• ADP for workplace health and injury management.
• Cintas for essential business health services.
• CVS MinuteClinic for businesses.

• Occupational Health Services: Provides a comprehensive range of healthcare services to employers and their employees, including injury treatment, physical exams, drug testing, and wellness programs.
• Urgent Care Services: Offers immediate medical attention for non-life-threatening illnesses and injuries to the general public.
• Physical Therapy: Delivers rehabilitation services to help patients recover from injuries, manage pain, and improve physical function, often integrated with occupational health.
• Onsite Health Services: Supplies dedicated healthcare professionals and clinics directly at client workplaces to manage employee health and safety needs.

Concentra, often referred to as Concentra Parent, is a national healthcare company that provides occupational health services, urgent care, physical therapy, and on-site health and wellness centers. Its services are primarily directed towards employers and their employees.

Concentra sells primarily to other companies, specifically employers across various industries throughout the United States. However, the company's customer base is highly diversified. According to the public filings of its parent company, Select Medical Holdings Corporation (NYSE: SEM), no single employer customer accounts for a significant portion (typically defined as 10% or more) of Concentra's revenue.

While no individual employer company is identified as a major customer, a significant portion of Concentra's consolidated revenue (between 10% and 15%) comes from **certain workers' compensation payors**. These are typically large insurance companies, state funds, or third-party administrators responsible for managing workers' compensation claims. However, specific names of these individual payor companies are not disclosed by Select Medical Holdings Corporation as constituting major customers individually.

Therefore, Concentra's customer base consists of thousands of employers, none of whom individually meet the threshold of a major customer, along with a category of workers' compensation payors who collectively represent a significant portion of the business.

Note: Concentra Parent is a wholly-owned subsidiary of Select Medical Holdings Corporation (NYSE: SEM) and does not trade publicly under the symbol CON.

null

Keith Newton, Chief Executive Officer

Keith Newton rejoined Concentra in 2015 as Chief Executive Officer and served as President until 2023. He also held the position of Chairman of the Board of Directors for the Company from 2018 to 2022, during a period when Concentra was a joint venture involving Select Medical, Welsh Carson, and other investors. Prior to 2015, he served in various management and operational roles at Concentra and its predecessor, OccuSystems, from 1995 to 2011, ultimately being promoted to President and Chief Operating Officer from 2007 to 2011. In 2011, Mr. Newton transitioned to DentalOne Partners as President and Chief Executive Officer before returning to Concentra in 2015. His earlier experience includes directing the operations of one of the companies that merged to form Concentra in 1997, and leading Concentra's former Health Services division from 1999 to 2007. Before joining Concentra in 1995, he worked for Columbia HCA's Ambulatory Surgery Division and Medical Care International. He holds a BBA in accounting from Texas A&M University.

Matthew DiCanio, President and Chief Financial Officer

Matthew DiCanio has served as President since 2023 and Chief Financial Officer since 2024. He is responsible for overseeing Concentra's clinical, operational, sales, marketing, and product organizations, as well as the company's growth and business improvement strategies, mergers and acquisitions, real estate activities, employer onsite group, and Concentra Ventures, which is the company's investment arm. Previously, he was responsible for the Valor Healthcare outpatient division (since divested). Before joining Concentra, Mr. DiCanio held various positions in finance, mergers and acquisitions, and management. His experience includes serving as a principal and co-head of the healthcare vertical at a middle-market investment bank in Dallas, an investment banker with Bank of America Merrill Lynch in New York City, and a CPA with KPMG, LLP, also in New York City. He earned a B.S. in Business Administration from the University of Richmond and an MBA in Finance.

Daniel Thomas, Lead Director of Concentra Group Holdings Parent, Inc.

Daniel Thomas is an innovative business leader recognized for accelerating corporate growth, generating cost efficiencies, and increasing shareholder value, with expertise focused on Provider, Payer, and Supply Chain-based healthcare services companies. He currently serves on the Board of Directors for Concentra Group Holdings Parent, LLC, as well as National Partners in Healthcare (NPH), Select Medical Corporation, Healthcare Highways, Inc., and Equalis Group, LLC. From 1993 through 2007, Mr. Thomas spent 14 years with Concentra, Inc., where he held the positions of President, Chief Executive Officer, Chief Operating Officer, and Board Member, during which time he grew the company from $15 million to $620 million in revenues. He served as President, CEO, and Board Member for National Partners in Healthcare from June 2018 through January 2019. Prior to NPH, he was President, CEO, and Board Member for Provista, Inc. from 2011 until his retirement in 2017. Before Provista, Mr. Thomas served as Chief Executive Officer and a board member for Viant, Inc. from 2007 through 2010, a company that was later sold for $900 million.

Robert A. Ortenzio, Executive Chairman and Co-Founder of Select Medical Holdings Corporation

Robert A. Ortenzio co-founded Select Medical and has served as a director since February 1997. He was Select Medical's President and Chief Operating Officer from February 1997 to September 2001, and then President and Chief Executive Officer from September 2001 to January 2005. On January 1, 2014, Mr. Ortenzio was appointed as Select Medical's Executive Chairman and Co-Founder. Prior to co-founding Select Medical, he was an Executive Vice President and a director of Horizon/CMS Healthcare Corporation from July 1995 until July 1996. In 1986, Mr. Ortenzio co-founded Continental Medical Systems, Inc., where he served in various capacities, including Senior Vice President from 1986 to 1988, Chief Operating Officer from 1988 to 1995, President from 1989 to 1996, and Chief Executive Officer from 1995 to 1996. Before co-founding Continental Medical Systems, Inc., he was a Vice President of Rehab Hospital Services Corporation. Select Medical owns over 80% of Concentra.

Su Zan Nelson, Executive VP, Chief Accounting Officer

Su Zan Nelson is the Executive VP, Chief Accounting Officer at Concentra. In 2014, she served as interim CFO for DentalOne Partners, a dental management service organization that supported 160 dental practices. In 2015, she became the CFO for MedPost Urgent Care, a division of Tenet Health with 45 urgent care centers. Her professional background also includes healthcare-related financial consultation with several leading corporations. Ms. Nelson earned her bachelor's degree in finance from the University of Texas at Arlington and is a certified public accountant (CPA).

The emergence and increasing adoption of virtual-first and hybrid occupational health models, facilitated by advanced telehealth platforms and digital care coordination tools. These models allow employers to manage workplace injuries, conduct pre-employment screenings, and provide general occupational health services with reduced reliance on traditional brick-and-mortar clinics. This shift offers convenience, potentially lower costs, and broader access, directly challenging Concentra's core business model which is heavily dependent on its extensive network of physical medical centers.

Concentra Parent (CON) operates in the U.S. healthcare sector, primarily offering occupational health, urgent care, and physical therapy services. The addressable markets for these main products and services in the U.S. are as follows:

• Occupational Health Services: The U.S. occupational health market was valued at approximately USD 1.04 billion in 2024. Other estimates place the market size at USD 1.187 billion in 2024, projected to grow to USD 2.146 billion by 2033 with a CAGR of 6.80% from 2025-2033. Another source indicates a market size of USD 5.45 billion in 2025, expected to reach USD 8.47 billion by 2032 with a CAGR of 6.5%.
• Urgent Care Services: The U.S. urgent care centers market was estimated at USD 34.34 billion in 2024 and is projected to reach USD 36.41 billion in 2025. This market is expected to grow to USD 55.07 billion by 2030, with a CAGR of 8.6% from 2025 to 2030. Other estimates for the U.S. urgent care centers market include USD 46.7 billion in 2024 and USD 75.1 billion in 2023, growing at a 7.5% CAGR between 2024 and 2032.
• Physical Therapy Services: The U.S. physical therapy services market size was estimated at USD 47.59 billion in 2024 and is expected to reach USD 49.48 billion in 2025. Other figures show the market size of physical therapists in the U.S. as USD 52.0 billion in 2024 and USD 53.2 billion in 2025. The U.S. physical therapy market is projected to reach USD 70.1 billion by 2033, growing at a CAGR of 3.1% from 2024 to 2033.

Concentra Parent (CON) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Patient Visits: The company has demonstrated consistent growth in patient volumes across its services. In the third quarter of 2025, total patient visits increased by 9.2% year-over-year, with workers' compensation visits rising by 9.8% and employer services visits by 8.9%. Excluding recent acquisitions, total visits per day still increased by 3.0%, indicating organic demand for Concentra's services.
2. Increase in Revenue Per Visit: Concentra has successfully implemented price increases, leading to a 4.2% increase in overall revenue per visit in Q3 2025. This was specifically driven by a 4.7% increase in workers' compensation revenue per visit and a 2.7% increase in employer services revenue per visit.
3. Strategic Mergers and Acquisitions (M&A): A significant driver of Concentra's growth comes from its inorganic strategy, including the acquisition and integration of other companies. For example, the acquisition of Pivot Onsite Innovations in Q2 2025 substantially contributed to a 123.8% increase in the onsite health clinics segment's revenue in Q3 2025. The company also benefited from the acquisition of Nova Medical Centers in Q1 2025. Concentra's management has highlighted its continued focus on M&A as a core strategy for growth.
4. De Novo Center Expansion and Network Growth: Concentra is expanding its physical footprint through a de novo strategy, which involves establishing new occupational health centers and onsite health clinics. The company has expanded its network to include 628 occupational health centers and 413 onsite health clinics, contributing to increased daily patient visits and broader market reach.
5. Rising Demand for Occupational Health Services: The broader market trend of an increasing focus on workplace health and safety, partly influenced by the COVID-19 pandemic, presents a significant opportunity for Concentra. This growing demand allows the company to further solidify its market leadership and leverage its comprehensive service offerings.

Share Issuance

• Concentra Parent completed its Initial Public Offering (IPO) in July 2024, issuing 22,500,000 shares at $23.50 per share, raising $528,750,000 in gross proceeds.
• Following the IPO, Select Medical Holdings Corporation retained an ownership stake of 82.23% of Concentra's total outstanding shares.
• As of October 31, 2025, the company had 128,170,202 shares of common stock outstanding.

Share Repurchases

• In November 2025, Concentra Parent's Board of Directors authorized a share repurchase program of up to $100 million of its common stock, set to expire on December 31, 2027.
• The share repurchases can be executed in the open market or through privately negotiated transactions and will be funded with cash on hand.
• The company does not expect the share repurchase program to impact its net leverage targets for 2025 and 2026.

Inbound Investments

• The Initial Public Offering in July 2024 represented a significant inbound investment, with the company raising $529 million in gross proceeds.
• Concentra Group Holdings Parent, Inc. was spun out as an independent company from Select Medical Holdings Corporation.

Outbound Investments

• In the first quarter of 2025, Concentra's investing activities included $279.0 million in acquisition-related spending.
• The company successfully completed the acquisition of Nova Medical Centers in Q1 2025 and signed a definitive agreement in April 2025 to acquire Pivot Onsite Innovations.
• The acquisition of Pivot Onsite Innovations is expected to expand Concentra's onsite health clinics to more than 350 locations.

Capital Expenditures

• Capital expenditures for the first, second, and third quarters of 2025 were $15.7 million, $25.2 million, and $21.2 million, respectively.
• For the full year 2025, expected capital expenditures are projected to be in the range of $80 million to $90 million, with a trend towards the lower end of this range.
• The primary focus of capital expenditures includes the expansion of the national footprint through new occupational health centers and onsite health clinics, and accelerating technology investments.