SELECT MEDICAL HOLDINGS (SEM)

• Concentra reported strong third quarter 2025 results, with revenue increasing 17.0% to $572.8 million and Adjusted EBITDA increasing 17.1% to $118.9 million compared to Q3 2024.
• The company raised its full-year 2025 guidance, now expecting revenue in the range of $2.145 billion to $2.160 billion and Adjusted EBITDA between $425 million and $430 million.
• Concentra declared a cash dividend of $0.0625 per share payable on or about December 9, 2025, and authorized a share repurchase program of up to $100 million.
• As of September 30, 2025, the company's net leverage ratio was 3.6x, with a target of 3.5x or below by the end of 2025.

• Select Medical Holdings Corporation reported Q3 2025 consolidated revenue of $1.36 billion, an increase of over 7% year-over-year, with adjusted EBITDA growing over 7% to $111.7 million, and earnings per common share from continuing operations rising over 21% to $0.23.
• The company reaffirmed its 2025 revenue guidance of $5.3 billion to $5.5 billion and adjusted EBITDA guidance of $510 million to $530 million, while increasing its earnings per common share estimate to $1.14 to $1.24.
• A favorable revenue adjustment from the deferment of the CMS 20% transmittal rule contributed a net impact of $12 million to $15 million to EBITDA in Q3 2025.
• Select Medical acquired a 30-bed critical illness recovery hospital and three outpatient clinics in Q3 2025, and plans to add 395 inpatient rehabilitation beds by the first half of 2027. The Board also approved a cash dividend of $0.0625 per share payable on November 25, 2025.

• Select Medical Holdings Corporation reported Q3 2025 consolidated revenue of $1.36 billion and Adjusted EBITDA of $111.7 million, both increasing over 7% year-over-year, with earnings per common share rising over 21% to $0.23.
• The Centers for Medicare & Medicaid Services (CMS) deferred the expanded Medicare outlier reconciliation criteria (20% transmittal rule) to apply on or after October 1, 2025, which resulted in a favorable Q3 2025 revenue adjustment and a $12 million to $15 million net impact on EBITDA for the quarter.
• The company is actively expanding its inpatient rehabilitation segment, planning to add 395 beds by the first half of 2027 through new openings and strategic additions, including a 32-bed hospital with Cleveland Clinic and a 45-bed facility in Temple, Texas by year-end.
• Select Medical reaffirmed its 2025 revenue guidance of $5.3 billion to $5.5 billion and Adjusted EBITDA guidance of $510 million to $530 million, while increasing its EPS estimate to $1.14 to $1.24.
• The outpatient rehabilitation division experienced softness, with Adjusted EBITDA decreasing over 14% to $24.2 million and margin declining to 7.4%, primarily due to Medicare reimbursement reductions and an unfavorable shift in payer mix.

• Select Medical Holdings Corporation reported Q3 2025 consolidated revenue of $1.36 billion, an increase of over 7% year-over-year, and Adjusted EBITDA of $111.7 million, also up over 7%.
• The company's earnings per common share from continuing operations rose over 21% to $0.23 for Q3 2025.
• The Centers for Medicare & Medicaid Services (CMS) deferred the 20% transmittal rule, resulting in a favorable revenue adjustment and a $12 million-$15 million net impact to EBITDA in Q3 2025.
• Select Medical reaffirmed its 2025 revenue guidance of $5.3 billion-$5.5 billion and Adjusted EBITDA guidance of $510 million-$530 million, while increasing its EPS estimate to $1.14-$1.24.
• The company plans to add 395 inpatient rehabilitation beds by the first half of 2027 and approved a cash dividend of $0.0625 per share payable on November 25, 2025.

• Select Medical Holdings Corporation reported Q3 2025 revenue of $1,363.4 million, an increase of 7.2% compared to the prior year, and earnings per common share from continuing operations of $0.23, up 21.1%.
• For the nine months ended September 30, 2025, revenue increased 4.7% to $4,056.2 million, and earnings per common share from continuing operations rose 44.9% to $1.00.
• The Board of Directors declared a cash dividend of $0.0625 per share, payable on or about November 25, 2025, to stockholders of record as of November 12, 2025.
• The company updated its 2025 business outlook, increasing its fully diluted earnings per share expectation to a range of $1.14 to $1.24, while reaffirming revenue guidance of $5.3 billion to $5.5 billion and Adjusted EBITDA of $510.0 million to $530.0 million.
• The results for the three and nine months ended September 30, 2024, exclude the results of Concentra, which were presented as discontinued operations following its tax-free distribution on November 25, 2024.

Q3 and Nine Months Financial Performance

Fiscal Year 2025 Business Outlook

• Select Medical Holdings Corporation reported Q3 2025 revenue of $1,363.4 million, a 7.2% increase compared to the prior year, and earnings per common share from continuing operations of $0.23, a 21.1% increase. Adjusted EBITDA for the quarter was $111.7 million, up 7.5%.
• For the nine months ended September 30, 2025, revenue increased 4.7% to $4,056.2 million, and earnings per common share from continuing operations rose 44.9% to $1.00.
• The company increased its 2025 fully diluted earnings per share outlook to a range of $1.14 to $1.24, while reaffirming its revenue and Adjusted EBITDA guidance for the fiscal year.
• A cash dividend of $0.0625 per share was declared on October 29, 2025, payable on or about November 25, 2025.
• The common stock repurchase program was extended to December 31, 2027, and the company repurchased 6,375,512 shares for approximately $96.5 million during the nine months ended September 30, 2025.

• Consolidated revenue increased by over 2% while adjusted EBITDA declined by 9% year-over-year, reflecting mixed overall performance.
• The Inpatient Rehab division delivered strong growth with 16% revenue and 15% adjusted EBITDA increases, maintaining a 23% margin.
• Outpatient operations were negatively impacted by severe weather and Medicare reimbursement reductions, and the Critical Illness Recovery division faced regulatory challenges causing a 25% decline in adjusted EBITDA.
• The company repurchased nearly 650,000 shares at an average price of $17.52 and declared a cash dividend of $0.0625 per share.

• The virtual meeting on April 24, 2025 featured remarks from top executives including Robert Ortenzio, Michael Tarvin, and CEO David Chernow, who highlighted strategic growth initiatives and joint venture expansions.
• Shareholders approved several proposals, such as the election of 4 Class I directors, changes to voting requirements including the elimination of super majority voting, annual director elections, nonemployee director compensation policies, and the ratification of PricewaterhouseCoopers LLP as the independent accounting firm for 2025.