Modivcare Inc Stock Price, News & Analysis

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.

Modivcare announced that its President and CEO, L. Heath Sampson, and CFO, Barbara Gutierrez, will attend two upcoming investor conferences. They will participate in fireside chat presentations and host investor meetings. The first event is the Leerink Partners 2024 Healthcare Crossroads Conference in Austin, Texas, where Gutierrez will present on May 30, 2024, at 9:40 a.m. ET. The second is the Jefferies 2024 Global Healthcare Conference in New York on June 5, 2024, at 1:30 p.m. ET. Webcast links for the presentations will be available on Modivcare's Investor Relations website, with replays accessible for 90 days.

Modivcare (Nasdaq: MODV) has launched its Integration Hub, a pioneering digital platform aimed at enhancing the user experience for Medicaid and Medicare members using non-emergency medical transportation (NEMT) benefits. The platform allows health plan clients, state Medicaid agencies, and facility partners to integrate ride and benefit management features directly into their own apps and portals through open APIs. This innovation is designed to streamline access to care, reduce user frustration, and improve efficiency. It has already shown promising results, such as 35% fewer verified complaints and 14% fewer missed trips when used via the Modivcare Member Mobility App. The Integration Hub supports a variety of transportation options, including rideshares and mass transit, and offers real-time trip data and scheduling.