GMR Solutions Q2 2026 Earnings Call Transcript

GMR Solutions (NYSE: GMRS ) reported second-quarter financial results on Thursday. The transcript from the company's second-quarter earnings call has been provided below. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation.

8% due to prior-year favorable revenue estimate adjustments. 4 million patient encounters, with significant growth from same-market revenue, new markets, and disciplined cost management. 195 billion. Strategic initiatives include expanding their 911 nurse navigation program, which increased calls by 50% year over year, and opening new air bases and 911 systems.

The company highlighted the impact of the No Surprises Act and ACA exchange subsidy expiration on payer mix and revenue, but maintains a strong liquidity position with $420 million in cash. Management emphasized the company's positioning in the EMS market and its integrated service model, focusing on growth and operational efficiency through technology and data utilization. Full Transcript OPERATOR Hello everyone. Thank you for joining us and welcome to GMR Solutions Q2 2026 earnings call.

After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Krister Sorensen, Vice President of Investor Relations.

Krister, please go ahead. Krister Sorensen, Vice President of Investor Relations Joining me today are Nick Loporcaro, our Board Chair and CEO, Ted Van Horn, our President and COO, and Brian Tierney, our Executive Vice President and CFO. Before we begin, note that during this call we may make forward-looking statements and actual results may differ materially from those statements because of various risks and uncertainties, including those described in our most recent earnings report posted on our Investor Relations website and in the Risk Factors section in our IPO prospectus. Today's remarks also include certain non-GAAP financial measures including adjusted EBITDA.

com. Unless otherwise noted, references to the quarter will be for the second quarter of 2026. I will now turn the call over Nick Loporcaro, Chief Executive Officer Thanks, Krister, and thank you all for joining us today. We are excited to report strong financial and operational results in the second quarter of 2026 that are in line with our expectations.

4 million patient encounters during the second quarter. 3 million patients, which includes more than 1 million transports, along with 29,000 calls through our 911 nurse navigation offering, and the remaining approximately 280,000 ground patient encounters consisted of interventions on scene that did not result in a transport. During the quarter we provided air medical services to over 36,000 patients. 3% year-over-year growth.

1%. As mentioned previously, prior year results benefited from favorable revenue estimate adjustments associated with the No Surprises Act related collections on claims from earlier dates of service. Aside from this comparability impact, you will see that the business delivered strong underlying revenue and operating performance during the quarter that Brian will expand on later in the call.

Our strong performance was driven by continued same-market revenue growth, revenue from cross-selling and new markets, disciplined cost management, continued optimization of our clinical and operational platforms, and an unwavering focus on service to our communities by keeping care at the center of what we do. Today marks our second earnings call since the successful completion of our IPO three months ago, which was an incredible accomplishment that could not have been possible without the dedication of our frontline and support staff as we refocused our energy on our core competency of emergency care over the past few years.

Before Ted and Brian discuss the quarter in more detail, I want to step back and reiterate why we believe GMR is best positioned as a front-of-the-front-line healthcare provider. S. population with one or more of our solutions. Our more than 24,000 highly trained clinicians and fleet of ambulances and aircraft are rapidly deployed to navigate and provide essential out-of-hospital care for patients when they need us most.

Our model is differentiated because it is integrated. We bring together clinical capabilities through air, ground, technology and care navigation assets in a way that allows us to serve communities, health systems, payers, federal and state agencies, and patients across a broad range of settings. In addition to emergent care, we provide non-emergent care, event medical response, and disaster response. We have also maintained a long-standing role as the prime EMS contractor for FEMA, supporting national emergency and disaster response needs.

The opportunity in front of us is built around four ideas: saving and serving lives through clinical excellence; second, growth across existing and new markets; third, differentiation to our integrated platform and innovative solutions; and fourth, maintaining sustainable margins through disciplined operating execution. We operate within a $35 billion total addressable market that includes private providers like us, municipal-run EMS systems, and volunteer programs. S. population is growing as well as aging, and chronic disease prevalence continues to rise.

Many rural healthcare facilities face closure or reduction in service capabilities. , we believe GMR is best positioned to capture this demand. This positioning gives us greater access to growth through adjacent markets, cross-selling within existing markets, and through disciplined M&A. And we never stop scrutinizing our existing business to ensure we continue to grow and provide sustainable care to our communities.

As the national leader of EMS, this puts us in an exceptional position to be the innovators of the practice and raise the tide for the entire industry. net that enhance efficiencies across our organization, resulting in the most appropriate care for patients. Our 911 nurse navigation connects lower acuity 911 callers with skilled nurses who can guide them to more appropriate sites of care when an ambulance transport is not clinically necessary. Concierge helps health systems better coordinate discharge and non-emergent transport needs, improve hospital throughput, and create a clearer reimbursement framework.

net reduces the effort in requesting, tracking, and dispatching both air and ground ambulance resources. Together, these solutions strengthen our offering, improve resource utilization, enhance patient outcomes, and create a reinforcing flywheel. Our national scale creates clinical data. That data informs innovation.

Our tools support contract wins, and those wins further reinforce our national scale. Each of these innovations helps take the friction out of a traditionally run EMS system and ultimately provide better patient care, more efficient operations, and better hospital throughput while delivering savings to payers. In turn, our scale also enables a large EMS database—currently over 80 million records—that allows us to pair with hospital outcome data to drive system improvements and protocols.

This data-driven effort resulted in GMR receiving ESO Solutions' Best Use of EMS Data to Improve Outcomes award at ESO's WAVE conference in April this year, which is a national gathering for fire, EMS, and hospital professionals. Our performance continues to be driven by the same key ideas. First, saving and serving lives through clinical excellence. Our advanced clinical protocols and rigorous training standards remain the foundation of everything we do, ensuring the highest quality of care in every patient encounter.

Second, on growth, we continue to expand in existing markets, enter adjacent and new markets, cross-sell our solutions, and evaluate disciplined M&A opportunities. Third, on differentiation, our integrated air and ground model, supported by innovative technology, allows us to reduce friction in traditional EMS systems and deliver care more efficiently. Fourth, on margins, we continue to scrutinize the markets and contracts in which we operate, emphasizing work that is strategically aligned and economically sustainable. S.

House of Representatives. This bipartisan legislation provides a necessary solution to modernize the Medicare payment structure so emergency medical services are treated similarly to other healthcare providers with payments based on real cost data. Under this approach, Medicare's payment rates will be more transparent, financially responsible, and cost-based, helping to close the financial gap between reimbursement and the cost of services for EMS providers. Achieving this milestone is another example of the recognition we are garnering with lawmakers and the payer community with respect to the necessary services we provide.

Ted will now provide more detail on how our initiatives are unfolding operationally. Ted Van Horn (President and Chief Operating Officer) Thanks, Nick. GMR Solutions' operational focus remains clear. Grow our core emergent services, participate in non-emergent services where they make fiscal and strategic sense, and realize efficiency through innovative offerings such as 911 nurse navigation, concierge, and Transport Net.

These capabilities give us ways to pair clinical care with better operational decision making and stronger partnerships across communities and health systems. These reflect a broader principle behind our model. We coordinate care across modalities and geographies as an integrated service rather than providing services on a standalone basis. Given patients rarely fit neatly into a single mode of care, care coordination allows us to better match resources to acuity, improve visibility for our partners, and support more efficient operations in weather-constrained air markets, for example.

The ability to deploy clinical resources across the ground platform reflects the practical value of integration. 911 nurse navigation continues to be one of our most important examples of innovation in the EMS model. The program connects lower acuity 911 callers with skilled nurses who can assess the patient's needs and guide them to appropriate care setting or transport modality. This is better for patients, better for crews, better for hospital systems facing emergency department overcrowding, a lower cost option for payers, and better for communities seeking a more sustainable EMS model.

In the second quarter, we navigated nearly 29,000 calls through this program, up 50% year over year. 7 million covered lives. We plan to implement four more communities over the remainder of the year. We've seen up to 20% of 911 medical calls diverted to nurse navigation with qualitative benefits including better alignment of resources to acuity, improved resource utilization, client stickiness, and higher satisfaction for both patients and crews.

For example, during the Spokane wildfires, GMR Solutions' 911 nurse navigation program quickly partnered with local emergency response and healthcare teams to connect displaced residents with appropriate care. Within hours, nurse navigators were helping patients access urgent care, telehealth, and community resources, reducing unnecessary emergency department visits while ensuring timely support. This effort demonstrates how 911 nurse navigation can rapidly adapt during crisis to improve patient access and support healthcare system capacity.

We expect to continue expanding 911 nurse navigation in existing 911 markets and using the system as a differentiator in new municipal and health system partnerships. Concierge supports the non-emergent side of the model by partnering with health systems to coordinate appropriate transports under a clear reimbursement structure. This creates a more predictable framework for service that can otherwise be low reimbursing or operationally inefficient. It also supports hospital throughput by helping discharge processes move more efficiently and by reducing friction in scheduled transport workflows.

Transport Net reduces friction in the process of requesting, tracking, and dispatching air and ground ambulance resources. By increasing visibility and simplifying handoffs among access points, health systems, and dispatch teams, the platform enhances the value of our integrated network. We are installed in nearly 3,000 Public Safety Answering Points, or PSAPs, across the country, representing over 65% of all PSAPs nationwide. This software reduces dispatch friction, improves visibility, and strengthens partner relationships.

For example, in Fredericksburg, Texas, Gillespie County Dispatch serves both the police department and sheriff's office. This is a very busy system. They were an early adopter of the Transport Net ordering technology and now process 100% of their air transport requests through the platform. Thanks to its ease of use, reliability, and aircraft tracking capabilities, they save valuable minutes on every request, allowing them to focus on other emergencies instead of spending significant time on the phone.

Turning to growth, we remain positive about our ability to win new business opportunities in core emergency medical services and expanded municipal ambulance contracting through 911 nurse navigation. Our growth strategy is multi-pronged. Grow same market revenue, expand in existing markets and enter new markets, cross-sell our integrated offering, and evaluate disciplined acquisitions where they are financially accretive and strategically aligned. 8% year over year.

3 million for new market starts. In the quarter we opened two new 911 systems in markets where we already had air operations, advancing our integrated market strategy. We also opened three new air bases, two adjacent to existing operations, expanding our footprint, and one in a new region with future growth potential. Also in the quarter we executed new agreements totaling over $43 million in incremental annualized revenue.

We continue engaging with states and other stakeholders on rural healthcare access and EMS models, including opportunities tied to state-led rural health transformation initiatives under the Rural Healthcare Transformation Fund with our 911 React platform. 911 React provides rural areas with the connection point to care that is desperately needed in these healthcare deserts. While we believe we are the best positioned to help solve rural health issues, we also believe we are the best to provide urban system rescue.

Over the 4th of July weekend, as part of our response capabilities, the State of New York requested 50 ambulances and 110 personnel for the City of New York to supplement the FDNY during what is typically the busiest weekend of the year for local EMS, GMR Solutions teams responded to over 2,200 emergency calls throughout all five boroughs. This short deployment is just another example of GMR Solutions' ability to be the safety net for EMS across the country. Under our event medical operations, we covered seven of the 11 stadiums hosting FIFA World Cup games as well as provided coverage for several of the teams' practice facilities.

, including about 300 transports and one full cardiac arrest resuscitation. I will now turn it over to Brian who will provide more detail on the financials. Brian Tierney, Executive Vice President and Chief Financial Officer Thanks, Ted. 3% increase year over year compared to the same quarter in 2025.

9% due to strong request demand coupled with improved capture rate. 0%, reflecting our deliberate strategy of redirecting our resources towards higher acuity responses.