Concentra Group Holdings Parent (CON) 44th Annual J.P. Morgan Healthcare Conference summary

Business fundamentals and market position

• Largest U.S. occupational health services provider, treating one in four workplace injuries, with 628–650 centers and 400+ onsite clinics as of September 2025.

• Serves approximately 200,000 employer customers, including all Fortune 100 companies, with no significant customer concentration.

• Highly diversified revenue base, with no single customer accounting for more than 3% of revenue.

• Demonstrates strong customer retention, with 98% of top 100 customers for over 10 years.

• High patient satisfaction, with 80% rating their experience 9 out of 10 and 25% lower claim costs.

Growth strategy and operational execution

• Growth driven by organic visit volume, 3% annual rate increases, and semi-organic expansion via M&A and de novos.

• Over 70 acquisitions and de novo centers since 2016, typically at sub-3x revenue or pro forma EBITDA multiples, with rapid integration and margin improvement.

• Continued expansion in high-opportunity states and sectors, leveraging demographic and economic tailwinds, including AI and data center construction.

• Significant market opportunity with $176 billion in annual workers' comp spend and $17 billion onsite SAM.

• Leadership team with approximately 300 years of combined experience and a 45-year company history.

Financial performance and outlook

• FY 2025 revenue guidance of $2.145–$2.2 billion and Adjusted EBITDA of $425–$430 million, with 13% year-over-year growth.

• Sustained mid- to high-single-digit revenue growth, with 5%+ CAGR over the past three years.

• Adjusted EBITDA margins at ~20% for five consecutive years, with 19.8% margin as of September 2025.

• Free cash flow conversion exceeds 100%, generating nearly $1 billion since 2021, with $176 million in trailing twelve months.

• ROIC stands at 13.5% as of September 2025, with a 1.3% dividend yield and $100 million share buyback program.