Select Medical Stock Price, News & Analysis

Select Medical Holdings (NYSE: SEM) has announced the distribution ratio for its special stock distribution of Concentra Group Holdings Parent equity to stockholders. Shareholders will receive 0.806971 shares of Concentra's common stock for each Select Medical share held as of November 18, 2024 (Record Date). The distribution will occur on November 25, 2024, with cash provided in lieu of fractional shares. The distribution is intended to be tax-free for U.S. federal income tax purposes. J.P. Morgan and Goldman Sachs are serving as financial advisors, while Dechert LLP is acting as legal advisor for the distribution.

Select Medical Holdings (NYSE: SEM) announced that its subsidiary, Select Medical , has priced a $550.0 million private offering of 6.250% senior notes due 2032. The offering is expected to close on December 3, 2024. The notes will be senior unsecured obligations guaranteed by certain domestic subsidiaries.

The company plans to use the proceeds, along with a new incremental term loan and cash on hand, to repay existing term loans, redeem outstanding 6.250% senior notes due 2026, and cover related fees. The notes will be offered only to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.

Select Medical Holdings (NYSE: SEM) announced that Select Medical has initiated a private offering of $850 million in senior notes due 2032. The company plans to amend its existing senior secured credit agreement to establish a new incremental term loan and extend its revolving credit facility maturity. The proceeds will be used to repay existing term loans, redeem all outstanding 6.250% senior notes due 2026, and cover related fees. The notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.

Select Medical Holdings has announced a special stock distribution of its Concentra holdings to shareholders. The distribution will occur on November 25, 2024, with a record date of November 18, 2024. Stockholders will receive approximately 0.806971 shares of Concentra's common stock (NYSE: CON) for each share of Select Medical stock held. The distribution represents about 81.7% of Concentra's outstanding shares, totaling 104,093,503 shares. The transaction is intended to be tax-free for U.S. federal income tax purposes, and no stockholder action is required. Cash will be provided in lieu of fractional shares.

Select Medical Holdings (NYSE: SEM) reported strong Q3 2024 financial results with significant growth across key metrics. Revenue increased 5.7% to $1,761.2 million, while net income rose 33.2% to $81.0 million. The company saw improved performance across all segments, with notable growth in rehabilitation hospitals (14.4% revenue increase) and outpatient rehabilitation (6.9% revenue increase).

The company declared a cash dividend of $0.125 per share, payable around November 26, 2024, to stockholders of record as of November 13, 2024. Additionally, Select Medical updated its 2024 outlook, projecting revenue between $6.95-7.15 billion and Adjusted EBITDA of $865.0-885.0 million.

Select Medical and SSM Health have announced a joint venture partnership to operate a 50-bed inpatient rehabilitation hospital in Oklahoma City, named SSM Health Rehabilitation Hospital – Oklahoma City. The facility, set to open in December 2024, will be located at 700 NW 7th Street and incorporate SSM Health's existing 12-bed acute rehabilitation unit from St. Anthony Hospital.

This partnership expands on a 15-year collaboration between Select Medical and SSM Health in the St. Louis region, where they jointly operate three inpatient rehabilitation hospitals, 79 outpatient physical therapy centers, and 10 rehabilitation day institutes. Select Medical will serve as the majority owner and managing partner of the new joint venture in Oklahoma City.

Select Medical Holdings (NYSE: SEM) has announced it will release its third quarter 2024 financial results on Thursday, October 31, 2024, after market close. The company will host a conference call and live webcast to discuss the results and business outlook on Friday, November 1, 2024, at 9:00am ET. Investors can access the webcast through the company's website or a provided link, with a replay available shortly after the call.

As of June 30, 2024, Select Medical operates 107 critical illness recovery hospitals in 28 states, 33 rehabilitation hospitals in 12 states, 1,925 outpatient rehabilitation clinics in 39 states and D.C., 547 occupational health centers in 41 states, and 154 onsite clinics at employer worksites. The company has a presence in 46 states and the District of Columbia.

Select Medical has announced a definitive agreement to acquire Valir Rehabilitation Hospital, a 50-bed inpatient rehabilitation facility in Oklahoma City, from Valir Health. The financial terms were not disclosed. This acquisition will expand Select Medical's presence in Oklahoma City, where it already operates a critical illness recovery hospital and 29 outpatient centers statewide.

Tom Mullin, president of Select Medical, emphasized the company's commitment to providing a full continuum of care for patients throughout their recovery journey. The acquisition aligns with Select Medical's strategy to meet the growing demand for inpatient rehabilitative care in the Oklahoma City area.

Select Medical Holdings (NYSE: SEM) reported its Q2 2024 results, showing a 5.1% revenue increase to $1,759.7 million. Net income rose 3.2% to $94.8 million, while Adjusted EBITDA grew 3.1% to $226.3 million. Earnings per share remained steady at $0.60. The company's board declared a cash dividend of $0.125 per share, payable on August 30, 2024.

For the first half of 2024, revenue increased 6.3% to $3,548.5 million, with net income up 19.7% to $211.9 million. Select Medical operates 107 critical illness recovery hospitals, 33 rehabilitation hospitals, 1,925 outpatient rehabilitation clinics, and 547 occupational health centers across the United States.

The company also announced the successful IPO of its subsidiary, Concentra Group Holdings Parent, raising $528.8 million in gross proceeds.