Q2 2024 Select Medical Holdings Corp Earnings Call Transcript
Key Points
- Successful completion of Concentra's IPO, raising significant capital and reducing debt.
- Recognition of six Select Medical rehabilitation hospitals in U.S. News & World Report's Best Hospitals list.
- Opening of new critical illness recovery hospital and rehabilitation units, with plans for further expansions.
- Double-digit growth in revenue and adjusted EBITDA for the inpatient rehabilitation division.
- Overall consolidated adjusted EBITDA grew by 3% and revenue by 5% compared to the prior year.
- Occupancy rates slightly down from the previous year, impacting revenue.
- Start-up losses incurred in new hospitals, affecting overall profitability.
- Outpatient rehab division's adjusted EBITDA decreased by 12%, with a drop in EBITDA margin.
- Increased interest expenses expected in Q4 due to changes in borrowing costs.
- Equity earnings of unconsolidated subsidiaries declined due to a write-off of an impaired business.
Good morning, and thank you for joining us today for Select Medical Holdings Corp earnings conference call to discuss the second quarter 2024 results and the Company's business outlook. Speaking, today are the company's Executive Chairman and Co-Founder, Robert Ortenzio, and 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 Q&A.
Before we get started, we would like to remind you that this conference call may contain forward-looking statements regarding future events for the future financial performance of the Company, including without limitations, statements regarding operating results, growth opportunity and other statements that refer to Select Medical's plans, expectations, strategies, intentions and these forward-looking statements are based on the information available to management of Select Medical today and the company no obligation to update these statements as circumstances change.
At this time, I will turn the conference over to Mr. Robert
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