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SEM on NYSE

Select Medical

Logo: https://www.selectmedical.com/investor-relations/, Non-free logo, via Wikipedia5

American healthcare company

Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics.3 Its shares trade on NYSE under the symbol SEM.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

1996Founded1

Compare with Encompass Health, Magellan Health or Pediatrix Medical Group, or pick any stock.

  • TickerSEM on NYSE1
  • Industryhealth care1
  • HeadquartersMechanicsburg1
  • Websitewww.selectmedical.com
  • Business addressC/O Select Medical Corp, 4714 Gettysburg Rd, Mechanicsburg, Pa 170556
  • Filer categoryLarge accelerated filer6
  • Legal formCorporation4
  • LEI549300X05KS0JKR8CB504
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 26824814

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Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.2%Operating margin9
2.7%Net margin9
5.1%Revenue growth, 20259
8.6%Return on equity9

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs96¢$5.2B
  • Income tax1¢$58.2M
  • Profit3¢$146.2M

Out of $5.5B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid9¢$31.4M
  • Kept or used elsewhere91¢$315.0M

Out of $346.5M of cash from operations.9

Financial statements

Revenue101112139$5.5B in 2025−0% since 2019
0$2.0B$4.0B$6.0B$8.0B2019: $5.5B$5.5B20192020: $5.5B$5.5B2020+1%2021: $6.2B$6.2B2021+12%2022: $4.6B$4.6B2022−26%2023: $4.8B$4.8B2023+5%2024: $5.2B$5.2B2024+7%2025: $5.5B$5.5B2025+5%
Operating income101112139$336.2M in 2025−29% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $471.9M$471.9M20192020: $567.7M$567.7M2020+20%2021: $713.8M$713.8M2021+26%2022: $144.8M$144.8M2022−80%2023: $267.2M$267.2M2023+85%2024: $268.3M$268.3M2024+0%2025: $336.2M$336.2M2025+25%
Net income101112139$146.2M in 2025−2% since 2019
0$200.0M$400.0M$600.0M2019: $148.4M$148.4M20192020: $259.0M$259.0M2020+74%2021: $402.2M$402.2M2021+55%2022: $159.0M$159.0M2022−60%2023: $243.5M$243.5M2023+53%2024: $214.0M$214.0M2024−12%2025: $146.2M$146.2M2025−32%
Fiscal year2019202020212022202320242025
Revenue$5.5B10$5.5B11$6.2B12$4.6B13$4.8B9$5.2B9$5.5B9
Operating expenses$5.6B12$4.5B13$4.6B9$4.9B9$5.1B9
Operating income$471.9M10$567.7M11$713.8M12$144.8M13$267.2M9$268.3M9$336.2M9
Interest$200.6M10$153.0M11$136.0M12$169.1M12$198.6M12
Income before tax$629.7M12$35.3M13$139.7M9$174.8M9$272.7M9
Income tax$63.7M10$111.9M11$129.8M12$16.7M13$29.3M9$44.8M9$58.2M9
Net income$148.4M10$259.0M11$402.2M12$159.0M13$243.5M9$214.0M9$146.2M9
Earnings per share$1.1010$1.9311$2.9812$1.2313$1.919$1.669$1.169
Earnings per share (diluted)$1.1010$1.9311$2.9812$1.2313$1.919$1.669$1.169
Shares (weighted, basic)130.2M shares12124.6M shares13123.1M shares9124.6M shares9122.6M shares9
Shares (weighted, diluted)130.2M shares12124.6M shares13123.1M shares9124.6M shares9122.6M shares9

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Corporate structure

Select Medical sits at the top of its group. 375 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Select Medical

  • Select Medical Mechanicsburg, Pennsylvania, United States
    • Concentra Group Holdings Parent, Inc. Stake · Addison, Texas
    • Actra Rehabilitation Associates, Inc. Subsidiary · Wisconsin, United States
    • Acuity General Partner, LLC Subsidiary · Texas, United States
    • Acuity Healthcare Holdings, Inc. Subsidiary · Delaware, United States
    • Acuity Healthcare Management, LLC Subsidiary · Louisiana, United States
    • Acuity Healthcare of Ohio, L.L.C. Subsidiary · Ohio, United States
    • Acuity Healthcare, LP Subsidiary · Louisiana, United States
    • Acuity Holdings, LLC Subsidiary · North Carolina, United States
    • Acuity Hospital of New Jersey, L.L.C. Subsidiary · New Jersey, United States
    • Acuity Specialty Hospital, LLC Subsidiary · New Jersey, United States
    • Acuity Specialty Hospital—Ohio Valley, LP Subsidiary · Ohio, United States
    • Advantage Rehabilitation Clinics, Inc. Subsidiary · Massachusetts, United States
    • Alexandria Sports, Inc. Subsidiary · New York, United States
    • American Transitional Hospitals, LLC Subsidiary · Delaware, United States
    • Archer Rehabilitation, LLC Subsidiary · Delaware, United States
    • Argosy Health, LLC Subsidiary · Delaware, United States
    • Benchmark Acquisition Corp. Subsidiary · Delaware, United States
    • Benchmark Medical Management Company Subsidiary · Delaware, United States
    • Benchmark O&P Holdings, Inc. Subsidiary · Delaware, United States
    • Benchmark Orthotics & Prosthetics, Inc. Subsidiary · Delaware, United States
    • BHSM ES, Inc. Subsidiary · Delaware, United States
    • BHSM Rehabilitation, LLC Subsidiary · Delaware, United States
    • BIR JV, LLP Subsidiary · Texas, United States
    • BIR Pinnacle GP, LLC Subsidiary · Texas, United States
    • Blue Hen Physical Therapy, Inc. Subsidiary · Delaware, United States
    • and 349 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What Select Medical reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$59.3M9 Dec 31, 2025$3.4M9 Dec 31, 2024+1671.3%
Operating-lease assets (leased space)$957.9M9 Dec 31, 2025$908.1M9 Dec 31, 2024+5.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$26.5M9 Dec 31, 2025$59.7M9 Dec 31, 2024−55.6%
Stakes in other companies (equity method)$346.4M9 Dec 31, 2025$320.9M9 Dec 31, 2024+7.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.4B9 Dec 31, 2025$2.3B9 Dec 31, 2024+1.2%
Intangible assets, net (excluding goodwill)$100.8M9 Dec 31, 2025$103.2M9 Dec 31, 2024−2.3%
Accumulated amortization$18.2M9 Dec 31, 2025$18.5M9 Dec 31, 2024−1.6%

Properties, in its own words

We currently lease most of our consolidated facilities, including critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and our corporate headquarters. We own 21 of our critical illness recovery hospitals, nine of our rehabilitation hospitals, and one of our outpatient rehabilitation clinics throughout the United States. As of December 31, 2025, we leased 83 of our critical illness recovery hospitals, 17 of our rehabilitation hospitals, and 1,616 of our outpatient rehabilitation clinics.

We lease our corporate headquarters from companies owned by a related party affiliated with us through common ownership or management. As of December 31, 2025, our corporate headquarters is approximately 292,173 square feet and is located in Mechanicsburg, Pennsylvania.

The rest of Item 2

The following is a list by state of the number of facilities we operated as of December 31, 2025.

Critical Illness Recovery Hospitals(1) · Rehabilitation Hospitals(1) · OutpatientRehabilitation Clinics(1) · TotalFacilities

Alabama · 1 · — · 15 · 16

Alaska · — · — · 12 · 12

Arizona · 4 · 4 · 61 · 69

Arkansas · 1 · — · 1 · 2

California · 1 · 1 · 88 · 90

Colorado · — · — · 56 · 56

Connecticut · — · — · 61 · 61

Delaware · 1 · — · 13 · 14

District of Columbia · — · — · 3 · 3

Florida · 12 · 3 · 135 · 150

Georgia · 4 · 1 · 70 · 75

Illinois · 1 · — · 87 · 88

Indiana · 3 · 1 · 44 · 48

Iowa · 2 · — · 23 · 25

Kansas · 2 · — · 16 · 18

Kentucky · 2 · 1 · 71 · 74

Louisiana · — · 2 · 2 · 4

Maine · — · — · 34 · 34

Maryland · — · — · 58 · 58

Massachusetts · — · — · 19 · 19

Michigan · 10 · — · 37 · 47

Minnesota · 1 · — · 26 · 27

Mississippi · 4 · — · 1 · 5

Missouri · 3 · 3 · 114 · 120

Nebraska · 1 · — · 1 · 2

Nevada · — · 1 · 21 · 22

New Hampshire · — · — · 7 · 7

New Jersey · 3 · 4 · 172 · 179

North Carolina · 2 · — · 47 · 49

Ohio · 13 · 7 · 106 · 126

Oklahoma · 2 · 1 · 29 · 32

Oregon · — · — · 4 · 4

Pennsylvania · 9 · 3 · 216 · 228

South Carolina · 2 · — · 24 · 26

Tennessee · 8 · — · 20 · 28

Texas · 2 · 5 · 155 · 162

Virginia · 3 · 1 · 44 · 48

Washington · — · — · 12 · 12

West Virginia · 4 · — · 7 · 11

Wisconsin · 3 · — · 5 · 8

Total Company · 104 · 38 · 1,917 · 2,059

(1) Includes managed critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics, respectively.

Item 2 of the 10-K filed Feb 19, 2026.19

The story

The company is based in Mechanicsburg, Pennsylvania, and was co-founded in 1996 by Rocco Ortenzio and Robert Ortenzio.

In 2009, the company announced a joint venture with SSM Health Care.

In December 2012, the company announced a partnership with Emory Healthcare.

In 2013, David Chernow was appointed CEO while co-founders Robert and Rocco Ortenzio became chairmen of the company. In June, Select Medical acquired two inpatient rehabilitation facilities from GlobalRehab Management. Also in 2013, Select Medical and OhioHealth Corp announced a joint venture and reopened the OhioHealth Rehabilitation Hospital in August 2013. In December, the company announced a partnership with Cedars-Sinai and UCLA Health System to create the California Rehabilitation Institute.

In March 2014, the company announced a joint venture with TriHealth to open the TriHealth Rehabilitation Hospital in Cincinnati. In June, the company announced a joint venture with the Cleveland Clinic to operate a rehabilitation hospital in Avon, Ohio. Also in June, the company announced a joint venture with PinnacleHealth System to co-own a rehabilitation hospital.

In 2015, Select Medical completed its acquisition of Concentra, a national health care company. Also in 2015, the company announced a partnership with Ochsner Health System.

In February 2016, the company announced an agreement to swap hospitals with Kindred Healthcare. In March, the company acquired Physiotherapy Associates Holdings. In April, the company sold its Contract Therapy business to Encore Rehabilitation Services, a portfolio company of Revelstoke Capital Partners LLC.

In July 2026, the company was acquired by a consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe.

From Wikipedia’s article on Select Medical, shared under CC BY-SA 4.0.7

Leadership

Who has led Select Medical, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert A. Ortenzio2009–2013
  2. David S. Chernow2014–2026
  3. Thomas P. Mullin2026–now

Chair

  1. Rocco A. Ortenzio2009–2024
  2. Robert A. Ortenzio2014–now

President

  1. Patricia A. Rice2009–2013
  2. David S. Chernow2010–2024
  3. Thomas P. Mullin2023–2026
  4. John A. Saich2026–now

Chief financial officer

  1. Michael F. Malatesta2023–now

Chief operating officer

  1. Patricia A. Rice2009–2011
  2. James J. Talalai2012–2014
200020052010201520202025
Board members and other officers (29)

Subsidiaries and ownership

Subsidiaries

  • Select Specialty Hospital

Subsidiaries (Exhibit 21)

  • Actra Rehabilitation Associates, Inc. Wisconsin8
  • Acuity General Partner, LLC Texas8
  • Acuity Healthcare Holdings, Inc. Delaware8
  • Acuity Healthcare Management, LLC Louisiana8
  • Acuity Healthcare of Ohio, L.L.C. Ohio8
  • Acuity Healthcare, LP Louisiana8
  • Acuity Holdings, LLC North Carolina8
  • Acuity Hospital of New Jersey, L.L.C. New Jersey8
  • Acuity Specialty Hospital, LLC New Jersey8
  • Acuity Specialty Hospital—Ohio Valley, LP Ohio8
  • Advantage Rehabilitation Clinics, Inc. Massachusetts8
  • Alexandria Sports, Inc. New York8
  • American Transitional Hospitals, LLC Delaware8
  • Archer Rehabilitation, LLC Delaware8
  • Argosy Health, LLC Delaware8
  • BHSM ES, Inc. Delaware8
  • BHSM Rehabilitation, LLC Delaware8
  • BIR JV, LLP Texas8
  • BIR Pinnacle GP, LLC Texas8
  • Benchmark Acquisition Corp. Delaware8
  • Benchmark Medical Management Company Delaware8
  • Benchmark O&P Holdings, Inc. Delaware8
  • Benchmark Orthotics & Prosthetics, Inc. Delaware8
  • Blue Hen Physical Therapy, Inc. Delaware8
All 374 listed subsidiaries
  • CMC Ozarks Rehabilitation, LLC Delaware8
  • CRI ES, Inc. Delaware8
  • California Rehab Institute Medical Group California8
  • California Rehabilitation Institute, LLC Delaware8
  • Cape Prosthetics-Orthotics, Inc. Missouri8
  • Caritas Rehab Services, LLC Kentucky8
  • Carrollton Physical Therapy Clinic, Inc. Texas8
  • Central Iowa Physio, LLC Iowa8
  • Champion Sports Medicine Birmingham, LLC Delaware8
  • Cleveland Clinic Rehabilitation Hospitals, LLC Delaware8
  • Coastal Virginia Rehabilitation, LLC Virginia8
  • Crowley Physical Therapy Clinic, Inc. Louisiana8
  • DG Physical Therapy, P.C. Massachusetts8
  • Dade Prosthetics & Orthotics, Inc. Florida8
  • Dignity Select Nevada, LLC Delaware8
  • Douglas Avery & Associates, Ltd. Virginia8
  • Duval Rehabilitation, LLC Delaware8
  • ES LTACH, LLC Georgia8
  • ES Rehabilitation, LLC Georgia8
  • ESOP Rehabilitation, LLC Georgia8
  • Eagle Rehab Corporation Delaware8
  • Eden Sports, Inc. New York8
  • FC Select, LLC Delaware8
  • Fine, Bryant & Wah, Inc. Maryland8
  • Frederick Orthopedic Rehabilitation, Inc. Maryland8
  • Freedom Management Services, LLC Pennsylvania8
  • GH General, LLC Texas8
  • GH General-San Antonio, LLC Texas8
  • GR General-Scottsdale, LLC Texas8
  • GRSH ES, Inc. Delaware8
  • GlobalRehab — Fort Worth, LP Texas8
  • GlobalRehab — Scottsdale, LLC Arizona8
  • GlobalRehab, LP Texas8
  • Great Lakes Specialty Hospital—Hackley, LLC Delaware8
  • Great Lakes Specialty Hospital—Oak, LLC Delaware8
  • Gulf Breeze Physical Therapy, Inc. Florida8
  • HealthWorks ES, Inc. Delaware8
  • Hospital Holdings Corporation Delaware8
  • ISH Northern Virginia, LLC Delaware8
  • Indiana Rehabilitation Services, LLC Delaware8
  • Indianapolis Physical Therapy and Sports Medicine, Inc. Indiana8
  • Integrity Physical Therapy, Inc. Delaware8
  • Intensiva Healthcare Corporation Delaware8
  • Intensiva Hospital of Greater St. Louis, Inc. Missouri8
  • Island Tree Physical Therapy, P.C. Rhode Island8
  • Jeffersontown Physical Therapy, LLC Kentucky8
  • Johnson Physical Therapy, Inc. Ohio8
  • Joyner Sportsmedicine Institute, Inc. Pennsylvania8
  • KORT Kentuckiana, LLC Delaware8
  • KORT Rehabilitation at Home, LLC Delaware8
  • Kentucky Orthopedic Rehabilitation, LLC Delaware8
  • Kentucky Rehabilitation Services, Inc. Kentucky8
  • Kessler Hudson County Rehabilitation, LLC Delaware8
  • Kessler Institute for Rehabilitation, Inc. New Jersey8
  • Kessler Orthotic & Prosthetic Services, Inc. Delaware8
  • Kessler Pediatric Therapy, Inc. Delaware8
  • Kessler Professional Services, LLC Delaware8
  • Kessler Rehab Centers, Inc. Delaware8
  • Kessler Rehabilitation Corporation Delaware8
  • Kessler Rehabilitation Services, Inc. New Jersey8
  • Keystone Rehabilitation Systems of McMurray Pennsylvania8
  • Keystone Rehabilitation Systems, Inc. Pennsylvania8
  • LTACH @ Riverside, LLC Virginia8
  • LTACH Morgantown, LLC West Virginia8
  • Leesburg Sports, Inc. New York8
  • LifeBridge Sports Medicine and Rehabilitation, LLC Maryland8
  • Long-Term Acute Care Hospital of Northern Virginia, LLC Virginia8
  • Madison Rehabilitation Center, Inc. Connecticut8
  • Matrix Healthcare Services, LLC Delaware8
  • Matrix Rehabilitation, Inc. Delaware8
  • Matrix Rehabilitation-Delaware, Inc. Delaware8
  • Matrix Rehabilitation-Georgia, Inc. Delaware8
  • Matrix Rehabilitation-Ohio, Inc. Delaware8
  • Matrix Rehabilitation-South Carolina, Inc. Delaware8
  • Matrix Rehabilitation-Texas, Inc. Delaware8
  • Metro Rehabilitation Services, Inc. Michigan8
  • Morris Area Rehabilitation Association, Inc. New Jersey8
  • NSR ES, Inc. Delaware8
  • NSR Louisiana, LLC Louisiana8
  • North Dallas Physical Therapy Associates, Inc. Texas8
  • Northstar Health Service, Inc. Delaware8
  • NovaCare Occupational Health Services, Inc. Delaware8
  • NovaCare Outpatient Rehabilitation East, Inc. Delaware8
  • NovaCare Outpatient Rehabilitation, Inc. Kansas8
  • NovaCare Rehabilitation of Ohio, Inc. Ohio8
  • OHRH ES, Inc. Delaware8
  • OHRH Select, Inc. Delaware8
  • OHRH Subsidiaries, LLC Delaware8
  • OHRH, LLC Ohio8
  • OKC Rehabilitation, LLC Delaware8
  • OSR Louisiana, LLC Delaware8
  • OSR Property Ventures, LLC Delaware8
  • Osprey Rehabilitation, LLC Delaware8
  • Osprey Urban Renewal, LLC Delaware8
  • P&O Services, Inc. Michigan8
  • PHS Physical Therapy, LLC Delaware8
  • PR Acquisition Corporation California8
  • PSHR Physical Therapy, LLC Delaware8
  • PTSMA, Inc. Connecticut8
  • Pacific Rehabilitation & Sports Medicine, Inc. Delaware8
  • Partners in Physical Therapy, LLC Kentucky8
  • Penn State Hershey Rehabilitation, LLC Delaware8
  • PhysioKids, Inc. Delaware8
  • PhysioLink Corporation Delaware8
  • Physiotherapy Associates Holdings, Inc. Delaware8
  • Physiotherapy Associates NRH Rehab, LLC Maryland8
  • Physiotherapy Associates Union Rehab, LLC Maryland8
  • Physiotherapy Associates, Inc. Michigan8
  • Physiotherapy Corporation Delaware8
  • Physiotherapy-BMHI Holdings, Inc. Delaware8
  • Pinnacle Health Select Rehabilitation, LLC Delaware8
  • Post Acute Physicians of Colorado LLC Colorado8
  • Post-Acute Care Physicians of West Virginia PLLC West Virginia8
  • Post-Acute Physicians Minnesota PLLC Minnesota8
  • Post-Acute Physicians of Arizona PLLC Arizona8
  • Post-Acute Physicians of Arkansas PLLC Arkansas8
  • Post-Acute Physicians of California, P.C. California8
  • Post-Acute Physicians of Florida, PLLC Florida8
  • Post-Acute Physicians of Georgia P.C. Georgia8
  • Post-Acute Physicians of Illinois PLLC Illinois8
  • Post-Acute Physicians of Indiana LLC Indiana8
  • Post-Acute Physicians of Iowa PLLC Iowa8
  • Post-Acute Physicians of Kentucky PLLC Kentucky8
  • Post-Acute Physicians of Louisiana LLC Louisiana8
  • Post-Acute Physicians of Maryland LLC Maryland8
  • Post-Acute Physicians of Michigan PLLC Michigan8
  • Post-Acute Physicians of Missouri P.C. Missouri8
  • Post-Acute Physicians of Nevada, Vargas Group, PLLC Nevada8
  • Post-Acute Physicians of New Jersey LLC New Jersey8
  • Post-Acute Physicians of North Carolina, PLLC North Carolina8
  • Post-Acute Physicians of North Dakota PLLC North Dakota8
  • Post-Acute Physicians of Ohio PLLC Ohio8
  • Post-Acute Physicians of Pennsylvania PLLC Pennsylvania8
  • Post-Acute Physicians of South Carolina LLC South Carolina8
  • Post-Acute Physicians of Tennessee PLLC Tennessee8
  • Post-Acute Physicians of Texas PLLC Texas8
  • Post-Acute Physicians of Virginia PLLC Virginia8
  • Post-Acute Physicians of Washington PLLC Washington8
  • Post-Acute Physicians of Wisconsin, S.C. Wisconsin8
  • Pro Active Therapy of North Carolina, Inc. North Carolina8
  • Pro Active Therapy of South Carolina, Inc. South Carolina8
  • Pro Active Therapy of Virginia, Inc. Virginia8
  • Pro Active Therapy, Inc. North Carolina8
  • Professional Rehab Associates, Inc. Pennsylvania8
  • Professional Therapeutic Services, Inc. Ohio8
  • Progressive Therapy, Services, Inc. Ohio8
  • R.S. Network, Inc. Illinois8
  • RCI (Michigan), Inc. Delaware8
  • RCI (WRS), LLC Delaware8
  • RPN of NC, Inc. Delaware8
  • RSH Property Ventures, LLC Delaware8
  • Regency Hospital Company of Macon, LLC Delaware8
  • Regency Hospital Company of Meridian, L.L.C. Delaware8
  • Regency Hospital Company of South Carolina, L.L.C. Delaware8
  • Regency Hospital Company, L.L.C. Delaware8
  • Regency Hospital of Atlanta, LLC Delaware8
  • Regency Hospital of Columbus, LLC Delaware8
  • Regency Hospital of Greenville, LLC Delaware8
  • Regency Hospital of Jackson, LLC Delaware8
  • Regency Hospital of Kansas City, LLC Delaware8
  • Regency Hospital of Minneapolis, LLC Delaware8
  • Regency Hospital of North Central Ohio, LLC Delaware8
  • Regency Hospital of Northwest Arkansas, LLC Delaware8
  • Regency Hospital of Northwest Indiana, LLC Delaware8
  • Regency Hospital of Rhode Island, LLC Delaware8
  • Regency Hospital of Rockford, LLC Delaware8
  • Regency Hospital of Southern Mississippi, LLC Delaware8
  • Regency Hospital of Toledo, LLC Delaware8
  • Regency Hospitals, LLC Delaware8
  • Regency Management Company, Inc. Delaware8
  • Rehab Associates of Jackson Hospital, LLC Alabama8
  • Rehab Associates, L.L.C. Alabama8
  • Rehab Colorado, LLC Alabama8
  • Rehab Hospital of Fort Wayne, LLC Delaware8
  • Rehab Missouri, LLC Alabama8
  • Rehab Provider Network of Colorado, Inc. Colorado8
  • Rehab Provider Network of New Mexico, Inc. New Mexico8
  • Rehab Provider Network of North Carolina, Inc. North Carolina8
  • Rehab Provider Network of South Carolina, Inc. Delaware8
  • Rehab Provider Network of Virginia, Inc. Virginia8
  • Rehab Provider Network—East I, Inc. Delaware8
  • Rehab Provider Network—Indiana, Inc. Indiana8
  • Rehab Provider Network—Ohio, Inc. Ohio8
  • Rehab Provider Network—Pennsylvania, Inc. Pennsylvania8
  • Rehab Xcel, LLC Alabama8
  • RehabClinics (PTA), Inc. Delaware8
  • RehabClinics (SPT), Inc. Delaware8
  • RehabClinics, Inc. Delaware8
  • Rehabilitation Center of Washington, D.C., Inc. Delaware8
  • Rehabilitation Consultants, Inc. Delaware8
  • Rehabilitation Hospital of Vancouver, LLC Delaware8
  • Rehabilitation Institute of Denton, LLC Delaware8
  • Rush Specialty Hospital, LLC Delaware8
  • Rush-Select Holdings, LLC Delaware8
  • S.T.A.R.T., Inc. Massachusetts8
  • SCRI, LLC Delaware8
  • SLMC Finance Corporation Delaware8
  • SMCS Holdings, Inc. Delaware8
  • SMCS Management, LLC Delaware8
  • SMR Banyan Tree, Inc. New York8
  • SMR Southern Kentucky, LLC Delaware8
  • SMR Temple, LLC Delaware8
  • SMR Tucson, LLC Delaware8
  • SN Kentuckiana Rehab, LLC Delaware8
  • SSM Select Rehab St. Louis, LLC Delaware8
  • Saco Bay Orthopedic and Sports Physical Therapy, Inc. Maine8
  • Select CS Physical Therapy, P.C. California8
  • Select Cal Physical Therapy, P.C. California8
  • Select Cleveland Hospitals, LLC Delaware8
  • Select Employment Services, Inc. Delaware8
  • Select Hospital Investors, LP Delaware8
  • Select Illinois Holdings, Inc. Delaware8
  • Select Kentuckiana, Inc. Delaware8
  • Select LifeCare Western Michigan, LLC Delaware8
  • Select Medical Corporation Delaware8
  • Select Medical International (US), Inc. Delaware8
  • Select Medical Patient Safety and Quality Institute, LLC Delaware8
  • Select Medical Property Ventures, LLC Delaware8
  • Select Medical Rehabilitation Clinics, Inc. Delaware8
  • Select Medical of Kentucky, Inc. Delaware8
  • Select Medical of Maryland, Inc. Delaware8
  • Select Medical of New York, Inc. Delaware8
  • Select NTR Central Pennsylvania, Inc. Delaware8
  • Select Nevada holdings, Inc. Delaware8
  • Select NovaCare—PBG, Inc. New York8
  • Select NovaCare—PIT, Inc. Arizona8
  • Select Oregon Physical Therapy, P.C. Oregon8
  • Select Physical Therapy Holdings, Inc. Delaware8
  • Select Physical Therapy Network Services, Inc. Delaware8
  • Select Physical Therapy Orthopedic Services, Inc. Delaware8
  • Select Physical Therapy Texas Limited Partnership Alabama8
  • Select Physical Therapy of Albuquerque, Ltd. Alabama8
  • Select Physical Therapy of Blue Springs Limited Partnership Alabama8
  • Select Physical Therapy of Colorado Springs Limited Partnership Alabama8
  • Select Physical Therapy of Connecticut Limited Partnership Alabama8
  • Select Physical Therapy of Denver, Ltd. Alabama8
  • Select Physical Therapy of Kendall, Ltd. Alabama8
  • Select Physical Therapy of St. Louis Limited Partnership Alabama8
  • Select Physical Therapy of West Denver Limited Partnership Alabama8
  • Select Rehabilitation Hospital—Hershey, Inc. Delaware8
  • Select San Diego Physical Therapy, P.C. California8
  • Select Specialty Hospitals, Inc. Delaware8
  • Select Specialty Hospital—Akron, LLC Delaware8
  • Select Specialty Hospital—Ann Arbor, Inc. Missouri8
  • Select Specialty Hospital—Arizona, Inc. Delaware8
  • Select Specialty Hospital—Augusta, Inc. Delaware8
  • Select Specialty Hospital—Beech Grove, Inc. Missouri8
  • Select Specialty Hospital—Belhaven, LLC Delaware8
  • Select Specialty Hospital—Boardman, Inc. Delaware8
  • Select Specialty Hospital—Broward, Inc. Delaware8
  • Select Specialty Hospital—Central Pennsylvania, L.P. Delaware8
  • Select Specialty Hospital—Charleston, Inc. Delaware8
  • Select Specialty Hospital—Cincinnati, Inc. Missouri8
  • Select Specialty Hospital—Cleveland, LLC Delaware8
  • Select Specialty Hospital—Colorado Springs, Inc. Delaware8
  • Select Specialty Hospital—Columbus, Inc. Delaware8
  • Select Specialty Hospital—Dallas, Inc. Delaware8
  • Select Specialty Hospital—Danville, Inc. Delaware8
  • Select Specialty Hospital—Daytona Beach, Inc. Delaware8
  • Select Specialty Hospital—Denver, Inc. Delaware8
  • Select Specialty Hospital—Des Moines, Inc. Delaware8
  • Select Specialty Hospital—Durham, Inc. Delaware8
  • Select Specialty Hospital—Erie, Inc. Delaware8
  • Select Specialty Hospital—Evansville, Inc. Missouri8
  • Select Specialty Hospital—Evansville, LLC Delaware8
  • Select Specialty Hospital—Flint, Inc. Missouri8
  • Select Specialty Hospital—Fort Myers, Inc. Delaware8
  • Select Specialty Hospital—Fort Smith, Inc. Missouri8
  • Select Specialty Hospital—Gainesville, LLC Delaware8
  • Select Specialty Hospital—Greensboro, Inc. Delaware8
  • Select Specialty Hospital—Gulf Coast, Inc. Missouri8
  • Select Specialty Hospital—Jackson, Inc. Delaware8
  • Select Specialty Hospital—Johnstown, Inc. Missouri8
  • Select Specialty Hospital—Kalamazoo, Inc. Delaware8
  • Select Specialty Hospital—Kansas City, Inc. Missouri8
  • Select Specialty Hospital—Laurel Highlands, Inc. Delaware8
  • Select Specialty Hospital—Lexington, Inc. Delaware8
  • Select Specialty Hospital—Lincoln, Inc. Delaware8
  • Select Specialty Hospital—Little Rock, Inc. Delaware8
  • Select Specialty Hospital—Longview, Inc. Delaware8
  • Select Specialty Hospital—Macomb County, Inc. Missouri8
  • Select Specialty Hospital—Madison, Inc. Delaware8
  • Select Specialty Hospital—McKeesport, Inc. Delaware8
  • Select Specialty Hospital—Memphis, Inc. Delaware8
  • Select Specialty Hospital—Miami Lakes, Inc. Delaware8
  • Select Specialty Hospital—Midtown Atlanta, LLC Delaware8
  • Select Specialty Hospital—Milwaukee, Inc. Delaware8
  • Select Specialty Hospital—Nashville, LLC Delaware8
  • Select Specialty Hospital—North Atlanta, Inc. Delaware8
  • Select Specialty Hospital—North Knoxville, Inc. Missouri8
  • Select Specialty Hospital—Northeast New Jersey, Inc. Delaware8
  • Select Specialty Hospital—Northeast Ohio, Inc. Missouri8
  • Select Specialty Hospital—Northern Kentucky, LLC Delaware8
  • Select Specialty Hospital—Oklahoma City, Inc. Delaware8
  • Select Specialty Hospital—Omaha, Inc. Missouri8
  • Select Specialty Hospital—Orlando, Inc. Delaware8
  • Select Specialty Hospital—Palm Beach, Inc. Delaware8
  • Select Specialty Hospital—Panama City, Inc. Delaware8
  • Select Specialty Hospital—Pensacola, Inc. Delaware8
  • Select Specialty Hospital—Phoenix, Inc. Delaware8
  • Select Specialty Hospital—Pittsburgh/UPMC, Inc. Delaware8
  • Select Specialty Hospital—Quad Cities, Inc. Delaware8
  • Select Specialty Hospital—Richmond, Inc. Delaware8
  • Select Specialty Hospital—Saginaw, Inc. Delaware8
  • Select Specialty Hospital—San Antonio, Inc. Delaware8
  • Select Specialty Hospital—Savannah, Inc. Delaware8
  • Select Specialty Hospital—Sioux Falls, Inc. Missouri8
  • Select Specialty Hospital—South Dallas, Inc. Delaware8
  • Select Specialty Hospital—Springfield, Inc. Delaware8
  • Select Specialty Hospital—Tallahassee, Inc. Delaware8
  • Select Specialty Hospital—The Villages, Inc. Delaware8
  • Select Specialty Hospital—TriCities, Inc. Delaware8
  • Select Specialty Hospital—Tucson, LLC Delaware8
  • Select Specialty Hospital—Tulsa, Inc. Delaware8
  • Select Specialty Hospital—Tulsa/Midtown, LLC Delaware8
  • Select Specialty Hospital—West Tennessee, LLC Delaware8
  • Select Specialty Hospital—Western Michigan, Inc. Missouri8
  • Select Specialty Hospital—Wichita, Inc. Missouri8
  • Select Specialty Hospital—Wilmington, Inc. Missouri8
  • Select Specialty Hospital—Winston-Salem, Inc. Delaware8
  • Select Specialty Hospital—Youngstown, Inc. Missouri8
  • Select Specialty Hospital—Zanesville, Inc. Delaware8
  • Select Specialty—Downriver, LLC Delaware8
  • Select Subsidiaries, Inc. Pennsylvania8
  • Select Synergos, Inc. Delaware8
  • Select Transport, Inc. Delaware8
  • Select Tucson Holdings, LLC Delaware8
  • Select Unit Management, Inc. Delaware8
  • SelectMark, Inc. Delaware8
  • SemperCare, Inc. Delaware8
  • Special Care Hospital, LLC Delaware8
  • Sports Orthopedic Rehabilitation Services, Inc. Florida8
  • Susquehanna Physical Therapy Associates, Inc. Pennsylvania8
  • Swanson Orthotic and Prosthetic Center, Inc. Ohio8
  • The Rehab Center Pennsylvania8
  • TheraWorks, Inc. Texas8
  • Theraphysics Partners of Colorado, Inc. Delaware8
  • Theraphysics Partners of Texas, Inc. Delaware8
  • Therapy Associates of Martinsville, Inc. Virginia8
  • TruHealth Rehabilitation Hospital, LLC Delaware8
  • Trumbull P.T. Corp. Connecticut8
  • U.S. Physiatry Staffing LLC Delaware8
  • U.S. Physiatry of Georgia LLC Georgia8
  • U.S. Physiatry, LLC Delaware8
  • VHSD ES, Inc. Delaware8
  • Vibra Hospital of San Diego, LLC Delaware8
  • Victoria Healthcare, Inc. Florida8
  • WWLTACH, LLC Delaware8
  • West Gables Rehabilitation Hospital, LLC Delaware8
  • Wisconsin Prosthetics & Orthotics, Inc. Wisconsin8

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 1, 2026New chief executive Thomas P. Mullin becomes CEO20
  2. Jul 1, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation58
  3. Jun 26, 20268-K Shareholder vote; Regulation FD disclosure59
  4. Jun 22, 20268-K Other events60
  5. Apr 30, 20268-K Results of operations; Executive or director change; Other events61
  6. Apr 24, 20268-K Shareholder vote62
  7. Mar 3, 20268-K Entered a material agreement; Regulation FD disclosure63
  8. Feb 19, 20268-K Results of operations; Other events64
  9. Dec 19, 20258-K Executive or director change65
  10. Nov 25, 20258-K Regulation FD disclosure66
  11. Oct 30, 20258-K Results of operations; Other events67
  12. Sep 2, 20258-K Executive or director change; Regulation FD disclosure68
  13. Aug 4, 20258-K Bylaws or fiscal year changed69
  14. Aug 8, 2014New chief executive David S. Chernow becomes CEO21
  15. Sep 25, 2009Went public Listed on NYSE1
  16. Sep 24, 2009New chief executive Robert A. Ortenzio becomes CEO22
  17. 1996Founded Founded1

Calendar

When it reported results

  1. Apr 30, 2026Reported quarterly or annual results61
  2. Feb 19, 2026Reported quarterly or annual results64
  3. Oct 30, 2025Reported quarterly or annual results67
  4. Jul 31, 2025Reported quarterly or annual results70
  5. May 1, 2025Reported quarterly or annual results71
  6. Feb 20, 2025Reported quarterly or annual results72
  7. Oct 31, 2024Reported quarterly or annual results73
  8. Aug 1, 2024Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

371 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 56 major events, 223 insider forms, 36 large holders, 37 other. The latest 20:

  1. Aug 13, 2026SCHEDULE 13G/A EDGAR
  2. Jul 31, 2026SCHEDULE 13G/A EDGAR
  3. Jul 30, 2026SCHEDULE 13G/A EDGAR
  4. Jul 13, 202615-12G EDGAR
  5. Jul 1, 20264 EDGAR
  6. Jul 1, 20264 EDGAR
  7. Jul 1, 20264 EDGAR
  8. Jul 1, 20264 EDGAR
  9. Jul 1, 20264 EDGAR
  10. Jul 1, 20264 EDGAR
  11. Jul 1, 20264 EDGAR
  12. Jul 1, 20264 EDGAR
  13. Jul 1, 20264 EDGAR
  14. Jul 1, 20264 EDGAR
  15. Jul 1, 20264 EDGAR
  16. Jul 1, 20264 EDGAR
  17. Jul 1, 20264 EDGAR
  18. Jul 1, 20264 EDGAR
  19. Jul 1, 20264 EDGAR
  20. Jul 1, 20264 EDGAR

The 371 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 1 buys and 18 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 5, 2025Khanuja Parvinderjit S.DirectorBuy21,000$15.02$315.4KForm 4
Apr 28, 2025CHERNOW DAVID SVICE CHAIRMANSale225,000$18.00$4.0MForm 4
Dec 4, 2024Breighner Robert G. JRSENIOR VICE PRESIDENTSale4,989$19.95$99.5KForm 4
Nov 26, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale3,804,805$19.55$74.4MForm 4
Nov 26, 2024TAVENNER MARILYN BDirectorSale32,000$21.09$674.9KForm 4
Apr 8, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$29.90$1.5MForm 4
Mar 8, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$28.30$1.4MForm 4
Feb 8, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$26.00$1.3MForm 4
Jan 8, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale100,000$26.63$2.7MForm 4
Dec 14, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale100,000$25.00$2.5MForm 4
Sep 8, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$26.82$1.3MForm 4
Aug 8, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$29.52$1.5MForm 4
Jul 10, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$30.36$1.5MForm 4
Jun 29, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale100,000$32.00$3.2MForm 4
Jun 21, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale33,967$30.00$1.0MForm 4
Jun 8, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$28.63$1.4MForm 4
May 8, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale166,033$29.76$4.9MForm 4
May 8, 2023Breighner Robert G. JRSENIOR VICE PRESIDENTSale10,044$29.45$295.8KForm 4
Feb 27, 2023CHERNOW DAVID SVICE CHAIRMANSale139,550$27.30$3.8MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Select Medical has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Robert A. Ortenzio Executive Chairman andCo-Founder$995.0K$6.6M84
2025David S. ChernowVice Chairman (Co-principal Executive Officer)68$995.0K$6.5M84
2025Martin F. JacksonSenior Executive Vice President of Strategic Finance and Operations$700.0K$4.0M84
2025Thomas P. MullinChief Executive Officer (Co-Principal Executive Officer)$618.0K$3.0M84
2025John A. SaichPresident$618.0K$3.0M84
2025Michael F. MalatestaExecutive Vice President and Chief Financial Officer (Principal Financial Officer)$585.0K$2.6M84
2024Robert A. Ortenzio Executive Chairman andCo-Founder$995.0K$10.3M84
2024David S. ChernowVice Chairman (Co-principal Executive Officer)68$995.0K$10.3M84
2024Martin F. JacksonSenior Executive Vice President of Strategic Finance and Operations$700.0K$6.2M84
2024Thomas P. MullinChief Executive Officer (Co-Principal Executive Officer)$615.8K$4.8M84
2024Michael F. MalatestaExecutive Vice President and Chief Financial Officer (Principal Financial Officer)$583.1K$4.0M84
2023Robert A. Ortenzio Executive Chairman andCo-Founder$995.0K$10.8M84
2023David S. ChernowVice Chairman (Co-principal Executive Officer)68$995.0K$10.7M84
2023Martin F. JacksonSenior Executive Vice President of Strategic Finance and Operations$700.0K$6.5M84
2023Michael F. MalatestaExecutive Vice President and Chief Financial Officer (Principal Financial Officer)$534.4K$1.5M84

SEC filer profile

How Select Medical is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSELECT MEDICAL HOLDINGS CORP2
  • CIK0001320414
  • Employer ID (EIN)20-176404819
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company19
  • Incorporated inDelaware19
  • Fiscal year endsDecember 312
  • Industry code (SIC)8060 Services-Hospitals2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business addressC/O Select Medical Corp, 4714 Gettysburg Rd, Mechanicsburg, PA 170552
  • Phone717-972-11002
  • Shares outstanding124,016,800 as of Mar 31, 202616
  • Public float$1.6B as of Jun 30, 202519
  • AuditorPricewaterhouseCoopers LLP, Philadelphia, Pennsylvania PCAOB ID 238; it also attests to the company’s internal control over financial reporting19
  • On EDGAR sinceMar 7, 20052
  • Filings1,614 in all: 4 (935), 8-K (279), SC 13G/A (73), 10-Q (55), 3 (50), CORRESP (22), DEFA14A (21), 3/A (20)2
    All 43 form types

    10-K (18), DEF 14A (17), 144 (15), UPLOAD (15), SC 13G (14), 4/A (10), S-1/A (9), SCHEDULE 13G/A (8), S-8 (5), S-8 POS (5), ARS (4), S-4/A (4), 5 (3), PRE 14A (3), SC 13E3/A (3), SCHEDULE 13D/A (3), 8-K/A (2), DEFR14A (2), EFFECT (2), SCHEDULE 13G (2), 15-12G (1), 15-15D (1), 25-NSE (1), 424B4 (1), 8-A12B (1), CERTNYS (1), DEFM14A (1), FWP (1), PREM14A (1), PRER14A (1), REGDEX (1), S-1 (1), S-4 (1), SC 13E3 (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Apr 30, 2026
    Proxy statement (DEF 14A) Mar 4, 2026
    Latest 8-K (8-K) Jul 1, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par value per shareSEMNew York Stock Exchange

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).19

Risk factors and legal proceedings

The risks Select Medical names in Item 1A of its 10-K filed Feb 19, 2026: 40 risks under these headings, as written.19

  • In addition to the factors discussed elsewhere in this Form 10-K, this section discusses important factors which could cause actual results or events to differ materially from those contained in any forward-looking statements made by or on behalf of us.
  • Risks Related to Our Business
  • Risks Related to Our Capital Structure
  • General Risk Factors
  • If there are changes in the rates or methods of Medicare reimbursements for our services, our revenue and profitability could decline.
  • Adverse economic conditions including an inflationary economic environment in the U.S. or globally could adversely affect us.
  • Public health threats such as a global pandemic, or widespread outbreak of infectious disease, similar to the COVID-19 pandemic, may create uncertainties about our future operating results and financial conditions.
  • CMS finalized record increases to the high cost outlier fixed-loss amount for LTCH-PPS standard Federal payment rate cases in FY 2024, FY 2025, and FY 2026. Unless there are significant reforms, the fixed-loss amount will likely increase again in FY 2027, which will result in fewer cases qualifying for high cost outlier payments and often lower payments for the cases that do qualify.
  • CMS changed the criteria for reconciliation of outlier payments, which could lead to more recoupments of Medicare outlier payments from our LTCHs.
  • We conduct business in a heavily regulated industry, and changes in regulations, new interpretations of existing regulations, or violations of regulations may result in increased costs or sanctions that reduce our revenue and profitability.
  • If our critical illness recovery hospitals fail to maintain their certifications as LTCHs or if our facilities operated as HIHs fail to qualify as hospitals separate from their host hospitals, our revenue and profitability may decline.
  • Decreases in Medicare reimbursement rates received by our outpatient rehabilitation clinics may reduce our future revenue and profitability.
The other 31 risks
  • If our rehabilitation hospitals fail to comply with the 60% Rule or admissions to IRFs are limited due to changes to the diagnosis codes on the presumptive compliance list, our revenue and profitability may decline.
  • As a result of post-payment reviews of claims we submit to Medicare for our services, we may incur additional costs and may be required to repay amounts already paid to us.
  • Most of our critical illness recovery hospitals are subject to short-term leases, and the loss of multiple leases close in time could materially and adversely affect our business, financial condition, and results of operations.
  • Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information.
  • We may be adversely affected by a security breach of our, or our third-party vendors’, information technology systems, such as a cyber attack, which may cause a violation of HIPAA or HITECH and subject us to potential legal and reputational harm.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • Quality reporting requirements may negatively impact Medicare reimbursement.
  • We may be adversely affected by negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes.
  • Current and future acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities.
  • Future joint ventures may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities.
  • If we fail to compete effectively with other hospitals, clinics, and healthcare providers in the local areas we serve, our revenue and profitability may decline.
  • Future cost containment initiatives undertaken by private third-party payors may limit our future revenue and profitability.
  • If we fail to maintain established relationships with the physicians in the areas we serve, our revenue may decrease.
  • In conducting our business, we are required to comply with applicable laws regarding fee-splitting and the corporate practice of medicine.
  • Significant legal actions could subject us to substantial uninsured liabilities.
  • Concentration of ownership among our existing executives and directors may prevent new investors from influencing significant corporate decisions.
  • If there is later a determination that certain steps of the Separation or the Distribution are taxable because the facts, assumptions, representations or undertakings underlying the IRS private letter ruling or any tax opinions are incorrect or for any other reason, then the Company and our stockholders could incur significant U.S. federal income tax liabilities and Concentra could incur significant liabilities through its indemnification obligations under the Tax Matters Agreement.
  • In connection with the Separation, Concentra agreed to indemnify us for certain liabilities. However, we cannot assure you that the indemnity will be sufficient to protect us against the full amount of such liabilities or that Concentra’s ability to satisfy its indemnification obligation will not be impaired in the future.
  • Our Separation from Concentra and the distribution of Concentra shares to our stockholders may not achieve some or all of the anticipated benefits and may adversely affect our business.
  • We may be exposed to claims and liabilities as a result of the Distribution.
  • The Proposal from our Executive Chairman, Co-Founder and Director to take the Company private and our Board of Directors’ evaluation of the proposal may result in a material impact on the Company and the value of its stock.
  • Certain provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, and of Delaware law, may prevent or delay an acquisition of us, which could decrease the trading price of our common stock.
  • Our substantial indebtedness may limit the amount of cash flow available to invest in the ongoing needs of our business.
  • Our credit facilities and the indenture governing our 6.250% senior notes require us to comply with certain covenants and obligations, the default of which may result in the acceleration of certain of our indebtedness.
  • Payment of interest on, and repayment of principal of, our indebtedness is dependent in part on cash flow generated by our subsidiaries.
  • Despite our substantial level of indebtedness, we and our subsidiaries may be able to incur additional indebtedness. This could further exacerbate the risks described above, especially in the current rising interest rate environment.
  • We may be unable to refinance our debt on terms favorable to us or at all, which would negatively impact our business and financial condition.
  • Changes to United States tariff and import/export regulations and macroeconomic conditions may have a negative effect on our business, financial condition, and results of operations.
  • Labor shortages, increased employee turnover, increases in employee-related costs, and union activity could have adverse effects including significant increases in our operating costs.
  • Unfavorable global economic conditions brought about by material global crises, military conflicts or war, geopolitical and trade disputes or other factors, may adversely affect our business and financial results.
  • Our business operations could be significantly disrupted if we lose key members of our management team.

Legal proceedings

Refer to the “Litigation” section contained within Note 19 – Commitments and Contingencies of the notes to our consolidated financial statements included herein.

The opening of Item 3, Legal Proceedings.19

Sources

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