Full Press Release Details
Select Medical Holdings Corporation Announces
Estimate of Certain Financial Results
of its Wholly-Owned Subsidiary Concentra Group
Holdings Parent, Inc.
for the Second Quarter Ended June 30, 2024
MECHANICSBURG, PENNSYLVANIA
- July 12, 2024 - Select Medical Holdings Corporation ("Select Medical," "we," "us,"
or "our") (NYSE: SEM) today announced an estimate of certain financial results of its wholly-owned subsidiary, Concentra Group
Holdings Parent, Inc. ("Concentra"), for the second quarter ended June 30, 2024 in advance of the announcement of
Select Medical's actual results, which is expected to occur after market close on Thursday, August 1, 2024.
Select Medical expects Concentra's
net operating revenue for its second quarter of 2024 to be approximately $477.9 million. Select Medical expects Concentra's income
from operations for the second quarter of 2024 to be approximately $83.9 million. A summary of Concentra' estimated financial results
is presented in table I of this release. Each item presented in table I is an estimation of the expectations (dollars in millions) for
the second quarter of 2024. Certain key statistics are presented in table II of this release for the second quarters ended June 30,
The expectations regarding
Concentra's financial results for the second quarter of 2024 are management estimates based on currently available information and
these estimates are subject to change upon completion of Select Medical's financial statement closing procedures. Our actual results
remain subject to the completion of management's final review and our other closing procedures, or subsequent events, as well as
the completion of the review of our financial statements. Accordingly, investors should not place undue reliance on our preliminary results
set out below, which may differ from actual results.
previously announced, Select Medical will host a conference call regarding its second quarter results, as well as its business outlook,
on Friday, August 2, 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 for the
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, 2024, Select Medical operated 107 critical illness recovery hospitals in 29 states, 33 rehabilitation hospitals
in 13 states, 1,925 outpatient rehabilitation clinics in 39 states and the District of Columbia, and 547 occupational health centers
in 41 states. At June 30, 2024, Select Medical had operations in 46 states and the District of Columbia. Information about Select
Medical is available at www.selectmedical.com.
Forward-Looking Statements
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). Forward-looking statements use words such as "expect," "estimate,"
"anticipate," "outlook," "intend," "plan," "confident," "believe,"
"will," "should," "would" "potential," "positioning," "proposed,"
"planned," "objective," "likely," "could," "may," and words of similar meaning,
as well as other words or expressions referencing future events, conditions or circumstances. Statements regarding our estimated financial
results are examples of forward-looking statements. 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:
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.
Senior Vice President and Treasurer
SOURCE: Select Medical Holdings Corporation
I. Summary Financial Results(1)
For the Three Months Ended June 30, 2024
(In millions, unaudited)
| Unaudited | ||||||||
| Three months ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| (in millions) | (estimated) | (actual) | ||||||
| Revenue | $ | 477,915 | $ | 467,079 | ||||
| Cost and expenses: | ||||||||
| Cost of services, exclusive of depreciation and amortization | 339,273 | 329,836 | ||||||
| General and administrative, exclusive of depreciation and amortization | 36,828 | 37,003 | ||||||
| Depreciation and amortization | 17,870 | 18,283 | ||||||
| Total costs and expenses | 393,971 | 385,122 | ||||||
| Other operating income | - | 151 | ||||||
| Income from Operations | $ | 83,944 | $ | 82,108 |
(1) These amounts are subject to change upon completion of Select Medical's financial statement closing procedures.
For the Three Months Ended June 30, 2024
| 2024 | 2023 | |||||||
| Number of occupational health centers - start of period | 547 | 539 | ||||||
| Number of occupational health centers acquired | - | 1 | ||||||
| Number of occupational health centers de novos | 1 | - | ||||||
| Number of occupational health centers closed/sold | (1 | ) | - | |||||
| Number of occupational health centers - end of period | 547 | 540 | ||||||
| Number of onsite health clinics operated - end of period | 154 | 141 | ||||||
| Number of patient visits (2) | ||||||||
| Workers' Compensation | 1,455,254 | 1,429,035 | ||||||
| Employer Services | 1,702,399 | 1,781,012 | ||||||
| Consumer Health | 56,602 | 57,847 | ||||||
| Total | 3,214,255 | 3,267,894 | ||||||
| Visits per day volume | ||||||||
| Workers' Compensation | 22,738 | 22,329 | ||||||
| Employer Services | 26,600 | 27,828 | ||||||
| Consumer Health | 884 | 904 | ||||||
| Total | 50,223 | 51,061 | ||||||
| Revenue per visit (2) | ||||||||
| Workers' Compensation | $ | 198.18 | $ | 194.92 | ||||
| Employer Services | 90.05 | 86.00 | ||||||
| Consumer Health | 135.49 | 134.88 | ||||||
| Total | $ | 139.81 | $ | 134.50 |
(2) Represents operating statistics for the Occupational Health Centers only. Revenue per visit for the three months ended June 30, 2024 is calculated using estimated net operating revenue.