Healthcare services company Select Medical (NYSE:SEM) will be announcing earnings results tomorrow afternoon. Here’s what you need to know.

Select Medical missed analysts’ revenue expectations by 8.9% last quarter, reporting revenues of $1.31 billion, up 7.8% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS and sales volume estimates.

Is Select Medical a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Select Medical’s revenue to decline 22.3% year on year to $1.39 billion, a reversal from the 7.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.45 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Select Medical has missed Wall Street’s revenue estimates four times over the last two years.

Looking at Select Medical’s peers in the healthcare providers & services segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Encompass Health delivered year-on-year revenue growth of 10.6%, beating analysts’ expectations by 1.7%, and Option Care Health reported revenues up 16.3%, topping estimates by 6.1%. Encompass Health traded up 11.8% following the results.

Read our full analysis of Encompass Health’s results here and Option Care Health’s results here.

Debates around the economy’s health and the impact of potential tariffs and corporate tax cuts have caused much uncertainty in 2025. While some of the healthcare providers & services stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.6% on average over the last month. Select Medical is up 11.6% during the same time and is heading into earnings with an average analyst price target of $23.17 (compared to the current share price of $18.41).

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