Revenue: Increased by 7% compared to Q1 of the previous year.
Adjusted EBITDA: Grew 22% to $261.9 million from $214.1 million in the prior year.
Consolidated Adjusted EBITDA Margin: Improved to 14.6% from 12.9% in the prior year.
Critical Illness Recovery Hospital Division Revenue: Increased by 10%.
Critical Illness Recovery Hospital Division Adjusted EBITDA: Increased by 51%.
Inpatient Rehabilitation Hospital Division Revenue: Increased by 15%.
Inpatient Rehabilitation Hospital Division Adjusted EBITDA: Increased by 30%.
Concentra Net Revenues: Increased by 2%.
Concentra Adjusted EBITDA: Increased by 3%.
Outpatient Rehab Division Revenue: Increased by 2%.
Earnings Per Fully Diluted Share: Were $0.75, up from $0.56 in the same quarter prior year.
Adjusted Earnings Per Fully Diluted Share: Were $0.77, excluding Concentra separation transaction costs.
Dividend: A cash dividend of $0.125 payable on May 30, 2024.
Debt: Stood at $3.8 billion at the end of the quarter.
2024 Revenue Outlook: Expected to be in the range of $6.9 billion to $7.1 billion.
2024 Adjusted EBITDA Outlook: Projected to be between $845 million and $885 million.
2024 Fully Diluted EPS Outlook: Anticipated to be between $1.95 and $2.19.
2024 Adjusted EPS Outlook: Forecasted to be between $1.96 and $2.20
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Select Medical Holdings Corp reported a strong start to 2024 with a 22% growth in adjusted EBITDA and a 7% increase in revenue compared to Q1 of the previous year.
The critical illness recovery hospital division exceeded expectations with a 51% increase in adjusted EBITDA and a 10% increase in revenue.
Significant reductions in salary, wages, and benefits to revenue ratio by 6%, with nurse agency utilization decreasing by 20% and agency rates decreasing by 7%.
Announced several new hospital openings and expansions, including partnerships with Rush University System, UF Health Jacksonville, Cleveland Clinic, and UPMC, enhancing future growth prospects.
Successful management of labor costs, particularly in the critical illness recovery hospital division, where SW&B as a percentage of revenue ratio improved significantly from 56.2% in Q1 of the prior year to 52.9%.
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