Select Medical Holdings Corporation Announces Results For Its First Quarter Ended March 31, 2023 and Cash Dividend.

MECHANICSBURG, Pa: Select Medical Holdings Corporation ("Select Medical," "we," "us," or "our") (NYSE: SEM) today announced results for its first quarter ended March 31, 2023, and the declaration of a cash dividend.

For the first quarter ended March 31, 2023, revenue increased 4.1% to $1,665.0 million, compared to $1,599.5 million for the same quarter, prior year. Income from operations increased 45.7% to $151.5 million for the first quarter ended March 31, 2023, compared to $104.0 million for the same quarter, prior year. Net income increased 52.4% to $85.3 million for the first quarter ended March 31, 2023, compared to $55.9 million for the same quarter, prior year. Adjusted EBITDA increased 30.6% to $214.1 million for the first quarter ended March 31, 2023, compared to $163.8 million for the same quarter, prior year. Earnings per common share increased 51.3% to $0.56 for the first quarter ended March 31, 2023, compared to $0.37 for the same quarter, prior year. The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table VI of this release.

Company Overview

Select Medical is one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States based on number of facilities. Select Medical's reportable segments include the critical illness recovery hospital segment, the rehabilitation hospital segment, the outpatient rehabilitation segment, and the Concentra segment. As of March 31, 2023, Select Medical operated 105 critical illness recovery hospitals in 28 states, 32 rehabilitation hospitals in 12 states, 1,936 outpatient rehabilitation clinics in 39 states and the District of Columbia, and 539 occupational health centers in 41 states. At March 31, 2023, Select Medical had operations in 46 states and the District of Columbia. Information about Select Medical is available at www.selectmedical.com.

Critical Illness Recovery Hospital Segment

For the first quarter ended March 31, 2023, revenue for the critical illness recovery hospital segment was $593.9 million, compared to $601.8 million for the same quarter, prior year. Adjusted EBITDA for the critical illness recovery hospital segment increased 113.5% to $76.8 million for the first quarter ended March 31, 2023, compared to $36.0 million for the same quarter, prior year. The Adjusted EBITDA margin for the critical illness...