Concentra Group Holdings Parent (CON) Investor presentation summary

Company overview and market position

• Largest provider of occupational health services in the U.S. by number of locations, with 549 health centers and 156 onsite clinics as of September 2024.

• Serves over 200,000 employer customers, including all Fortune 100 companies, and cares for 50,000+ patients daily.

• Operations span 45 states, with 65% of U.S. employer locations within 12 miles of a center.

• Revenue is highly diversified across payors, geographies, and industries, with less than 3% from the largest employer customer.

• Top 1,000 employer customers represent about 37% of revenue, with 99% retention over 10+ years.

Service offerings and value proposition

• Provides comprehensive occupational health, employer services, advanced primary care, and telemedicine.

• Workers' compensation services account for ~64% of revenue, employer services for ~34%.

• 95% of injured employees are recommended for return to work on the same day as initial visit.

• Delivers 25% lower average total cost per claim compared to non-Concentra centers.

• High patient satisfaction, with 77% rating visits 9 or 10 out of 10 and a 4.1-star average on Google reviews.

Financial performance and guidance

• Q3 2024 revenue grew 3.3% YoY to $489.6M; adjusted EBITDA rose 2.7% to $101.6M.

• YTD 2024 revenue up 3% to $1.44B, with adjusted EBITDA margin stable at ~21%.

• FY 2024 guidance: revenue ~$1.9B, adjusted EBITDA $370–$375M, capital expenditures $65–$70M.

• Free cash flow conversion exceeds 80%, with targeted net leverage reduction to 3.5–3.6x by year-end.

• Dividend of $0.0625 per share approved, with prudent capital allocation and deleveraging strategy.