The quarter beat the published bar, not just last year’s numbers. Revenue reached $606.0 million versus a published consensus of roughly $591.4 million, while reported EPS was $0.51 versus about $0.43 expected. The beat was supported by both volume and pricing: total occupational-health visits rose 2.6% and revenue per visit increased 4.6% (Operating statistics), while Adjusted EBITDA grew faster than revenue and expanded margin by 237 basis points (Q2 Performance).
| Metric | Q2 2026 | Q2 2025 | Change | Published expectation |
|---|---|---|---|---|
| Revenue | $606.0M (Income Statement) | $550.8M (Income Statement) | +10.0% | ~$591.4M |
| Net income attributable to Company | $65.3M (Income Statement) | $44.6M (Income Statement) | +46.5% | — |
| Basic and diluted EPS | $0.51 (Income Statement) | $0.35 (Income Statement) | +$0.16 | ~$0.43 |
| Adjusted EBITDA | $140.9M (Adjusted EBITDA reconciliation) | $115.0M (Adjusted EBITDA reconciliation) | +22.5% | — |
| Adjusted EBITDA margin | 23.3% (Adjusted EBITDA reconciliation) | 20.9% (Adjusted EBITDA reconciliation) | +237 bps | — |
| Free cash flow | $121.0M (Free Cash Flow reconciliation) | $63.2M (Free Cash Flow reconciliation) | +91.6% | — |
Management raised the outlook meaningfully, converting the beat into a higher earnings baseline. Full-year revenue guidance moved from $2.275-$2.375 billion to $2.325-$2.375 billion, lifting the low end by $50 million. Adjusted EBITDA guidance rose from $460-$480 million to $485-$495 million, and free-cash-flow guidance increased from $215-$235 million to $220-$240 million (2026 Full-Year Guidance). The midpoint of EBITDA guidance therefore increased by $20 million, or roughly 4%, while the company also reached its previously targeted sub-3.0x net leverage level early at 2.99x (Balance Sheet & Capital Allocation Strategy).
The quality of the upside is better than a headline acquisition-driven beat. The company says revenue growth excluding Pivot was still 8.0% in the quarter, with workers’ compensation visits up 3.7% and employer-services visits up 1.8% (Q2 Performance). Revenue per visit rose across the two core categories, and operating cash flow increased to $135.2 million from $88.4 million (Cash Flow statement). That combination points to stronger underlying execution and operating leverage, although consumer-health visits declined 3.8% in the quarter and 6.8% year to date (Operating statistics).
The leadership change is more continuity event than strategic shock. President and CFO Matthew DiCanio will become CEO on November 1, 2026, while Keith Newton becomes executive chairman and Robert Ortenzio leaves the chair role but remains a director (Leadership Transition). Because DiCanio has been president since 2023, CFO since 2024, and has led operations, strategy, finance, and acquisition integrations, the filing presents an internal succession rather than an unexpected outside replacement. That limits disruption risk, but the change itself was already described as part of a multiyear process, so it adds less incremental surprise than the financial results.
Read the original 8-K on SEC EDGAR ↗