Select Medical Holdings Corporation reported significant financial growth in its third quarter and year-to-date results for 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, the company achieved revenue of $1,761.2 million, marking a 5.7% increase from $1,665.7 million in the same period of 2023. Year-to-date revenue also rose to $5,309.7 million, up 6.1% from $5,005.2 million in 2023.
The company's income from operations for Q3 2024 was $141.1 million, an 8.6% increase from $130.0 million in Q3 2023. For the nine months ended September 30, 2024, income from operations reached $492.9 million, compared to $440.6 million in the prior year, reflecting an 11.9% increase. Adjusted EBITDA for Q3 2024 was $205.5 million, up 6.0% from $193.8 million in Q3 2023, while year-to-date adjusted EBITDA increased to $693.7 million from $627.4 million, representing a 10.6% rise.
Net income for Q3 2024 was $81.0 million, compared to $60.8 million in Q3 2023, and for the nine months, net income rose to $292.9 million from $237.9 million. The net income attributable to Select Medical Holdings for Q3 2024 was $55.6 million, up from $48.2 million in the same quarter of 2023.
Segment performance showed notable growth, particularly in the Rehabilitation Hospital segment, which saw a 14.4% revenue increase in Q3 2024 compared to the previous year. The Critical Illness Recovery Hospital segment also performed well, with a 3.4% revenue increase. The Concentra segment's revenue grew by 3.3% in Q3 2024.
The company’s total assets increased to $8.0 billion as of September 30, 2024, from $7.7 billion at the end of 2023. Total stockholders’ equity rose significantly to $1.9 billion, up from $1.3 billion at the end of 2023, driven by retained earnings growth and the impact of the Concentra IPO, which generated net proceeds of $499.7 million.
Select Medical also made strategic financial moves, including a voluntary prepayment of $1.6 billion on its term loan and a $300 million repayment on its revolving credit facility. The company amended its credit agreement, reducing revolving credit commitments from $770 million to $550 million.
As of September 30, 2024, Select Medical had cash and cash equivalents of $191.5 million, a significant increase from $77.4 million at the same time last year. The company continues to face challenges from inflation, particularly in labor costs, which have impacted its operational expenses.
About SELECT MEDICAL HOLDINGS CORP
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