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Concentra Group Holdings Parent, Inc. (NYSE: CON) announced its Q2 2024 results, highlighting a 2.3% revenue increase to $477.9 million. The company reported a slight decrease in net income to $53.1 million and a 1.2% increase in Adjusted EBITDA to $101.6 million. Earnings per share decreased by 2.0% to $0.50.
Key highlights include:
- Patient visits decreased by 1.6% from Q2 2023
- Revenue per visit increased by 3.9% to $139.81
- Total occupational health centers increased to 547
- Onsite health clinics expanded to 154
Concentra completed its IPO on July 26, 2024, offering 22,500,000 shares at $23.50 per share. The company also entered into new financing arrangements, including Credit Facilities and $650.0 million in Senior Notes.
Select Medical Holdings (NYSE: SEM) announced the pricing of its subsidiary Concentra Group Holdings Parent, Inc.'s (NYSE: CON) initial public offering (IPO). Concentra is offering 22,500,000 shares at $23.50 per share, with an option for underwriters to purchase an additional 3,375,000 shares. Trading is expected to begin on July 25, 2024, under the symbol 'CON'. After the IPO, Select Medical will retain 82.23% ownership of Concentra (80.09% if the over-allotment option is fully exercised).
Concentra is the largest provider of occupational health services in the U.S., operating 547 occupational health centers in 41 states and 154 onsite health clinics at employer worksites in 37 states as of June 30, 2024. The company serves over 50,000 patients daily, offering occupational and consumer health services.
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