Modivcare Inc Stock Price, News & Analysis

Modivcare (Nasdaq: MODV), a technology-enabled healthcare services company, celebrates over a decade of providing non-emergency medical transportation (NEMT) services to Darryl Iman, a Suffolk, VA dialysis patient. Since 2014, Modivcare has been coordinating transportation for Darryl's thrice-weekly dialysis appointments, working closely with his caregiver and sister-in-law, Beth Iman.

The company currently serves over 2,000 dialysis patients in Virginia through a network of more than 530 local providers, primarily minority and women-owned businesses. Their Virginia operations include 3,700 contracted drivers and 2,719 credentialed vehicles, managed by 270 local team members.

Modivcare (NASDAQ: MODV), a technology-enabled healthcare services company, has published its 2024 Sustainability Report. The report outlines the company's sustainability framework which focuses on four key areas: responsible business practices, member support, team management, and environmental management. The report provides stakeholders with updates on Modivcare's sustainability initiatives and can be accessed through the company's Investor Relations website on the governance documents page.

Modivcare (NASDAQ: MODV) highlights DAB Transport's exceptional service in central Georgia's non-emergency medical transportation (NEMT) sector. Founded in 2020 by Regina Mcrae, a former mental health counselor, DAB Transport has grown from 2 to 15 drivers, now managing up to 600 NEMT trips weekly across 5-6 counties. The company, named after Mcrae's children (Derick, Arianna, and Breonna), is particularly noted for its work with mental health program participants and dialysis patients. As a Modivcare partner since inception, DAB Transport emphasizes personalized care and operational flexibility, ensuring consistent service delivery even during staffing challenges. The company's success stems from its commitment to viewing transportation as a crucial component of healthcare delivery, with Mcrae sometimes personally driving to maintain service continuity.

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) reported its Q1 2025 financial results, showing declining performance across segments. The company posted service revenue of $650.7 million, down 4.9% year-over-year, and a net loss of $50.4 million ($3.52 per diluted share). Adjusted EBITDA was $32.6 million, representing 5.0% of service revenue. By segment: NEMT revenue fell 6.3% to $449.0 million, PCS revenue decreased 1.0% to $181.8 million, and Monitoring revenue declined 9.8% to $18.1 million. The company secured $105.0 million in new financing and implemented cost reduction actions expected to generate over $20.0 million in annualized G&A savings. Operating cash flow was negative $82.1 million, with free cash flow at negative $86.2 million. The company ended Q1 with $116.0 million in cash.

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.