Concentra Group Holdings Parent (CON) Q4 2024 earnings summary

Executive summary

• Achieved Q4 2024 revenue growth of 5.5% to $465 million and full-year revenue of $1.9 billion, with Adjusted EBITDA up 13.6% in Q4 and 4.3% for the year.

• Completed IPO and spinoff from Select Medical, and closed the $265 million acquisition of Nova Medical Centers, adding 67 centers and accelerating scale.

• Expanded to 709 total locations, including 552 occupational health centers and 157 onsite clinics by year-end 2024.

• Opened three new centers in Q4 2024 and one in January 2025; five additional leases signed for 2025.

• Maintained quarterly dividend and reaffirmed de-leveraging target of ~3.0x within 18–24 months.

Financial highlights

• Q4 2024 Adjusted EBITDA rose 13.6% year-over-year to $77.5 million; margin improved to 16.7%.

• FY 2024 revenue increased 3.4% to $1.9 billion; Adjusted EBITDA up 4.3% to $376.9 million.

• Net income for Q4 2024 was $22.8 million, with EPS of $0.17; full-year net income was $171.9 million.

• Revenue per visit increased 5.8% year-over-year in Q4 2024; total visits per day declined 2.1%.

• Strong cash flow from operations at $93.7 million in Q4; year-end cash balance was $183.3 million.

Outlook and guidance

• 2025 revenue expected to reach ~$2.1 billion, up 10.5% from 2024.

• Adjusted EBITDA guidance for 2025 is $410–$425 million, an 11% increase at the midpoint.

• Capital expenditures projected at $80–$90 million; net leverage ratio targeted at ~3.5x.

• Guidance includes 10 months of Nova results, with phased-in synergies and full benefits expected by year three.

• Board declared a $0.0625 per share dividend payable April 1, 2025.