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Select Medical

Select Medical (SEM) Q2 2025 Earnings

Reported Jul 31, 2025 at 4:38 PM ET · SEC Source

Q2 25 EPS

$0.32

BEAT +35.19%

Est. $0.24

Q2 25 Revenue

$1.34B

MISS 0.66%

Est. $1.35B

vs S&P Since Q2 25

-11.3%

TRAILING MARKET

SEM +10.1% vs S&P +21.4%

Market Reaction

Did SEM Beat Earnings? Q2 2025 Results

Select Medical delivered a standout earnings beat in Q2 2025, with EPS from continuing operations of $0.32 clearing the $0.24 consensus estimate by 35.19%, even as revenue of $1.34 billion came in just shy of expectations by 0.66%. The top line still… Read more Select Medical delivered a standout earnings beat in Q2 2025, with EPS from continuing operations of $0.32 clearing the $0.24 consensus estimate by 35.19%, even as revenue of $1.34 billion came in just shy of expectations by 0.66%. The top line still grew a healthy 4.5% year-over-year, powered in large part by a 17.2% surge in the rehabilitation hospital segment, which expanded to 36 facilities from 33, while the critical illness recovery hospital segment weighed on results with a modest revenue decline and notable margin compression, squeezing Adjusted EBITDA margins from 11.9% to 9.4% in that unit. Income from continuing operations climbed 53.8% to $57.88 million, though the absence of Concentra earnings following its tax-free spinoff last November caused reported net income to fall nearly by half. Despite the mixed optics, management reaffirmed its full-year 2025 outlook, projecting revenue of $5.30 billion to $5.50 billion and fully diluted EPS of $1.09 to $1.19, signaling confidence that rehabilitation momentum can offset lingering pressures elsewhere in the portfolio.

Key Takeaways

  • • Rehabilitation hospital segment revenue grew 17.2% driven by expansion to 36 hospitals from 33, with admissions up 9.3% and patient days up 7.6%
  • • Outpatient rehabilitation visits grew 3.8% to 2,934,026
  • • Income from continuing operations surged 53.8% year-over-year due to lower interest expense and reduced income tax expense
  • • Critical illness recovery hospital occupancy rate improved to 69% from 67%
  • • Rehabilitation hospital revenue per patient day increased to $2,236 from $2,113
24/7 Wall St

SEM YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

SEM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
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