Core Insights - BeWhere Holdings Inc. has released a new case study showcasing its collaboration with Examinetics, a leading provider of mobile occupational health services in the US, highlighting the use of BeWhere's BeMini asset trackers to enhance equipment management [1][2]. Company Overview - BeWhere specializes in low-power 5G IoT wide-area tracking technology, focusing on creating remote monitoring solutions that address cost, power, and environmental challenges. The company has experienced rapid growth over six years, collaborating with Fortune 500 companies and deploying hundreds of thousands of trackers across various sectors, including transportation, construction, logistics, utilities, health, and government [4][5]. Product Features - The BeMini tracker is compact, measuring 2¼"x 1½" x ¾", weighs only 50 grams, and offers customizable reporting configurations to extend battery life for months. It operates on T-Mobile for Business low-power 5G LTE-M networks, ensuring national coverage with minimal energy consumption [2][3]. Collaboration Impact - The partnership between BeWhere, Examinetics, T-Mobile for Business, and KORE demonstrates how asset tracking can improve compliance, reduce downtime, and scale services in occupational health. The BeMini tracker significantly enhances the efficiency and service delivery of Examinetics by ensuring health professionals have the necessary equipment on-site and on time [3][4]. Industry Implications - The collaboration illustrates the transformative potential of evolving IoT technology in reshaping health services. BeWhere's participation in the T-Mobile for Business Registered Partner Program enables the introduction of low-power 5G connectivity for asset tracking solutions, enhancing the capabilities and growth potential of AI solutions through increased connected devices [3][5].

Core Insights - Concentra Group Holdings Parent, Inc. reported preliminary unaudited financial results for Q4 and full year 2025, exceeding previous guidance for the year [1][2] - The company anticipates continued growth in 2026, supported by strong performance in 2025 and a detailed business outlook [5][9] Financial Performance - For Q4 2025, Concentra expects to report revenue of $539.1 million, a 15.9% increase from Q4 2024's $465.0 million [5] - Net income for Q4 2025 is projected at $36.2 million, up 58.7% from $22.8 million in Q4 2024 [5] - Adjusted EBITDA for Q4 2025 is expected to be $95.3 million, reflecting a 22.9% increase from $77.5 million in Q4 2024 [5] - Full year 2025 revenue is anticipated to be $2,163.4 million, a 13.9% increase from $1,900.2 million in FY 2024 [5] Operational Metrics - Total patient visits for Q4 2025 reached 3,264,322, a 9.0% increase from 2,994,988 in Q4 2024 [29] - The average revenue per visit in Q4 2025 was $149.63, up 3.1% from $145.08 in Q4 2024 [29] - For the full year 2025, total patient visits were 13,546,707, a 7.3% increase from 12,623,503 in FY 2024 [32] Business Outlook - For 2026, Concentra expects revenue in the range of $2.25 billion to $2.35 billion, with Adjusted EBITDA between $450 million and $470 million [12][35] - The company aims to maintain a net leverage ratio of 3.0x or below and anticipates free cash flow of $200 million to $225 million [12][35] Company Overview - Concentra is the largest provider of occupational health services in the U.S. by number of locations, operating 628 occupational health centers and 411 onsite health clinics [10] - The company supports approximately 53,000 patients daily across 47 states, focusing on improving the health of America's workforce [10]

Core Insights - Concentra has acquired the assets of Reliant Immediate Care, enhancing its presence in California's occupational health market [1][4] - The acquisition includes rebranding of Reliant locations to Concentra, with a focus on expanding access to care in the greater Los Angeles area [2][3] Company Expansion - The newly acquired locations include Concentra Century Airport, Concentra Downtown LA, and Concentra Montebello, while Reliant Huntington Park will merge with Concentra Vernon Soto [2][3] - Concentra aims to provide a range of services including work injury care, urgent care, physical therapy, drug testing, and telemedicine for minor work injuries [3][4] Market Position - Concentra is recognized as the largest provider of occupational health services in the U.S. by number of locations, with over 625 centers nationwide [4][6] - The company serves more than 50,000 patients daily, indicating a strong operational capacity and demand for its services [6]

Company Overview - Concentra is the largest occupational health services provider in the United States [3] - The company was originally known as OccuSystems and rebranded to Concentra in the late 1990s [2] - Concentra was sold to Humana in 2011 and later acquired by Select Medical in 2015 [2][3] - The company became publicly traded in July 2024 following a spin-off from Select Medical [3] Leadership - Keith Newton has been with Concentra for 25 years and currently serves as CEO [2] - The leadership team includes CFO Matt DiCanio and SVP of Finance and Strategy Tanner Newton [1]

Business Overview - Concentra is the largest provider of occupational health services in the United States by number of locations[7] - The company cares for an average of over 52,000 patients each business day[7] - Concentra serves approximately 200,000 employer customers[7] - The company treats approximately 1 in every 4 injuries that occur within the U S workplace[12] - Concentra has over 1,000 total locations[12] Financial Performance - Concentra's TTM Revenue is $21 billion[8] - The company's TTM Adjusted EBITDA is $414 million[8] - Concentra's TTM Adjusted EBITDA margin is 198%[8] - The company's TTM free cash flow is $176 million[11] - Concentra's revenue from the largest employer customer is less than 3%[8]

Group 1 - Concentra Group Holdings Parent, Inc. (NYSE:CON) is considered a cheap healthcare stock with a "Buy" rating from all seven analysts, indicating a median price target of $29, which suggests an upside potential of 48.95% from the current price [1] - Following the announcement of its third-quarter results, analysts reaffirmed their bullish outlook, with Mizuho Securities maintaining a Buy rating and a price target of $28, while Bank of America Securities also maintained a Buy rating [2] - In the third quarter, Concentra reported a 17% increase in revenue, an 8.9% increase in net income, and a 17.1% increase in adjusted EBITDA, driven by growth in patient volumes and revenue per visit [3]

Q3 2025 Performance - Total revenue increased by 170% year-over-year, reaching $5728 million, with a 106% increase excluding the impact of the Nova acquisition[12] - Adjusted EBITDA grew by 171% year-over-year to $1189 million, with a slight increase in Adjusted EBITDA margin to 208%[11, 12] - Workers' Compensation visits per day (VPD) increased by 44% year-over-year, excluding the impact of the Nova acquisition[11] - Employer Services VPD increased by 19% year-over-year[11] - Revenue per visit (RPV) increased by 42% year-over-year to $147[11] YTD 2025 Performance - Total revenue increased by 132% year-over-year, reaching $16243 billion[13] - Adjusted EBITDA increased by 125% year-over-year to $3366 million[13] - Capital expenditures increased by 305% year-over-year to $622 million, including approximately $11 million of one-time transition capex for Nova[13] Financial Position and Guidance - The company is focused on deleveraging, with net leverage lowered to 36x in Q3 2025 and on pace for ≤35x by year-end[11] - The revolving credit facility was completely paid down, with $50 million repaid in Q3 and $35 million repaid in October[11] - Full-year 2025 guidance for revenue was raised to $2145 billion - $2160 billion, and Adjusted EBITDA guidance was raised to $425 million - $430 million[11, 18]

Group 1 - Concentra Group Holdings Parent Inc. (NYSE:CON) is currently viewed as a strong investment opportunity, with JPMorgan analyst Benjamin Rossi assigning an Overweight rating and a price target of $31, citing favorable conditions in the outpatient environment for companies with lower federal funding exposure [1][3] - In Q2 2025, Concentra Group reported a total revenue growth of 15.2% year-over-year, maintaining this growth rate even when excluding contributions from the Nova acquisition, indicating a robust growth strategy through acquisitions and internal development [2][3] - The completion of the acquisition of Pivot On-site Health Clinics has significantly expanded Concentra's on-site health clinic segment, doubling its size to a total of 240 clinics, which is projected to generate approximately $120 million in revenue for 2025 [3] Group 2 - Concentra Group has raised its revenue guidance for 2025 to a range of $2.13 to $2.16 billion, reflecting confidence in its growth trajectory and operational performance [3] - The company provides a range of occupational health services in the US, including workers' compensation, employer and consumer health services, and employer-sponsored primary care services, positioning itself as a key player in the healthcare sector [4]

Financial Data and Key Metrics Changes - Total company revenue for Q2 2025 was $550.8 million, a 15.2% increase year over year from $477.9 million in Q2 2024. Excluding contributions from Nova, revenue was $519.4 million, resulting in an 8.7% increase over the prior year [6][10] - Adjusted EBITDA was $115 million in Q2 2025, compared to $101.6 million in the same quarter prior year, reflecting a 13.2% increase. Adjusted EBITDA margin decreased from 21.3% in Q2 2024 to 20.9% in Q2 2025 [9][20] - Adjusted net income attributable to the company was $47.7 million, with adjusted earnings per share at $0.37 for Q2 2025 [10] Business Line Data and Key Metrics Changes - In the occupational health center segment, total revenue was $516.1 million in Q2 2025, a 14.4% increase year over year. Workers' compensation revenue was $332.2 million, up 15.2% from the prior year [11][12] - Employer services revenue increased to $174.3 million, a 13.7% rise from the prior year, with visits per day increasing by 10.3% [12] - Excluding the impact of Nova, total revenue in the occupational health center segment was $484.8 million, a 7.4% increase year over year [13] Market Data and Key Metrics Changes - Total patient visits increased by 9.5% in Q2 2025, averaging approximately 55,000 visits per day. Workers' compensation visits per day increased by 9.3%, while employer services visits increased by 10.3% [7][8] - Excluding the impact from the acquisition of Nova, total visits per day increased by 2.4% [7] Company Strategy and Development Direction - The company is focused on integrating the Nova and Pivot acquisitions while continuing to expand its de novo site openings, with plans for two to three additional sites by the end of the year [4][25] - The company aims to capture remaining operational and back office synergies from the Nova acquisition, estimating over 70% of planned synergies captured by the end of Q2 [24] - The company is pursuing a strategy of both de novo openings and small bolt-on M&A deals, with a focus on maintaining a leverage ratio below three times by 2026 [26][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of visit trends and the broader economy, noting no significant slowdown in hiring trends [30][31] - The company anticipates a strong rate year in 2026, benefiting from state-specific fee schedule adjustments tied to recent legislation [34][36] - Management highlighted the ongoing separation from Select Medical, with significant progress made towards complete separation by November 2026 [36] Other Important Information - The company declared a cash dividend of $6.25 per share, payable on or about August 28, 2025 [28] - The company ended Q2 2025 with a total debt balance of $1.67 billion and a cash balance of $74 million, with a net leverage ratio of 3.8 times [21] Q&A Session Summary Question: Can you walk through the changes to revenue and adjusted EBITDA guidance? - Management indicated that the guidance was raised due to strong performance in revenue and EBITDA, factoring in contributions from recent acquisitions [42][44] Question: What is the updated count of on-site health clinics following the Pivot acquisition? - The updated count is approximately 240 on-site clinics, with no change to the revenue figure previously stated [47][48] Question: What explains the softer trend in Q1 for workers' compensation? - Management noted that various dynamics influenced Q1 performance, but overall, they expect to see low single-digit growth rates over time [51][53] Question: How does the company view the long-term organic growth for employer services? - Management anticipates long-term organic growth in the low single-digit range, around 1% to 2% per year from M&A and de novo efforts [82] Question: How does the company manage labor dynamics? - The company has historically not faced significant labor pressures due to its staffing model, which relies on medical assistants rather than more scarce nursing roles [98]

Q2 2025 Performance Highlights - Concentra's Q2 2025 total revenue increased by 152% year-over-year to $5508 million, with an 87% increase excluding the impact of the Nova acquisition[17] - Adjusted EBITDA for Q2 2025 grew by 132% year-over-year to $1150 million[17] - The number of onsite health clinics significantly increased to 406, a rise of 252 clinics, primarily due to the Pivot Onsite acquisition[17] - Revenue per visit (RPV) increased by 44% year-over-year to $146 in Q2 2025[17] YTD 2025 Performance Highlights - Total revenue for YTD 2025 increased by 112% year-over-year to $10515 billion, or 121% on a per-day basis[18] - Adjusted EBITDA for YTD 2025 increased by 101% year-over-year to $2177 million[18] - The number of occupational health centers increased to 628, a rise of 81 centers, due to the Nova acquisition and other M&A activities[18] - Revenue per visit (RPV) increased by 50% year-over-year to $146 in YTD 2025[18] Guidance and Financial Strategy - The company is raising its FY 2025 revenue guidance to $213 billion-$216 billion and Adjusted EBITDA guidance to $420 million-$430 million[16] - Concentra is targeting a net leverage ratio of less than 30x by the end of 2026[16]