•Revenue of $550.8 million, an increase of 15.2% from $477.9 million in Q2 2024

•Net income of $46.2 million, net income attributable to the Company of $44.6 million, and Adjusted Net Income Attributable to the Company of $47.7 million in Q2 2025

•Earnings per share of $0.35 and Adjusted Earnings per Share of $0.37 in Q2 2025

•Adjusted EBITDA of $115.0 million, an increase of 13.2% from $101.6 million in Q2 2024

•Cash balance of $73.9 million and net leverage of 3.8x at the end of Q2 2025

•Patient Visits of 3,520,320, or 55,005 Visits per Day in the quarter, an increase in Visits per Day of 9.5% from Q2 2024

•Revenue per Visit of $145.92, an increase of 4.4% from $139.81 in Q2 2024

•Closed on the acquisition of Pivot Onsite Innovations on June 1st

•Total occupational health centers of 628, compared to 547 at the end of Q2 2024

•Total onsite health clinics of 406, compared to 154 at the end of Q2 2024

•More than 1,000 total locations, serving approximately 215,000 employer customers

•Announced the appointment of Brigid Bonner and Vipin Gopal to our board of directors

For the six months ended June 30, 2025, revenue increased 11.2% to $1,051.5 million, compared to $945.5 million for the same period, prior year. Income from operations increased 6.5% to $169.9 million for the six months ended June 30, 2025, compared to $159.4 million for the same period, prior year. Net income was $86.8 million, earnings per share was $0.65 and Adjusted Earnings per Share was $0.70 for the six months ended June 30, 2025, compared to net income of $103.3 million, earnings per share of $0.97, and Adjusted Earnings per Share of $0.98 for the same quarter, prior year. Adjusted EBITDA increased 10.1% to $217.7 million for the six months ended June 30, 2025, compared to $197.7 million for the same period, prior year. The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table X of this release. The definition of Adjusted Earnings per Share and a reconciliation of net income attributable to the Company and earnings per share on a fully diluted basis to Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share on a fully diluted basis are presented in table XI of this release.

•Revenue in the range of $2.13 billion to $2.16 billion

•Adjusted EBITDA in the range of $420 million to $430 million

•Capital expenditures in the range of $80 million to $90 million (no change)

•Net leverage ratio of approximately 3.5x (no change)

•The frequency of work-related injuries and illnesses;

•The adverse changes to our relationships with employer customers, third-party payors, workers’ compensation provider networks or employer services networks;

•Changes to regulations, new interpretations of existing regulations, or violations of regulations;

•State fee schedule changes undertaken by state workers’ compensation boards or commissions and other third-party payors;

•Our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs;

•Labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs;

•Our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers;

•A security breach of our, or our third-party vendors’, information technology systems which may cause a violation of HIPAA and subject us to potential legal and reputational harm;

•Negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes;

•Significant legal actions could subject us to substantial uninsured liabilities;

•Litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements;

•Insurance coverage may not be sufficient to cover losses we may incur;

•Acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities;

•Our exposure to additional risk due to our reliance on third parties in many aspects of our business;

•Compliance with applicable laws regarding the corporate practice of medicine and therapy and fee-splitting;

•Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information;

•Compliance with applicable data interoperability and information blocking rule;

•Facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations;

•Our ability to adequately protect and enforce our intellectual property and other proprietary rights;

•Adverse economic conditions in the U.S. or globally;

•Any negative impact on the global economy and capital markets resulting from other geopolitical tensions;

•The impact of impairment of our goodwill and other intangible assets;

•Our ability to maintain satisfactory credit ratings;

•The effects of the Separation on our business;

•Our ability to achieve the expected benefits of and successfully execute the Separation and related transactions;

•Restrictions on our business, potential tax and indemnification liabilities and substantial charges in connection with the Separation and related transactions;

•The negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease similar to the COVID-19 pandemic;

•The loss of key members of our management team;

•Our ability to attract and retain talented, highly skilled employees and a diverse workforce, and on the succession of our senior management;

•Climate change, or legal, regulatory or market measures to address climate change;

•Increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters;

•Changes in tax laws or exposures to additional tax liabilities; and

•Changes to United States tariff and import/export regulations and the impact on global economic conditions may have a negative effect on our business, financial condition and results of operations.

						Six Months Ended June 30,
						2025						2024						% Change
Revenue						$	1,051,537					$	945,513					11.2		%
Costs and expenses:
Cost of services, exclusive of depreciation and amortization						746,435						676,263						10.4
General and administrative, exclusive of depreciation and amortization(1)						99,644						73,737						35.1
Depreciation and amortization						35,617						36,355						(2.0)
Total costs and expenses						881,696						786,355						12.1
Other operating income						20						284						(93.0)
Income from operations						169,861						159,442						6.5
Other income and expense:
Loss on early retirement of debt						(875)						—						N/M
Equity in losses of unconsolidated subsidiaries						—						(3,676)						N/M
Interest (expense) income						(53,741)						94						N/M
Interest expense on related party debt						—						(19,289)						N/M
Income before income taxes						115,245						136,571						(15.6)
Income tax expense						28,409						33,233						(14.5)
Net income						86,836						103,338						(16.0)
Less: net income attributable to non-controlling interests						3,365						2,645						27.2
Net income attributable to the Company						$	83,471					$	100,693					(17.1)		%
Basic and diluted earnings per common share(2)						$	0.65					$	0.97

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						Six Months Ended June 30, 2025																		Six Months Ended June 30, 2024
						Net Income Attributable to the Company						Shares(1)						Basic and Diluted EPS						Net Income Attributable to the Company						Shares(1)						Basic and Diluted EPS
Common shares						$	82,486					126,647						$	0.65					$	100,693					104,094						$	0.97
Participating securities						985						1,512						$	0.65					—						—						$	—
Total Company						$	83,471					128,159						$	0.65					$	100,693					104,094						$	0.97

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						Three Months Ended June 30,
						2025						2024
Facility Count
Number of occupational health centers—start of period						627						547
Number of occupational health centers acquired						—						—
Number of occupational health centers de novos						1						1
Number of occupational health centers closed/sold						—						(1)
Number of occupational health centers—end of period						628						547
Number of onsite health clinics operated—end of period						406						154
The following table sets forth operating statistics for our occupational health centers operating segment for the periods presented:
						Three Months Ended June 30,
Number of patient visits						2025						2024						% Change
Workers’ compensation						1,589,981						1,455,254						9.3		%
Employer services						1,877,383						1,702,399						10.3		%
Consumer health						52,956						56,602						(6.4)		%
Total						3,520,320						3,214,255						9.5		%
Visits per day volume
Workers’ compensation						24,843						22,739						9.3		%
Employer services						29,334						26,600						10.3		%
Consumer health						827						884						(6.4)		%
Total						55,005			(3)			50,223						9.5		%
Revenue per visit(1)
Workers’ compensation						$	208.93					$	198.18					5.4		%
Employer services						92.85						90.05						3.1		%
Consumer health						135.52						135.49						—		%
Total						$	145.92					$	139.81					4.4		%
Business Days(2)						64						64

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			Three Months Ended June 30,																								Six Months Ended June 30,
			2025						Per Share						2024						Per Share(4)						2025						Per Share						2024						Per Share(4)
Reconciliation of Adjusted Net Income Attributable to the Company:(1)
Net income attributable to the Company			$	44,560					$	0.35					$	51,737					$	0.50					$	83,471					$	0.65					$	100,693					$	0.97
Adjustments:
Loss on early retirement of debt			—						—						—						—						875						0.01						—						—
Separation transaction costs(2)			1,360						0.01						(380)						0.00						1,675						0.01						1,613						0.02
Nova and Pivot Onsite Innovations acquisition costs			2,833						0.02						—						—						5,970						0.05						—						—
Total additions, net			$	4,193					$	0.03					$	(380)					$	0.00					$	8,520					$	0.07					$	1,613					$	0.02
Less: tax effect of adjustments(3)			(1,036)						(0.01)						97						0.00						(2,100)						(0.02)						(392)						0.00
Adjusted Net Income Attributable to the Company			$	47,717					$	0.37					$	51,454					$	0.49					$	89,891					$	0.70					$	101,914					$	0.98
Weighted average shares outstanding - diluted									128,171												104,094												128,159												104,094

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