Concentra Group Holdings Parent, Inc. Announces Results For Its Second Quarter Ended June 30, 2026 and Raises FY 2026 Guidance

Business Wire 6-Aug-2026 4:31 PM

Matt DiCanio to become president and CEO and Keith Newton to transition to executive chairman, effective Nov. 1, 2026

Concentra Group Holdings Parent, Inc. ("Concentra", the "Company", "we", "us", or "our") (NYSE:CON), the nation’s largest provider of occupational health services by number of locations, today announced results for the second quarter ended June 30, 2026, declaration of a cash dividend, and raised its full-year 2026 guidance. The quarter included revenue growth of 10.0%, net income attributable to the Company growth of 46.5%, Adjusted EBITDA growth of 22.5% and a net leverage ratio of 2.99x.

As part of a multiyear succession process unanimously approved by Concentra’s board of directors (the "Board"), effective as of November 1, 2026, (i) Matt DiCanio, president and chief financial officer, will become Concentra’s president and chief executive officer and serve as a Class III director on the Board, and (ii) Keith Newton will transition from chief executive officer and director to executive chairman of the Board. Additionally, Robert Ortenzio has notified the Board of his intent to resign from the role of chairman of the Board while continuing to serve as a director on the Board, effective as of November 1, 2026. The planned succession is designed to provide leadership continuity and support continued execution of the Company’s strategy.

"Leading Concentra and our dedicated colleagues over the last decade has been a tremendous privilege, and I am proud of what we have built together: a leader in occupational health," said Keith Newton. "Our momentum reflects clear priorities and a team committed to delivering results. Matt has been instrumental in shaping that strategy and driving Concentra’s performance, making this the right time to transition leadership."

Matt DiCanio added, "Our strong performance reflects the strength of our strategy, our operating model and our people. As CEO, my priorities are to deliver high-quality care, create meaningful value for customers and patients, and pursue disciplined growth. As Concentra approaches its 50th year, our experienced leadership team, operating leverage, and steadfast commitment to our mission position us well for continued growth."

 Second Quarter 2026 Highlights

• Revenue of $606.0 million, an increase of 10.0% from $550.8 million in Q2 2025
• Net income of $67.3 million, an increase of 45.7% from $46.2 million in Q2 2025
• Net income attributable to the Company of $65.3 million, and Adjusted Net Income Attributable to the Company of $66.7 million, an increase of 46.5% and 39.7% over prior year, respectively
• Earnings per share of $0.51 and Adjusted Earnings per Share of $0.52, an increase of $0.16 and $0.15 over prior year, respectively
• Adjusted EBITDA of $140.9 million, an increase of 22.5% from $115.0 million in Q2 2025
• Patient visits of 3,610,934, or 56,421 visits per day, an increase of 2.6% from 55,005 visits per day in Q2 2025
• Revenue per visit of $152.67, an increase of 4.6% from $145.92 in Q2 2025
• Net cash provided by operating activities of $135.2 million and Free Cash Flow of $121.0 million, an increase of 53.0% and 91.6% over prior year, respectively
• Capital expenditures of $15.7 million, a decrease of 37.9% from $25.2 million in Q2 2025
• Repurchases of approximately 0.4 million shares of common stock totaling $11.0 million
• Cash balance of $158.0 million and a net leverage ratio of 2.99x
• Total occupational health centers of 633, compared to 628 at the end of Q2 2025
• Opened one de novo occupational health center
• Total onsite health clinics of 415, compared to 406 at the end of Q2 2025

The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table X of this release. The definition of Adjusted Earnings per Share and a reconciliation of net income attributable to the Company and earnings per share on a fully diluted basis to Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share on a fully diluted basis are presented in table XI of this release. The definition of Free Cash Flow and a reconciliation of net cash provided by operating activities to Free Cash Flow are presented in table XII of this release.

Balance Sheet

As of June 30, 2026, our balance sheet reflected cash of $158.0 million, total debt of $1,573.6 million and total assets of $3,010.3 million. Concentra’s net leverage ratio as of June 30, 2026 was 2.99x, which was in compliance with the financial covenant under our credit agreement.

Cash Flow

Cash flows provided by operating activities in the second quarter ended June 30, 2026 totaled $135.2 million compared to $88.4 million for the same quarter of the prior year. The increase in year-over-year cash flow from operations was primarily due to an increase in net income from organic growth and through acquisitions and de novos, as well as year-over-year variances in timing associated with payments of current liabilities. During the second quarter ended June 30, 2026, cash flow from investing activities resulted in cash used of $14.2 million, including capital expenditures of $15.7 million, partially offset by proceeds from sale of assets of $1.5 million. Concentra had Free Cash Flow of $121.0 million in the second quarter ended June 30, 2026, compared to $63.2 million for the same quarter of the prior year. Cash flow from financing activities used $24.7 million for the quarter, driven primarily by $11.0 million in repurchases of shares of common stock and $8.0 million in dividend payments. This resulted in a net increase in cash of $96.3 million for the quarter.

Dividend

On August 5, 2026, the Board declared a cash dividend of $0.0625 per share. The dividend will be payable on or about August 28, 2026, to stockholders of record as of the close of business on August 20, 2026.

There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of the Board after taking various factors into account, including, but not limited to, the Company’s financial condition, operating results, available cash and current and anticipated cash needs, the terms of indebtedness, and other factors the Board may deem to be relevant.

Leadership Transition

As executive chairman, Keith Newton will continue to support strategic initiatives and leadership development, while providing continuity through the transition. Newton has served as Concentra’s chief executive officer for the past decade, helping establish the Company as the nation’s leading provider of occupational health services by number of locations and guiding its transition to an independent publicly traded company.

"Keith’s leadership has been instrumental in Concentra’s growth, strong performance, and distinctive culture," said Robert Ortenzio, chairman of the Board. "The Board is grateful for his many contributions as chief executive officer, and we are pleased that Concentra will continue to benefit from his experience and leadership as executive chairman."

DiCanio has served as Concentra’s president since 2023 and chief financial officer since 2024. During his 11-year tenure, his responsibilities have spanned clinical functions, operations, sales, marketing, corporate strategy, finance and business development. He has also led multiple business units and major acquisition integrations and played an integral role in Concentra’s transition to a publicly traded company.

"Matt has played a pivotal role in shaping Concentra’s strategy, performance, and growth," Ortenzio said. "His extensive knowledge of the business, proven leadership, and commitment to Concentra’s mission and culture make him the right leader to guide the Company as it approaches its 50th year and builds for the future."

The Company expects to announce its chief financial officer succession plan prior to the leadership transition taking effect on November 1, 2026.

2026 Business Outlook

Concentra raised its financial guidance for 2026. We now expect to deliver the following results:

• Revenue in the range of $2.325 billion to $2.375 billion
• Adjusted EBITDA in the range of $485 million to $495 million
• Net leverage ratio below 3.0x
• Free Cash Flow in the range of $220 million to $240 million
• Capital expenditures in the range of $70 million to $80 million

A reconciliation of full year 2026 Adjusted EBITDA expectations to net income is presented in table XIII of this release. A reconciliation of full year 2026 Free Cash Flow expectations to net cash provided by operating activities is presented in table XIV of this release.

Company Overview

Concentra is the largest provider of occupational health services in the United States by number of locations, with the mission of improving the health of America’s workforce, one patient at a time. Our approximately 13,000 colleagues and affiliated physicians and clinicians support the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care. We support the care of approximately 54,000⁽¹⁾ patients each business day on average across 46 states and the District of Columbia at our 633 occupational health centers, 415 onsite health clinics at employer worksites, and Concentra Telemed as of June 30, 2026.

Conference Call

Concentra will host a conference call regarding its second quarter financial results and business outlook on Friday, August 7, 2026, at 9 a.m. Eastern Time. The conference call will be a live webcast and can be accessed via this Earnings Call Webcast Link or via Concentra’s website at https://ir.concentra.com. A replay of the webcast will be available shortly after the call at the same locations.

Participants may join the audio-only version of the webcast or participate in the question-and-answer session by calling:

Toll Free: 888-506-0062 International: 973-528-0011 Participant Access: All dial-in participants should ask to join the Concentra call.

Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), including statements related to Concentra’s 2026 and long-term business outlook. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:

• The frequency of work-related injuries and illnesses;
• Adverse changes to our relationships with employer customers, third-party payors, workers’ compensation provider networks or employer services networks;
• Changes to regulations, new interpretations of existing regulations, or violations of regulations;
• State fee schedule changes undertaken by state workers’ compensation boards or commissions and other third-party payors;
• Our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs;
• Labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs;
• Our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers;
• The impacts of any security breaches, cyberattacks, loss of data, or cybersecurity threats or incidents involving our, or our third-party vendors’, information technology systems, and any failure to comply with legal requirements related to data privacy, interoperability or data protection, including those governing the privacy and security of health information or other regulated, sensitive or confidential information;
• Negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes;
• Significant legal actions could subject us to substantial uninsured liabilities;
• Litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements;
• Insurance coverage may not be sufficient to cover losses we may incur;
• Acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities;
• Our exposure to additional risk due to our reliance on third parties in many aspects of our business;
• Our ability to manage relationships with managed affiliated professional medical groups ("Managed PCs");
• Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information;
• Compliance with applicable data interoperability and information blocking rules;
• Facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations;
• Our ability to adequately protect and enforce our intellectual property and other proprietary rights;
• Adverse economic conditions in the U.S. or globally;
• Any negative impact on the global economy and capital markets resulting from geopolitical tensions;
• The impact of impairment of our goodwill and other intangible assets;
• Our ability to maintain satisfactory credit ratings;
• The effects of the Separation on our business;
• The negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease;
• The loss of key members of our management team;
• Our ability to attract and retain talented, highly skilled employees and a diverse workforce, and the succession of our senior management;
• Climate change, or legal, regulatory or market measures to address climate change;
• Increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters; and
• Changes in tax laws or exposures to additional tax liabilities.

Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results or performance.

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Investor and media inquiries: Bill Chapman Vice President, Strategy & Investor Relations 972-725-6488 ir@concentra.com