Concentra Announces Fourth Quarter and Full Year 2024 Results and Closing of Nova Medical Centers Acquisition
Concentra (NYSE: CON), the largest U.S. occupational health services provider, reported strong Q4 and full-year 2024 results alongside the completion of Nova Medical Centers acquisition. Q4 2024 highlights include:
- Revenue increased 5.5% to $465.0M
- Net income of $22.8M with EPS of $0.17
- Adjusted EBITDA up 13.6% to $77.5M
- Patient visits at 2.99M (46,797 per day)
Full Year 2024 showed revenue growth of 3.4% to $1.9B, with net income of $171.9M and EPS of $1.46. The company maintained strong liquidity with $183.3M cash balance.
Nova Medical Centers Acquisition: Effective March 1, 2025, Concentra acquired Nova for $265M, adding 67 medical centers and expanding to over 770 total facilities. The deal was financed through new debt, credit facility, and cash.
2025 Outlook: Concentra projects revenue of approximately $2.1B and Adjusted EBITDA between $410M-$425M. The company declared a quarterly dividend of $0.0625 per share, payable April 1, 2025.
Concentra (NYSE: CON), il più grande fornitore di servizi di salute occupazionale negli Stati Uniti, ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, insieme al completamento dell'acquisizione dei Nova Medical Centers. I punti salienti del Q4 2024 includono:
- Ricavi aumentati del 5,5% a 465,0 milioni di dollari
- Utile netto di 22,8 milioni di dollari con un EPS di 0,17 dollari
- EBITDA rettificato aumentato del 13,6% a 77,5 milioni di dollari
- Visite dei pazienti a 2,99 milioni (46.797 al giorno)
Il Full Year 2024 ha mostrato una crescita dei ricavi del 3,4% a 1,9 miliardi di dollari, con un utile netto di 171,9 milioni di dollari e un EPS di 1,46 dollari. L'azienda ha mantenuto una solida liquidità con un saldo di cassa di 183,3 milioni di dollari.
Acquisizione dei Nova Medical Centers: A partire dal 1 marzo 2025, Concentra ha acquisito Nova per 265 milioni di dollari, aggiungendo 67 centri medici e ampliandosi a oltre 770 strutture totali. L'operazione è stata finanziata tramite nuovo debito, una linea di credito e contante.
Prospettive 2025: Concentra prevede ricavi di circa 2,1 miliardi di dollari e un EBITDA rettificato compreso tra 410 milioni e 425 milioni di dollari. L'azienda ha dichiarato un dividendo trimestrale di 0,0625 dollari per azione, pagabile il 1 aprile 2025.
Concentra (NYSE: CON), el mayor proveedor de servicios de salud ocupacional en EE. UU., reportó resultados sólidos para el cuarto trimestre y para todo el año 2024, junto con la finalización de la adquisición de Nova Medical Centers. Los aspectos destacados del Q4 2024 incluyen:
- Ingresos aumentados un 5.5% a 465.0 millones de dólares
- Ingreso neto de 22.8 millones de dólares con un EPS de 0.17 dólares
- EBITDA ajustado aumentado un 13.6% a 77.5 millones de dólares
- Visitas de pacientes a 2.99 millones (46,797 por día)
El Año Completo 2024 mostró un crecimiento de ingresos del 3.4% a 1.9 mil millones de dólares, con un ingreso neto de 171.9 millones de dólares y un EPS de 1.46 dólares. La empresa mantuvo una sólida liquidez con un saldo de efectivo de 183.3 millones de dólares.
Adquisición de Nova Medical Centers: A partir del 1 de marzo de 2025, Concentra adquirió Nova por 265 millones de dólares, añadiendo 67 centros médicos y expandiéndose a más de 770 instalaciones en total. El acuerdo se financió a través de nueva deuda, una línea de crédito y efectivo.
Perspectivas 2025: Concentra proyecta ingresos de aproximadamente 2.1 mil millones de dólares y un EBITDA ajustado entre 410 millones y 425 millones de dólares. La empresa declaró un dividendo trimestral de 0.0625 dólares por acción, pagadero el 1 de abril de 2025.
Concentra (NYSE: CON), 미국 최대의 직업 건강 서비스 제공업체가 2024년 4분기 및 연간 실적을 발표하며 Nova Medical Centers 인수 완료 소식을 전했습니다. 2024년 4분기 주요 내용은 다음과 같습니다:
- 수익 5.5% 증가, 4억 6천 5백만 달러
- 순이익 2천 2백 8십만 달러, 주당 순이익(EPS) 0.17 달러
- 조정 EBITDA 13.6% 증가, 7천 7백 5십만 달러
- 환자 방문 수 299만 건 (일일 46,797건)
2024년 전체 실적은 수익이 3.4% 증가하여 19억 달러에 달하며, 순이익은 1억 7천 1백 9십만 달러, EPS는 1.46 달러를 기록했습니다. 회사는 1억 8천 3백 3십만 달러의 현금 잔고로 강력한 유동성을 유지했습니다.
Nova Medical Centers 인수: 2025년 3월 1일부로 Concentra는 Nova를 2억 6천 5백만 달러에 인수하여 67개의 의료 센터를 추가하고 총 770개 이상의 시설로 확장했습니다. 이 거래는 새로운 부채, 신용 시설 및 현금을 통해 자금을 조달했습니다.
2025년 전망: Concentra는 약 21억 달러의 수익과 4억 1천만 달러에서 4억 2천 5백만 달러 사이의 조정 EBITDA를 예상하고 있습니다. 회사는 2025년 4월 1일 지급 예정인 주당 0.0625 달러의 분기 배당금을 선언했습니다.
Concentra (NYSE: CON), le plus grand fournisseur de services de santé au travail aux États-Unis, a annoncé de bons résultats pour le quatrième trimestre et pour l'année entière 2024, en même temps que l'achèvement de l'acquisition de Nova Medical Centers. Les points forts du Q4 2024 comprennent :
- Chiffre d'affaires en hausse de 5,5 % à 465,0 millions de dollars
- Bénéfice net de 22,8 millions de dollars avec un BPA de 0,17 dollar
- EBITDA ajusté en hausse de 13,6 % à 77,5 millions de dollars
- Visites de patients à 2,99 millions (46 797 par jour)
Année complète 2024 a montré une croissance du chiffre d'affaires de 3,4 % à 1,9 milliard de dollars, avec un bénéfice net de 171,9 millions de dollars et un BPA de 1,46 dollar. L'entreprise a maintenu une solide liquidité avec un solde de trésorerie de 183,3 millions de dollars.
Acquisition de Nova Medical Centers : À compter du 1er mars 2025, Concentra a acquis Nova pour 265 millions de dollars, ajoutant 67 centres médicaux et s'étendant à plus de 770 installations au total. L'opération a été financée par de nouvelles dettes, une ligne de crédit et des liquidités.
Perspectives 2025 : Concentra prévoit un chiffre d'affaires d'environ 2,1 milliards de dollars et un EBITDA ajusté compris entre 410 millions et 425 millions de dollars. L'entreprise a déclaré un dividende trimestriel de 0,0625 dollar par action, payable le 1er avril 2025.
Concentra (NYSE: CON), der größte Anbieter von arbeitsmedizinischen Dienstleistungen in den USA, hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben, zusammen mit dem Abschluss der Übernahme von Nova Medical Centers. Die Highlights des Q4 2024 umfassen:
- Umsatzsteigerung um 5,5% auf 465,0 Millionen Dollar
- Nettogewinn von 22,8 Millionen Dollar mit einem EPS von 0,17 Dollar
- Bereinigtes EBITDA um 13,6% auf 77,5 Millionen Dollar gestiegen
- Patientenbesuche bei 2,99 Millionen (46.797 pro Tag)
Gesamtjahr 2024 zeigte ein Umsatzwachstum von 3,4% auf 1,9 Milliarden Dollar, mit einem Nettogewinn von 171,9 Millionen Dollar und einem EPS von 1,46 Dollar. Das Unternehmen hielt eine starke Liquidität mit einem Barguthaben von 183,3 Millionen Dollar aufrecht.
Übernahme von Nova Medical Centers: Am 1. März 2025 erwarb Concentra Nova für 265 Millionen Dollar, fügte 67 medizinische Zentren hinzu und erweiterte sich auf über 770 Einrichtungen insgesamt. Die Transaktion wurde durch neue Schulden, Kreditlinien und Bargeld finanziert.
Ausblick 2025: Concentra rechnet mit einem Umsatz von etwa 2,1 Milliarden Dollar und einem bereinigten EBITDA zwischen 410 Millionen und 425 Millionen Dollar. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,0625 Dollar pro Aktie, die am 1. April 2025 zahlbar ist.
- Q4 revenue growth of 5.5% YoY to $465.0M
- Q4 Adjusted EBITDA increase of 13.6% to $77.5M
- Full year 2024 revenue up 3.4% to $1.9B
- Strategic acquisition of Nova Medical Centers expanding network to 770+ facilities
- Strong cash position of $183.3M at year end
- Q4 patient visits per day decreased 2.1% YoY
- Post-Nova acquisition net leverage ratio increases to 3.9x
- Additional debt taken for Nova acquisition
Insights
Concentra's Q4 and full-year 2024 results demonstrate solid operational execution with revenue growth of 5.5% for the quarter and 3.4% for the full year. The company's Q4 Adjusted EBITDA increase of 13.6% outpaced revenue growth, signaling improved operational efficiency and margin expansion. The
The financing structure for the Nova acquisition is notable - leveraging a combination of new debt (
The 2025 guidance of
The Nova Medical Centers acquisition represents a transformative move for Concentra, expanding its network to over 770 combined occupational health centers and onsite clinics. This transaction appears strategically sound as it enhances Concentra's market density and geographic footprint, particularly strengthening its presence in Nova's Houston base and surrounding regions. The acquisition rationale focuses on three core value drivers: enhanced access to care, accelerated innovation, and improved outcomes for key stakeholders.
Concentra's growth strategy balances organic center expansion (8 net new occupational health centers and 7 new onsite clinics in 2024) with strategic acquisitions. The
The company's emphasis on "significant progress on key strategic initiatives" paired with "high patient satisfaction scores" indicates a customer-centric approach to growth. With 80+ combined years of industry experience between Concentra and Nova, the integration presents meaningful opportunities for operational best-practice sharing. The company's 2025 guidance suggesting
“Concentra had a successful 2024 — a year marked by change with our IPO and separation from Select Medical. We made significant progress on key strategic initiatives and maintained our emphasis on the delivery of high-quality patient care. Our ability to execute on our objectives and the tireless efforts of our colleagues contributed to our favorable 2024 financial outcomes. I am confident in our ability to continue to deliver strong results in 2025,” said Keith Newton, Chief Executive Officer of Concentra.
Matt DiCanio, Concentra’s President & Chief Financial Officer added, “The impact of our expanded footprint in new and existing geographies during 2024 meant it was easier than ever for our clients to do business with us — and patients benefited as demonstrated in high patient satisfaction scores. With a sustained focus on our development pipeline including the integration of recently acquired Nova Medical Centers, we are well positioned for continued growth in 2025.”
Fourth Quarter 2024 Highlights
For the fourth quarter ended December 31, 2024 and 2023:
-
Revenue of
$465.0 million 5.5% from$440.7 million -
Net Income of
$22.8 million $0.17 -
Adjusted EBITDA of
$77.5 million 13.6% from$68.3 million -
Cash balance at year end of
$183.3 million -
Patient Visits of 2,994,988, or 46,797 Visits per Day, a decrease in Visits per Day of
2.1% from Q4 2023 -
Revenue per Visit of
$145.08 5.8% from$137.15 - Total occupational health centers of 552, compared to 544 at the end of Q4 2023
- Total onsite health clinics of 157, compared to 150 at the end of Q4 2023
Fourth Quarter 2024 Financial Overview
For the fourth quarter ended December 31, 2024, revenue increased
Year to Date December 31, 2024 Financial Overview
For the year ended December 31, 2024, revenue increased
Balance Sheet
As of December 31, 2024, our balance sheet reflected cash of
Cash Flow
Cash flows provided by operating activities in the fourth quarter ended December 31, 2024 totaled
Nova Acquisition Closing
Effective March 1, 2025, the Company acquired Nova Medical Centers for a purchase price of
Concentra is just beginning the process of integrating Nova Medical Centers into its portfolio of medical centers, with the acquisition helping to strengthen the delivery of quality care and exceptional service through greater access, while also resulting in accelerated innovation and enhanced outcomes for patients, customers and employers. With the addition of Nova Medical Centers, we have over 80 years of combined history supporting and providing occupational health services and have expanded to more than 770 occupational health centers and onsite health clinics at employer worksites located across the country.
The transaction was financed using a combination
Debt Financing
As part of the funding of the Nova transaction, Concentra has concurrently re-priced its Credit Facilities. Inclusive of the
Giving effect to the Nova acquisition and debt-refinancing, Concentra’s pro forma net leverage ratio post-transaction is 3.9x, which is in compliance with the financial covenant under the credit agreement. The Company is targeting a net leverage ratio of approximately 3.0x within 18-24 months.
2025 Business Outlook
Concentra’s strong business performance in 2024 positions the Company well for continued growth as reflected in its 2025 financial guidance. For 2025, giving effect to the acquisition of Nova Medical Centers, Concentra expects to deliver the following results:
-
Revenue of approximately
$2.1 billion -
Adjusted EBITDA in the range of
$410 million $425 million -
Capital expenditures in the range of
$80 million $90 million - Net leverage ratio of approximately 3.5x
A reconciliation of full year 2025 Adjusted EBITDA expectations to net income is presented in table XI of this release.
Dividend
On February 28, 2025, the Board of Directors declared a cash dividend of
There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of the Board of Directors after taking into account various factors, including, but not limited to, the Company’s financial condition, operating results, available cash and current and anticipated cash needs, the terms of indebtedness, and other factors the Board of Directors may deem to be relevant.
Company Overview
Concentra is the largest provider of occupational health services in
Conference Call
Concentra will host a conference call regarding its fourth quarter results and its business outlook on Tuesday, March 4, 2025, at 9:00 am ET. The conference call will be a live webcast and can be accessed at Concentra Group Holdings Parent, Inc.’s website at www.concentra.com and a replay of the webcast will be available shortly after the call through the same link.
For listeners wishing to dial-in via telephone, or participate in the question and answer session, you may pre-register for the call at Concentra Earnings Call Registration to obtain your dial-in number and unique passcode.
* * * * *
Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), including statements related to Concentra’s 2025 and long-term business outlook. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:
- The frequency of work-related injuries and illnesses;
- The adverse changes to our relationships with employer customers, third-party payors, workers’ compensation provider networks or employer services networks;
- Changes to regulations, new interpretations of existing regulations, or violations of regulations;
- Cost containment initiatives or state fee schedule changes undertaken by state workers’ compensation boards or commissions and other third-party payors;
- Our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs;
- Labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs;
- Our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers;
- A security breach of our, or our third-party vendors’, information technology systems which may cause a violation of HIPAA and subject us to potential legal and reputational harm;
- Negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes;
- Significant legal actions could subject us to substantial uninsured liabilities;
- Litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements;
- Insurance coverage may not be sufficient to cover losses we may incur;
- Acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities;
- Our exposure to additional risk due to our reliance on third parties in many aspects of our business;
- Compliance with applicable laws regarding the corporate practice of medicine and therapy and fee-splitting;
- Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information;
- Compliance with applicable data interoperability and information blocking rule;
- Facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations;
- Our ability to adequately protect and enforce our intellectual property and other proprietary rights;
-
Adverse economic conditions in the
U.S. or globally; - Any negative impact on the global economy and capital markets resulting from other geopolitical tensions;
- The impact of impairment of our goodwill and other intangible assets;
- Our ability to maintain satisfactory credit ratings;
- The effects of the Separation on our business;
- Our ability to achieve the expected benefits of and successfully execute the Separation and related transactions;
- Restrictions on our business, potential tax and indemnification liabilities and substantial charges in connection with the Separation and related transactions;
- The negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease similar to the COVID-19 pandemic;
- The loss of key members of our management team;
- Our ability to attract and retain talented, highly skilled employees and a diverse workforce, and on the succession of our senior management;
- Climate change, or legal, regulatory or market measures to address climate change;
- Increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters; and
- Changes in tax laws or exposures to additional tax liabilities.
Except as required by applicable law, including the securities laws of
I. Consolidated Statements of Operations |
|||||||||||
For the Fourth Quarters Ended December 31, 2024 and 2023 |
|||||||||||
(In thousands, except per share amounts, unaudited) |
|||||||||||
|
|||||||||||
|
|
Quarter Ended December 31, |
|
|
|||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
Revenue |
|
$ |
465,041 |
|
|
$ |
440,740 |
|
|
5.5 |
% |
Costs and expenses: |
|
|
|
|
|
|
|||||
Cost of services, exclusive of depreciation and amortization |
|
|
344,851 |
|
|
|
330,923 |
|
|
4.2 |
|
General and administrative, exclusive of depreciation and amortization(1) |
|
|
45,493 |
|
|
|
42,101 |
|
|
8.1 |
|
Depreciation and amortization |
|
|
15,610 |
|
|
|
18,499 |
|
|
(15.6 |
) |
Total costs and expenses |
|
|
405,954 |
|
|
|
391,523 |
|
|
3.7 |
|
Other operating income |
|
|
— |
|
|
|
99 |
|
|
N/M |
|
Income from operations |
|
|
59,087 |
|
|
|
49,316 |
|
|
19.8 |
|
Other income and expense: |
|
|
|
|
|
|
|||||
Interest expense on related party debt |
|
|
— |
|
|
|
(10,422 |
) |
|
N/M |
|
Interest expense |
|
|
(26,439 |
) |
|
|
(113 |
) |
|
N/M |
|
Other expense |
|
|
— |
|
|
|
(2 |
) |
|
N/M |
|
Income before income taxes |
|
|
32,648 |
|
|
|
38,779 |
|
|
(15.8 |
) |
Income tax expense |
|
|
9,848 |
|
|
|
9,923 |
|
|
(0.8 |
) |
Net income |
|
|
22,800 |
|
|
|
28,856 |
|
|
(21.0 |
) |
Less: net income attributable to non-controlling interests |
|
|
1,288 |
|
|
|
1,021 |
|
|
26.2 |
|
Net income attributable to the Company |
|
$ |
21,512 |
|
|
$ |
27,835 |
|
|
(22.7 |
)% |
Basic and diluted earnings per common share(2) |
|
$ |
0.17 |
|
|
$ |
0.27 |
|
|
|
|
_______________________________________________________________________________
(1) |
Includes the transaction services agreement fee of |
|
(2) |
Refer to table III for calculation of earnings per common share. |
|
N/M |
Not meaningful |
II. Consolidated Statements of Operations |
|||||||||||
For the Years Ended December 31, 2024 and 2023 |
|||||||||||
(In thousands, except per share amounts, unaudited) |
|||||||||||
|
|||||||||||
|
|
Year Ended December 31, |
|
|
|||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
Revenue |
|
$ |
1,900,192 |
|
|
$ |
1,838,081 |
|
|
3.4 |
% |
Costs and expenses: |
|
|
|
|
|
|
|||||
Cost of services, exclusive of depreciation and amortization |
|
|
1,372,217 |
|
|
|
1,325,649 |
|
|
3.5 |
|
General and administrative, exclusive of depreciation and amortization(1) |
|
|
156,318 |
|
|
|
151,999 |
|
|
2.8 |
|
Depreciation and amortization |
|
|
67,178 |
|
|
|
73,051 |
|
|
(8.0 |
) |
Total costs and expenses |
|
|
1,595,713 |
|
|
|
1,550,699 |
|
|
2.9 |
|
Other operating income |
|
|
284 |
|
|
|
250 |
|
|
13.6 |
|
Income from operations |
|
|
304,763 |
|
|
|
287,632 |
|
|
6.0 |
|
Other income and expense: |
|
|
|
|
|
|
|||||
Equity in losses of unconsolidated subsidiaries |
|
|
(3,676 |
) |
|
|
(526 |
) |
|
598.9 |
|
Interest expense on related party debt |
|
|
(21,980 |
) |
|
|
(44,253 |
) |
|
N/M |
|
Interest expense |
|
|
(47,714 |
) |
|
|
(221 |
) |
|
N/M |
|
Other expense |
|
|
— |
|
|
|
(2 |
) |
|
N/M |
|
Income before income taxes |
|
|
231,393 |
|
|
|
242,630 |
|
|
(4.6 |
) |
Income tax expense |
|
|
59,496 |
|
|
|
57,887 |
|
|
2.8 |
|
Net income |
|
|
171,897 |
|
|
|
184,743 |
|
|
(7.0 |
) |
Less: net income attributable to non-controlling interests |
|
|
5,354 |
|
|
|
4,796 |
|
|
11.6 |
|
Net income attributable to the Company |
|
$ |
166,543 |
|
|
$ |
179,947 |
|
|
(7.4 |
)% |
Basic and diluted earnings per common share(2) |
|
$ |
1.46 |
|
|
$ |
1.73 |
|
|
|
|
_______________________________________________________________________________
III. Earnings per Share
For the Fourth Quarters and Years Ended December 31, 2024 and 2023
(In thousands, except per share amounts, unaudited)
At December 31, 2024, the Company’s capital structure consists of common stock and unvested restricted stock. To calculate earnings per share (“EPS”) for the quarter and year ended December 31, 2024, the Company applied the two-class method because its unvested restricted shares were participating securities.
At December 31, 2023, the Company’s capital structure included Class A, B, and C units outstanding. To calculate EPS for the quarter and year ended December 31, 2023, the Company applied the two-class method because its unvested restricted interests and outstanding options were participating securities.
The following table sets forth the net income attributable to the Company, its shares/units outstanding, and its participating shares/units outstanding:
|
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(in thousands) |
||||||||||
Net income |
|
$ |
22,800 |
|
$ |
28,856 |
|
$ |
171,897 |
|
$ |
184,743 |
Less: net income attributable to non-controlling interests |
|
|
1,288 |
|
|
1,021 |
|
|
5,354 |
|
|
4,796 |
Net income attributable to the Company |
|
|
21,512 |
|
|
27,835 |
|
|
166,543 |
|
|
179,947 |
Less: distributed and undistributed income attributable to participating securities |
|
|
98 |
|
|
— |
|
|
211 |
|
|
316 |
Distributed and undistributed income attributable to common shares |
|
$ |
21,414 |
|
$ |
27,835 |
|
$ |
166,332 |
|
$ |
179,631 |
The following tables set forth the computation of EPS under the two-class method for the quarters and years ended December 31, 2024 and 2023:
|
|
Quarter Ended December 31, 2024 |
|
Year Ended December 31, 2024 |
||||||||||||
|
|
Net Income Allocation |
|
Shares(1) |
|
Basic and Diluted EPS |
|
Net Income Allocation |
|
Shares(1) |
|
Basic and Diluted EPS |
||||
|
|
(in thousands, except for per share amounts) |
||||||||||||||
Common shares |
|
$ |
21,414 |
|
127,064 |
|
$ |
0.17 |
|
$ |
166,332 |
|
114,058 |
|
$ |
1.46 |
Participating securities |
|
|
98 |
|
579 |
|
$ |
0.17 |
|
|
211 |
|
145 |
|
$ |
1.46 |
Total Company |
|
$ |
21,512 |
|
|
|
|
|
$ |
166,543 |
|
|
|
|
||
|
|
Quarter Ended December 31, 2023 |
|
Year Ended December 31, 2023 |
||||||||||||
|
|
Net Income Allocation |
|
Shares (1)(2) |
|
Basic and Diluted EPS |
|
Net Income Allocation |
|
Shares (1)(2) |
|
Basic and Diluted EPS |
||||
|
|
(in thousands, except for per share amounts) |
||||||||||||||
Outstanding Class A, Class B, and Class C shares |
|
$ |
27,835 |
|
104,094 |
|
$ |
0.27 |
|
$ |
179,631 |
|
104,008 |
|
$ |
1.73 |
Participating securities |
|
|
— |
|
— |
|
$ |
— |
|
|
316 |
|
183 |
|
$ |
1.73 |
Total Company |
|
$ |
27,835 |
|
|
|
|
|
$ |
179,947 |
|
|
|
|
||
_______________________________________________________________________________
(1) |
Represents the weighted average shares/units outstanding during the period. |
|
(2) |
The recapitalization of the members units into common shares has been treated as such for earnings per share purposes and has been reflected retrospectively for all periods, along with the one-for-4.295 reverse stock split. |
IV. Consolidated Balance Sheets |
||||||
(In thousands, unaudited) |
||||||
|
||||||
|
|
December 31,
|
|
December 31,
|
||
ASSETS |
|
|
|
|
||
Current assets: |
|
|
|
|
||
Cash |
|
$ |
183,255 |
|
$ |
31,374 |
Accounts receivable |
|
|
217,719 |
|
|
216,194 |
Prepaid income taxes |
|
|
1,544 |
|
|
7,979 |
Other current assets |
|
|
34,689 |
|
|
38,871 |
Total current assets |
|
|
437,207 |
|
|
294,418 |
Operating lease right-of-use assets |
|
|
435,595 |
|
|
397,852 |
Property and equipment, net |
|
|
197,930 |
|
|
178,370 |
Goodwill |
|
|
1,234,707 |
|
|
1,229,745 |
Other identifiable intangible assets, net |
|
|
204,725 |
|
|
224,769 |
Other assets |
|
|
11,000 |
|
|
8,406 |
Total assets |
|
$ |
2,521,164 |
|
$ |
2,333,560 |
LIABILITIES AND EQUITY |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Current operating lease liabilities |
|
$ |
75,442 |
|
$ |
72,946 |
Current portion of long-term debt and notes payable |
|
|
10,093 |
|
|
1,455 |
Accounts payable |
|
|
19,752 |
|
|
20,413 |
Accrued and other liabilities |
|
|
201,899 |
|
|
179,820 |
Total current liabilities |
|
|
307,186 |
|
|
274,634 |
Non-current operating lease liabilities |
|
|
396,914 |
|
|
357,310 |
Long-term debt, net of current portion |
|
|
1,468,917 |
|
|
3,291 |
Long-term debt with related party |
|
|
— |
|
|
470,000 |
Non-current deferred tax liability |
|
|
25,380 |
|
|
23,364 |
Other non-current liabilities |
|
|
24,043 |
|
|
27,522 |
Total liabilities |
|
|
2,222,440 |
|
|
1,156,121 |
Redeemable non-controlling interests |
|
|
18,013 |
|
|
16,477 |
Stockholders’/members’ equity: |
|
|
|
|
||
Members’ contributed capital |
|
|
— |
|
|
470,303 |
Common stock, |
|
|
1,281 |
|
|
— |
Capital in excess of par |
|
|
260,837 |
|
|
— |
Retained earnings |
|
|
13,553 |
|
|
685,293 |
Total stockholders’ equity (members’ equity at December 31, 2023) |
|
|
275,671 |
|
|
1,155,596 |
Non-controlling interests |
|
|
5,040 |
|
|
5,366 |
Total equity |
|
|
280,711 |
|
|
1,160,962 |
Total liabilities and equity |
|
$ |
2,521,164 |
|
$ |
2,333,560 |
V. Consolidated Statements of Cash Flows |
||||||||
For the Fourth Quarters Ended December 31, 2024 and 2023 |
||||||||
(In thousands, unaudited) |
||||||||
|
||||||||
|
|
Quarter Ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
|
||||
Net income |
|
$ |
22,800 |
|
|
$ |
28,856 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
15,610 |
|
|
|
18,499 |
|
(Gain) loss on sale of assets |
|
|
(1 |
) |
|
|
1 |
|
Stock compensation expense |
|
|
1,827 |
|
|
|
473 |
|
Amortization of debt discount and issuance costs |
|
|
958 |
|
|
|
— |
|
Deferred income taxes |
|
|
(1,237 |
) |
|
|
293 |
|
Other |
|
|
2 |
|
|
|
51 |
|
Changes in operating assets and liabilities, net of effects of business combinations: |
|
|
|
|
||||
Accounts receivable |
|
|
14,481 |
|
|
|
25,390 |
|
Other current assets |
|
|
(8,294 |
) |
|
|
(12,207 |
) |
Other assets |
|
|
(176 |
) |
|
|
302 |
|
Accounts payable and accrued liabilities |
|
|
47,744 |
|
|
|
14,520 |
|
Net cash provided by operating activities |
|
|
93,714 |
|
|
|
76,178 |
|
Investing activities |
|
|
|
|
||||
Business combinations, net of cash acquired |
|
|
— |
|
|
|
(4,558 |
) |
Purchases of property and equipment |
|
|
(16,688 |
) |
|
|
(23,638 |
) |
Proceeds from sale of assets |
|
|
2 |
|
|
|
13 |
|
Net cash used in investing activities |
|
|
(16,686 |
) |
|
|
(28,183 |
) |
Financing activities |
|
|
|
|
||||
Payments on related party revolving promissory note |
|
|
— |
|
|
|
(40,000 |
) |
Payments on term loans |
|
|
(2,125 |
) |
|
|
— |
|
Principal payments on other debt |
|
|
(2,293 |
) |
|
|
(1,383 |
) |
Dividends paid to common stockholders |
|
|
(7,959 |
) |
|
|
— |
|
Repurchase of common stock |
|
|
(15,403 |
) |
|
|
— |
|
Distributions to and purchases of non-controlling interests |
|
|
(1,687 |
) |
|
|
(1,608 |
) |
(Distributions to) contributions from Select |
|
|
(1,128 |
) |
|
|
2,690 |
|
Net cash used in financing activities |
|
|
(30,595 |
) |
|
|
(40,301 |
) |
Net increase in cash |
|
|
46,433 |
|
|
|
7,694 |
|
Cash at beginning of period |
|
|
136,822 |
|
|
|
23,680 |
|
Cash at end of period |
|
$ |
183,255 |
|
|
$ |
31,374 |
|
Supplemental information |
|
|
|
|
||||
Cash paid for interest |
|
$ |
15,429 |
|
|
$ |
10,360 |
|
Cash paid for taxes |
|
$ |
6,426 |
|
|
$ |
10,563 |
|
Non-cash investing and financing activities: |
|
|
|
|
||||
Liabilities for purchases of property and equipment |
|
$ |
1,583 |
|
|
$ |
— |
|
VI. Consolidated Statements of Cash Flows |
||||||||
For the Years Ended December 31, 2024 and 2023 |
||||||||
(In thousands, unaudited) |
||||||||
|
||||||||
|
|
Year Ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
|
||||
Net income |
|
$ |
171,897 |
|
|
$ |
184,743 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
67,178 |
|
|
|
73,051 |
|
Equity in losses of unconsolidated subsidiaries |
|
|
3,676 |
|
|
|
526 |
|
Loss on sale of assets |
|
|
40 |
|
|
|
4 |
|
Stock compensation expense |
|
|
2,327 |
|
|
|
651 |
|
Amortization of debt discount and issuance costs |
|
|
1,708 |
|
|
|
— |
|
Deferred income taxes |
|
|
(2,396 |
) |
|
|
(6,286 |
) |
Other |
|
|
72 |
|
|
|
327 |
|
Changes in operating assets and liabilities, net of effects of business combinations: |
|
|
|
|
||||
Accounts receivable |
|
|
(1,598 |
) |
|
|
(10,262 |
) |
Other current assets |
|
|
4,206 |
|
|
|
(20,743 |
) |
Other assets |
|
|
2,973 |
|
|
|
2,738 |
|
Accounts payable and accrued liabilities |
|
|
24,594 |
|
|
|
9,567 |
|
Net cash provided by operating activities |
|
|
274,677 |
|
|
|
234,316 |
|
Investing activities |
|
|
|
|
||||
Business combinations, net of cash acquired |
|
|
(6,965 |
) |
|
|
(6,004 |
) |
Acquired customer relationships |
|
|
— |
|
|
|
(4,382 |
) |
Purchases of property and equipment |
|
|
(64,327 |
) |
|
|
(64,958 |
) |
Proceeds from sale of assets |
|
|
27 |
|
|
|
36 |
|
Net cash used in investing activities |
|
|
(71,265 |
) |
|
|
(75,308 |
) |
|
|
Year Ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Financing activities |
|
|
|
|
||||
Borrowings from related party revolving promissory note |
|
|
10,000 |
|
|
|
— |
|
Payments on related party revolving promissory note |
|
|
(480,000 |
) |
|
|
(160,000 |
) |
Proceeds from term loans, net of issuance costs |
|
|
836,697 |
|
|
|
— |
|
Payments on term loans |
|
|
(2,125 |
) |
|
|
— |
|
Proceeds from |
|
|
637,337 |
|
|
|
— |
|
Borrowings of other debt |
|
|
8,222 |
|
|
|
5,471 |
|
Principal payments on other debt |
|
|
(10,181 |
) |
|
|
(7,165 |
) |
Exercise of stock options |
|
|
— |
|
|
|
3,340 |
|
Repurchase of common shares |
|
|
— |
|
|
|
(5,322 |
) |
Dividends paid to common stockholders |
|
|
(7,959 |
) |
|
|
— |
|
Repurchase of common stock |
|
|
(15,403 |
) |
|
|
— |
|
Distributions to and purchases of non-controlling interests |
|
|
(5,913 |
) |
|
|
(6,130 |
) |
Proceeds from Initial Public Offering |
|
|
511,198 |
|
|
|
— |
|
Dividend to Select |
|
|
(1,535,683 |
) |
|
|
— |
|
Contributions from (distributions to) Select |
|
|
2,279 |
|
|
|
4,515 |
|
Net cash used in financing activities |
|
|
(51,531 |
) |
|
|
(165,291 |
) |
Net increase (decrease) in cash |
|
|
151,881 |
|
|
|
(6,283 |
) |
Cash at beginning of period |
|
|
31,374 |
|
|
|
37,657 |
|
Cash at end of period |
|
$ |
183,255 |
|
|
$ |
31,374 |
|
Supplemental information |
|
|
|
|
||||
Cash paid for interest |
|
$ |
49,650 |
|
|
$ |
44,348 |
|
Cash paid for taxes |
|
$ |
55,763 |
|
|
$ |
60,607 |
|
Non-cash investing and financing activities: |
|
|
|
|
||||
Liabilities for purchases of property and equipment |
|
$ |
5,241 |
|
|
$ |
5,136 |
|
VII. Key Statistics |
||||||||||
For the Fourth Quarters Ended December 31, 2024 and 2023 |
||||||||||
(unaudited) |
||||||||||
|
||||||||||
|
|
Quarter Ended December 31, |
|
|
||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
|
Facility Count |
|
|
|
|
|
|
||||
Number of occupational health centers—start of period |
|
|
549 |
|
|
539 |
|
|
|
|
Number of occupational health centers acquired |
|
|
— |
|
|
3 |
|
|
|
|
Number of occupational health centers de novos |
|
|
3 |
|
|
3 |
|
|
|
|
Number of occupational health centers closed/sold |
|
|
— |
|
|
(1 |
) |
|
|
|
Number of occupational health centers—end of period |
|
|
552 |
|
|
544 |
|
|
|
|
Number of onsite health clinics operated—end of period |
|
|
157 |
|
|
150 |
|
|
|
|
|
|
|
|
|
|
|
||||
The following table sets forth operating statistics for our occupation health centers operating segment for the periods presented: |
||||||||||
|
|
Quarter Ended December 31, |
|
|
||||||
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
Number of patient visits |
|
|
|
|
|
|
||||
Workers’ compensation |
|
|
1,429,344 |
|
|
1,391,325 |
|
|
2.7 |
% |
Employer services |
|
|
1,506,163 |
|
|
1,557,969 |
|
|
(3.3 |
)% |
Consumer health |
|
|
59,481 |
|
|
61,457 |
|
|
(3.2 |
)% |
Total |
|
|
2,994,988 |
|
|
3,010,751 |
|
|
(0.5 |
)% |
|
|
|
|
|
|
|
||||
Visits per day volume |
|
|
|
|
|
|
||||
Workers’ compensation |
|
|
22,334 |
|
|
22,085 |
|
|
1.1 |
% |
Employer services |
|
|
23,534 |
|
|
24,730 |
|
|
(4.8 |
)% |
Consumer health |
|
|
929 |
|
|
976 |
|
|
(4.8 |
)% |
Total(1) |
|
|
46,797 |
|
|
47,790 |
|
|
(2.1 |
)% |
|
|
|
|
|
|
|
||||
Revenue per visit(2) |
|
|
|
|
|
|
||||
Workers’ compensation |
|
$ |
202.28 |
|
$ |
193.69 |
|
|
4.4 |
% |
Employer services |
|
|
91.09 |
|
|
86.92 |
|
|
4.8 |
% |
Consumer health |
|
|
137.72 |
|
|
130.90 |
|
|
5.2 |
% |
Total |
|
$ |
145.08 |
|
$ |
137.15 |
|
|
5.8 |
% |
|
|
|
|
|
|
|
||||
Business Days(3) |
|
|
64 |
|
|
63 |
|
|
|
|
_______________________________________________________________________________
(1) |
Does not total due to rounding. |
|
(2) |
Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated as total patient revenue divided by total patient visits. Revenue per visit as reported includes only the revenue and patient visits in our occupational health centers segment and does not include our onsite health clinics or other businesses segments. |
|
(3) |
Represents the number of days in which normal business operations were conducted during the periods presented. |
VIII. Key Statistics |
|||||||||||
For the Years Ended December 31, 2024 and 2023 |
|||||||||||
(unaudited) |
|||||||||||
|
|||||||||||
|
|
Year Ended December 31, |
|
|
|||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Facility Counts |
|
|
|
|
|
|
|||||
Number of occupational health centers—start of period |
|
|
544 |
|
|
|
540 |
|
|
|
|
Number of occupational health centers acquired |
|
|
3 |
|
|
|
4 |
|
|
|
|
Number of occupational health centers de novos |
|
|
6 |
|
|
|
3 |
|
|
|
|
Number of occupational health centers closed/sold |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
|
Number of occupational health centers—end of period |
|
|
552 |
|
|
|
544 |
|
|
|
|
Number of onsite health clinics operated—end of period |
|
|
157 |
|
|
|
150 |
|
|
|
|
|
|
|
|
|
|
|
|||||
The following table sets forth operating statistics for our occupation health centers operating segment for the periods presented: |
|||||||||||
|
|
Year Ended December 31, |
|
|
|||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
Number of patient visits |
|
|
|
|
|
|
|||||
Workers’ compensation |
|
|
5,794,168 |
|
|
|
5,668,042 |
|
|
2.2 |
% |
Employer services |
|
|
6,596,573 |
|
|
|
6,874,693 |
|
|
(4.0 |
)% |
Consumer health |
|
|
232,762 |
|
|
|
234,897 |
|
|
(0.9 |
)% |
Total |
|
|
12,623,503 |
|
|
|
12,777,632 |
|
|
(1.2 |
)% |
|
|
|
|
|
|
|
|||||
Visits per day volume |
|
|
|
|
|
|
|||||
Workers’ compensation |
|
|
22,633 |
|
|
|
22,315 |
|
|
1.4 |
% |
Employer services |
|
|
25,768 |
|
|
|
27,066 |
|
|
(4.8 |
)% |
Consumer health |
|
|
909 |
|
|
|
925 |
|
|
(1.7 |
)% |
Total(1) |
|
|
49,311 |
|
|
|
50,306 |
|
|
(2.0 |
)% |
|
|
|
|
|
|
|
|||||
Revenue per visit(2) |
|
|
|
|
|
|
|||||
Workers’ compensation |
|
$ |
199.53 |
|
|
$ |
194.48 |
|
|
2.6 |
% |
Employer services |
|
|
90.36 |
|
|
|
86.44 |
|
|
4.5 |
% |
Consumer health |
|
|
135.41 |
|
|
|
132.80 |
|
|
2.0 |
% |
Total |
|
$ |
141.30 |
|
|
$ |
135.22 |
|
|
4.5 |
% |
|
|
|
|
|
|
|
|||||
Business Days(3) |
|
|
256 |
|
|
|
254 |
|
|
|
|
_______________________________________________________________________________
(1) |
Does not total due to rounding. |
|
(2) |
Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated as total patient revenue divided by total patient visits. Revenue per visit as reported includes only the revenue and patient visits in our occupational health centers segment and does not include our onsite health clinics or other businesses segments. |
|
(3) |
Represents the number of days in which normal business operations were conducted during the periods presented. |
IX. Disaggregated Revenue
For the Fourth Quarters and Years Ended December 31, 2024 and 2023
(In thousands, unaudited)
The following table disaggregates the Company’s revenue for the quarters and years ended December 31, 2024 and 2023:
|
Quarter Ended
|
|
Year Ended
|
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
(in thousands) |
||||||||||
Occupational health centers: |
|
|
|
|
|
|
|
||||
Workers' compensation |
$ |
289,130 |
|
$ |
269,480 |
|
$ |
1,156,082 |
|
$ |
1,102,313 |
Employer services |
|
137,203 |
|
|
135,413 |
|
|
596,052 |
|
|
594,223 |
Consumer health |
|
8,192 |
|
|
8,044 |
|
|
31,519 |
|
|
31,194 |
Other occupational health center revenue |
|
2,507 |
|
|
1,746 |
|
|
8,752 |
|
|
8,284 |
Total occupational health center revenue |
|
437,032 |
|
|
414,683 |
|
|
1,792,405 |
|
|
1,736,014 |
Onsite health clinics |
|
17,092 |
|
|
15,926 |
|
|
64,081 |
|
|
60,181 |
Other |
|
10,917 |
|
|
10,131 |
|
|
43,706 |
|
|
41,886 |
Total revenue |
$ |
465,041 |
|
$ |
440,740 |
|
$ |
1,900,192 |
|
$ |
1,838,081 |
X. Net Income to Adjusted EBITDA Reconciliation
For the Fourth Quarters and Years Ended December 31, 2024 and 2023
(In thousands, unaudited)
We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA margin, as defined herein, are important to investors because Adjusted EBITDA and Adjusted EBITDA margin are commonly used as an analytical indicator of performance by investors within the healthcare industry. Adjusted EBITDA and Adjusted EBITDA margin are used by management to evaluate financial performance of, and determine resource allocation for, each of our operating segments. However, Adjusted EBITDA and Adjusted EBITDA margin are not measures of financial performance under
We define Adjusted EBITDA as earnings excluding interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, separation transaction costs, acquisition costs, gain (loss) on sale of businesses, and equity in earnings (losses) of unconsolidated subsidiaries. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.
The following table reconciles net income to Adjusted EBITDA and net income margin to Adjusted EBITDA margin and should be referenced when we discuss Adjusted EBITDA, and Adjusted EBITDA margin.
|
Quarter Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
||||||||||
($ in thousands) |
Amount |
|
% of Revenue |
|
Amount |
|
% of Revenue |
||||||
Reconciliation of Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||
Net income |
$ |
22,800 |
|
|
4.9 |
% |
|
$ |
28,856 |
|
|
6.5 |
% |
Add (Subtract): |
|
|
|
|
|
|
|
||||||
Income tax expense |
|
9,848 |
|
|
2.1 |
|
|
|
9,923 |
|
|
2.3 |
|
Interest expense |
|
26,439 |
|
|
5.7 |
|
|
|
113 |
|
|
— |
|
Interest expense on related party debt |
|
— |
|
|
— |
|
|
|
10,422 |
|
|
2.4 |
|
Other expense |
|
— |
|
|
— |
|
|
|
2 |
|
|
— |
|
Stock compensation expense |
|
1,827 |
|
|
0.4 |
|
|
|
473 |
|
|
0.1 |
|
Depreciation and amortization |
|
15,610 |
|
|
3.4 |
|
|
|
18,499 |
|
|
4.2 |
|
Separation transaction costs(1) |
|
124 |
|
|
— |
|
|
|
— |
|
|
— |
|
Nova acquisition costs |
|
895 |
|
|
0.2 |
|
|
|
— |
|
|
— |
|
Adjusted EBITDA |
$ |
77,543 |
|
|
16.7 |
% |
|
$ |
68,288 |
|
|
15.5 |
% |
Net income margin |
|
4.9 |
% |
|
|
|
|
6.5 |
% |
|
|
||
Adjusted EBITDA margin |
|
16.7 |
% |
|
|
|
|
15.5 |
% |
|
|
||
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
||||||||||
($ in thousands) |
Amount |
|
% of Revenue |
|
Amount |
|
% of Revenue |
||||||
Reconciliation of Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||
Net income |
$ |
171,897 |
|
|
9.0 |
% |
|
$ |
184,743 |
|
|
10.1 |
% |
Add (Subtract): |
|
|
|
|
|
|
|
||||||
Income tax expense |
|
59,496 |
|
|
3.1 |
|
|
|
57,887 |
|
|
3.1 |
|
Interest expense |
|
47,714 |
|
|
2.5 |
|
|
|
221 |
|
|
— |
|
Interest expense on related party debt |
|
21,980 |
|
|
1.2 |
|
|
|
44,253 |
|
|
2.4 |
|
Equity in losses of unconsolidated subsidiaries |
|
3,676 |
|
|
0.2 |
|
|
|
526 |
|
|
— |
|
Other expense |
|
— |
|
|
— |
|
|
|
2 |
|
|
— |
|
Stock compensation expense |
|
2,327 |
|
|
0.1 |
|
|
|
651 |
|
|
0.1 |
|
Depreciation and amortization |
|
67,178 |
|
|
3.6 |
|
|
|
73,051 |
|
|
4.0 |
|
Separation transaction costs(1) |
|
1,693 |
|
|
0.1 |
|
|
|
— |
|
|
— |
|
Nova acquisition costs |
|
895 |
|
|
— |
|
|
|
— |
|
|
— |
|
Adjusted EBITDA |
$ |
376,856 |
|
|
19.8 |
% |
|
$ |
361,334 |
|
|
19.7 |
% |
Net income margin |
|
9.0 |
% |
|
|
|
|
10.1 |
% |
|
|
||
Adjusted EBITDA margin |
|
19.8 |
% |
|
|
|
|
19.7 |
% |
|
|
||
______________________________________________________________________________
(1) |
Separation transaction costs represent incremental consulting, legal, audit-related fees, and non-recurring system implementation costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the consolidated statements of operations. |
XI. 2025 Net Income to Adjusted EBITDA Reconciliation
Business Outlook for the Year Ending December 31, 2025
(In millions)
The following is a reconciliation of full year 2025 Adjusted EBITDA expectations as computed at the low and high points of the range to the closest comparable GAAP financial measure, giving effect to the acquisition of Nova Medical Centers. Refer to table I for discussion of Concentra's use of Adjusted EBITDA in evaluating financial performance and for the definition of Adjusted EBITDA. Each item presented in the below table is an estimation of full year 2025 expectations.
|
Range |
||||
|
Low |
|
High |
||
($ in millions) |
|
|
|
||
Net income attributable to the Company |
$ |
157 |
|
$ |
168 |
Net income attributable to non-controlling interests |
|
6 |
|
|
6 |
Net income |
$ |
163 |
|
$ |
174 |
Income tax expense |
|
54 |
|
|
58 |
Interest expense |
|
111 |
|
|
111 |
Stock compensation expense |
|
10 |
|
|
10 |
Depreciation and amortization |
|
68 |
|
|
68 |
Nova acquisition costs |
|
4 |
|
|
4 |
Adjusted EBITDA |
$ |
410 |
|
$ |
425 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250303493739/en/
Investor inquiries:
Bill Chapman
Vice President, Strategy & Investor Relations 972-725-6488
ir@concentra.com
Source: Concentra Group Holdings Parent, Inc.
FAQ
What are Concentra's (CON) Q4 2024 financial results?
How much did Concentra (CON) pay for Nova Medical Centers?
What is Concentra's (CON) dividend payment for Q1 2025?
What is Concentra's (CON) revenue guidance for 2025?
How did Concentra (CON) finance the Nova Medical Centers acquisition?
