Concentra Group Holdings Reports $1.9 Billion Revenue and $166.5 Million Net Income for Fiscal Year 2024

Concentra Group Holdings Parent, Inc. reported a revenue of $1.9 billion for the fiscal year ending December 31, 2024, marking a 3.4% increase from $1.84 billion in 2023. The company's net income for the year was approximately $166.5 million, down from $179.9 million in the previous year, resulting in a net income margin of 8.8%. The decrease in net income was attributed to increased costs associated with the company's separation from Select Medical Holdings Corporation and the acquisition of Nova Medical Centers, which was finalized on March 1, 2025, for $265 million. The acquisition is expected to expand Concentra's footprint to over 775 occupational health centers and onsite health clinics across 42 states.

In terms of operational metrics, Concentra reported a total of 12.6 million patient visits in 2024, a slight decrease of 1.2% from the previous year. The decline was primarily driven by a 4% drop in employer services visits, which was partially offset by a 2.2% increase in workers' compensation visits. The average revenue per visit increased by 4.5% to $141.30, driven by higher reimbursement rates for workers' compensation and employer services. The company operated 552 standalone occupational health centers and 157 onsite health clinics as of December 31, 2024, employing approximately 11,000 colleagues and affiliated clinicians.

Strategically, the company underwent significant changes in 2024, including its separation from Select Medical, which was announced on January 3, 2024. Following the separation, Concentra completed its initial public offering (IPO) on July 26, 2024, raising approximately $499.7 million. The company also secured $1.25 billion in credit facilities, which included a term loan and a revolving credit facility, to support its operations and future growth initiatives. The IPO and subsequent debt financing were critical in establishing Concentra as an independent entity.

Looking ahead, Concentra's management expressed optimism about future growth, particularly through strategic acquisitions and the expansion of its service offerings. The company plans to leverage its national presence and established relationships with approximately 200,000 employers, including all Fortune 100 companies, to enhance its market share. However, the company also acknowledged potential risks, including regulatory changes, labor shortages, and economic uncertainties that could impact its operations and financial performance.

Overall, Concentra's financial performance in 2024 reflects a period of transition and strategic growth, with a focus on expanding its service capabilities and maintaining strong relationships with its employer customers. The company remains committed to improving the health of America's workforce while navigating the challenges of a competitive and regulated industry.