Full-Year 2026 Outlook

We are providing the following outlook for the full year ending December 31, 2026. This outlook excludes the impact of any future practice affiliations or acquisitions that have not yet closed. As a result, actual results may differ materially depending on the timing and number of future affiliations or acquisitions completed during the year.

Year Ending	Year Ended	Percent
December 31, 2026	December 31, 2025	Change
($ in millions)	(Outlook)	(Actual)	(At Midpoint)
Revenue	$254.0 – $258.0	$244.5	4.7%
Adjusted EBITDA	$21.0 – $23.0	$22.0	-
Adjusted EBITDA margin	8.3% - 8.9%	9.0%

Our outlook includes 3.5% to 5.0% same practice revenue growth and approximately $2 million recurring public company costs we expect to incur in 2026. The outlook assumes continued patient demand across general and specialty services, stable reimbursement trends across commercial and government payors, ongoing recruitment and retention initiatives, and contributions from recently acquired and affiliated practices and de novos.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.