ADDED
There were 99,416,162 shares of common stock of the registrant outstanding, net of treasury shares, as of February 12, 2026.
Efforts to reduce payments to healthcare providers undertaken by third-party payors and conveners, including restrictive coverage determinations by Medicare Advantage plans during the pre-authorization process, could adversely affect our revenues or profitability.
Other Regulatory Risks Changes in the rules and regulations of the healthcare industry at the federal, state or local levels, including those contemplated now and in the future as part of national healthcare reform and deficit reduction (such as the re-basing of payment systems, the introduction of value-based payment models, and other payment system reforms) could decrease revenues and increase the costs of complying with the rules and regulations.
Our inability to maintain proper local, state and federal licensing, including compliance with the Medicare conditions of participation and provider enrollment requirements could decrease our revenues.
Business Overview of the Company General We are the nation s largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated, revenues, and number of hospitals.
We provide specialized rehabilitative treatment, using advanced technology and intensive therapy, on an inpatient basis for patients recovering from a major injury or illness and seeking to regain functional ability, independence and quality of life.
As of December 31, 2025, we operated 173 inpatient rehabilitation hospitals.
For 2025, we were named America s Most Awarded Leader in Inpatient Rehabilitation by Newsweek and Statista and ranked among Fortune s World s Most Admired Companies and Forbes Most Trusted Companies in America.
As of or for the Year Ended December 31, 2025 2024 2023 Consolidated data: (Actual Amounts) Inpatient rehabilitation: Number of hospitals 173 166 161 Discharges 263,299 248,498 229,480 Number of licensed beds 11,465 11,094 10,778 Net operating revenues: (In Millions) Inpatient $ 5,756.3 $ 5,230.5 $ 4,693.8 Other 178.9 142.7 107.4 Total $ 5,935.2 $ 5,373.2 $ 4,801.2 Our inpatient rehabilitation hospitals offer specialized rehabilitative care across an array of diagnoses and deliver comprehensive, high-quality, cost-effective patient care services.
In pursuit of our strategy, we established the following priorities.
REMOVED
There were 100,709,106 shares of common stock of the registrant outstanding, net of treasury shares, as of February 13, 2025.
Efforts to reduce payments to healthcare providers undertaken by third-party payors and conveners could adversely affect our revenues or profitability.
Other Regulatory Risks Changes in the rules and regulations of the healthcare industry at the federal, state or local levels, including those contemplated now and in the future as part of national healthcare reform and deficit reduction (such as the re-basing of payment systems, the introduction of a unified post-acute payment system or case-mix weightings across post-acute settings, and other payment system reforms) could decrease revenues and increase the costs of complying with the rules and regulations.
Our inability to maintain proper local, state and federal licensing, including compliance with the Medicare conditions of participation and provider enrollment requirements, such as the CMS vaccine mandate, could decrease our revenues.
Business Overview of the Company General We are a national leader in post-acute healthcare services and the nation s largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated, revenues, and number of hospitals.
We provide specialized rehabilitative treatment on an inpatient basis.
As of December 31, 2024, we operated 166 inpatient rehabilitation hospitals.
For 2025, we were named to Fortune s list of the World s Most Admired Companies and Forbes list of Most Trusted Companies in America.
As of or for the Year Ended December 31, 2024 2023 2022 Consolidated data: (Actual Amounts) Inpatient rehabilitation: Number of hospitals 166 161 153 Discharges 248,498 229,480 211,116 Number of licensed beds 11,094 10,778 10,356 Net operating revenues: (In Millions) Inpatient $ 5,230.5 $ 4,693.8 $ 4,251.6 Outpatient and other 142.7 107.4 97.0 Total $ 5,373.2 $ 4,801.2 $ 4,348.6 Our inpatient rehabilitation hospitals offer specialized rehabilitative care across an array of diagnoses and deliver comprehensive, high-quality, cost-effective patient care services.
During the COVID-19 pandemic (the pandemic ) and since, our hospitals have treated numerous patients with or recovering from the COVID-19 virus.