Modivcare Inc Stock Price, News & Analysis

Modivcare Inc. (MODV) recognized the exceptional service of its New Jersey transportation provider, Joyful Medical Transportation, LLC, for handling a medical emergency during a routine non-emergency medical transportation (NEMT) ride. In October 2024, driver Brandon Gaston successfully managed a situation where a pregnant passenger went into labor, quickly redirecting to the nearest hospital for a safe delivery.

Joyful Medical Transportation, operating since 2023 with four vehicles, partners with Modivcare to serve underserved populations. Modivcare has managed New Jersey's NEMT program since 2009, serving over 2 million residents in the state.

Modivcare (NASDAQ: MODV) announced the planned departures of two key executives as part of its strategic business model evolution. Chief Financial Officer Barb Gutierrez and Chief Information Officer Jessica Kral will be leaving the company after a transition period. The company has decided not to replace these positions immediately, as it implements a structural shift towards a flatter organization.

CEO Heath Sampson highlighted that these changes align with Modivcare's modernization strategy and cost reduction efforts. The company aims to enhance operational efficiency by embedding automation, intelligent systems, and financial discipline across the business. Modivcare expressed confidence in its existing teams' ability to support the next phase of growth and modernization.

Modivcare, a technology-enabled healthcare services company, has announced its upcoming first quarter 2025 financial results release and conference call schedule. The company, which specializes in integrated supportive care solutions for improving health outcomes, will release its financial results for Q1 2025 (ending March 31) after market close on Thursday, May 8, 2025.

A conference call will be held the same day at 5:00 p.m. Eastern Time. Participants can join through:

• Domestic dial-in: (877) 407-8037
• International dial-in: +1 (201) 689-8037
• Live webcast: Available on Modivcare's investor relations website

A replay of the conference call will be accessible on the company's website shortly after the call ends.

Modivcare (MODV) has announced significant changes to its Board of Directors, with the appointment of Daniel Silvers effective April 24, 2025. This appointment completes the Board's previously announced plan to add three new independent directors as per lender obligations.

Silvers, currently the managing member of Matthews Lane Capital Partners and Executive Chairman of Winventory Inc., brings extensive experience in corporate finance and public company governance. His background includes executive roles at Inspired Entertainment, SpringOwl Asset Management, and various board positions with notable companies.

Concurrent with Silvers' appointment, three directors - Craig Barbarosh, David Coulter, and Richard Kerley - have resigned effective April 24, 2025. Coulter will continue as a Board observer, along with Alexander Matina from AI Catalyst Management.

Modivcare (Nasdaq: MODV) has named KDK Transport Company as Virginia's 2024 Transportation Provider of the Year for their outstanding non-emergency medical transportation (NEMT) services. Founded in 2019 by Eddie and Kimberly Kiser with just one van, KDK has grown to operate over 75 vehicles and employs approximately 118 Virginians, providing around 1,200 rides weekly across southern Virginia.

The company maintains an impressive 97% on-time performance rate and 0% member complaint rate. KDK has expanded its services by establishing Pro Med Ambulance Company, becoming the primary 911 provider for the Coeburn area. Modivcare's Virginia NEMT network includes more than 530 local providers, operating 2,719 credentialed vehicles with over 3,700 contracted drivers, primarily through minority and women-owned businesses.

Modivcare (MODV) and Aetna Better Health® of Illinois have launched health stations across Illinois to improve healthcare access. The Modivcare Higi Stations provide self-service health information, digital navigation, and future telehealth capabilities at community-based locations.

Starting with 5 community partners and expanding to 15, these stations offer free access to health information and education on chronic conditions. For Aetna Better Health members, the stations enable health surveys with personalized recommendations for addressing care gaps and accessing community resources.

The stations are currently available at locations including Rincon Family Services, Supportive Reentry Network Collaborative, The Kindness Campaign, Vermillion County Healthcare Collaborative, and Westside Health Authority. Aetna Better Health of Illinois serves over 360,000 Medicaid members across 102 counties.

Modivcare (MODV) reported its Q4 and full-year 2024 financial results, facing significant challenges in its healthcare services operations. Q4 2024 showed service revenue of $702.8M, flat year-over-year, with a net loss of $23.5M ($-1.64 per share). Full-year 2024 revenue increased 1.3% to $2.79B, with a net loss of $201.3M ($-14.14 per share).

The company experienced operational pressures from Medicaid redetermination, increased healthcare utilization, and lower Medicare Advantage reimbursements. Notable metrics include Q4 adjusted EBITDA of $40.4M (5.7% of revenue) and free cash flow of $24.7M. The company secured financial covenant relief through Q2 2025 with a $75M incremental term loan facility.

Additionally, Modivcare announced two new board appointments: Alec Cunningham, former WellCare Health Plans CEO, and David Mounts Gonzales, General Partner of AI Catalyst Fund, effective March 7, 2025.

Modivcare (NASDAQ: MODV) has announced it will release its fourth quarter and full year 2024 financial results on Thursday, March 6, 2025, after market close. The company will host a conference call at 5:00 p.m. Eastern Time on the same day.

Additionally, Modivcare plans to postpone its previously announced special stockholders meeting from March 3, 2025, to March 13, 2025, at 10:00 a.m. Mountain Time. This adjournment will allow for the release of Q4 and full year 2024 financial results before the special meeting. The record date remains January 22, 2025, and previously submitted votes will remain valid unless properly revoked.