Here are 1-3 brief analogies to describe Concentra Parent:

• Think of Concentra as the 'MinuteClinic for the workplace' – a national network of clinics providing specialized care for employee injuries and other employer health services, helping businesses reduce workers' compensation costs.

• It's like a national urgent care chain (e.g., MedExpress or AFC Urgent Care), but exclusively dedicated to occupational health, worker's compensation, and direct employer services rather than general consumer illness.

• Workers' Compensation Services: Provides comprehensive medical treatment and physical rehabilitation for workplace injuries and illnesses.
• Employer Services: Offers a suite of direct-to-employer solutions, including drug and alcohol screenings, physical examinations, clinical testing, preventive care, and advanced primary care.
• Consumer Health Services: Delivers patient-directed urgent care for minor injuries and illnesses.
• Telemedicine Services: Provides remote occupational health and related services through virtual platforms.
• Pharmacy Services: Offers pharmacy solutions, likely related to occupational health and employee well-being.
• Medical Compliance Administration: Assists employers with managing medical regulatory compliance requirements.

• By Size: They serve all types of employers, ranging from small businesses to medium, large, Fortune 500, and Fortune 100 corporations.
• By Industry: Their services are utilized by employers across diverse industries, including transportation, distribution and warehousing, manufacturing, construction, healthcare, and municipal government services, among many others.

William Keith Newton, Chief Executive Officer

Mr. Newton has served as Chief Executive Officer of Concentra since rejoining in 2015 and as President until 2023. He was previously President and Chief Operating Officer of Concentra from 2007 to 2011. Between 2011 and 2015, Mr. Newton was President and Chief Executive Officer of DentalOne Partners. He also directed operations for OccuSystems, Inc. from 1995 to 1999, one of the companies that merged to form Concentra in 1997. From 1999 to 2007, he served as president of Concentra's former Health Services division. Prior to 1995, Mr. Newton worked for Columbia HCA's Ambulatory Surgery Division and its predecessor Medical Care International.

Matthew T. DiCanio, President & Chief Financial Officer

Mr. DiCanio has served as President since 2023 and Chief Financial Officer since 2024. He oversees Concentra's financial operations, strategic financial planning, investment activities, growth initiatives, mergers and acquisitions, and real estate activities. He was previously responsible for the Valor Healthcare outpatient division (since divested). Before joining Concentra, Mr. DiCanio held various positions in finance, mergers and acquisitions, and management, including serving as principal and co-head of the healthcare vertical at a middle-market investment bank and as an investment banker with Bank of America Merrill Lynch. He is also a CPA.

Michael D. Rhine, Executive Vice President, Chief Operating Officer of Onsite Health & Telemedicine

Mr. Rhine is responsible for the strategic leadership and operational management of Concentra's onsite health services and telemedicine programs. He focuses on optimizing the delivery of care through these channels, ensuring efficiency, quality, and accessibility for patients.

Michael A. Kosuth, Executive Vice President & Chief Operating Officer of East

Mr. Kosuth oversees the day-to-day operations of over 280 medical centers in Concentra's eastern region. He manages and optimizes field operations, with responsibility for the profit and loss (P&L) of the centers. He joined Concentra in 1996 in an operational development role and has held various positions, applying his leadership to drive the company forward.

Jonathan P. Conser, Executive Vice President and Chief Growth & Customer Officer

Mr. Conser is responsible for driving Concentra's growth initiatives and fostering strong customer relationships. He leads efforts in customer acquisition, revenue operations, and relationship management, including field sales, key accounts, strategic national accounts, payor relationships, employer services TPA, telemedicine, and network channel relationships. He has served in various key sales management roles since joining Concentra in 2003.

Key Business Risks for Concentra Parent (CON)

1. Dependence on Demand for Workers' Compensation and Employer Services: Concentra's business is heavily reliant on providing occupational health services, primarily workers' compensation and employer services, to its extensive network of employer customers. For the three months ended March 31, 2024, these services represented approximately 98% of visit-related revenue in the Occupational Health Centers segment. The utilization of Concentra's services is largely driven by occupations with a higher-than-average risk of workplace injury and illness. Consequently, the company is susceptible to external factors such as economic downturns that could reduce employment levels, advancements in workplace safety that might decrease injury rates, or significant changes in workers' compensation laws and regulations that could alter employer demand or reimbursement structures.
2. Competition in the Occupational Health Market: Although Concentra emphasizes its competitive advantages through clinical outcomes and patient satisfaction, the company operates within a competitive landscape. Its own studies on workers' compensation claims indicate that "non-Concentra health centers" accounted for a substantial portion of the evaluated claims, suggesting that employers have alternative providers for occupational injury treatment. The ability to continuously retain existing employer relationships and attract new ones is crucial, implying an ongoing risk from competitors seeking to capture market share.
3. Risks Related to Growth Through Acquisitions and New Center Development: Concentra's strategy for continued growth includes pursuing strategic acquisitions and opening new occupational health centers in key markets. While these initiatives aim to expand the company's footprint and customer base, they inherently carry risks. These include challenges in successfully integrating acquired businesses, higher-than-anticipated operational or capital expenditures, difficulties in achieving expected synergies, and potential issues with market acceptance or regulatory hurdles for new facilities.

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

• Organic Growth and Customer Expansion: The company plans to pursue continued organic growth within its existing occupational health centers and onsite health clinics. This involves increasing patient volume and attracting new employers by demonstrating strong clinical outcomes and patient satisfaction.
• Expansion of Physical Footprint: Concentra intends to grow its presence by opening new occupational health centers in key markets.
• Strategic Acquisitions: The company will leverage strategic acquisitions to expand its footprint and customer base.
• Introduction and Expansion of New Service Offerings: Concentra is actively building out adjacent service offerings. These include employer-focused advanced primary care solutions, behavioral health workers’ compensation capabilities, growth of its specialist program, and the expansion of mobile health and episodic specialty testing services.

Share Repurchases

• Concentra repurchased approximately 1.1 million shares of common stock totaling $22.4 million in 2025.
• The company authorized a share repurchase program for up to $100 million of common stock, with $80 million remaining as of year-end 2025.
• Concentra intends to continue opportunistically executing its share repurchase program in 2026.

Share Issuance

• On July 26, 2024, Concentra completed its Initial Public Offering (IPO), issuing 22,500,000 shares of common stock at a price of $23.50 per share, generating gross proceeds of $528.8 million.
• The 2024 Equity Incentive Plan authorized the issuance of 5,925,000 shares of common stock, with approximately 3,108,014 shares issued through December 31, 2025.

Inbound Investments

• Prior to its IPO in July 2024, Concentra was a wholly-owned subsidiary of Select Medical Holdings Corporation.
• In connection with its spin-off and IPO, Concentra planned to issue approximately $750 million of secured debt and $750 million of unsecured debt, distributing the proceeds to Select Medical and retaining about $100 million in cash for general corporate purposes.

Outbound Investments

• In 2025, Concentra executed strategic acquisitions, including Nova Medical Centers ("Nova") and Pivot Onsite Innovations, to expand its occupational health centers and onsite health clinics.
• These acquisitions were financed using a combination of new debt, existing credit facilities, and cash on hand.

Capital Expenditures

• Capital expenditures for the full year 2025 were $82.3 million, an increase of 28.0% from $64.3 million in 2024. These included approximately $15 million in one-time transition costs related to the Nova acquisition.
• For the fourth quarter of 2025, capital expenditures amounted to $20.2 million, with approximately $4 million attributed to one-time Nova acquisition transition costs.
• For the full year 2026, Concentra anticipates capital expenditures to be in the range of $70 million to $80 million, primarily focused on investments in new centers ("de novos"), relocations, renovations, maintenance, and IT.