Select Medical Holdings Corporation (SEM) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for joining us today for Select Medical Holdings Corporation's earnings conference call to discuss the third quarter 2025 results and the company's business outlook. Presenting today are the company's executive chairman and co-founder, Robert Ortizio, the company's chief executive officer, Thomas Mullen, and the company's executive vice president and chief financial officer, Michael Metesia. Also on the conference line is the company's Senior Executive Vice President of Strategic Finance and Operations, Martin Jackson. Management will give you an overview of the quarter and then open the call for questions. Before we get started, we would like to remind you that this conference call may contain forward-looking statements regarding future events or the future financial performance of the company, including, without limitation, statements regarding operating results, growth opportunities, and other statements that refer to Select Medical's plans, expectations, strategies, intentions, and beliefs. These forward-looking statements are based on the information available to management of Select Medical today, and the company assumes no obligation to update these statements as circumstances change. At this time, I will turn the conference over to Mr. Robert Ortizio. Please go ahead. Thank you, operator. Good morning, everyone. Welcome to Select Medical's third quarter 2025 earnings call. As our custom, I'll provide some overview of the quarter and comment on our development efforts, and then I'll turn the call over to our CEO, Tom Mullen. Let me begin with a regulatory update that affects our critical illness recovery hospital segment. On September 22nd, CMS announced the deferment of its expanded Medicare outlier reconciliation criteria, what we...