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Select Medical Holdings Corporation Announces Results For Its Third Quarter Ended September 30, 2024 and Cash Dividend
Select MedicalSelect Medical(US:SEM) Prnewswireยท2024-10-31 20:30

Core Viewpoint - Select Medical Holdings Corporation reported strong financial results for the third quarter and nine months ended September 30, 2024, with significant increases in revenue, net income, and earnings per share, alongside the declaration of a cash dividend and a stock repurchase program. Financial Performance - For Q3 2024, revenue increased by 5.7% to $1,761.2 million from $1,665.7 million in Q3 2023 [1] - Income from operations rose by 8.6% to $141.1 million compared to $130.0 million in the prior year [1] - Net income surged by 33.2% to $81.0 million from $60.8 million year-over-year [1] - Adjusted EBITDA grew by 6.0% to $205.5 million from $193.8 million in Q3 2023 [1] - Earnings per share increased by 13.2% to $0.43 from $0.38 in the same quarter last year [1] Segment Performance Critical Illness Recovery Hospital Segment - Revenue increased by 3.4% to $583.0 million in Q3 2024 from $563.6 million in Q3 2023 [3] - Adjusted EBITDA rose by 9.5% to $50.8 million, with an adjusted EBITDA margin of 8.7% [3] Rehabilitation Hospital Segment - Revenue increased by 14.4% to $282.7 million in Q3 2024 from $247.1 million in Q3 2023 [4] - Adjusted EBITDA increased by 12.1% to $60.1 million, with an adjusted EBITDA margin of 21.3% [4] Outpatient Rehabilitation Segment - Revenue increased by 6.9% to $312.0 million in Q3 2024 from $291.8 million in Q3 2023 [4] - Adjusted EBITDA rose by 7.5% to $28.3 million, with an adjusted EBITDA margin of 9.1% [4] Concentra Segment - Revenue increased by 3.3% to $489.6 million in Q3 2024 from $474.0 million in Q3 2023 [5] - Adjusted EBITDA increased by 2.7% to $101.6 million, with an adjusted EBITDA margin of 20.7% [5] Dividend and Stock Repurchase - The Board of Directors declared a cash dividend of $0.125 per share, payable on or about November 26, 2024 [6] - A stock repurchase program was authorized to repurchase up to $1.0 billion worth of shares, effective until December 31, 2025 [6] Business Outlook - The company updated its 2024 business outlook, expecting revenue between $6.95 billion and $7.15 billion, with adjusted EBITDA between $865.0 million and $885.0 million [7]