Highest-materiality recent filing
Select Medical completes go-private acquisition by consortium at $16.50/share (~$3.9B enterprise)
Consortium led by Ortenzio, Jackson, and WCAS acquires Select Medical for $16.50/share cash; equity ~$1.7B, enterprise ~$3.9B.
Shareholders approve acquisition by Ortenzio/Jackson/WCAS; closing on June 30, 2026
Over 79.88% of outstanding shares (99M) voted for the Merger; unaffiliated holders approved with 76.64%.
Select Medical supplements merger proxy with deal fees, DCF details after stockholder suits
Three lawsuits in NY and PA allege proxy omissions; company denies but voluntarily adds disclosures.
Select Medical Q1 EPS $0.35 vs $0.44; revenue +5% to $1.42B; merger on track
Revenue $1,421.5M +5.0% YoY; net income $63.8M vs $74.7M; diluted EPS $0.35 vs $0.44.
Select Medical shareholders approve board declassification, special meeting at 25% threshold
Three Class II directors elected with >98% support; say-on-pay approved with 97% of votes cast.
Select Medical to be acquired by consortium led by Ortenzio, Jackson, WCAS for $16.50/share
Enterprise value of $3.9B; Merger Consideration of $16.50 per share in cash.
Select Medical reports Q4 growth, 2026 outlook; Ortenzio take-private bid under review
Q4 revenue $1,396.6M (+6.4%), net income $37.7M, diluted EPS $0.16 vs loss $0.19 YoY.
Select Medical enters new CEO employment agreement with Thomas Mullin effective Jan 1, 2026
1-year initial term, auto-renewing; base salary $700,000/year.
Select Medical receives take-private proposal from Executive Chairman at $16-$16.20/share
Non-binding proposal to acquire all outstanding shares for $16.00-$16.20 cash per share.
Select Medical Q3 revenue up 7.2% to $1.36B, EPS $0.23; raises FY25 EPS guidance
Q3 revenue $1,363.4M (+7.2% YoY); income from cont ops $44.2M (+7%); Adj EBITDA $111.7M (+7.5%).
Select Medical names Thomas P. Mullin CEO; David Chernow becomes Vice Chairman
Mullin, 41, promoted from Co-President, effective Sept 1, 2025; Chernow (CEO since 2014) becomes Vice Chairman.
Select Medical amends bylaws to tighten stockholder nomination rules under universal proxy
Board adopted Amended and Restated Bylaws on July 30, 2025.
Select Medical Q2 revenue +4.5% to $1.34B, EPS $0.32, reaffirms FY2025 outlook
Revenue $1,339.6M (+4.5% YoY); net income from continuing ops $57.9M (+53.8%).
Select Medical Q1 revenue up 2.4%, EPS rises 33% but core segment weakens; guidance lowered
Revenue $1,353.2M (+2.4% YoY); net income from cont. ops $74.7M (+21.5%); EPS $0.44 (+33.3%).
Select Medical shareholders approve director comp policy and eliminate supermajority voting
Stockholders approved a Non-Employee Director Compensation Policy with $18,000 quarterly cash retainer and $200,000 annual equity grant.
Select Medical Q4 revenue +7.8% to $1.31B, adjusted EPS +50%; issues 2025 outlook
Q4 revenue $1.31B (+7.8% YoY); loss from continuing ops $10.5M vs profit $30.3M (impacted by $45.9M stock comp acceleration and $17.9M debt retirement loss).
Net proceeds used to repay existing term loans and redeem all outstanding 6.250% Senior Notes due 2026.
Select Medical completes spin-off of Concentra, distributing 104M shares worth $2.3B
104,093,503 shares of Concentra (81.7% stake) distributed to Select stockholders as of Nov 18 record date.
Final ratio: 0.806971 shares of Concentra (CON) per SEM share; based on 128,992,850 SEM shares outstanding as of Record Date Nov 18.
Select Medical Corp prices $550M of 6.250% Senior Notes due 2032 to refinance existing debt
$550M aggregate principal of 6.250% Senior Notes due 2032 priced; closing expected Dec 3, 2024.
Select Medical Corporation plans $850M senior notes due 2032 in a private placement; notes guaranteed by certain domestic subsidiaries.
Select Medical spins off 81.7% Concentra stake via special stock distribution
Distribution of 104,093,503 Concentra shares (81.7% of CON) to SEM stockholders on Nov 25, 2024.
Select Medical Q3 revenue up 5.7% to $1.76B; net income +33.2%; dividend $0.125; FY guidance updated
Q3 revenue $1,761.2M (+5.7% YoY); net income $81.0M (+33.2%); adjusted EPS $0.50 (+8.7%).
Select Medical completes Concentra IPO of 22.5M shares at $23.50, retains ~82% stake
IPO of 22.5M shares of Concentra common stock at $23.50/share; net proceeds $499.7M.
Select Medical Q2 revenue up 5.1% to $1.76B, EPS $0.60; Concentra IPO raises $528.8M
Q2 rev $1,759.7M (+5.1% YoY), net income $94.8M (+3.2%), GAAP EPS $0.60 vs $0.61 prior.
Director Ortenzio resigns; CEO Chernow appointed to board
Rocco Ortenzio resigned as director effective August 1, 2024, with no disagreement with the company.
Select Medical subsidiary issues $650M 6.875% Senior Notes due 2032
$650M aggregate principal of 6.875% senior notes due July 15, 2032, issued by Concentra Escrow Issuer Corp.
Select Medical estimates Concentra Q2 rev $477.9M, op income $83.9M
Concentra net operating revenue ~$477.9M for Q2 2024; income from operations ~$83.9M.
Select Medical's Concentra subsidiary prices $650M of 6.875% senior notes due 2032
$650M aggregate principal of 6.875% senior notes due 2032 priced by Concentra Escrow Issuer.
Revenue $1,788.8M (+7.4% YoY); net income $117.2M (+37.4%); GAAP EPS $0.75 (+33.9%).
Shareholders approve expanded equity plan and officer exculpation at annual meeting
Shareholders approved amendment to 2020 Equity Incentive Plan, increasing share reserve to 5,925,000 shares and adding minimum one-year vesting.
Select Medical Q4 net income +63.9%, FY EPS $1.91; issues 2024 guidance
Q4 revenue $1,658.9M (+4.9% YoY); net income $61.8M (+63.9%); EPS $0.36 (+63.6%).
Select Medical Q3 revenue $1.67B (+6.2%), EPS $0.38 (+75.8%), maintains FY outlook
Q3 revenue $1,665.7M (+6.2% YoY); net income $60.8M (+59.5%).
Select Medical names Saich, Mullin Co-Presidents; Malatesta CFO effective Oct 1
John Saich and Thomas Mullin become Co-Presidents; David Chernow remains CEO. Effective Oct 1, 2023.
Select Medical increases revolving credit facility by $60M to $770M via Amendment No. 9
Revolving credit commitments raised from $710M to $770M, effective August 31, 2023.
Select Medical Q2 EPS $0.61 (+44% YoY), revenue up 5.7%; declares $0.125 dividend
Q2 revenue $1,674.5M (+5.7% YoY); net income $91.9M (+38.6% YoY); Adjusted EBITDA $219.5M (+21.3% YoY).
Director Bryan Cressey resigns; Select Medical awards 1.05M restricted shares to executives
Director Bryan C. Cressey resigned effective Aug 2, 2023; no disagreement with company or board.
Select Medical refinances $2.8B credit facilities, extends maturity to 2027
New $2,103.0M tranche of refinancing term loans replaces existing term loans.
Select Medical Q2 estimates: revenue ~$1.67B, Adj EBITDA ~$219M, EPS ~$0.61; in refinancing talks
Net operating revenue expected ~$1.67B for Q2 ended June 30, 2023.
Select Medical amends credit agreement, extends $60M revolver maturity to 2025, transitions to SOFR
Replaces LIBOR with Adjusted Term SOFR for borrowings under the credit agreement.
Select Medical Q1 revenue up 4.1% to $1.665B; net income up 52.4%; declares $0.125 dividend
Revenue $1,665M (+4.1% YoY); net income $85.3M (+52.4%); EPS $0.56 (+51.3%).
Select Medical Holdings announces 2023 annual meeting voting results
Four Class II directors elected: Bryan Cressey, Parvinderjit Khanuja, Robert Ortenzio, Daniel Thomas.
Select Medical appoints Christopher Weigl as CAO; Romberger resigns
Scott Romberger resigned as CAO effective March 1, 2023; remains as Executive Advisor, Financial Shared Services.
Q4 revenue $1,581.5M (+1.4% YoY); net income $37.7M (down 43%); EPS $0.22 vs $0.37.
Select Medical extends $530M revolver maturity to 2025 via Amendment No. 6
Extends maturity on $530M of $650M revolving facility to March 6, 2025 (or Jan 3, 2025 if term loan not refinanced).
Select Medical Q3 net income drops 62% to $38.1M; EPS $0.21 vs $0.57
Revenue $1,567.8M (+2.2% YoY); net income $38.1M vs $100.2M; EPS $0.21 vs $0.57.
Select Medical awards 900,000 restricted shares to top executives under 2020 Plan
Total of 900,000 restricted shares awarded to five named executive officers.
Select Medical Q2 net income falls 66% to $66.3M; EPS $0.43 vs $1.22
Revenue $1,584.7M (+1.3% YoY); net income $66.3M vs $196.2M; diluted EPS $0.43 vs $1.22.
Select Medical Q1 net income drops 59% to $55.9M; revenue up 3.4% to $1.60B
Adjusted EBITDA fell 37% to $163.8M from $258.3M; operating income $104.0M vs $202.0M.
Four Class I directors elected: Carson, Davisson, Frist, Tavenner received 113M–124M votes for each.
On July 31, 2024, the Board of Directors (the “Board”) of the Company appointed David S. Chernow as a director of the Company, effective August 1, 2024, in order to fill the vacancy created by Mr. Ortenzio’s resignation.
Rocco A. Ortenzio, a director of Select Medical Holdings Corporation (the “Company”), notified the Company of his decision to resign as a director, effective August 1, 2024.
David Chernow will no longer serve as President of Select as of October 1, 2023, but will continue to serve as Chief Executive Officer.
Select Medical Holdings Corporation, a Delaware corporation (“Select”), announced the appointments of John A. Saich, 55, and Thomas P. Mullin, 39, as Co-Presidents, effective October 1, 2023.
Martin F. Jackson will no longer serve as Chief Financial Officer of Select as of October 1, 2023, but will continue to serve as Senior Executive Vice President of Strategic Finance and Operations.
Select also announced the appointment of Michael F. Malatesta, 54, as the Chief Financial Officer of Select, effective October 1, 2023.
Select Medical Holdings Corporation, a Delaware corporation (“Select”), announced the appointments of John A. Saich, 55, and Thomas P. Mullin, 39, as Co-Presidents, effective October 1, 2023.
Bryan C. Cressey, a director of the Select Medical Holdings Corporation (the “Company”) and chairman of the Compensation Committee (the “Compensation Committee”) of the Company’s Board of Directors, notified the Company of his decision to resign as a director, effective August 2, 2023.
Effective March 1, 2023, the Board of Directors (the “Board”) of Select appointed Christopher S. Weigl, 39, as Senior Vice President, Controller & Chief Accounting Officer.
Effective March 1, 2023, Scott A. Romberger resigned from his position as Chief Accounting Officer of Select Medical Holdings Corporation, a Delaware corporation (“Select”).
On November 2, 2021, the Board of Directors (the “Board”) of Select Medical Holdings Corporation (“Select”) appointed Parvinderjit Singh Khanuja, MD, FACP as a director of Select, effective November 1, 2021.
Max materiality 0.90 · Median 0.70 · Most common event earnings