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Select Medical Corporation Announces Results for Fourth Quarter and Year Ended December 31, 2007
Date:3/24/2008

006 and operated by Select throughout both periods was 17.7% for the year ended December 31, 2007, compared to 21.8% for the prior year.

Outpatient Rehabilitation

At December 31, 2007, Select operated 999 outpatient clinics. This compares to 544 outpatient clinics at December 31, 2006. The increase in the number of clinics is primarily due to Select's acquisition, in the second quarter of 2007, of substantially all of the outpatient rehabilitation division of HealthSouth Corporation, as described below. For the fourth quarter of 2007, net operating revenues increased 41.8% to $165.1 million compared to $116.4 million for the same quarter, prior year. Adjusted EBITDA for the fourth quarter decreased 4.6% to $15.2 million compared to $15.9 million for the same quarter, prior year. The Adjusted EBITDA margin for the quarter was 9.2% compared to 13.7% in the same quarter, prior year. Patient visits for the quarter were 1,145,063 compared to 711,163 for the same quarter, prior year. Net revenue per visit was $101 for the fourth quarter of 2007 compared to $98 for the same quarter, prior year.

For the year ended December 31, 2007, net operating revenues increased 28.3% to $603.4 million compared to $470.3 million for the prior year. Adjusted EBITDA for the year ended December 31, 2007 increased 16.4% to $75.4 million compared to $64.8 million for the prior year. The Adjusted EBITDA margin for the year ended December 31, 2007 was 12.5% compared to 13.8% in the prior year. Patient visits for the year ended December 31, 2007 were 4,032,197 compared to 2,972,243 for the prior year. Net revenue per visit was $100 for the year ended December 31, 2007 compared to $94 for the prior year.

Acquisition of HealthSouth Corporation's Outpatient Rehabilitation Division

On May 1, 2007, Select completed the acquisition of substantially all of the outpatient rehabilitation division of HealthSouth Corporation. At the closing, Select acquired 540 outpatient
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SOURCE Select Medical Corporation
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