Concentra (CNCE) outlined its leadership transition and growth strategy at the Wells Fargo 21st Annual Healthcare Conference on Wednesday, Sept. 9, 2026. Effective Nov. 1, 2026, Matthew DiCanio will become president and CEO, while Tanner Newton assumes CFO duties. Founder Keith Newton will move to executive chairman, and Select Medical founder Bob Ortenzio will step down from chairman to a director role.
Shares have returned 73% year to date and were trading near a 52-week high of $35.90, with a closing price around $34.95. Wall Street analysts have price targets ranging from $34 to $42.
Since its July 2024 IPO, Concentra has posted nine consecutive quarters of meeting or beating guidance. Net leverage fell to 2.99 times at the end of the second quarter — ahead of the company’s under-3-times target — with a longer-term goal of 2.5 times. Second-quarter cost improvements came in at roughly 240 basis points year over year, and full-year margin expansion is expected at about 100 basis points.
Revenue from its onsite occupational health business now exceeds $150 million, up from approximately $50 million several years ago, with organic growth above 20% in recent quarters. Management estimates the total addressable market for onsite services at over $20 billion.
On the expansion front, the company plans to open eight to 10 de novos this year and expects north of 10 next year, targeting 25% to 30% cash-on-cash returns. Bolt-on acquisitions aim for 15 to 20 centers annually at sub-3x entry multiples and 20% to 30% cash-on-cash returns.
Concentra serves roughly 250,000 employer relationships across 45 to 46 states and processes about 55,000 patient visits daily. Employer services growth remains stable at 1% to 2%, tracking flat quit rates. The company says it delivers total claim costs 25% lower than competitors.
A new New York workers’ compensation fee schedule is expected to take effect Jan. 1, 2027, raising rates for initial injuries, rechecks and specialty visits while excluding physical therapy for now.
Acquisition activity has included Pivot Onsite, acquired in summer 2025, and the 67-center Nova purchase completed March 1 of the prior year. Major clients include Amazon, UPS and Walmart. DeCanio emphasized the breadth of Concentra’s data set, which spans 40 to 45 years of patient outcomes.
