Concentra Group Holdings Parent, Inc.(CON) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 was $489.6 million, a 3.3$474.0 million in Q3 2023[3] - Net income for Q3 2024 was $45.8 million, with earnings per share of$0.37, down from $54.4 million and$0.51 in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was $101.6 million, a 2.7$98.9 million in Q3 2023, with an Adjusted EBITDA margin of 20.7%[4] - Revenue for Q3 2024 was $1,435,151, a 2.7$1,397,341 in Q3 2023[22] - Net income attributable to Concentra decreased to $145,031 in Q3 2024, down 4.7$152,112 in Q3 2023[22] - Basic and diluted earnings per share (EPS) for Q3 2024 was $1.32, compared to$1.46 in Q3 2023[22] - Net income for the nine months ended September 30, 2024, was $149,097,000, a decrease of 4.6$155,887,000 in 2023[32] - Adjusted net income attributable to common shares for the three months ended September 30, 2024, was $44,308,000, compared to$53,040,000 in the same period of 2023, reflecting a decrease of 16.5%[50] - Net income for September 2024 was $45,759,000, a decrease of 16$54,424,000 in September 2023[46] Operational Metrics - Patient visits totaled 3,258,605 in Q3 2024, averaging 50,916 visits per day, a decrease of 2.2% from Q3 2023[3] - Revenue per visit increased to $141.42, up 3.9$136.11 in Q3 2023[3] - Total occupational health centers increased to 549, compared to 539 at the end of Q3 2023[3] - Workers' compensation patient visits for the nine months ended September 30, 2024, totaled 4,364,824, an increase of 2.1% from 4,276,717 in 2023[39] - Revenue per visit for Workers' Compensation increased to $198.62 in 2024, up 2.0$194.74 in 2023[39] - Total patient visits decreased by 1.4% to 9,628,515 in 2024 from 9,766,881 in 2023[39] - The number of occupational health centers increased to 549 at the end of the period, up from 539 in 2023, reflecting a growth of 1.9%[35] Cash Flow and Balance Sheet - Cash balance as of September 30, 2024, was $136.8 million, with total debt of$1,482.3 million[6] - Total current assets increased to $409,957 in Q3 2024 from$294,418 in Q4 2023, reflecting a significant growth[29] - Total liabilities rose to $2,179,810 in Q3 2024, up from$1,156,121 in Q4 2023[29] - Net cash provided by operating activities for Q3 2024 was $65,908, compared to$58,597 in Q3 2023[30] - Cash and cash equivalents at the end of Q3 2024 were $136,822, a significant increase from$23,680 at the end of Q3 2023[30] - Net cash provided by operating activities increased to $180,963,000 in 2024 from$158,138,000 in 2023, representing a growth of 14.4%[32] - Cash and cash equivalents at the end of the period increased to $136,822,000 in 2024 from$23,680,000 in 2023[32] Future Outlook - For the full year 2024, the company expects revenue to be approximately $1.9 billion and Adjusted EBITDA in the range of$370.0 million to $375.0 million[10] - Full year 2024 Adjusted EBITDA expectations range from$370 million to $375 million[55] Corporate Actions - The Board of Directors declared a cash dividend of$0.0625 per share, payable on November 22, 2024[8] - Concentra completed an IPO on July 26, 2024, raising net proceeds of $499.7 million from the sale of 22,500,000 shares[11] Other Financial Metrics - Interest expense on related party debt decreased to$21,980 in Q3 2024 from $33,831 in Q3 2023[22] - The company reported an increase in other operating income by 88.1$284 in Q3 2024 compared to $151 in Q3 2023[22] - The company incurred a loss of$3,676 from equity in losses of unconsolidated subsidiaries, a significant increase from a loss of $526 in Q3 2023[22] - Net cash used in investing activities was$(54,579,000) in 2024, compared to $(47,125,000) in 2023, indicating an increase in investment outflows[32] - The company acquired 3 occupational health centers during the nine months ended September 30, 2024, compared to 1 in 2023[39] - Income tax expense for September 2024 was$16,415,000, an increase from $15,205,000 in September 2023[46] - Interest expense for September 2024 was$21,369,000, significantly higher than $64,000 in September 2023[46] - Stock compensation expense for September 2024 was$168,000, compared to no expense in September 2023[46] - Depreciation and amortization for September 2024 was $15,213,000, down from$17,959,000 in September 2023[46] - Separation transaction costs for September 2024 were $(44,000), indicating a reduction in costs compared to the previous year[46]