Concentra Group Holdings Parent, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a revenue increase, with total revenue for the three months reaching $489.6 million, up 3.3% from $474.0 million in the same period of 2023. For the nine months ended September 30, 2024, revenue was $1.435 billion, a 2.7% increase from $1.397 billion in the prior year. This growth was primarily driven by an increase in occupational health center revenue, which rose to $463.1 million for the quarter, compared to $448.4 million in 2023.
Despite the revenue growth, profitability metrics showed a decline. Net income for the three months ended September 30, 2024, was $45.8 million, down from $54.4 million in the same quarter of 2023. For the nine-month period, net income decreased to $149.1 million from $155.9 million year-over-year. The earnings per share (EPS) also fell, with a basic and diluted EPS of $0.37 for the latest quarter, compared to $0.51 in the prior year.
The company's total assets increased to $2.481 billion as of September 30, 2024, from $2.334 billion at the end of 2023. However, total liabilities surged to $2.180 billion, significantly up from $1.156 billion, largely due to a substantial increase in long-term debt, which rose to $1.473 billion from just $3.3 million at the end of 2023. This increase in debt was attributed to the company’s financing activities, including an $850 million term loan and a $650 million private offering of senior notes completed in July 2024.
Strategically, Concentra completed its Initial Public Offering (IPO) on July 26, 2024, issuing 22.5 million shares at $23.50 per share, netting approximately $516.3 million after underwriting discounts. The proceeds were primarily used to repay existing debt to Select Medical Corporation, which retains an 81.74% ownership stake in Concentra.
Operationally, the company operates 549 occupational health centers and 156 onsite health clinics across 42 states. The number of patient visits for Workers’ Compensation increased slightly, while visits for Employer Services saw a decline. The company is also addressing inflationary pressures through various strategies, including selective price increases and supply chain optimization.
About Concentra Group Holdings Parent, Inc.
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