Navigating the Financial Landscape
Concentra Group Holdings Parent (CON) – a key fragment being hewed out of the labyrinthine entity known as Select Medical Holdings (NYSE:SEM) – made a momentous stride in its journey by tendering paperwork to the Securities and Exchange Commission (SEC) on a Friday, in a move heralding a U.S. IPO.
The Road to Wall Street
The occupational health services wunderkind is primed to strut its stuff on the grand stage of the New York Stock Exchange under the illustrious moniker “CON,” proffering up to 19.9% of its common stock for the discerning public investor, while the lion’s share – a robust 80.1% – stays nestled under the Select Medical (SEM) umbrella.
Unpacking the Roots
The tale of Concentra traces its genesis back to the golden year of 1979, hailing from the bustling thoroughfares of Addison, TX. A juggernaut in its own right, the company presides over 547 standalone occupational health centers strewn across an expansive 41-state canvas as of the vernal equinox of March 31.
Diversifying the Portfolio
A diversified stalwart, Concentra not only boasts of 151 on-site health clinics entrenched in the crucible of 37 states but also orchestrates a symphony of telemedicine solutions that serenade denizens in 43 states and the venerable District of Columbia.
Charting Financial Waters
Fast-forwarding to the annalistic conclave of 2023, Concentra (CON) voyaged through the tempestuous fiscal seas to yield a bountiful $1.8 billion in revenue, fanning its embers with a ~6.6% Year on Year growth trajectory, courtesy chiefly of its occupational health centers that contributed a handsome $1.7 billion, galloping at a ~6.5% Year on Year clip.
Setting Sail for New Horizons
The trailblazing stalwarts at Select Medical (SEM) vigilantly nodded assent to this divestment odyssey in January, marking the commencement of an odyssey slated for culmination by the eve of 2024.