Select Medical | 10-Q: FY2025 Q2 Revenue Misses Estimate at USD 1.34 B

LB filings
2025.07.31 20:33
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Revenue: As of FY2025 Q2, the actual value is USD 1.34 B, missing the estimate of USD 1.348 B.

EPS: As of FY2025 Q2, the actual value is USD 0.32, beating the estimate of USD 0.2474.

EBIT: As of FY2025 Q2, the actual value is USD 86.53 M.

Critical Illness Recovery Hospital Segment

  • Revenue: $601.1 million for Q2 2025, a decrease from $604.9 million in Q2 2024, primarily due to a decrease in revenue per patient day from $2,159 to $2,148.
  • Adjusted EBITDA: $56.3 million for Q2 2025, down from $71.8 million in Q2 2024, with a margin of 9.4% compared to 11.9%.

Rehabilitation Hospital Segment

  • Revenue: Increased by 17.2% to $313.8 million for Q2 2025 from $267.8 million in Q2 2024, driven by a 7.6% increase in patient days and a 5.8% increase in revenue per patient day.
  • Adjusted EBITDA: $71.0 million for Q2 2025, up from $62.0 million in Q2 2024, with a margin of 22.6% compared to 23.1%.

Outpatient Rehabilitation Segment

  • Revenue: Increased by 3.8% to $327.6 million for Q2 2025 from $315.5 million in Q2 2024, with patient visits increasing by 3.8%.
  • Adjusted EBITDA: $30.5 million for Q2 2025, up from $28.8 million in Q2 2024, with a margin of 9.3% compared to 9.1%.

Cash Flow

  • Operating Cash Flow: $106.8 million for the six months ended June 30, 2025, down from $211.5 million for the same period in 2024, primarily due to the spin-off of Concentra.
  • Investing Activities: Used $117.0 million for the six months ended June 30, 2025, mainly for property and equipment purchases.
  • Financing Activities: Provided $2.8 million for the six months ended June 30, 2025, with significant cash used for stock repurchases and dividends.

Future Outlook and Strategy

  • Core Business Focus: The company plans to continue expanding its operations through new joint ventures and opening new outpatient rehabilitation clinics in existing markets to leverage existing referral relationships and brand awareness.
  • Non-Core Business: The company completed the spin-off of Concentra in 2024, which is now presented as discontinued operations.
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