Modivcare Inc Stock Price, News & Analysis

ModivCare reported a 68.1% revenue increase to $474.4 million for Q2 2021, compared to $282.3 million last year. Income from continuing operations was $13.8 million, or $0.97 per diluted share. Adjusted EBITDA fell to $53.1 million, reflecting increased expenses from higher service costs and pandemic-related challenges. The company announced acquisitions of CareFinders and VRI, expected to close in Q3 2021, aiming to enhance its supportive care solutions. Cash and equivalents stood at $290.9 million as of June 30, 2021.

ModivCare (Nasdaq: MODV) has announced a purchase agreement to acquire VRI Intermediate Holdings for $315 million. VRI, a leading provider of remote patient monitoring solutions, reported $56 million in revenue and $21 million in adjusted EBITDA for the twelve months ending June 30, 2021. The deal, expected to close in Q3 2021, will be financed through debt from Deutsche Bank and Jefferies. The acquisition is anticipated to be immediately accretive to adjusted earnings, expanding ModivCare's capabilities in supportive care solutions and enhancing patient outcomes.

ModivCare, a healthcare services company, announced its merger agreement to acquire CareFinders Total Care for $340 million. CareFinders, a personal care provider in the Northeast, serves over 7,500 patients with a workforce of 6,200 caregivers, generating approximately $200 million in annual revenue. The acquisition, set to close in Q3 2021, aims to enhance ModivCare’s personal care segment, potentially increasing caregiver numbers to nearly 16,000 and hours of care to 30 million annually. The deal, funded through cash and credit, is projected to deliver immediate earnings accretion.

ModivCare Inc. (Nasdaq: MODV) announced leadership promotions effective July 20, 2021. Jonathan B. Bush has been elevated to Senior Vice President, General Counsel and Secretary, while Kenneth Shepard becomes Vice President, Chief Accounting Officer. Bush, with extensive experience in M&A and healthcare regulation, previously served as Vice President, Deputy General Counsel. Shepard has over 15 years of financial experience, notably in healthcare and public accounting. CEO Dan Greenleaf highlighted their key roles in transforming ModivCare into a technology-enabled supportive care solutions provider.

ModivCare Inc. (Nasdaq: MODV) is set to report its second quarter financial results for the period ending June 30, 2021, on August 6, 2021, prior to market opening. The company will host a conference call at 8:00 a.m. Eastern Time on the same day to discuss these results, with dial-in numbers provided for domestic and international callers. ModivCare specializes in technology-enabled healthcare services including non-emergency medical transportation and supportive care solutions aimed at improving patient outcomes and reducing costs. More information can be found on their website.

ModivCare Inc. (Nasdaq: MODV), a healthcare services company specializing in integrated supportive care solutions, announced its participation in the CJS Securities 21st Annual New Ideas Summer Conference. The virtual event is scheduled for Tuesday, July 13, 2021, at 2:20 PM Eastern Time. ModivCare focuses on enhancing patient outcomes while addressing social determinants of health, providing services like non-emergency medical transportation and home care. For more details, the live webcast will be available on ModivCare's website.

ModivCare Inc. (Nasdaq: MODV), a healthcare services company focused on improving patient outcomes, will present at the Jefferies Virtual Healthcare Conference on June 3, 2021, at 3:30 p.m. ET. The presentation will be accessible via a live webcast on ModivCare's website. The company provides integrated supportive care solutions including non-emergency medical transportation, personal and home care, and nutritional meal delivery, addressing social determinants of health while enhancing care access and reducing costs. For more information, visit www.modivcare.com.

ModivCare reported strong Q1 2021 results with revenue of $453.6 million, up 23.5% from $367.3 million a year earlier. Adjusted EBITDA reached $48.0 million, reflecting growth driven by acquisitions and operational efficiencies. Net income was $18.9 million, leading to EPS of $1.31. The company also announced the acquisition of WellRyde, enhancing its digital transportation capabilities. With cash reserves of $299.6 million and a focus on expanding in the personal care sector, ModivCare aims to strengthen its market position.

ModivCare Inc. (Nasdaq: MODV) announced the acquisition of nuVizz's WellRyde technology platform, enhancing its digital services in non-emergency medical transportation (NEMT). WellRyde's software provides advanced transportation management systems, streamlining routing and trip assignments for over 1,200 providers. This integration aims to create the largest digitally integrated NEMT network in the U.S., improving access to care for Medicaid, Medicare, and commercial patients. The acquisition complements ModivCare's existing operations, expected to drive growth and elevate patient experiences.