Concentra Group Holdings Parent Stock Earnings Reports

Concentra Group Holdings reported a strong Q1 2026 driven by both volume and rate improvements. Total revenue rose 13.7% year-over-year to $569.6M (6.3% organic ex-acquisitions), with average patient visits up 6.7% (workers' compensation visits up 9.6%). Revenue per visit grew 3.1% overall. Adjusted EBITDA was $120.7M (up 17.6%) and adjusted EBITDA margin improved to 21.2%. Trailing twelve-month adjusted EBITDA is $450M, up 23% vs. the IPO. Integration of 2025 acquisitions (Nova and Pivot) is complete and ahead of expectations. On-site health clinics are scaling quickly (total revenue ~ $150M run-rate) and show strong organic growth/white-space opportunity in advanced primary care. Q1 operating cash flow was $21M and free cash flow improved to $9.9M. The company repurchased shares, paid a dividend, and ended the quarter with $1.58B debt, $61.7M cash, and net leverage of ~3.4x expecting to finish the year below 3.0x. Management raised 2026 guidance: revenue to $2.275B–$2.375B, adjusted EBITDA to $460M–$480M, and free cash flow to $215M–$235M; CapEx remains $70M–$80M. Key drivers: workers' compensation growth, improved center-level service metrics (patient time, Google ratings, NPS), effective cost/staffing execution, and continued M&A and de novo center expansion (8–10 planned openings). Management highlighted ongoing Select separation activities, the planned retirement (and consulting transition) of the longtime Chief Medical Officer, and an active pipeline for additional small bolt-on M&A.