CON - Takeaways From Strong 1Q, Reiterate Buy - Raising Estimates And Price Target

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CON - Takeaways From Strong 1Q, Reiterate Buy - Raising Estimates And Price Target

gains as tailwinds

within Workers’ Comp while potentially reduced turnover as a bit of a headwind to the lower

margin Employer Services business. In addition, weather impacts were a y/y tailwind as TR to Target 29.3%

the milder winter weather in 1Q:25 drove less slip/fall volumes and Concentra worked to Price (May 8, 2026) $24.16 minimize center closures in 1Q:26 to provide access for workers impacted by the more

52-Wk Range $24.17-$18.71 severe conditions this year. Volume growth in workers comp was well ahead of our estimate

Market Cap ($M) 3,117 (+9.6% vs. our +5.0%E) aided by the aforementioned drivers coupled with new technologies

ADTV 543,874 to help aid account management and retention while driving improved service levels/NPS/

Shares Out (M) 129 patient experience. Volumes in Employer Services were also ahead, with efficient staffing

Short Interest Ratio/% Of Float 2.1% management helping to drive the better cost of services vs. our expectations. Finally,

Dividend/Yield 0.25/1.0% Concentra continues to make progress on the separation from Select Medical (SEM, NR),

Enterprise Value ($M) 4,631 has now hired 95%+ of the total expected new employees, expects to complete additional

back-office technology separation milestones in the coming months and now assumes a Cash & Equivalents ($M) 62

functional separation by the end of the summer, ahead of the November deadline. Total Debt ($M) 1,576

Expansion Ongoing, We Continue To See Plenty Of White Space. Concentra continues

to expand the Occupational Health footprint, adding four centers in the quarter including a de 6 Page Document

novo (Atlanta) and the acquisition of three facilities in Southern California, and management