PART I [Condensed Consolidated Financial Statements](index=3&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The company reported **$500.8 million** revenue, up **7.1%**, but net income decreased to **$38.9 million** due to higher interest and acquisition costs, while total assets grew to **$2.73 billion** from the Nova acquisition [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$2.73 billion** driven by goodwill and intangibles from the Nova acquisition, while liabilities rose due to long-term debt and cash significantly decreased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash | $52,109 | $183,255 | ($131,146) | | Goodwill | $1,444,563 | $1,234,707 | $209,856 | | Total Assets | $2,729,238 | $2,521,164 | $208,074 | | Long-term debt, net of current portion | $1,618,473 | $1,468,917 | $149,556 | | Total Liabilities | $2,398,177 | $2,222,440 | $175,737 | | Total Equity | $312,452 | $280,711 | $31,741 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue grew **7.1%** to **$500.8 million** in Q1 2025, but net income attributable to the company fell to **$38.9 million** primarily due to a significant increase in interest expense and general and administrative costs Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except EPS) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $500,752 | $467,598 | +7.1% | | Income from operations | $80,319 | $75,498 | +6.4% | | Interest expense | ($25,548) | ($111) | N/A | | Net income attributable to the Company | $38,911 | $48,956 | -20.5% | | Basic and diluted EPS | $0.30 | $0.47 | -36.2% | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased to **$11.7 million** due to higher interest payments, while investing cash outflow surged to **$294.7 million** driven by the Nova acquisition, and financing activities provided **$151.9 million** from new debt Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $11,699 | $44,622 | ($32,923) | | Net cash used in investing activities | ($294,749) | ($22,352) | ($272,397) | | Net cash provided by (used in) financing activities | $151,904 | ($4,092) | $155,996 | | Net (decrease) increase in cash | ($131,146) | $18,178 | ($149,324) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the **$265 million** Nova acquisition, an amended credit agreement increasing term loan to **$950 million** and revolving facility to **$450 million**, ongoing legal proceedings, and a subsequent **$55 million** acquisition of Pivot Onsite Innovations - Effective March 1, 2025, the company acquired Nova Medical Centers for a purchase price of approximately **$265 million**, adding 67 occupational health centers[80](index=80&type=chunk)[81](index=81&type=chunk) - In March 2025, the company amended its credit agreement, increasing the Term Loan to **$950 million** and the Revolving Credit Facility to **$450 million**, while also reducing the applicable interest rates[51](index=51&type=chunk) - The company is subject to ongoing legal matters, including a subpoena from the California Department of Insurance regarding billing practices and class action lawsuits related to a data breach at a third-party vendor, PJ&A[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - Subsequent to the quarter end, on April 18, 2025, the company entered into an agreement to acquire Pivot Onsite Innovations for **$55 million**, which is expected to close in Q2 2025[100](index=100&type=chunk) - On May 6, 2025, the Board of Directors declared a quarterly cash dividend of **$0.0625 per share**[103](index=103&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes **7.1%** revenue growth to the Nova acquisition and higher revenue per visit, but net income declined due to increased interest and acquisition costs, while Adjusted EBITDA grew **6.8%** to **$102.7 million** [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Revenue for Q1 2025 increased **7.1%** to **$500.8 million** due to higher visits per day and revenue per visit, while cost of services decreased as a percentage of revenue, and G&A expenses rose due to acquisition and public company overhead Key Operating Metrics (Occupational Health Centers) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total VPD Volume | 50,863 | 49,307 | 3.2% | | Total Revenue per visit | $146.94 | $139.09 | 5.6% | | Workers' comp. Revenue per visit | $209.09 | $195.29 | 7.1% | - The increase in General and Administrative expense was principally due to a favorable legal expense reversal in Q1 2024, stock compensation expense, Nova acquisition costs, and new employees to support standalone public company operations[134](index=134&type=chunk) - Interest expense increased significantly to **$25.5 million** due to the issuance of an **$850.0 million** term loan and **$650.0 million** senior notes in July 2024, plus an incremental **$102.1 million** term loan and **$50.0 million** in revolver borrowings in March 2025[136](index=136&type=chunk) [Non-GAAP Measures](index=30&type=section&id=Non-GAAP%20Measures) Adjusted EBITDA increased to **$102.7 million** in Q1 2025 with a stable margin of **20.5%**, while Adjusted Net Income Attributable to Common Shares was **$41.7 million**, or **$0.32 per share** Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $40,642 | $50,279 | | Adjustments (Taxes, Interest, D&A, etc.) | $58,880 | $44,571 | | Nova acquisition costs | $3,137 | $— | | **Adjusted EBITDA** | **$102,659** | **$96,142** | | Adjusted EBITDA Margin | 20.5% | 20.6% | Reconciliation to Adjusted Earnings per Common Share | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income attributable to common shares (per share) | $0.30 | $0.47 | | Adjustments (Acquisition costs, etc.), net of tax | $0.02 | $0.02 | | **Adjusted Earnings per Common Share** | **$0.32** | **$0.49** | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains solid liquidity with **$52.1 million** cash and **$386.4 million** available credit, financing the Nova acquisition with new debt and revolver borrowings, and committing **$55 million** for the Pivot Onsite Innovations acquisition - As of March 31, 2025, the company had **$52.1 million** in cash and **$386.4 million** of availability under its Revolving Credit Facility[159](index=159&type=chunk) - The company acquired Nova in March 2025 using a combination of **$102.1 million** of new debt, **$50.0 million** from its revolver, and cash on hand[153](index=153&type=chunk) - A new material cash commitment of **$55 million** exists for the acquisition of Pivot Onsite Innovations, expected to close in Q2 2025 and be financed with cash and revolver borrowings[154](index=154&type=chunk)[160](index=160&type=chunk) - On May 6, 2025, the Board of Directors declared a cash dividend of **$0.0625 per share**, payable on May 29, 2025[163](index=163&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk on its **$1.0 billion** variable-rate debt, mitigated by derivative contracts fixing or capping rates on **$600 million**, with a **0.25%** rate increase impacting annual interest expense by **$1.5 million** - The company has **$1.0 billion** in variable-rate debt outstanding under its credit facilities as of March 31, 2025[168](index=168&type=chunk) - To mitigate interest rate risk, the company uses derivative contracts, including a swap fixing the rate on **$300 million** of debt at **3.829%** and a collar limiting the rate on another **$300 million** to between **3.001%** and **4.500%**[169](index=169&type=chunk)[170](index=170&type=chunk) - A hypothetical **0.25%** increase in market interest rates would increase the company's annual interest expense by **$1.5 million**[171](index=171&type=chunk) [Controls and Procedures](index=35&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the first quarter - Management, including the principal executive and financial officers, concluded that disclosure controls and procedures are effective as of March 31, 2025[173](index=173&type=chunk) - No material changes to internal control over financial reporting were identified during the first quarter of 2025[174](index=174&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company refers to Note 12 of the financial statements for details on legal proceedings, including an investigation by the California Department of Insurance and class-action lawsuits related to a third-party data breach - For information on legal proceedings, the report refers to Note 12—"Commitments and Contingencies" in the financial statements[178](index=178&type=chunk) [Risk Factors](index=35&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors were disclosed, except for a new risk concerning the potential negative impact of changes in U.S. tariff and import/export regulations and adverse macroeconomic conditions - A new risk factor was added concerning the potential negative effects of changes in U.S. tariffs, trade policies, and macroeconomic conditions on the company's business, financial condition, and results of operations[180](index=180&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities during the period - None[181](index=181&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) This item is not applicable to the company for the reporting period - Not applicable[182](index=182&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[183](index=183&type=chunk) [Other Information](index=35&type=section&id=ITEM%205.%20OTHER%20INFORMATION) During the first quarter ended March 31, 2025, none of the company's directors or executive officers adopted or terminated a Rule 10b5-1 trading plan or any other non-Rule 10b5-1 trading arrangement - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the three months ended March 31, 2025[184](index=184&type=chunk) [Exhibits](index=36&type=section&id=ITEM%206.%20EXHIBITS) This section lists key exhibits filed with the Form 10-Q, including the Nova Medical Centers equity purchase agreement, an amendment to the credit agreement, executive employment agreement amendments, and required CEO/CFO certifications - Key exhibits filed include the Equity Purchase Agreement for Nova Medical Centers, Amendment No. 1 to the Credit Agreement, and various amendments to executive employment agreements[185](index=185&type=chunk)

"Concentra reported a solid start to 2025 with strong revenue and Adjusted EBITDA growth in the first quarter. With a deep understanding of patient and client needs and market dynamics, we continue to execute on key drivers of growth and deliver a comparative market advantage. Maintaining this focus ensures we continue to achieve our strategic business objectives for the year," said Keith Newton, Chief Executive Officer of Concentra. NEWS RELEASE FOR IMMEDIATE RELEASE Concentra Group Holdings Parent, Inc. A ...

Financial Performance - Consolidated Edison reported a first quarter net income of $791 million or $2.26 per share for 2025, an increase from $720 million or $2.08 per share in the same period of 2024 [1] - Adjusted earnings for the first quarter of 2025 were $792 million or $2.26 per share, compared to $742 million or $2.15 per share in 2024 [1][6] - The company reaffirmed its forecast for adjusted earnings per share for 2025 to be in the range of $5.50 to $5.70 [2] Strategic Focus - The company is focusing on robust investments in infrastructure to enhance grid security and support the clean energy transition, with projected capital investments of nearly $72 billion over the next 10 years [2] - The CEO emphasized the importance of maintaining reliability and meeting the growing demand for energy as customers increasingly rely on electricity for heating and transportation [2] Capital Management - During the first quarter, the company issued over $1.3 billion in new common equity, which satisfies its anticipated equity needs for 2025 [2] - The adjusted earnings exclude certain impacts related to the sale of its former subsidiary, Con Edison Clean Energy Businesses, and other accounting adjustments [1][6] Company Overview - Consolidated Edison is one of the largest investor-owned energy delivery companies in the U.S., with approximately $15 billion in annual revenues for the year ended December 31, 2024, and $71 billion in assets as of March 31, 2025 [7] - The company operates through several subsidiaries, including Consolidated Edison Company of New York, Inc., which provides electric, gas, and steam services in New York City and surrounding areas [7]

Concentra Group Holding Parent, Inc. (CON) recently announced a definitive agreement to acquire Pivot Onsite Innovations from Athletico Physical Therapy. Pivot operates over 200 onsite health clinics in more than 40 states and is a prominent player in the onsite healthcare space.With this acquisition, Concentra reinforces its leadership in occupational health by expanding its reach in the onsite care segment. Pivot’s extensive network of clinics is set to enhance Concentra’s ability to deliver timely, emplo ...

The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Concentra Group (CON) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.Concentra Group is one of 1003 companies in the Medical group. The Medical group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Concentra Group (CON) , which belongs to the Zacks Medical Services industry, could be a great candidate to consider.This provider of occupational health services has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 4.51%.For the last reported quart ...

Investors interested in Medical Services stocks are likely familiar with Concentra Group (CON) and Medpace (MEDP) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores ...

Concentra Group (CON) has been beaten down lately with too much selling pressure. While the stock has lost 8.5% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that ...

Investors with an interest in Medical Services stocks have likely encountered both Concentra Group (CON) and Medpace (MEDP) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revisi ...

Concentra Group Holdings Parent (CON) Q4 2024 Earnings Call March 04, 2025 06:01 PM ET Company Participants Keith Newton - CEOMatthew DiCanio - President & CFOBenjamin Rossi - Equity Research AssociateMichael Murray - Equity Research Associate Conference Call Participants Jamie Perse - Equity Research AnalystStephen Baxter - Senior Equity Research AnalystJustin Bowers - AnalystJoanna Gajuk - Equity Research Analyst Operator Good morning, and thank you for joining us today for Concentra Group Holdings Parent ...