Select Medical Holdings Corporation SEM delivered fourth-quarter 2020 earnings of 57 cents per share, beating the Zacks Consensus Estimate by 137.5%. Moreover, the bottom line soared 84% year over year on the back of improved revenues.Additionally, net operating revenues were up 6.2% year over year to $1.46 billion owing to solid performances by its Critical Illness Recovery and Rehabilitation Hospital segments. Further, the top line surpassed the Zacks Consensus Estimate by 5.2%.Total costs and expenses were up 5.6% year over year to $1.33 billion due to higher cost of services.Adjusted EBITDA increased 28.7% year over year to $221.3 million.Select Medical Holdings Corporation Price, Consensus and EPS Surprise Select Medical Holdings Corporation price-consensus-eps-surprise-chart | Select Medical Holdings Corporation QuoteSegment PerformanceCritical Illness Recovery HospitalOperating revenues climbed 18.2% to $537.9 million, courtesy of better patient days. Adjusted EBITDA for the segment jumped 24.5% to $75.3 million.Rehabilitation Hospital SegmentOperating revenues ascended 7.2% to $195.9 million, led by higher patient days. Adjusted EBITDA was down 2.1% to $42.4 million.Outpatient RehabilitationOperating revenues were down 5.3% to $257.5 million due to less patient visit volume and suspension of elective surgeries.Adjusted EBITDA of $27.7 million was down 31.1% year over year.ConcentraOperating revenues inched up 0.4% year over year to $398.7 million but number of visits declined year over year. Adjusted EBITDA increased 22.9% to $69.4 million.Balance Sheet Position (as of Dec 31, 2020)The company had $3.4 billion of long-term debt, net of current portion, down 0.9% from the level at 2019 end.Total equity of $1.25 billion surged 34.9% from the level on Dec 31, 2019.Total cash and cash equivalents of $577.1 million were up 71.8% from the level as of Dec 31, 2019.Cash flow provided by operating activities for the full year was $207.4 million, up 16.2% year over year.Share Repurchase UpdateSelect Medical did not buy back shares in the fourth quarter.2021 OutlookThe company expects total revenues in the range of $5.65-$5.85 billion while adjusted EBITDA is expected in the band of $840-$880 million. The company estimates annual adjusted earnings per share within $2.26-$2.48.The company also provided long-term guidance for the 2021-2023 period. During this time frame, revenues are expected to grow in the 4-6% range. Adjusted EBITDA is projected in the band of 7-8% while diluted earnings per common share are anticipated in the 1720% band.Zacks Rank and Performance of Other PlayersSelect Medical carries a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Earnings of other stocks in the same space including Community Health Systems Inc. CYH, Universal Health Services, Inc. UHS and HCA Healthcare Inc. HCA beat their respective estimates by 433.33%, 24.6% and 13.8%, respectively, in the fourth quarter.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.These 7 were selected because of their superior potential for immediate breakout. See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Universal Health Services, Inc. (UHS): Free Stock Analysis Report Community Health Systems, Inc. (CYH): Free Stock Analysis Report HCA Healthcare, Inc. (HCA): Get Free Report Select Medical Holdings Corporation (SEM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research