Concentra, Inc.: BofA Conference Takes: Attractive growth, unique payor mix

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Concentra, Inc.: BofA Conference Takes: Attractive growth, unique payor mix

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Concentra, Inc.

BofA Conference Takes: Attractive growth,

unique payor mix

Reiterate Rating: BUY | PO: 31.00 USD | Price: 25.87 USD

Growing faster than end market, history of beats 13 May 2026

At the BofA Healthcare Conference, we hosted Concentra’s (CON) team including Matt Equity

DiCanio, President/CFO, Tanner Newton, Senior VP, Strategy & Finance, and Bill

Chapman, VP, Strategy & Investor Relations. The tone was bullish coming out of a strong

Key Changes

Q1 beat and guidance raise, with the team bullish on the LT growth outlook in the mid

to high single digits. We note CON beat consensus EBITDA ests every quarter since the (US$) Previous Current

separation from Select Medical. We raise our PO from $28 to $31 on a higher multiple Price Obj. 28.00 31.00

(11x 2026E Adj EBITDAR vs 10.3x prior) on the increased confidence in execution. We

reiterate Buy as we like the solid growth and unique payor mix. JoannaResearchGajukAnalyst

BofAS

Confident in mid to high single-digits rev growth +1joanna.gajuk@bofa.com646 855 3961

Occupational health demand is driven by employment, mostly blue-collar jobs, which Kevin Fischbeck, CFA

continue to grow (recent layoffs concentrated in white-collar jobs). CON’s workers’ comp Research Analyst

volumes are growing low single digits as the company continues to gain market share. +1 646 855 5948

This is supplemented by the consistent +3% rate growth as well as denovos and tuck-in kevin.fischbeck@bofa.com

deals adding couple percent for total rev growth in mid to high single-digits. Joaquin Arriagada Martinez

Research Analyst

+1 646 855 1654Scale, investments drive market share gains joaquin.arriagadamartinez@bofa.com