ModivCare Inc

MODV

Equity

ISIN US60783X1046 / Valor 59168951

NASDAQ (2024-09-18)

USD 13.50+0.30%

ModivCare Inc
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About company

ModivCare Inc, formerly known as LogistiCare Solutions, LLC, is a company that focuses on providing non-emergency medical transportation services to individuals who require assistance in getting to and from medical appointments. The company ensures compliance with applicable Federal civil rights laws and offers free language interpreter services to individuals whose primary language is not English. ModivCare aims to eliminate discrimination based on race, color, national origin, age, disability, or sex in the provision of its services.

Summarized from source with an LLMView SourceSector: Healthcare

Revenue Growth

For the first quarter of 2024, ModivCare Inc. reported revenue of $684.5 million, marking a 3.3% increase from $662.3 million in the first quarter of 2023. This growth was driven by increases across its NEMT, PCS, and RPM segments.

Net Loss

ModivCare Inc. experienced a net loss of $22.3 million, or $1.57 per diluted common share, in the first quarter of 2024. This is a significant increase from the net loss of $4.0 million, or $0.28 per diluted common share, reported in the same period of the previous year.

Adjusted EBITDA

Adjusted EBITDA for ModivCare Inc. in the first quarter of 2024 was $32.1 million, or 4.7% of revenue. This represents a decrease from $50.2 million, or 7.6% of revenue, in the first quarter of 2023, primarily due to higher service expenses.

Cash Flow

During the first quarter of 2024, ModivCare Inc. generated $9.6 million in cash from operations, compared to $2.7 million used in operations during the same period in 2023. This improvement was influenced by changes in operating assets and liabilities, including contract receivables and payables.

Guidance

ModivCare Inc. maintained its revenue and adjusted EBITDA guidance for the fiscal year 2024, projecting revenue between $2,700 million and $2,900 million and adjusted EBITDA between $190 million and $210 million. This guidance excludes the effects of any future merger or acquisition activity.

Summarized from source with an LLMView Source

Key figures

-61.4%1Y

-92.3%3Y

-77.5%5Y

Performance

85.0%1Y

65.1%3Y

59.0%5Y

Volatility