Select Medical Holdings Corporation (NYSE:SEM) Q1 2023 Earnings Conference Call May 5, 2023 9:00 AM ET
Company Participants
Robert Ortenzio - Executive Chairman and Co-Founder
Martin Jackson - EVP and CFO
Conference Call Participants
Justin Bowers - Deutsche Bank
Nabil Gutierrez - Bank of America
Ben Hendrix - RBC Capital Markets
A.J. Rice - Credit Suisse
Bill Sutherland - The Benchmark Company
Operator
Good morning, and thank you for joining us today for Select Medical Holdings Corporation's Earnings Conference Call to discuss the First Quarter 2023 Results and the company's business outlook.
Speaking today are the company's Executive Chairman and Co-Founder, Robert Ortenzio; and the company's Executive Vice President and Chief Financial Officer, 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 now turn the conference call over to Mr. Robert Ortenzio.
Robert Ortenzio
Thank you, operator. Good morning, everyone. Welcome to Select Medical's earnings call for the first quarter of 2023.
As I've done in past calls, I'll first provide some overall commentary on the quarter and then provide some detail on each of our four operating divisions. I'll then turn it over to Marty Jackson and he'll provide further detail on the progress we have made on our labor costs for the critical illness recovery hospital division and also discuss some other financial metrics.
First, I'd like to say, by almost any standard, we had a very good first quarter. And I'd like to commend and thank all of our colleagues who encountered and overcame many challenges over the past three years while continuing to provide a high level of quality care and a great patient experience within our facilities. Last call, we noted encouraging signs heading into 2023, and we continue to be encouraged with all four of our operating divisions exceeding prior year EBITDA this past quarter.
Overall revenue grew 4% and adjusted EBITDA by 31% compared to prior year Q1. The impact of the restatement of the Medicare sequestration was a $9.7 million headwind when comparing Q1 to prior year same quarter. For the quarter, total company adjusted EBITDA was $214.1 million compared to $163.8 million in the prior year. Our consolidated adjusted EBITDA margin was 12.9% for Q1 compared to 10.2% in the prior year.