Concentra Group Holdings Parent, Inc. Q1 FY2026 earnings call

• Strong Q1 performance with revenue growth, visit increases, and adjusted EBITDA up. - Completed integrations of NOVA and Pivot acquisitions, ahead of synergies and transaction multiple goals. - Added centers via acquisition and de novo, with plans to open 8-10 de novo centers this year. - Recognized retirement of Chief Medical Officer Dr. John Anderson, with transition plans in place. - Discussed expenses, cash flows, and dividend declaration. - On-site health clinics segment has strong growth and large market opportunity.

Total company revenue was $569.6 million in Q1 2026, up 13.7% y-o-y. Excluding acquisitions, revenue was $520.3 million, up 6.3%. Total patient visits increased 6.7%. Occupational health operating segment: revenue $519.9M (+9.9% y-o-y), visits per day +6.7%, revenue per visit +3.1%. Workers' compensation revenue $337.7M (+11.8% y-o-y), visits per day +9.6%, revenue per visit +2%. Employer services revenue $172.4M (+7.6% y-o-y), visits per day +4.8%, revenue per visit +2.7%. Excluding NOVA, occupational health center operating segment revenue $487.8M (+5.7% y-o-y), visits per day +2.9%, revenue per visit +2.7%. Work comp revenue $317.8M (+7.5% y-o-y), visits per day +6.2%, revenue per visit +1.3%. Employer services revenue $160.7M (+3.2% y-o-y), visits per day +0.7%, revenue per visit +2.4%. On-site health clinics operating segment: revenue $37.2M (+125% y-o-y), largely due to Pivot acquisition; excluding acquisition, +20.9% y-o-y. Other businesses: $12.5M (+10.4% y-o-y).

• Revised 2026 revenue target range to $2.275 billion to $2.375 billion (increased by $25M). - Adjusted EBITDA range revised to $460 million to $480 million (increased by $10M). - Free cash flow target range revised to 215 to 235 million (low end up 15M, high end up 10M). - CapEx range unchanged at $70 to $80 million. - Expect net leverage to end below three times.

Q: Depending on who you look at, you'd be consensus-adjusted EBITDA estimates by 10 to 11%. What was your internal beat versus what consensus was, and what surprised you the most on the upside beat?

A: Matt said work comp visits and cost of services and cost control were main drivers.

Q: Was weather actually a positive impact in the quarter? And if it was, can you quantify how much it was?

A: Keith said weather was net positive, with mild winter in 2025 leading to more slips and falls in 2026, but couldn't quantify exactly.

Q: Justin Bowers asked about economic activity based on customers and prospecting and correlation with BLS and JOLTS data.

A: Keith said economic activity starting to accelerate, total employment growing, blue collar up, and work comp indicative of total employment.

Q: Ben Hendricks asked on free cash flow guidance.

A: Matt said raised free cash flow guidance along with EBITDA, CapEx between $70M and $80M.

Q: Stephen Baxter asked on rate side in workers' comp.

A: Matt said revenue per visit up 3.1%, California rate took effect March 1, on track for 3% or higher.

Q: Joanna Gajuk asked on New York rates and expansion.

A: Matt said no new update on New York rates, anticipate this year, can move quickly on expansion.

Q: Benjamin Rossi asked on workers' comp rate shift and other step-ups.

A: Matt said ~75-80% of workers' comp fee schedule adjustments in first quarter, Tennessee in second quarter, others throughout year.

Q: Benjamin Rossi asked on on-site health clinics opportunities.

A: Matt said all of the above, focused on advanced primary care, internal organic growth, and expanding existing.