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.
On July 10, 2024, Select Medical and UPMC announced the opening of the Helen M. Simpson Rehabilitation Hospital - West Shore in Q2 2025, a satellite acute inpatient rehabilitation hospital in Mechanicsburg, Pennsylvania. This 20-bed facility will address the growing demand for specialized rehabilitative care in the Central Pennsylvania West Shore region, offering advanced therapies for stroke, spinal cord and brain injuries, amputations, neurological disorders, and orthopedic conditions.
Located on the newly renovated fifth floor of UPMC West Shore, a 166-bed acute care hospital, the new facility aims to improve patient transition and continuity of care, leveraging Select Medical's rehabilitation expertise within UPMC's comprehensive healthcare services. This joint venture underscores the commitment to delivering world-class care and meeting regional healthcare needs.
Select Medical Holdings (NYSE: SEM) will announce its second-quarter 2024 financial results on Thursday, August 1, 2024, after market close.
A conference call to discuss these results and the company’s business outlook will be held on Friday, August 2, 2024, at 9:00 am ET. This call will be accessible through a live webcast available on Select Medical's website. A replay will be available shortly after.
Select Medical operates multiple segments, including critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers across the United States. As of March 31, 2024, the company had a presence in 46 states and the District of Columbia, operating a significant number of facilities in each segment.
Select Medical Holdings (NYSE: SEM) and Concentra Group Holdings Parent announced that Concentra Escrow Issuer has priced an offering of $650 million in senior notes due in 2032 at an interest rate of 6.875%.
This offering is part of Select's plan to separate from Concentra, its wholly-owned occupational health services business. Conditions include securing additional financing and merging Issuer with Concentra Health Services, Inc. (CHSI). Upon merging, CHSI will assume Issuer’s obligations under the notes.
The offering is set to close independently of the merger, which is expected in Q3 2024. Proceeds will be held in escrow until the merger completion. If the merger does not occur by September 30, 2024, the notes will be redeemed at 100% of their issue price plus accrued interest. Concentra plans to use $50 million from the offering for corporate purposes and the remainder to pay dividends to Select Medical These notes are available only to qualified institutional buyers and are not registered under the Securities Act.
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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