Q3 2025 Select Medical Holdings Corp Earnings Call Transcript
Key Points
- Revenue grew over 7% to $1.36 billion compared to the previous year.
- Adjusted EBITDA increased over 7% to $111.7 million.
- Earnings per common share from continuing operations rose over 21% to $0.23.
- Inpatient rehab hospital division revenue increased 16% year over year.
- The company plans to add 395 inpatient rehabilitation beds by the first half of 2027.
- Net revenue per visit in the outpatient rehab division decreased due to a reduction in Medicare reimbursement and an unfavorable shift in payer mix.
- Adjusted EBITDA in the outpatient rehab division decreased over 14%, with margin declining from 9.1% to 7.4%.
- The high cost outlier threshold continues to negatively impact the LTAC business.
- The outpatient segment experienced softness, impacting overall guidance.
- The company faces ongoing challenges with Medicare reimbursement cuts in the outpatient rehab segment.
Good morning and thank you for joining us today for Select Medical Holdings Corporation's earnings conference call to discuss the third quarter 2025 results and the company's business outlook.
Presenting today are the company's executive Chairman and co-founder, Robert Ortizo, the company's Chief Executive Officer.
Thomas Mullen and the company's executive Vice President and Chief Financial Officer, Michael Mattea.
Also, on the conference line is the company's senior executive Vice President of strategic finance and operations, Martin Jackson.
Management will give you an overview of the quarter and then open the call for questions.
Before we get started, we would like to remind you that this conference call may contain forward-looking statements regarding future events or the future financial performance of the company, including without limitation statements regarding op operating results, growth opportunities, and other statements that refer to select medical plans, expectations, strategies, intentions, and beliefs.
These forward-looking
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