Modivcare Inc Stock Price, News & Analysis

Modivcare Foundation, the philanthropic arm of Modivcare (Nasdaq:MODV), has announced its continued support for Build Jake's Place, an organization creating inclusive playgrounds for children and adults with disabilities. The foundation is donating $5,000 to support the Camden County NJ Miracle League, a program that offers baseball opportunities for people of all ages with disabilities.

Build Jake's Place, founded in 2009, designs accessible playgrounds that allow children using wheelchairs and other assistive devices to play alongside their peers. The Modivcare Foundation has been supporting this initiative for the past two years, aligning with its mission to improve health outcomes and ensure inclusive activities for all.

The donation will also help fund the Miracle League's participation in the National Miracle League All-Star game in Palm Beach, Florida, this November. This partnership reflects Modivcare's commitment to removing barriers to care and well-being in communities.

Modivcare Inc. (Nasdaq: MODV) has filed a Form S-3 shelf registration statement and a Form 8-K with the SEC, providing flexibility for future capital raising. The company is seeking near-term covenant relief under its revolving credit facility due to potential delays in contract receivable collections. Modivcare has experienced delays in collecting approximately $60 million of its $159.3 million NEMT segment current contract receivables, primarily from MCO customers.

The company has revised its 2024 Adjusted EBITDA guidance from $185–$195 million to $170–$180 million, mainly due to NEMT segment pricing accommodations. Modivcare projects Adjusted EBITDA growth exceeding 10% in 2025. The company remains confident in collecting outstanding receivables and expects to enter 2025 with aligned prepayment rates as utilization patterns stabilize.

Modivcare (MODV) has partnered with the American College of Cardiology (ACC) to launch the Caring Hearts Initiative in Camden County, New Jersey. This program aims to address health disparities in underserved communities by providing essential supportive care services. Key activities include:

• Placement of Higi Stations for health screenings
• Connecting residents to food insecurity resources
• Distributing educational materials on heart health
• Collaborating with local partners like The Food Trust

The initiative has already conducted 400,000 heart risk tests nationally and over 4,000 screenings in Camden. This multi-city program demonstrates the power of collaboration between national organizations and local partners in addressing health disparities and improving community health outcomes.

Modivcare Inc. (Nasdaq: MODV) has recognized Portland resident Ben Fasulo as Maine's Driver of the Month for his exceptional service in non-emergency medical transportation (NEMT) for Medicaid members. Since 2014, Modivcare has expanded its Maine NEMT provider network from 10 to over 60 providers, employing more than 500 drivers. The company boasts an impressive 94% on-time performance and maintains low member complaints and vehicle unavailability rates, both below 0.1%.

Mr. Fasulo, known for his reliability and willingness to take on extra responsibilities, is currently training to become a trainer for other drivers. He is particularly praised for his dedication to wheelchair transportation and volunteering for weekend shifts. Modivcare's success in Maine highlights its commitment to providing efficient and safe transportation services for Medicaid members, contributing to improved healthcare access.

Modivcare reported Q2 2024 financial results, showing revenue of $698.3M, consistent with Q2 2023. The company recorded a net loss of $128.9M or -$9.07 per diluted share. Adjusted EBITDA was $45.4M, with an adjusted net loss of $0.4M or -$0.03 per share. Cash used in operations totaled $55.3M, with free cash flow at -$62M. Key wins include $97.8M in NEMT contracts.

The company revised its 2024 guidance, maintaining revenue projections ($2.7-$2.9B) but lowering adjusted EBITDA to $185-$195M. Segment results showed a NEMT revenue decrease of 1.3%, PCS growth of 3.5%, and RPM decline of 1.0%. An operating loss of $98.9M was reported, improved from a $175.8M loss in Q2 2023.

Modivcare refinanced its 2025 notes with a new Term Loan B. The company's priority is to de-lever its balance sheet and enhance shareholder value.

Modivcare Inc. (Nasdaq: MODV) has expanded its partnership with BayCare Health System to enhance community health initiatives in West Central Florida. The collaboration leverages Higi, a Modivcare service, to provide free self-service screening, education, health engagement, and care navigation tools. These stations allow community members to assess their risk for chronic illnesses, participate in educational programs, and access BayCare-developed initiatives, including a social determinants of health (SDoH) program.

The partnership aims to simplify access to care, particularly for underserved communities, by providing knowledge and support for both immediate and long-term health needs. BayCare has also introduced cardiovascular health-focused offerings, aligning with its mission to improve community wellness. This initiative spans Modivcare's network in West Central Florida, enhancing access to personalized care navigation.

Modivcare Inc. (Nasdaq: MODV), a technology-enabled healthcare services company, has announced its schedule to report second quarter 2024 financial results. The company will release its financial results on Wednesday, August 7, 2024, after the market closes. Following this, Modivcare will host a conference call on Thursday, August 8, 2024, at 8:30 a.m. Eastern Time to discuss the Q2 2024 financial results.

Investors and interested parties can access the call via phone or webcast. The dial-in number for domestic callers is (888) 645-4404, while international callers should use +1 (862) 298-0702. A live webcast will also be available on the company's website. A replay of the conference call will be accessible on Modivcare's website shortly after the call concludes.

Modivcare (Nasdaq: MODV), a healthcare services company, has refinanced its $500 million senior notes due 2025 with a new $525 million term loan B, maturing in July 2031. The transaction, closed on July 1, 2024, addresses upcoming debt maturities and boosts financial flexibility. Key highlights include strong interest from investors, full redemption of the senior notes, and extending the company's $325 million revolving credit facility by 12 months to February 2028. The minimum liquidity covenant was reduced from $100 million to $75 million. JPMorgan Chase led the refinancing, with KKR Capital Markets as the advisor and Gibson, Dunn & Crutcher providing legal counsel.

Modivcare (Nasdaq: MODV), a healthcare services company, released its 2023 Sustainability Report. This report highlights the company's commitment to responsible business practices, member support, team inclusivity, and environmental management. Key achievements include a 12% and 11% year-over-year decrease in Scope 1 and Scope 2 emissions, respectively. The report also mentions expanded disclosures, including Scope 3 emissions, and various initiatives promoting diversity, equity, and inclusion. CEO L. Heath Sampson emphasized the company's dedication to integrating sustainability with their corporate strategy and improving health outcomes.