Welcome to our dedicated page for Modivcare news (Ticker: MODV), a resource for investors and traders seeking the latest updates and insights on Modivcare stock.
Modivcare Inc. (MODV) provides technology-driven healthcare solutions focused on non-emergency medical transportation, personal care services, and remote patient monitoring. This page serves as the definitive source for all official company announcements and relevant third-party analyses.
Investors and industry observers will find curated updates including earnings reports, strategic partnerships, and service expansion initiatives. Our aggregation ensures efficient tracking of Modivcare's progress in addressing healthcare accessibility through integrated solutions.
Content spans regulatory filings, leadership updates, and operational developments within the NEMT and RPM sectors. Regular updates provide insights into how MODV navigates the evolving healthcare technology landscape while serving vulnerable populations.
Bookmark this page for streamlined access to Modivcare's latest milestones and market positioning. Combine our updates with SEC filings and earnings call transcripts for complete due diligence.
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.
Modivcare (Nasdaq: MODV) has named Payson Priola as Maine's Driver of the Year. Priola, who joined the company in 2022, serves as a non-emergency transportation (NET) driver covering Androscoggin, Franklin, and Oxford Counties, transporting Medicaid members to medical appointments.
The recognition highlights Priola's reliability, adaptability, and positive attitude in serving members. Since 2014, Modivcare has expanded its Maine NET provider network from 10 to over 45 local providers, including 26 minority-owned and four women-owned businesses, employing more than 400 contracted drivers.
The company maintains an impressive 94% on-time performance rate and consistently low member complaints and vehicle unavailability rates below 0.1%, exceeding state requirements for service delivery.
Modivcare (MODV) has secured $105 million in incremental financing, consisting of a $75 million term loan and $30 million in new second lien notes from Coliseum Capital Management. The company has appointed Chad Shandler as Chief Transformation Officer and plans to add three new independent directors.
The financing package includes covenant relief from lenders and amendments to the existing credit agreement. The incremental term loan is priced at SOFR + 750 bps with a 2026 maturity date. The company will also pursue a strategic review of its assets, which may include potential asset sales.
As part of these developments, Modivcare has withdrawn its previously stated revenue and adjusted EBITDA guidance for fiscal year 2024 and adjusted EBITDA growth projections for fiscal year 2025.
Modivcare (MODV) reported Q3 2024 financial results with service revenue of $702.0 million, up 2.2% year-over-year. The company posted a net loss of $26.6 million, or -$1.87 per diluted share. Adjusted EBITDA was $43.2 million with adjusted net income of $6.4 million. NEMT segment revenue grew 1.3%, PCS segment revenue increased 4.7%, while RPM segment revenue declined 1.7%. The company affirmed its 2024 guidance with revenue between $2,700-$2,900 million and adjusted EBITDA of $170-$180 million, expecting >10% Adjusted EBITDA growth in 2025.
Modivcare and the Michigan Center for Rural Health have completed an 18-month Remote Patient Monitoring (RPM) pilot program across three rural Michigan hospitals. The program, targeting patients with hypertension, diabetes, and congestive heart failure, achieved a 48.72% enrollment rate from 117 eligible patients. Notable outcomes include doubling the number of patients with controlled blood pressure (39% to 78%) and significant reductions in blood pressure readings (27 mmHg systolic, 11 mmHg diastolic). The pilot demonstrated particular success with homebound patients and those with social support, maintaining a device failure rate below 10% despite rural connectivity challenges.
Modivcare Inc. (Nasdaq: MODV), a technology-enabled healthcare services company, has announced its schedule for reporting third quarter 2024 financial results. The company will release its financial results on Wednesday, November 6, 2024, after the market closes. Following this, Modivcare will host a conference call on Thursday, November 7, 2024, at 8:30 a.m. Eastern Time to discuss the results.
Interested parties can join the conference call using the following dial-in numbers:
- Domestic callers: (888) 437-3179
- International callers: +1 (862) 298-0702
Modivcare, a leading provider of non-emergency medical transportation and in-home care, has transformed its support services for 34 million members using the Genesys Cloud™ platform. The AI-powered experience orchestration capabilities have enabled Modivcare to implement a digital-first strategy, managing 2.2 million monthly calls and communications through a unified desktop. Key improvements include:
1. Deployment of AI-driven self-service voicebots and chatbots, with 63% of members now using chatbots for routine support.
2. Enhanced workforce engagement management for 2,600 contact center advisors.
3. A 31% reduction in average speed of answer and abandonment rates.
4. 5% increase in service levels and quality scores.
5. An impressive 86% increase in teammate retention.
These advancements have significantly improved Modivcare's ability to deliver personalized experiences and efficient healthcare services.
ModivCare Inc. (Nasdaq: MODV) has announced an amendment to its Credit Agreement with JPMorgan Chase Bank, N.A. and other key lenders. The amendment includes:
- An increase in the Total Net Leverage Ratio Covenant to 6.50x from 5.25x for Q3 2024
- A reduction in the Minimum Interest Coverage Ratio Covenant to 2.00x from 2.75x for Q3 2024
The company agreed to a 25 basis point increase in its interest rate margin until it delivers financial statements for FY 2024. ModivCare is also in discussions for a long-term relief amendment. Additionally, the company has successfully collected approximately $60 million in previously delayed contract receivables.
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