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Concentra Group Holdings Parent, Inc. reports developments tied to its U.S. occupational health services business, including financial results, guidance, cash dividends, and operating updates. The company serves employers and workers through occupational health centers, onsite health clinics, direct-to-employer care, and Concentra Telemed.
Recurring news themes include medical center openings in regional markets, work injury care, physical therapy, drug testing, DOT physical exams, pre-placement exams, and telemedicine for minor work injuries. Company updates also cover leadership transitions, annual and quarterly reporting schedules, balance sheet commentary, and the expansion of Concentra's national occupational medicine network.
Concentra (NYSE: CON) announced the completion of its spin-off from Select Medical through the distribution of 104,093,503 shares, representing 81.7% of Concentra's outstanding common stock. Select Medical stockholders received 0.806971 Concentra shares for each Select Medical share held as of November 18, 2024. Concentra, the largest U.S. occupational health services provider, operates 549 health centers and 156 onsite clinics across 45 states, serving over 50,000 patients daily with 11,000 colleagues and affiliated medical professionals.
Select Medical Holdings (NYSE: SEM) has completed the distribution of 104,093,503 shares (81.7%) of Concentra (NYSE: CON) common stock to its stockholders. The distribution occurred on November 25, 2024, with stockholders receiving 0.806971 Concentra shares for each Select Medical share held as of the November 18, 2024 record date. Following this spin-off, Select Medical no longer holds any Concentra shares. J.P. Morgan and Goldman Sachs served as financial advisors for the distribution.
Concentra Group Holdings (NYSE: CON) will be added to the S&P SmallCap 600 effective prior to the open on Nov 27, 2024, replacing Myers Industries. Select Medical is distributing 80% of Concentra shares to shareholders in a transaction expected on Nov 26, 2024. Separately, Flex (FLEX) will join the S&P MidCap 400 on Nov 25, 2024, while Azenta (AZTA) moves to the S&P SmallCap 600 as Envestnet (ENV) is removed ahead of a Bain Capital acquisition.
Select Medical Holdings (NYSE: SEM) has announced the distribution ratio for its special stock distribution of Concentra Group Holdings Parent equity to stockholders. Shareholders will receive 0.806971 shares of Concentra's common stock for each Select Medical share held as of November 18, 2024 (Record Date). The distribution will occur on November 25, 2024, with cash provided in lieu of fractional shares. The distribution is intended to be tax-free for U.S. federal income tax purposes. J.P. Morgan and Goldman Sachs are serving as financial advisors, while Dechert LLP is acting as legal advisor for the distribution.
Concentra (NYSE: CON) has announced the opening of a new medical center in DeSoto, Texas, expanding its presence in the Dallas-Fort Worth Metroplex. The facility will offer work injury care, physical therapy, drug testing, DOT physical exams, pre-placement exams, and employer-related health services, including telemedicine via Concentra Telemed. As the largest provider of occupational health services in the United States, Concentra operates 548 occupational health centers across 41 states and 155 onsite health clinics at employer worksites in 37 states, serving over 50,000 patients daily with its workforce of 11,000 colleagues and affiliated medical professionals.
Select Medical Holdings has announced a special stock distribution of its Concentra holdings to shareholders. The distribution will occur on November 25, 2024, with a record date of November 18, 2024. Stockholders will receive approximately 0.806971 shares of Concentra's common stock (NYSE: CON) for each share of Select Medical stock held. The distribution represents about 81.7% of Concentra's outstanding shares, totaling 104,093,503 shares. The transaction is intended to be tax-free for U.S. federal income tax purposes, and no stockholder action is required. Cash will be provided in lieu of fractional shares.
Concentra (NYSE: CON) reported strong Q3 2024 results with revenue increasing 3.3% to $489.6 million. Net income reached $45.8 million with earnings per share of $0.37. The company saw Adjusted EBITDA growth of 2.7% to $101.6 million. Notable operational metrics include 3,258,605 patient visits and revenue per visit increasing 3.9% to $141.42. The company expanded its footprint to 549 occupational health centers and 156 onsite health clinics. A quarterly cash dividend of $0.0625 per share was declared, payable November 22, 2024. The company completed its IPO in July 2024, raising net proceeds of $516.4 million.
Concentra (NYSE: CON), the leading occupational medicine provider in the US, has opened a new medical center in Orlando, Florida. Located at 6708 Grand National Drive, Concentra Orlando West will offer a range of services including work injury care, physical therapy, drug testing, DOT physical exams, and pre-placement exams. The center will also provide telemedicine for minor work injuries through Concentra Telemed®.
This expansion strengthens Concentra's presence in Florida and helps meet the growing demand for occupational health services in the region. With nearly 550 locations nationwide, Concentra continues to expand its network to provide convenient, quality medical care for employers and employees. The company's senior vice president of medical operations, Janet Cobb, MD, expressed excitement about growing Concentra's footprint in Orlando and offering another access point for care to local employers.
Concentra Group Holdings Parent, Inc. (NYSE: CON) has announced it will release its third quarter 2024 financial results on Thursday, October 31, 2024, after market close. The company will host a conference call to discuss these results on Friday, November 1, 2024, at 10:30 a.m. Eastern Time.
Investors and interested parties can access the live webcast of the conference call through the Earnings Call Webcast Link or via Concentra's investor relations website at https://ir.concentra.com. A replay of the webcast will be available shortly after the call at the same locations.
For those who prefer an audio-only version or wish to participate in the question-and-answer session, dial-in options are available:
- Toll Free: 888-506-0062
- International: 973-528-0011
Participants should ask to join the Concentra call when dialing in.
Concentra (NYSE: CON), the leading occupational medicine provider in the US, has expanded its services to Chattanooga, Tennessee. The new medical center, Concentra Chattanooga Airport, is located at 6413 Lee Highway, Suite 107. This expansion strengthens Concentra's presence in Tennessee and allows the company to meet the growing demand for occupational health services in the region.
The new center will offer a range of services including work injury care, physical therapy, drug testing, DOT physical exams, and pre-placement exams. Telemedicine for minor work injuries will also be available through Concentra Telemed®. With this addition, Concentra now operates 547 occupational health centers in 41 states and 154 onsite health clinics at employer worksites in 37 states, serving over 50,000 patients daily.