Welcome to our dedicated page for Select Medical news (Ticker: SEM), a resource for investors and traders seeking the latest updates and insights on Select Medical stock.
Select Medical Holdings Corporation reports company developments for a healthcare operator focused on critical illness recovery hospitals, rehabilitation hospitals and outpatient rehabilitation clinics in the United States. Recurring updates cover operating and financial results, business outlook, cash dividends, segment performance and healthcare regulatory matters tied to its hospital and clinic network.
News about SEM also includes capital-structure disclosures, material agreements, shareholder voting matters and governance actions. Corporate updates may address completed portfolio changes, such as the Concentra distribution, and related discontinued-operations reporting.
Select Medical Holdings (NYSE: SEM) and Concentra Group Holdings Parent, Inc. announced the commencement of a $750 million senior notes offering by Concentra Escrow Issuer , a subsidiary of Concentra Health Services, Inc. The offering supports Select's plan to separate Concentra from its business.
The Issuer will merge with Concentra Health Services, Inc. Upon merger, Concentra and its subsidiaries will guarantee the notes. The proceeds, held in escrow, will be used for corporate purposes and dividends to Select Medical
If the merger isn't completed by September 30, 2024, the notes will be redeemed at 100% of their issue price, plus interest.
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.
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