Modivcare Inc. ( (MODV) ) has released its Q3 earnings. Here is a breakdown of the information Modivcare Inc. presented to its investors.
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Modivcare Inc. is a technology-enabled healthcare services company, providing integrated supportive care solutions to improve health outcomes, with a focus on non-emergency medical transportation, personal care services, and remote patient monitoring.
For the third quarter of 2024, Modivcare reported revenue of $702 million, marking a 2.2% increase from the previous year. However, the company faced a net loss of $26.6 million, attributed largely to increased interest expenses and a loss on debt extinguishment. Adjusted EBITDA stood at $43.2 million, reflecting operational resilience despite financial challenges.
Key highlights include a notable 5% revenue growth in the personal care services segment, while the non-emergency medical transportation segment saw a modest increase. The company also amended its credit agreement to secure temporary relief on debt covenants, demonstrating strategic financial management. Modivcare’s efforts in transforming operations have led to significant cost savings and improved cash flow, showcasing its commitment to enhancing stakeholder value.
Looking ahead, Modivcare maintains its revenue and adjusted EBITDA guidance for 2024 and anticipates growth exceeding 10% in 2025. The company’s strategic initiatives are expected to continue driving growth and cost savings, positioning Modivcare to meet the evolving demands of the healthcare market.
