Concentra Group Holdings Parent, Inc.

What they do

Concentra was founded in 1979 and delivers occupational and consumer health services to employers from stand-alone occupational health centers, onsite clinics at employer worksites, and telemedicine across 47 states and the District of Columbia. As of December 31, 2025 it operated 628 stand-alone centers in 41 states, 411 onsite clinics in 44 states, and served roughly 53,000 patients per business day with about 13,000 colleagues and affiliated physicians and clinicians.

Revenue drivers

• Occupational health centers — Services delivered at 628 stand-alone centers as of December 31, 2025; approximately 93% of 2025 revenue of $2,163.4 million, down from 95% in 2024.
• Onsite health clinics — Occupational health and employer-sponsored primary care at employer workplaces; approximately 5% of 2025 revenue, up from 3% in 2024.
• Other businesses — Concentra Telemed, Concentra Pharmacy, and Concentra Medical Compliance Administration; approximately 2% of 2025 revenue.
• Service mix within centers — Employer services were 52% of occupational health center daily visit volume in 2025, workers' compensation 46%, and consumer health 2%; visit volume mix was essentially unchanged from 2024.

Recent performance

Second quarter 2026 revenue was $606.0 million, up 10.0% from $550.8 million in Q2 2025. Net income was $67.3 million, up 45.7%, and net income attributable to the Company was $65.3 million, with Adjusted EBITDA of $140.9 million, up 22.5% from $115.0 million. Earnings per share were $0.51 and Adjusted Earnings per Share were $0.52. Patient visits rose 2.6% to 56,421 per day and revenue per visit rose 4.6% to $152.67. Operating cash flow was $135.2 million and Free Cash Flow was $121.0 million.

Strategy

Concentra is pursuing growth through acquisitions and site expansion: it acquired Nova Medical Centers effective March 1, 2025 for $265.0 million, adding 67 occupational health centers in five states, and Pivot Onsite Innovations effective June 1, 2025 for $54.4 million, expanding onsite clinics to over 400. It opened one de novo occupational health center in Q2 2026 and ended the quarter with 633 centers and 415 onsite clinics. Management raised full-year 2026 guidance and reported a 2.99x net leverage ratio in compliance with its credit agreement. The company also repurchased about 0.4 million shares for $11.0 million in Q2 2026 under a publicly announced program. A planned succession effective November 1, 2026 moves Matt DiCanio to president and CEO and Keith Newton to executive chairman.

Risks

• Declining workplace injury frequency — The company states that if work-related injuries and illnesses decline, including shifts in U.S. employment toward less injury-prone industries, results may be negatively affected.
• Customer and payor relationships — Adverse changes to relationships with significant employer customers, third-party payors, workers' compensation provider networks or employer services networks could harm results.
• Reimbursement and rate pressure — Cost containment initiatives or state fee schedule changes by workers' compensation boards and other third-party payors may reduce revenue and profitability, and the company says it may not realize reimbursement increases sufficient to keep pace with cost inflation.
• Labor costs and shortages — Labor shortages, turnover, higher employee-related costs, and union activity could significantly increase operating costs and reduce profitability.

Outlook

Management raised full-year 2026 guidance alongside the Q2 2026 release but did not provide the specific figures in the excerpts reviewed. The company highlighted revenue growth of 10.0%, net income attributable to the Company growth of 46.5%, Adjusted EBITDA growth of 22.5%, and a 2.99x net leverage ratio. It described priorities of high-quality care, customer and patient value, and disciplined growth as it approaches its 50th year.