The earnings call presented a mixed picture. While Select Medical reported significant revenue growth, successful debt refinancing, and a robust expansion plan, challenges were evident in the decline of inpatient rehab EBITDA and occupancy rates. The outpatient rehab division showed strong improvements, but the overall sentiment was tempered by the dilution loss per share and other operational setbacks.

Company Guidance

During the earnings call for Select Medical Holdings Corporation, management provided guidance for fiscal year 2025, projecting revenue between $5.4 billion and $5.6 billion. Adjusted EBITDA is expected to range from $520 million to $540 million, while adjusted earnings per share (EPS) is anticipated to be between $1.09 and $1.19. The company completed significant financial restructuring in Q4 2024, refinancing $1.6 billion of debt and adjusting term loans and senior notes, resulting in a net leverage of 3.18 times as of December 31, 2024. Select Medical also detailed its extensive development plans, including a 30% increase in inpatient rehabilitation beds over the next two years, with expectations of substantial EBITDA growth from these expansions in 2026 and 2027. The company anticipates capital expenditures of $160 million to $200 million for 2025, reflecting ongoing investments in development projects.

Spin-off and Debt Refinancing

Select Medical completed the spin-off of Concentra via special stock distribution and refinanced $1.6 billion of debt. This included issuing $1.05 billion in new seven-year term loans and $550 million in senior notes due 2032.

Revenue and EBITDA Growth

The company reported an 8% increase in revenue for the fourth quarter, with adjusted EBITDA growing by 4% to $116 million. For the full year, revenue grew by 7% and adjusted EBITDA by 14%.

Inpatient Rehab Expansion

The company added 94 inpatient rehab beds in the fourth quarter and plans to add 481 more beds by 2026. This includes multiple new facilities and expansions in partnership with other health systems.

Outpatient Rehab Division Improvement

The outpatient rehab division increased revenue by 7%, patient volume by 4%, and adjusted EBITDA by 18% for Q4. Despite hurricane impacts, the division improved net revenue per visit and EBITDA margin.

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Select Medical (SEM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SEM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 01, 2025	2025 (Q1)	0.36 / -	0.415	―	―	―
Feb 20, 2025	2024 (Q4)	0.17 / 0.18	0.194	-7.22% (-0.01)	―
Oct 31, 2024	2024 (Q3)	0.22 / 0.27	0.248	8.47% (+0.02)	―
Aug 01, 2024	2024 (Q2)	0.33 / 0.32	0.329	-1.82% (>-0.01)	―
May 02, 2024	2024 (Q1)	0.31 / 0.41	0.302	37.42% (+0.11)	―
Feb 22, 2024	2023 (Q4)	0.18 / 0.19	0.118	64.41% (+0.08)	―
Nov 02, 2023	2023 (Q3)	0.22 / 0.25	0.113	119.47% (+0.14)	―
Aug 03, 2023	2023 (Q2)	0.29 / 0.33	0.232	41.81% (+0.10)	―
May 04, 2023	2023 (Q1)	0.23 / 0.30	0.199	51.76% (+0.10)	―
Feb 23, 2023	2022 (Q4)	0.19 / 0.12	0.199	-40.70% (-0.08)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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SEM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 20, 2025	$19.06	―	―
Oct 31, 2024	$17.22	$19.30	+12.08%
Aug 01, 2024	$20.95	$18.28	-12.74%
May 02, 2024	$15.16	$16.75	+10.49%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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