The first-quarter 2016 financial results from Select Medical Holdings Corp reflect the company’s recent selling of its contract therapy business and acquisition of Physiotherapy Associates Holdings Inc.
Per a company news release, for the first quarter that ended March 31, 2016, Select Medical’s net operating revenues increased 36.8% to $1,088.3 million, compared to $795.3 million for the same quarter in 2015. Income from operations was $86.9 million, compared to $79.3 million in 2015.
The net income attributable to Select Medical was $54.8 million for the quarter, compared to $35.1 million in 2015. This net income includes a gain on the sale of the contract therapy business of $30.4 million, a loss on impairment of an equity investment of $5.3 million, Physiotherapy Associates acquisition costs of $3.2 million, and a loss of early retirement of debt of $0.8 million.
In addition, the company reports that its net income before interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, Physiotherapy acquisition costs, non-operating gain (loss), and equity in earnings (losses) of unconsolidated subsidiaries (“Adjusted EBITDA”) for the first quarter of 2016 was $128.6 million, compared to $98.9 million in 2015.
Select Medical also reports the following for the first quarter of 2016: its net operating revenues for the specialty hospitals segment was $599.0 million, compared to $598.8 million in 2015; its net operating revenues for the outpatient rehabilitation segment increased 21.2% to $238.1 million, compared to $196.4 million in 2015; and its net operating revenues for the Concentra segment were $250.9 million.
In terms of business outlook, Select Medical notes in the news release that, for the full year 2016, it expects its consolidated net operating revenues to be in the range of $4.15 billion to $4.35 billion, Adjusted EBITDA to be in the range of $500.0 million to $540.0 million, and fully diluted income per common share to be in the range of $0.87 to $1.06.
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[Source(s): Select Medical Holdings Corp, PR Newswire]