Select Medical Q4 2021 Earnings Report
Key Takeaways
Select Medical Holdings Corporation reported a 6.8% increase in revenue to $1,559.8 million for the fourth quarter ended December 31, 2021, compared to $1,460.5 million for the same quarter the prior year. Net income was $66.3 million, compared to $102.2 million for the same quarter the prior year. Earnings per common share was $0.37, compared to $0.57 for the same quarter the prior year.
Revenue increased by 6.8% to $1,559.8 million compared to the same quarter last year.
Income from operations was $77.5 million, including $8.0 million from the Provider Relief Fund.
Net income was $66.3 million, which included a pre-tax gain on sale of businesses of $2.2 million.
Earnings per common share was $0.37, compared to $0.57 for the same quarter last year.
Select Medical
Select Medical
Select Medical Revenue by Segment
Forward Guidance
Select Medical expects revenue to be in the range of $6.25 billion to $6.40 billion for the full year of 2022. Select Medical is also reaffirming its previously issued three-year compound annual growth rate target for revenue only, which is expected to be in the range of 4% to 6% for 2021 through 2023.
Positive Outlook
- Revenue expected to be in the range of $6.25B to $6.40B for 2022.
- Reaffirming three-year compound annual growth rate target for revenue of 4% to 6% for 2021 through 2023.
Challenges Ahead
- Uncertainties due to significantly increased labor costs resulting from higher than expected use of agency clinical staff.
- Select Medical intends to readdress its business outlook and target compound annual growth rates for Adjusted EBITDA and earnings per common share when the labor climate stabilizes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income