CON · Concentra Group Holdings Parent, Inc.

Concentra delivered a strong first quarter, with revenue growing 13.7% year-over-year to $569.6 million, driven by a 6.7% increase in patient visits per day and a 3.1% rise in revenue per visit. Net income increased 28.7% to $52.3 million, while Adjusted EBITDA rose 17.6% to $120.7 million, with margin expanding 69 basis points to 21.2%. The company attributed growth to broad-based volume increases, particularly in workers' compensation visits (up 6.2% excluding acquisitions), and disciplined cost management. Management highlighted the successful integration of recent acquisitions (Nova Medical Centers and Pivot Onsite Innovations) and the opening of one de novo center in Atlanta. The company raised its full-year 2026 guidance: revenue now expected between $2.275 billion and $2.375 billion (from $2.25-$2.35 billion), Adjusted EBITDA between $460 million and $480 million (from $450-$470 million), and Free Cash Flow between $215 million and $235 million (from $200-$225 million). The net leverage ratio target remains below 3.0x by year-end. Additionally, the Board declared a quarterly cash dividend of $0.0625 per share, payable June 9, 2026, to shareholders of record May 19, 2026. The company repurchased 0.7 million shares for $15.0 million during the quarter. Overall, the results reflect strong operational execution and positive momentum, supporting the raised outlook.