SELECT MEDICAL HOLDINGS Business Summary

Select Medical Holdings Corp (SEM) operates a specialized healthcare services model, generating revenue primarily through fee-for-service reimbursements from Medicare and private insurers across three core segments: Critical Illness Recovery Hospitals (CIRH), Inpatient Rehabilitation Hospitals (IRH), and Outpatient Rehabilitation. Following the strategic spin-off of its occupational health subsidiary, Concentra, in late 2024, SEM has sharpened its focus on high-acuity post-acute care, leveraging a joint-venture model with leading health systems to scale its operations. As of February 2026, the company manages a network of 104 critical illness recovery hospitals and 38 rehabilitation hospitals across the United States. SEM competes directly with Encompass Health (EHC) in the inpatient rehabilitation space, LifePoint Health (Kindred) in long-term acute care, and U.S. Physical Therapy (USPH) in the outpatient market, positioning itself as a primary partner for acute-care hospitals requiring specialized recovery solutions for medically complex patients. The company was co-founded in 1996 by the father-son duo of Rocco A. Ortenzio and Robert A. Ortenzio, both industry veterans who previously established Continental Medical Systems. In September 2025, Thomas P. Mullin was elevated to Chief Executive Officer, succeeding David S. Chernow, who now serves as Vice Chairman of the Board. The leadership team is supported by President John A. Saich and Executive Vice President and CFO Michael F. Malatesta, both of whom possess extensive tenures within the company’s operational and financial frameworks. Select Medical’s Board of Directors includes notable regulatory and healthcare experts such as former U.S. Senate Majority Leader Dr. William Frist, former CMS Administrator Marilyn Tavenner, and Thomas Scully, a partner at Welsh, Carson, Anderson & Stowe. Major institutional investors, including The Vanguard Group and BlackRock, maintain significant stakes, underscoring the company’s status as a stabilized leader in the post-acute healthcare continuum.