Concentra (CON) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool Fri, May 8, 2026 at 9:29 PM GMT+7 27 min read CON Image source: The Motley Fool. Chief Financial Officer — Matthew DiCanio Need a quote from a Motley Fool analyst? Email pr@fool.com Keith Newton: Good morning, everyone. Welcome to Concentra Group Holdings Parent, Inc. s first quarter 2026 earnings call. We have continued our momentum from 2025 and are pleased with a strong start to the year. Total company revenue was $569.6 million in Q1 2026 compared to $500.8 million in Q1 of the prior year, representing 13.7% growth year over year. Excluding contributions from the Nova and Pivot acquisitions in both current and prior year where applicable, revenue was $520.3 million in Q1 2026, resulting in a 6.3% increase over the prior year. Total patient visits increased 6.7% to an average of more than 54 thousand visits per day in the first quarter. Our workers compensation visits per day increased 9.6% and employer services visit volume increased 4.8% relative to prior year. Excluding the impact from the acquisition of Nova, total visits per day increased 2.9% in the first quarter; workers compensation visits increased 6.2% and employer services increased 0.7%. We believe the stronger performance in our workers compensation business has been a result of a combination of events. Most importantly, we have seen the continued improvement of our patient satisfaction with the experience they have in our centers along with the implementation of new technologies to help strengthen the account management and retention of our existing employer customers along with enhanced prospecting efforts for new employer customers. The service level metrics we track at our centers, including average patient time in the centers, Google ratings, and patient net promoter scores, are all at or close to historical bests. Additionally, Q1 2025 was the easiest comp of all the quarters in 2026 due to a relatively dry winter last year compared to more ice and snow winter events this year that led to more slips and falls and resulting injuries. On the rate front, revenue per visit grew 3.1% during the first quarter relative to prior year. The growth was driven by a 2% increase in workers compensation and a 2.7% increase in employer services revenue per visit. The California workers compensation rate increase took effect on March 1, so we anticipate upside to the workers compensation rate growth over the remainder of the year. Adjusted EBITDA was $120.7 million in the quarter versus $102.7 million in the same quarter of the prior year, or a 17.6% increase. Adjusted EBITDA margin increased 69 basis points from 20.5% in Q1 2025 to 21.2% in Q1 2026. With our strong Q1 performance, our trailing twelve month adjusted EBITDA is now $450 million, up $85 million, or 23%, from our trailing twelve month adjusted EBITDA at the time of our IPO in July 2024. Adjusted net income attributable to the company was $51.5 million and adjusted earnings per share was $0.40 for the first quarter 2026, representing strong growth over prior year of $42.2 million and $0.33 respectively. Quick update on 2025 acquisitions. Regarding our March 2025 acquisition of Nova, we have completed our integration efforts and captured all the synergies that we expect to capture. We are comfortably ahead of where we anticipated we should be approximately one year into this deal, and we are tracking well towards the original objective of reaching a transaction multiple below 7.5 times adjusted EBITDA. With our June 2025 acquisition of Pivot, we have a similar story. Integration is complete, performance is strong, and we are ahead of our original estimate of a transaction multiple of below 9 times adjusted EBITDA. Regarding other growth efforts during the quarter, we added three centers via acquisition and one de novo center outside of Atlanta. On the de novo front, we continue to expect to open a total of eight to ten centers this year, with planned locations in Arizona, Idaho, Missouri, Illinois, Virginia, South Carolina, and Florida. With respect to additional small bolt-on M&A, we have several opportunities actively underway and look forward to sharing more detail in the future. Finally, I would like to take a moment to recognize and thank Doctor John Anderson, our Chief Medical Officer since 2014, who, as previously disclosed, has announced his well-deserved retirement at the end of the year. Known affectionately across Concentra Group Holdings Parent, Inc. as Doctor A, he has been the foundational part of our organization for nearly five decades, including his time with predecessor companies. Over his career, Doctor Anderson has helped shape our mission, vision, and values, built a comprehensive clinical orientation and training program that supports long-term success in occupational health, embedded a strong patient-first mindset into our daily operations, and developed our best-in-class clinical model. His decades of service, leader

Concentra (CON) Q1 2026 Earnings Transcript

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Concentra (CON) Q1 2026 Earnings Transcript

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