ModivCare Revises Financial Guidance, Seeks Covenant Relief

An update from ModivCare ( (MODV) ) is now available.

Modivcare Inc., a healthcare services company, has revised its financial guidance, citing strategic pricing accommodations in its non-emergency medical transportation (NEMT) sector to retain and grow key customer relationships. The updated 2024 Adjusted EBITDA guidance is now set between $170–$180 million, a decrease from the previously estimated $185–$195 million. Despite experiencing delays in collecting about $60 million from managed care organizations, the company remains confident in its ability to collect outstanding receivables and anticipates over 10% growth in Adjusted EBITDA for 2025. Modivcare is also in discussions for covenant relief under its credit facility to manage the receivable collection delays.

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