Healthcare firm Concentra reveals quarterly revenue growth in IPO filing

BENGALURU: Select Medical’s unit Concentra Group disclosed a rise in quarterly revenue in its paperwork for a US initial public offering on Friday, as the occupational health services firm forges ahead with its listing plans.

After being on ice since 2022, US IPOs are on the road to recovery as stock markets scale record highs and the economy shows remarkable resilience, together giving companies the confidence to finally go ahead with their listings.

Concentra is aiming to enter the market on the heels of some high-profile listings, including from social media platform Reddit and China-based EV maker Zeekr.

The company’s filing with the US Securities and Exchange Commission did not reveal the number of shares it plans to sell and a price range for the offering.

Its revenue rose 2.5% over the year earlier to $467.6 million for the three months ended March 31. Revenue per visit increased 4.4% to $139.09 during the period.

The company, founded in 1979, is now the largest provider of occupational health services in the United States by number of locations, according to its IPO prospectus.

It operated 547 standalone occupational health centers in 41 states and 151 on-site health clinics at employer worksites in 37 states, as of March 31.

The company had confidentially filed for an offering in March.

Earlier this year, Select Medical had announced its plan to pursue the separation of Concentra, aiming to create two independent, publicly traded companies.

It plans to list on the New York Stock Exchange and trade under the ticker symbol ‘CON’.

J.P. Morgan, Goldman Sachs and BofA Securities are the lead underwriters for the offering.