EXHIBIT 99.2
Published on April 21, 2025
©2024 Concentra Inc. All rights reserved. Accelerating Growth Through The Acquisition of Pivot Onsite Innovations April 21, 2025 |
©2025 Concentra Inc. All rights reserved. Forward-Looking Statements This presentation contains forward-looking statements that express the Company’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to, financial guidance and other projections and forecasts. Forward looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those under “Risk Factors” therein. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond the Company’s control. Any forward looking statement made by the Company in this presentation speak only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward looking statements and you should not place undue reliance on its forward looking statements. The Company’s forward looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions it may make. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Use of Non-GAAP Financial Information In order to provide investors with greater insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision making, the Company supplements its condensed consolidated financial statements presented on a GAAP basis herein with certain non-GAAP financial information, including reconciliations of these non-GAAP measures to their most directly comparable GAAP measures, which are included in this presentation, as well as in the Company’s quarterly financial press releases and related Form 8-K filings with the SEC. This information can be accessed for free by visiting www.concentra.com or www.sec.gov. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA margin, as defined herein, are important to investors because Adjusted EBITDA and Adjusted EBITDA margin are commonly used as an analytical indicator of performance by investors within the healthcare industry. Adjusted EBITDA and Adjusted EBITDA margin are used by management to evaluate financial performance of, and determine resource allocation for, each of our operating segments. However, Adjusted EBITDA and Adjusted EBITDA margin are not measures of financial performance under U.S. GAAP. Items excluded from Adjusted EBITDA and Adjusted EBITDA margin are significant components in understanding and assessing financial performance. Adjusted EBITDA and Adjusted EBITDA margin should not be considered in isolation, or as an alternative to, or substitute for, net income, net income margin, income from operations, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because Adjusted EBITDA and Adjusted EBITDA margin are not measurements determined in accordance with U.S. GAAP and are thus susceptible to varying definitions, Adjusted EBITDA and Adjusted EBITDA margin as presented may not be comparable to other similarly titled measures of other companies. We define Adjusted EBITDA as earnings excluding interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, separation transaction costs, Nova acquisition costs, gain (loss) on sale of businesses, and equity in earnings (losses) of unconsolidated subsidiaries. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We will refer to Adjusted EBITDA and Adjusted EBITDA margin throughout these materials. Disclaimer 2 |
©2025 Concentra Inc. All rights reserved. 3 (1) Pro forma as of December 31, 2024, with ~620 occupational health centers comprised of 552 as of 12/31/24 and ~75 from 2025 acquisitions (Nova and PHC) and de novos; (2) Pro forma as of December 31, 2024, with occupational health center revenue as of 12/31/24 plus $130.3M revenue from Nova Medical Centers acquisition (LTM Nov. 2024), figures are rounded, remaining percentage comprised of other businesses (pharmacy repackaging operations and third-party employer services administration) Occupational Health Centers Onsite Health Clinics Telemed Description Centers specializing in offering occupational and other healthcare services to employer customers Clinics dedicated to a single employer’s worksite, offering occupational health, advanced primary care, and other services Telemedicine solution used to treat work injuries and illnesses, behavioral health, and other services Customer Types ~200,000 employers, ranging from Fortune 100 to small businesses Medium to large-sized companies All types of employers % of Revenue2 ~95% ~3% ~1% Services Offered Occupational Health (Workers’ Compensation, Employer Services), Consumer Health and Advanced Primary Care 3 Concentra’s Onsite Health Clinics Operating Segment is Primed for Growth # of Facilities1 ~620 157 Virtual (excluding Pivot 24/7 Onsite Innovations) (excluding Pivot Onsite Innovations) Today’s Acquisition |
©2025 Concentra Inc. All rights reserved. 4 Onsite Healthcare is a Multi-billion Dollar Industry With Significant Tailwinds Concentra is well-positioned in the attractive onsite health clinics sector, and is poised to benefit from the secular tailwinds that underpin tangible and near-term growth opportunities Onsite Health Clinic Industry Overview Multi-billion dollar industry in the U.S., largely comprised of occupational health and advanced primary care services Attractive secular tailwinds support long-term growth in an industry with substantial whitespace opportunity All stakeholders benefit from the delivery of high-quality onsite care: Market Opportunity By The Numbers ~30% of employers (1,000+ workers) have an onsite or near-site clinic ~$1.3tn employer healthcare spending 40%+ of employers with onsite health clinics report an ROI of 1.5:1 or higher ~6% increase in spending per employee participant ✓ Reducing medical plan costs to employers ✓ Reducing workplace injuries and disruption ✓ Increasing employee engagement in health & wellness programs ✓ Improving employees’ well-being and productivity ✓ Providing access to quality care at little to no out-of-pocket expense for the employee ✓ Capital-light business, enhancing ROI for all stakeholders Source: Mercer, Christensen Group Insurance, Centers for Medicare and Medicaid Services (CMS), National Association of Worksite Health Centers, Dun & Bradstreet (1) Concentra estimate for occupational health and advanced primary care onsite market, based on third-party data ~$17bn+ serviceable addressable market (SAM) of onsite healthcare1 ~67% of employees believe employer-covered healthcare is the most important benefit |
©2025 Concentra Inc. All rights reserved. 5 Pivot Onsite Innovations Overview Combined Locations ~200 157 ~357 Revenue ~$60M $64M $120M+ States 41 36 43 Colleagues2 700+ ~460 1,200+ Years of Experience 27 32 59 Company Overview Pivot Onsite Innovations is a leader in the onsite health clinic industry, with a focus on occupational health ▪ Services: occupational health, wellness, prevention, performance services ▪ Care models: advanced practitioner, athletic training, EMT/occupational health technicians, occupational health nurse Key Stats1 (1) Pivot Onsite Innovations figures as of February 2025, Concentra figures as of December 2024; (2) Includes full-time, part-time, and PRN colleagues; (3) Estimated based on number of occupational health-focused onsite health clinic locations Key Investment Highlights Highly complementary fit with Concentra Onsite Health; fully aligned with Concentra’s business, mission, and growth strategy Highly compelling and tangible synergy and cross-sell opportunities between Concentra and Pivot Onsite Innovations Doubles size of Concentra’s onsite health clinics segment, amplifying ability to deliver accessible occupational health and advanced primary care to large employers Proven integration playbook, which will position Pivot Onsite Innovations to deliver long-term growth and success within Concentra Transforms Concentra Onsite Health into the #1 occupational health-focused provider of onsite clinics in the U.S.3 x2 |
©2025 Concentra Inc. All rights reserved. 6 Complementary Nationwide Onsite Footprint The addition of Pivot Onsite Innovations more than doubles Concentra’s onsite health clinic footprint to ~357 locations, and grants access into new states & markets Note: Map reflects onsite health clinics only, and does not include ~620 occupational health centers |
©2025 Concentra Inc. All rights reserved. 7 Transaction Terms & Key Considerations Financial Impact Immediately accretive to Concentra’s earnings; projected < 9x EBITDA multiple by Year 2 (post-synergy) Leverage No material impact on projected net leverage ratio for year-end 2025 (~3.5x) or long-term targets (~3.0x in 18-24 months), with steadfast commitment to capital allocation strategy and de-levering Integration Proven acquisition playbook to bring under Concentra infrastructure and capture synergy potential, with Concentra Onsite Health leadership team highly focused on capital-light and turnkey integration process Expected to close in Q2 2025, subject to customary closing conditions Timing Expect to fund with cash-on-hand and available liquidity under existing revolver Funding $55 million, subject to certain customary adjustments Purchase Price Transaction Terms Key Considerations Concentra will release its Q1 2025 financial results on Wednesday, May 7, 2025, after market close; a conference call will be held on Thursday, May 8, 2025, at 9 a.m. Eastern Time Q1 2025 Earnings |