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Select Medical Corporation Announces Results for Fourth Quarter and Year Ended December 31, 2008
Date:3/23/2009

40,008 41,177 2.9% Net revenue per patient day (b) $1,378 $1,453 5.4% Adjusted EBITDA (,000) $217,175 $236,388 8.8% Adjusted EBITDA margin - all hospitals 15.7% 15.9% 1.3% Adjusted EBITDA margin - same store hospitals (c) 17.5% 18.4% 5.1% Outpatient Rehabilitation Number of clinics - end of period 999 956 (4.3)% Net operating revenues (,000) $603,413 $664,760 10.2% Number of visits 4,032,197 4,533,727 12.4% Revenue per visit (d) $100 $102 2.0% Adjusted EBITDA (,000) $75,437 $77,279 2.4% Adjusted EBITDA margin 12.5% 11.6% (7.2)% (a) Specialty hospitals consist of long term acute care hospitals and acute medical rehabilitation hospitals. (b) Net revenue per patient day is calculated by dividing specialty hospital inpatient service revenue by the total number of patient days. (c) Adjusted EBITDA margin - same store hospitals represents the Adjusted EBITDA margin for those hospitals opened or acquired before January 1, 2007 and operated throughout both periods. (d) Net revenue per visit is calculated by dividing outpatient rehabilitation clinic revenue by the total number of visits. For purposes of this computation, outpatient rehabilitation clinic revenue does not include managed clinics or contract services revenue. VI. Net Income to Adjusted EBITDA Reconciliation (In thousands) (unaudited) For the Three Months and Year Ended December 31, 2007 and 2008 The following table rec
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