Select Medical Holdings Corporation announces results for its first quarter ended March 31, 2022 and the declaration of a cash dividend.

For the first quarter ended March 31, 2022, revenue increased 3.4% to $1,599.5 million, compared to $1,546.5 million for the same quarter, prior year. Income from operations was $104.0 million for the first quarter ended March 31, 2022, compared to $202.0 million for the same quarter, prior year. For the first quarter ended March 31, 2021, income from operations included $16.1 million of other operating income related to the recognition of payments received under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) Public Health and Social Services Emergency Fund, also referred to as the Provider Relief Fund.

Net income was $55.9 million for the first quarter ended March 31, 2022, compared to $137.2 million for the same quarter, prior year. Adjusted EBITDA was $163.8 million for the first quarter ended March 31, 2022, compared to $258.3 million for the same quarter, prior year. Earnings per common share was $0.37 for the first quarter ended March 31, 2022, compared to $0.82 for the same quarter, prior year. The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table VI of this release.

In addition to providing key statistics in table V of this release for both the first quarters ended March 31, 2022 and 2021, Select Medical also provided statistics for the comparable period in 2019. Select Medical believes this additional data provides insight into how it has performed in comparison to the year prior to the widespread emergence of the coronavirus disease 2019 (“COVID-19”) in the United States.

The effects of the COVID-19 pandemic, including the duration and extent of disruption on our operations, continues to create uncertainties about Select Medical’s future operating results and financial condition. Please refer to the risk factors in Item 1A and the section titled “Effects of the COVID-19 Pandemic on our Results of Operations” in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2021 for further discussion.

Source(s): Select Medical Holdings Corporation, PR Newswire]