Select Medical Releases Detailed 10-K Report

By Tamara Parker • Friday, February 21 06:08 • Permanent Link

Select Medical Holdings Corporation has recently released its 10-K report, providing a detailed insight into its financial performance and operations for the year ended December 31, 2024. The company operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States. As of December 31, 2024, Select Medical had operations in 40 states and the District of Columbia, with 104 critical illness recovery hospitals, 35 rehabilitation hospitals, and 1,914 outpatient rehabilitation clinics.

In 2024, Select Medical completed an IPO of its subsidiary, Concentra Group Holdings Parent, raising net proceeds of $499.7 million. Additionally, the company completed a tax-free distribution of 104,093,503 shares of common stock of Concentra to its stockholders. Following the distribution, Select no longer owns any shares of Concentra common stock. The historical results of Concentra are reflected as discontinued operations in the company’s consolidated financial statements.

Select Medical reported revenue of $5,187.1 million for the year ended December 31, 2024. The critical illness recovery hospital segment contributed approximately 47% of the revenue, the rehabilitation hospital segment contributed approximately 21%, and the outpatient rehabilitation segment contributed approximately 24%.

The company's income from continuing operations, net of tax, was $130.0 million for the year ended December 31, 2024, compared to $110.5 million in 2023 and $18.5 million in 2022. The Adjusted EBITDA for 2024 was $510.4 million, representing an increase from $446.1 million in 2023 and $312.5 million in 2022.

Furthermore, the report discusses the impact of the Change Healthcare Cybersecurity Incident, stating that, as of and for the year ended December 31, 2024, the incident did not have a material impact on Select Medical’s financial condition or operations.

The report also highlights the regulatory changes in response to the COVID-19 pandemic, including the expansion of telehealth services, which affected the company's operations and financial performance.

Today the company's shares have moved -1.0% to a price of $19.06. For more information, read the company's full 10-K submission here.

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