarter ended June 30, 2021, compared to 17.3% for the same quarter, prior year. Certain critical illness recovery hospital key statistics are presented in table VII of this release for both the second quarters ended June 30, 2021 and 2020.

For the six months ended June 30, 2021, revenue for the critical illness recovery hospital segment increased 11.6% to $1,138.9 million, compared to $1,020.1 million for the same period, prior year. Adjusted EBITDA for the critical illness recovery hospital segment increased 4.4% to $186.2 million for the six months ended June 30, 2021, compared to $178.3 million for the same period, prior year. For the six months ended June 30, 2021, Adjusted EBITDA included $17.9 million of other operating income related to the outcome of litigation with the Centers for Medicare & Medicaid Services. The Adjusted EBITDA margin for the critical illness recovery hospital segment was 16.3% for the six months ended June 30, 2021, compared to 17.5% for the same period, prior year. Certain critical illness recovery hospital key statistics are presented in table VIII of this release for both the six months ended June 30, 2021 and 2020.

Rehabilitation Hospital Segment

For the second quarter ended June 30, 2021, revenue for the rehabilitation hospital segment increased 26.1% to $212.7 million, compared to $168.7 million for the same quarter, prior year. Adjusted EBITDA for the rehabilitation hospital segment increased 83.9% to $50.8 million for the second quarter ended June 30, 2021, compared to $27.6 million for the same quarter, prior year. The Adjusted EBITDA margin for the rehabilitation hospital segment was 23.9% for the second quarter ended June 30, 2021, compared to 16.4% for the same quarter, prior year. Certain rehabilitation hospital key statistics are presented in table VII of this release for both the second quarters ended June 30, 2021 and 2020.

For the six months ended June 30, 2021, revenue for the rehabilitation hospital segment increased 19.9% to $420.5 million, compared to $350.7 million for the same period, prior year. Adjusted EBITDA for the rehabilitation hospital segment increased 53.1% to $101.3 million for the six months ended June 30, 2021, compared to $66.2 million for the same period, prior year. The Adjusted EBITDA margin for the rehabilitation hospital segment was 24.1% for the six months ended June 30, 2021, compared to 18.9% for the same period, prior year. Certain rehabilitation hospital key statistics are presented in table VIII of this release for both the six months ended June 30, 2021 and 2020.

Outpatient Rehabilitation Segment

For the second quarter ended June 30, 2021, revenue for the outpatient rehabilitation segment increased 67.8% to $280.4 million, compared to $167.1 million for the same quarter, prior year. Adjusted EBITDA for the outpatient rehabilitation segment was $45.6 million for the second quarter ended June 30, 2021, compared to Adjusted EBITDA losses of $6.3 million for the same quarter, prior year. The Adjusted EBITDA margin for the outpatient rehabilitation segment was 16.3% for the second quarter ended June 30, 2021, compared to (3.8)% for the same quarter, prior year. Certain outpatient rehabilitation key statistics are presented in table VII of this release for both the second quarters ended June 30, 2021 and 2020.

For the six months ended June 30, 2021, revenue for the outpatient rehabilitation segment increased 26.0% to $532.4 million, compared to $422.4 million for the same period, prior year. Adjusted EBITDA for the outpatient rehabilitation segment increased to $72.0 million for the six months ended June 30, 2021, compared to $20.8 million for the same period, prior year. The Adjusted EBITDA margin for the outpatient rehabilitation segment was 13.5% for the six months ended June 30, 2021, compared to 4.9%  for the same period, prior year. Certain outpatient rehabilitation key statistics are presented in table VIII of this release for both the six months ended June 30, 2021 and 2020.

Concentra Segment

For the second quarter ended June 30, 2021, revenue for the Concentra segment increased 46.1% to $456.4 million, compared to $312.3 million for the same quarter, prior year. Adjusted EBITDA for the Concentra segment increased to $137.1 million for the second quarter ended June 30, 2021, compared to $41.5 million for the same quarter, prior year. Adjusted EBITDA included other operating income of $32.3 million related to the recognition of payments received under the Provider Relief Fund for the second quarter ended June 30, 2021, compared to $0.8 million for the same quarter, prior year. The Adjusted EBITDA margin for the Concentra segment was 30.0% for the second quarter ended June 30, 2021, compared to 13.3% for the same quarter, prior year. Certain Concentra key statistics are presented in table VII of this release for both the second quarters ended June 30, 2021 and 2020.

For the six months ended June 30, 2021, revenue for the Concentra segment increased 23.7% to $879.2 million, compared to $710.9 million for the same period, prior year. Adjusted EBITDA for the Concentra segment increased to $219.1 million for the six months ended June 30, 2021, compared to $103.0 million for the same period, prior year. Adjusted EBITDA included other operating income of $32.3 million related to the recognition of payments received under the Provider Relief Fund for the six months ended June 30, 2021, compared to $0.8 million for the same period, prior year. The Adjusted EBITDA margin for the Concentra segment was 24.9% for the six months ended June 30, 2021, compared to 14.5% for the same period, prior year. Certain Concentra key statistics are presented in table VIII of this release for both the six months ended June 30, 2021 and 2020.

Effects of the COVID-19 Pandemic on Select Medical's Results of Operations during the Three and Six Months Ended June 30, 2020 and 2021

Beginning in March 2020, state governments placed significant restrictions on businesses and mandated closures of non-essential or non-life sustaining businesses, causing many employers to furlough their workforce and temporarily cease or significantly reduce their operations. State governments also implemented restrictions on travel and individual activities outside of the home, closed schools, and mandated other social distancing measures. At the same time, hospitals and other facilities began suspending elective surgeries. In an effort to ensure hospitals and health systems had the capacity to absorb and effectively manage surges of COVID-19 patients, a number of waivers and modifications of certain requirements under the Medicare, Medicaid and Children's Health Insurance Program ("CHIP") programs were authorized in March 2020, including certain regulations under the Medicare program which govern admissions into Select Medical's critical illness recovery hospitals and rehabilitation hospitals. Specifically, Select Medical's critical illness recovery hospitals which are certified as long-term care hospitals ("LTCHs") became exempt from the greater-than-25-day average length of stay requirement for all cost reporting periods that include the COVID-19 public health emergency period. Select Medical's rehabilitation hospitals which are certified as inpatient rehabilitation facilities ("IRFs") could exclude patients admitted solely to respond to the emergency from the calculation of the "60 percent rule" thresholds to receive payment as an IRF. The COVID-19 public health emergency period has been extended and is currently in effect through October 17, 2021.

The adverse effects of the COVID-19 pandemic, along with the actions of governmental authorities and those in the private sector to limit the spread of COVID-19, caused disruptions in each of Select Medical's segments; these disruptions were most significant within the outpatient rehabilitation and Concentra segments. By mid-March 2020, Select Medical's outpatient rehabilitation clinics began experiencing significantly less patient visit volume due to declines in patient referrals from physicians, a reduction in workers' compensation injury visits resulting from the temporary closure of businesses, and the suspension of elective surgeries which would have required outpatient rehabilitation services. Select Medical's Concentra centers experienced similar declines in patient visit volume due to businesses furloughing their workforce and temporarily ceasing or significantly reducing their operations. Since March 2021, Select Medical's outpatient rehabilitation clinics and Concentra centers have experienced patient visit volumes which approximate or exceed the levels experienced in the months prior to the widespread emergence of COVID-19 in the United States. Although they have experienced temporary disruptions in their core businesses as a result of the COVID-19 pandemic, Select Medical's outpatient rehabilitation and Concentra segments have been able to expand their services to provide COVID-19 screening and testing.

Select Medical's critical illness recovery hospitals have played a critical role in caring for patients during the COVID-19 pandemic, and the relaxation of certain admission restrictions have contributed to volume increases in certain of its hospitals. The revenue of Select Medical's critical illness recovery hospitals and rehabilitation hospitals has also benefited from the temporary suspension of the 2.0% cut to Medicare payments due to sequestration, which began May 1, 2020 following the enactment of the CARES Act, and has been extended through December 31, 2021. Certain of Select Medical's rehabilitation hospitals experienced temporary declines in patient volume, beginning in March 2020, in areas more significantly impacted by the spread of COVID-19, and as a result of the suspension of elective surgeries at hospitals and other facilities, which consequently reduced the demand for inpatient rehabilitation services. Additionally, some of Select Medical's rehabilitation hospitals temporarily restricted admissions as a result of the COVID-19 pandemic. Beginning at the onset of the COVID-19 pandemic, both Select Medical's critical illness recovery hospitals and rehabilitation hospitals modified certain of their protocols in order to follow the guidelines and recommendations for patient treatment and for the protection of their patients and staff members. This has resulted in increased labor costs, including increased contracted labor usage, as well as additional costs resulting from the purchase of personal protective equipment.

The unpredictable effects of the COVID-19 pandemic, including the duration and extent of disruption on Select Medical's operations, creates uncertainties about Select Medical's future operating results and financial condition. Select Medical has provided revenue and certain operating statistics below for each of its segments for each of the periods presented. Please refer to our risk factors previously reported in our Annual Report on Form 10-K for the year ended December 31, 2020 for further discussion.



Critical Illness Recovery Hospital































Revenue



Patient Days



Occupancy Rate



Number of Hospitals
Owned(1)



2019


2020


2021



2019


2020


2021



2019


2020


2021



2019


2020


2021



(in thousands)






















January


$

149,799



$

163,238



$

199,611




86,238



90,783



100,933




69

%


69

%


75

%



96


100


99

February


145,586



165,375



190,703




80,806



87,844



92,036




71

%


72

%


75

%



96


100


99

March


162,149



171,908



204,558




91,085



91,831



100,149




73

%


70

%


74

%



96


100


99

Three Months Ended March 31


$

457,534



$

500,521



$

594,872




258,129



270,458



293,118




71

%


70

%


75

%



96


100


99





























April


$

156,231



$

171,445



$

185,934




88,357



90,710



91,506




70

%


71

%


70

%



99


100


99

May


156,422



178,223



183,471




89,350



95,191



93,708




69

%


72

%


70

%



99


100


99

June


148,490



169,958



174,654




85,153



90,988



87,767




68

%


71

%


68

%



99


100


99

Three Months Ended June 30


$

461,143



$

519,626



$

544,059




262,860



276,889



272,981




69

%


72

%


69

%



99


100


99

Six Months Ended June 30


$

918,677



$

1,020,147



$

1,138,931




520,989



547,347



566,099




70

%


71

%


72

%



99


100


99




Rehabilitation Hospital































Revenue



Patient Days



Occupancy Rate



Number of Hospitals
Owned(1)



2019


2020


2021



2019


2020


2021



2019


2020


2021



2019


2020


2021



(in thousands)





















January


$

50,615



$

61,673



$

68,297




27,434



32,111



34,404




74

%


79

%


82

%



17


19


20

February


48,080



60,690



64,202




25,442



31,813



32,178




76

%


84

%


84

%



17


19


20

March


55,863



59,656



75,305




29,940



30,644



35,857




78

%


76

%


85

%



18


19


20

Three Months Ended March 31


$

154,558



$

182,019



$

207,804




82,816



94,568



102,439




76

%


79

%


84

%



18


19


20





























April


$

51,991



$

45,878



$

70,295




28,266



23,553



34,861




76

%


61

%


85

%



18


19


20

May


56,019



57,815



71,190




29,730



29,787



35,604




75

%


73

%


84

%



19


19


20

June


52,364



64,974



71,181




28,529



30,741



34,483




73

%


78

%


84

%



19


19


20

Three Months Ended June 30


$

160,374



$

168,667



$

212,666




86,525



84,081



104,948




75

%


71

%


85

%



19


19


20

Six Months Ended June 30


$

314,932



$

350,686



$

420,470




169,341



178,649



207,387




76

%


75

%


84

%



19


19


20





Outpatient Rehabilitation


























Revenue



Visits



Working Days(2)




2019


2020


2021



2019


2020


2021



2019


2020


2021




(in thousands)















January


$

83,185



$

90,924



$

76,763




687,007



757,171



625,964




22



22



20



February


78,573



88,239



77,063




658,610



739,061



641,942




20



20



20



March


85,147



76,086



98,135




708,866



626,433



832,248




21



22



23



Three Months Ended March 31


$

246,905



$

255,249



$

251,961




2,054,483



2,122,665



2,100,154




63



64



63

























April


$

90,230



$

49,084



$

95,251




762,914



386,108



810,314




22



22



22



May


90,272



51,186



89,030




759,829



409,703



758,773




22



20



20



June


81,389



66,868



96,128




680,762



546,456



835,774




20



22



22



Three Months Ended June 30


$

261,891



$

167,138



$

280,409




2,203,505



1,342,267



2,404,861




64



64



64



Six Months Ended June 30


$

508,796



$

422,387



$

532,370




4,257,988



3,464,932



4,505,015




127



128



127







Concentra


























Revenue



Visits



Working Days(2)




2019


2020


2021



2019


2020


2021



2019


2020


2021




(in thousands)















January


$

133,507



$

141,236



$

127,103




985,598



1,032,069



867,793




22



22



20



February


126,309



133,690



132,349




919,065



965,741



869,910




20



20



20



March


136,505



123,609



163,388




1,006,944



879,585



1,057,871




21



22



23



Three Months Ended March 31


$

396,321



$

398,535



$

422,840




2,911,607



2,877,395



2,795,574




63



64



63

























April


$

140,050



$

91,178



$

152,143




1,040,543



610,555



999,622




22



22



22



May


143,183



99,228



142,228




1,073,763



674,629



956,250




22



20



20



June


130,218



121,932



162,001




988,783



865,896



1,074,206




20



22



22



Three Months Ended June 30


$

413,451



$

312,338



$

456,372




3,103,089



2,151,080



3,030,078




64



64



64



Six Months Ended June 30


$

809,772



$

710,873



$

879,212




6,014,696



5,028,475



5,825,652




127



128



127



_______________________________________________________________________________

(1)     Represents the number of hospitals owned at the end of each period presented. 

(2)     Represents the number of days in which normal business operations were conducted during the periods presented.

Stock Repurchase Program

The board of directors of Select Medical has authorized a common stock repurchase program to repurchase up to $500.0 million worth of shares of its common stock. The program has been extended until December 31, 2021, and will remain in effect until then, unless further extended or earlier terminated by the board of directors. Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as Select Medical deems appropriate. Select Medical funds this program with cash on hand and borrowings under its revolving credit facility.

Select Medical did not repurchase shares during the quarter ended June 30, 2021. Since the inception of the program through June 30, 2021, Select Medical has repurchased 38,580,908 shares at a cost of approximately $356.6 million, or $9.24 per share, which includes transaction costs.

Dividend

On August 4, 2021, Select Medical's board of directors declared a cash dividend of $0.125 per share. The dividend will be payable on or about August 30, 2021 to stockholders of record as of the close of business on August 18, 2021.

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, our 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.

Financing Transactions

On June 2, 2021, Select Medical entered into Amendment No. 5 to its senior secured credit agreement which, among other things, increased the aggregate commitments available under its revolving credit facility from $450.0 million to $650.0 million, including a $125.0 million sublimit for the issuance of standby letters of credit.

On June 2, 2021, Concentra Inc. terminated its first lien credit agreement. The first lien credit agreement provided for commitments of $100.0 million under a revolving credit facility, which was set to mature on March 1, 2022.

Business Outlook

Select Medical is updating its business outlook for 2021 following the reporting of its second quarter 2021 results. Select Medical now expects revenue for the full year of 2021 to be in the range of $5.85 billion to $6.05 billion and Adjusted EBITDA for the full year of 2021 to be in the range of $970.0 million to $1.0 billion. Select Medical now expects fully diluted earnings per common share for the full year of 2021 to be in the range of $2.91 to $3.08. A reconciliation of net income to Adjusted EBITDA for the full year of 2021 is presented in table XI of this release.

Select Medical reaffirms its target compound annual growth rates, provided most recently in its May 6, 2021 press release, for revenue, Adjusted EBITDA, and earnings per common share. Select Medical continues to expect its compound annual growth for revenue to be in the range of 4% to 6% and compound annual growth for Adjusted EBITDA to be in the range of 7% to 8% from 2021 through 2023. Select Medical continues to expect compound annual growth for earnings per common share to be in the range of 17% to 20% from 2021 through 2023.

Conference Call

Select Medical will host a conference call regarding its second quarter results, as well as its business outlook and the impact of the COVID-19 pandemic on each of its reportable segments, on Friday, August 6, 2021, at 9:00am ET. The domestic dial in number for the call is 1-866-440-2669. The international dial in number is 1-409-220-9844. The conference ID for the call is 5819078. The conference call will be webcast simultaneously and can be accessed at Select Medical Holdings Corporation's website www.selectmedicalholdings.com.

For those unable to participate in the conference call, a replay will be available until 12:00pm ET, August 13, 2021. The replay number is 1-855-859-2056 (domestic) or 1-404-537-3406 (international). The conference ID for the replay will be 5819078. The replay can also be accessed at Select Medical Holdings Corporation's website, www.selectmedicalholdings.com.

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 2021 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:

  • developments related to the COVID-19 pandemic including, but not limited to, the duration and severity of the pandemic, additional measures taken by government authorities and the private sector to limit the spread of COVID-19, and further legislative and regulatory actions which impact healthcare providers, including actions that may impact the Medicare program;
  • 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;
  • 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;
  • 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;
  • shortages in qualified nurses, therapists, physicians, or other licensed providers, or the inability to attract or retain healthcare professionals due to the heightened risk of infection related to the COVID-19 pandemic, could increase our operating costs significantly or limit our ability to staff our facilities;
  • 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 quarterly reports on Form 10-Q and of the annual report on Form 10-K for the year ended December 31, 2020.

Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC, we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results or performance.

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 June 30, 2020 and 2021
(In thousands, except per share amounts, unaudited)



2020


2021


% Change

Revenue


$

1,232,718



$

1,564,020



26.9

%

Costs and expenses:







Cost of services, exclusive of depreciation and amortization


1,082,456



1,291,448



19.3


General and administrative


33,461



35,737



6.8


Depreciation and amortization


52,271



50,954



(2.5)


Total costs and expenses


1,168,188



1,378,139



18.0


Other operating income


54,988



98,087



N/M


Income from operations


119,518



283,968



137.6


Other income and expense:







Equity in earnings of unconsolidated subsidiaries


8,324



11,809



41.9


Gain on sale of businesses


346





N/M


Interest expense


(37,366)



(33,888)



(9.3)


Income before income taxes


90,822



261,889



188.4


Income tax expense


23,336



65,681



181.5


Net income


67,486



196,208



190.7


Less: Net income attributable to non-controlling interests


15,836



31,314



97.7


Net income attributable to Select Medical


$

51,650



$

164,894



219.3

%

Basic and diluted earnings per common share:(1)


$

0.39



$

1.22




_______________________________________________________________________________

(1)          Refer to table III for calculation of earnings per common share.

N/M        Not meaningful.

 

II.  Condensed Consolidated Statements of Operations
For the Six Months Ended June 30, 2020 and 2021
(In thousands, except per share amounts, unaudited)



2020


2021


% Change

Revenue


$

2,647,350



$

3,110,483



17.5

%

Costs and expenses:







Cost of services, exclusive of depreciation and amortization


2,282,827



2,584,897



13.2


General and administrative


67,292



71,140



5.7


Depreciation and amortization


104,023



100,574



(3.3)


Total costs and expenses


2,454,142



2,756,611



12.3


Other operating income


54,988



132,108



N/M


Income from operations


248,196



485,980



95.8


Other income and expense:







Equity in earnings of unconsolidated subsidiaries


10,912



21,728



99.1


Gain on sale of businesses


7,547





N/M


Interest income




4,749



N/M


Interest expense


(83,473)



(68,290)



(18.2)


Income before income taxes


183,182



444,167



142.5


Income tax expense


45,248



110,745



144.8


Net income


137,934



333,422



141.7


Less: Net income attributable to non-controlling interests


33,159



57,982



74.9


Net income attributable to Select Medical


$

104,775



$

275,440



162.9

%

Basic and diluted earnings per common share:(1)


$

0.78



$

2.04




_______________________________________________________________________________

(1)          Refer to table III for calculation of earnings per common share.

N/M        Not meaningful.

 

III.  Earnings per Share
For the Three and Six Months Ended June 30, 2020 and 2021
(In thousands, except per share amounts, unaudited)

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 and six months ended June 30, 2020 and 2021:



Basic and Diluted EPS



Three Months Ended

June 30,


Six Months Ended

June 30,



2020


2021


2020


2021



(in thousands)

Net income


$

67,486



$

196,208



$

137,934



$

333,422


Less: net income attributable to non-controlling interests


15,836



31,314



33,159



57,982


Net income attributable to Select Medical


51,650



164,894



104,775



275,440


Less: net income attributable to participating securities


1,778



5,560



3,596



9,250


Net income attributable to common shares


$

49,872



$

159,334



$

101,179



$

266,190


The following tables set forth the computation of EPS under the two-class method for the three and six months ended June 30, 2020 and 2021:



Three Months Ended June 30,



2020



2021



Net Income
Allocation


Shares(1)


Basic and
Diluted EPS



Net Income
Allocation


Shares(1)


Basic and
Diluted EPS

Common shares


$

49,872



129,319



$

0.39




$

159,334



130,396



$

1.22


Participating securities


1,778



4,610



$

0.39




5,560



4,550



$

1.22


Total


$

51,650








$

164,894









Six Months Ended June 30,



2020



2021



Net Income
Allocation


Shares(1)


Basic and
Diluted EPS



Net Income
Allocation


Shares(1)


Basic and
Diluted EPS

Common shares


$

101,179



129,479



$

0.78




$

266,190



130,362



$

2.04


Participating securities


3,596



4,602



$

0.78




9,250



4,530



$

2.04


Total


$

104,775








$

275,440






_______________________________________________________________________________

(1)     Represents the weighted average share count outstanding during the period.

 

IV.  Condensed Consolidated Balance Sheets
(In thousands, unaudited)



December 31, 2020


June 30, 2021

Assets





Current Assets:





Cash and cash equivalents


$

577,061



$

803,493


Accounts receivable


896,763



931,179


Other current assets


120,176



133,498


Total Current Assets


1,594,000



1,868,170


Operating lease right-of-use assets


1,032,217



1,053,331


Property and equipment, net


943,420



928,226


Goodwill


3,379,014



3,391,040


Identifiable intangible assets, net


387,541



380,302


Other assets


319,207



335,310


Total Assets


$

7,655,399



$

7,956,379


Liabilities and Equity





Current Liabilities:





Payables and accruals


$

800,918



$

917,181


Government advances


321,807



251,272


Unearned government assistance


82,607



4,099


Current operating lease liabilities


220,413



224,868


Current portion of long-term debt and notes payable


12,621



11,608


Total Current Liabilities


1,438,366



1,409,028


Non-current operating lease liabilities


875,367



893,478


Long-term debt, net of current portion


3,389,398



3,386,214


Non-current deferred tax liability


132,421



123,559


Other non-current liabilities


168,703



172,656


Total Liabilities


6,004,255



5,984,935


Redeemable non-controlling interests


398,171



521,552


Total equity


1,252,973



1,449,892


Total Liabilities and Equity


$

7,655,399



$

7,956,379


 

V.  Condensed Consolidated Statements of Cash Flows
For the Three Months Ended June 30, 2020 and 2021
(In thousands, unaudited)



2020


2021

Operating activities





Net income


$

67,486



$

196,208


Adjustments to reconcile net income to net cash provided by operating
activities:





Distributions from unconsolidated subsidiaries


2,744



7,751


Depreciation and amortization


52,271



50,954


Provision for expected credit losses


54



145


Equity in earnings of unconsolidated subsidiaries


(8,324)



(11,809)


Loss (gain) on sale of assets and businesses


(542)



422


Stock compensation expense


6,963



7,099


Amortization of debt discount, premium and issuance costs


540



552


Deferred income taxes


(12,780)



(7,426)


Changes in operating assets and liabilities, net of effects of business
combinations:





Accounts receivable


67,107



28,391


Other current assets


686



(8,431)


Other assets


9,256



(12,945)


Accounts payable and accrued expenses


61,726



45,288


Government advances


316,992



(73,703)


Unearned government assistance


45,505



(97,716)


Income taxes


32,330



(1,642)


Net cash provided by operating activities


642,014



123,138


Investing activities





Business combinations, net of cash acquired


(128)



(3,767)


Purchases of property and equipment


(32,045)



(36,723)


Investment in businesses


(4,901)



(4,614)


Proceeds from sale of assets and businesses


1,171



9,444


Net cash used in investing activities


(35,903)



(35,660)


Financing activities





Borrowings on revolving facilities


10,000




Payments on revolving facilities


(175,000)




Borrowings of other debt


25,000




Principal payments on other debt


(27,634)



(5,972)


Dividends paid to common stockholders




(16,876)


Repurchase of common stock


(724)



(1,610)


Proceeds from issuance of non-controlling interests


7



5,688


Distributions to and purchases of non-controlling interests


(1,186)



(15,489)


Net cash used in financing activities


(169,537)



(34,259)


Net increase in cash and cash equivalents


436,574



53,219


Cash and cash equivalents at beginning of period


73,163



750,274


Cash and cash equivalents at end of period


$

509,737



$

803,493


Supplemental information





Cash paid for interest


$

18,239



$

14,485


Cash paid for taxes


3,785



74,751


 

VI.  Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2020 and 2021
(In thousands, unaudited)



2020


2021

Operating activities





Net income


$

137,934



$

333,422


Adjustments to reconcile net income to net cash provided by operating
activities:





Distributions from unconsolidated subsidiaries


11,223



19,384


Depreciation and amortization


104,023



100,574


Provision for expected credit losses


253



212


Equity in earnings of unconsolidated subsidiaries


(10,912)



(21,728)


Loss (gain) on sale of assets and businesses


(7,881)



494


Stock compensation expense


13,866



13,808


Amortization of debt discount, premium and issuance costs


1,093



1,095


Deferred income taxes


(3,416)



(8,323)


Changes in operating assets and liabilities, net of effects of business
combinations:





Accounts receivable


13,179



(31,751)


Other current assets


713



(12,856)


Other assets


11,504



(11,984)


Accounts payable and accrued expenses


8,279



89,915


Government advances


316,992



(73,703)


Unearned government assistance


45,505



(78,509)


Income taxes


43,743



42,976


Net cash provided by operating activities


686,098



363,026


Investing activities





Business combinations, net of cash acquired


(6,961)



(10,081)


Purchases of property and equipment


(71,253)



(76,442)


Investment in businesses


(14,749)



(11,185)


Proceeds from sale of assets and businesses


12,401



9,463


Net cash used in investing activities


(80,562)



(88,245)


Financing activities





Borrowings on revolving facilities


470,000




Payments on revolving facilities


(470,000)




Payments on term loans


(39,843)




Borrowings of other debt


31,487



8,915


Principal payments on other debt


(35,733)



(15,314)


Dividends paid to common stockholders




(16,876)


Repurchase of common stock


(9,415)



(1,610)


Proceeds from issuance of non-controlling interests


1,686



5,688


Distributions to and purchases of non-controlling interests


(13,660)



(29,152)


Purchase of membership interests of Concentra Group Holdings Parent


(366,203)




Net cash used in financing activities


(431,681)



(48,349)


Net increase in cash and cash equivalents


173,855



226,432


Cash and cash equivalents at beginning of period


335,882



577,061


Cash and cash equivalents at end of period


$

509,737



$

803,493


Supplemental information





Cash paid for interest


$

86,124



$

66,955


Cash paid for taxes


4,920



76,094


 

VII.  Key Statistics
For the Three Months Ended June 30, 2020 and 2021
(unaudited)



2020


2021


% Change

Critical Illness Recovery Hospital







Number of hospitals – end of period(a)


101



99




Revenue (,000)


$

519,626



$

544,059



4.7

%

Number of patient days(b)(c)


276,889



272,981



(1.4)

%

Number of admissions(b)(d)


9,167



9,026



(1.5)

%

Revenue per patient day(b)(e)


$

1,867



$

1,986



6.4

%

Adjusted EBITDA (,000)


$

89,743



$

72,904



(18.8)

%

Adjusted EBITDA margin


17.3

%


13.4

%



Rehabilitation Hospital







Number of hospitals – end of period(a)


29



30




Revenue (,000)


$

168,667



$

212,666



26.1

%

Number of patient days(b)(c)


84,081



104,948



24.8

%

Number of admissions(b)(d)


5,713



7,360



28.8

%

Revenue per patient day(b)(e)


$

1,831



$

1,849



1.0

%

Adjusted EBITDA (,000)


$

27,605



$

50,768



83.9

%

Adjusted EBITDA margin


16.4

%


23.9

%



Outpatient Rehabilitation







Number of clinics – end of period(a)


1,757



1,833




Revenue (,000)


$

167,138



$

280,409



67.8

%

Number of visits(b)(f)


1,342,267



2,404,861



79.2

%

Revenue per visit(b)(g)


$

106



$

102



(3.8)

%

Adjusted EBITDA (,000)


$

(6,282)



$

45,633



N/M


Adjusted EBITDA margin


(3.8)

%


16.3

%



Concentra







Number of centers – end of period(b)


522



518




Revenue (,000)


$

312,338



$

456,372



46.1

%

Number of visits(b)(f)


2,151,080



3,030,078



40.9

%

Revenue per visit(b)(g)


$

124



$

125



0.8

%

Adjusted EBITDA (,000)


$

41,497



$

137,060



230.3

%

Adjusted EBITDA margin


13.3

%


30.0

%



_______________________________________________________________________________

(a)

Includes managed locations.

(b)

Excludes managed locations. For purposes of the Concentra segment, onsite clinics and community-based outpatient 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 number of visits in which patients were treated at Select Medical's outpatient rehabilitation clinics and Concentra centers during the periods presented.

(g)

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 and community-based outpatient clinics.

 

VIII.  Key Statistics
For the Six Months Ended June 30, 2020 and 2021
(unaudited)



2020


2021


% Change

Critical Illness Recovery Hospital







Number of hospitals – end of period(a)


101



99




Revenue (,000)


$

1,020,147



$

1,138,931



11.6

%

Number of patient days(b)(c)


547,347



566,099



3.4

%

Number of admissions(b)(d)


18,700



18,885



1.0

%

Revenue per patient day(b)(e)


$

1,853



$

2,006



8.3

%

Adjusted EBITDA (,000)


$

178,313



$

186,176



4.4

%

Adjusted EBITDA margin


17.5

%


16.3

%



Rehabilitation Hospital







Number of hospitals – end of period(a)


29



30




Revenue (,000)


$

350,686



$

420,470



19.9

%

Number of patient days(b)(c)


178,649



207,387



16.1

%

Number of admissions(b)(d)


12,046



14,491



20.3

%

Revenue per patient day(b)(e)


$

1,778



$

1,851



4.1

%

Adjusted EBITDA (,000)


$

66,174



$

101,302



53.1

%

Adjusted EBITDA margin


18.9

%


24.1

%



Outpatient Rehabilitation







Number of clinics – end of period(a)


1,757



1,833




Revenue (,000)


$

422,387



$

532,370



26.0

%

Number of visits(b)(f)


3,464,932



4,505,015



30.0

%

Revenue per visit(b)(g)


$

105



$

103



(1.9)

%

Adjusted EBITDA (,000)


$

20,840



$

71,962



245.3

%

Adjusted EBITDA margin


4.9

%


13.5

%



Concentra







Number of centers – end of period(b)


522



518




Revenue (,000)


$

710,873



$

879,212



23.7

%

Number of visits(b)(f)


5,028,475



5,825,652



15.9

%

Revenue per visit(b)(g)


$

124



$

125



0.8

%

Adjusted EBITDA (,000)


$

102,963



$

219,075



112.8

%

Adjusted EBITDA margin


14.5

%


24.9

%



_______________________________________________________________________________

(a)

Includes managed locations.

(b)

Excludes managed locations. For purposes of the Concentra segment, onsite clinics and community-based outpatient 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 number of visits in which patients were treated at Select Medical's outpatient rehabilitation clinics and Concentra centers during the periods presented.

(g)

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 and community-based outpatient clinics.

 

IX. Net Income to Adjusted EBITDA Reconciliation
For the Three and Six Months Ended June 30, 2020 and 2021
(In thousands, unaudited)

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 to evaluate financial performance and determine resource allocation for each of Select Medical's operating segments. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles ("GAAP"). Items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, income from operations, 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 EBITDA is not a measurement determined in accordance with GAAP and is thus susceptible to varying definitions, Adjusted EBITDA as presented may not be comparable to other similarly titled measures of other companies.

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, gain (loss) on sale of businesses, and equity in earnings (losses) of unconsolidated subsidiaries.


Three Months Ended

June 30,


Six Months Ended

June 30,


2020


2021


2020


2021

Net income

$

67,486



$

196,208



$

137,934



$

333,422


Income tax expense

23,336



65,681



45,248



110,745


Interest expense

37,366



33,888



83,473



68,290


Interest income







(4,749)


Gain on sale of businesses

(346)





(7,547)




Equity in earnings of unconsolidated subsidiaries

(8,324)



(11,809)



(10,912)



(21,728)


Income from operations

119,518



283,968



248,196



485,980


Stock compensation expense:








Included in general and administrative

5,451



5,620



10,888



11,080


Included in cost of services

1,512



1,479



2,978



2,728


Depreciation and amortization

52,271



50,954



104,023



100,574


Adjusted EBITDA

$

178,752



$

342,021



$

366,085



$

600,362










Critical illness recovery hospital(a)

$

89,743



$

72,904



$

178,313



$

186,176


Rehabilitation hospital

27,605



50,768



66,174



101,302


Outpatient rehabilitation

(6,282)



45,633



20,840



71,962


Concentra(b)

41,497



137,060



102,963



219,075


Other(c)(d)

26,189



35,656



(2,205)



21,847


Adjusted EBITDA

$

178,752



$

342,021



$

366,085



$

600,362


_______________________________________________________________________________

(a)

For the six months ended June 30, 2021, Adjusted EBITDA included other operating income of $17.9 million. The other operating income related to the outcome of litigation with the Centers for Medicare & Medicaid Services.

(b)

For both the three and six months ended June 30, 2021, Adjusted EBITDA included other operating income of $32.3 million. For both the three and six months ended June 30, 2020, Adjusted EBITDA included other operating income of $0.8 million. The other operating income related to the recognition of payments received under the Provider Relief Fund.

(c)

For the three and six months ended June 30, 2021, Adjusted EBITDA included other operating income of $65.8 million and $81.9 million, respectively. For both the three and six months ended June 30, 2020, Adjusted EBITDA included other operating income of $54.2 million. The other operating income related to the recognition of payments received under the Provider Relief Fund.

(d)

Other primarily includes general and administrative costs and other operating income, as discussed further above.

 

X. Reconciliation of Earnings per Common Share to Adjusted Earnings per Common Share
For the Three and Six Months Ended June 30, 2020 and 2021
(In thousands, except per share amounts, unaudited)

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 June 30,


2020


Per Share(a)


2021


Per Share(a)

Net income attributable to common shares(a)

$

49,872



$

0.39



$

159,334



$

1.22


Adjustments:(b)








Gain on sale of businesses, net of tax effect of $88

(249)



(0.01)






Adjusted net income attributable to common shares

$

49,623



$

0.38



$

159,334



$

1.22




Six Months Ended June 30,


2020


Per Share(a)


2021


Per Share(a)

Net income attributable to common shares(a)

$

101,179



$

0.78



$

266,190



$

2.04


Adjustments:(b)








Gain on sale of businesses, net of tax effect of $3,507

(3,900)



(0.03)






Adjusted net income attributable to common shares

$

97,279



$

0.75



$

266,190



$

2.04


______________________________________________________________________________

(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 III.

(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.

 

XI. Net Income to Adjusted EBITDA Reconciliation
Business Outlook for the Year Ending December 31, 2021
(In millions, unaudited)

The following is a reconciliation of full year 2021 Adjusted EBITDA expectations as computed at the low and high points of the range to the closest comparable GAAP financial measure. Refer to table IX for the definition of Adjusted EBITDA and a discussion of Select Medical's use of Adjusted EBITDA in evaluating financial performance. Each item presented in the below table is an estimation of full year 2021 expectations.


Range

Non-GAAP Measure Reconciliation

Low


High

Net income attributable to Select Medical

$

394



$

417


Net income attributable to non-controlling interests

94



94


Net income

488



511


Income tax expense

163



170


Interest income

(5)



(5)


Interest expense

138



138


Equity in earnings of unconsolidated subsidiaries

(43)



(43)


Income from operations

741



771


Stock compensation expense

28



28


Depreciation and amortization

201



201


Adjusted EBITDA

$

970



$

1,000


 

Cision View original content:https://www.prnewswire.com/news-releases/select-medical-holdings-corporation-announces-results-for-its-second-quarter-ended-june-30-2021-and-cash-dividend-301349772.html

SOURCE Select Medical Holdings Corporation

FAQ

What is Select Medical's stock symbol?

Select Medical's stock symbol is SEM.

What are Select Medical's Q2 2021 revenue and net income figures?

For Q2 2021, Select Medical reported revenue of $1,564.0 million and net income of $196.2 million.

When is Select Medical's dividend payable?

The cash dividend of $0.125 per share is payable on or about August 30, 2021.

What is the earnings projection for Select Medical for 2021?

Select Medical projects 2021 revenue between $5.85 billion and $6.05 billion.

How does Select Medical's adjusted EBITDA compare year over year?

Adjusted EBITDA for Q2 2021 increased by 91.3% to $342.0 million compared to the previous year.

SELECT MEDICAL HOLDINGS CORP

NYSE:SEM

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4.98B
106.35M
17%
78.97%
1.56%
Medical Care Facilities
Services-hospitals
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United States of America
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