STOCK TITAN

Modivcare Inc - MODV STOCK NEWS

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.

Company Overview

Modivcare Inc is a technology-enabled healthcare services company that provides integrated care solutions to address the social determinants of health. Specializing in non-emergency medical transportation (NEMT), personal care, and remote patient monitoring (RPM), Modivcare leverages advanced technological integrations to support the delivery of comprehensive care. Its solutions are designed to maximize access to essential healthcare services for vulnerable and high-need populations, resulting in improved outcomes and reduced costs for payors and care providers.

Core Business Areas

At the heart of Modivcare's operations are three primary service segments:

  • Non-Emergency Medical Transportation (NEMT): This segment ensures that patients have reliable transportation for non-critical medical appointments, facilitating greater access to care.
  • Personal Care: The company offers personalized assistance that caters to the diverse needs of patients requiring non-clinical support, emphasizing safety and dignity.
  • Remote Patient Monitoring (RPM): Utilizing technology to track patient health remotely, this service enables timely interventions, coordinated care management, and continuous monitoring.

Technology-Enabled Integrated Care

Modivcare distinguishes itself through its commitment to integrating technology with healthcare services. By employing innovative digital platforms and data analytics, Modivcare streamlines care coordination between payors, care providers, and patients. This connective framework not only optimizes the scheduling and management of transportation services but also supports comprehensive monitoring through RPM, ultimately bridging the gap between care access and improved health outcomes.

Value Proposition and Market Position

The company's core value lies in its ability to enhance the efficiency of healthcare delivery while addressing key challenges such as accessibility and cost containment. With an emphasis on scalable, tech-driven solutions, Modivcare positions itself as a critical partner for payors and healthcare organizations aiming to achieve coordinated care. Its multidisciplinary approach allows for a holistic view of patient needs that is seldom matched by traditional service providers in the healthcare ecosystem.

Competitive Landscape

Operating in a competitive and dynamic market, Modivcare faces rivals that offer fragmented services across non-emergency transportation and remote care. However, the company differentiates itself with a fully integrated model that combines multiple service lines under one technological umbrella. This comprehensive offering not only enhances patient care continuity but also enables more efficient resource management, making Modivcare a significant participant in the supportive care segment.

Operational Excellence and Industry Insight

Through continuous innovation and strategic deployment of technology, Modivcare has built a reputation for its methodical approach to solving real-world healthcare issues. Its operational methodology is grounded in industry best practices and informed by a deep understanding of the challenges faced by both patients and payors. By focusing on sustainable and adaptable care models, Modivcare delivers services that remain relevant across shifting healthcare landscapes, thereby bolstering its authoritative presence in the market.

Frequently Asked Questions and Expert Insights

The detailed structure of Modivcare’s offerings and the integration of multiple service dimensions provide a rich ground for inquiry. The company’s approach, emphasizing coordinated care through technological innovation, invites questions on its operational efficiency, competitive dynamics, and the overall impact on healthcare outcomes. This clarity is integral for stakeholders, from investors to healthcare executives, who seek a comprehensive understanding of how integrated care can redefine service delivery in modern healthcare settings.

Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
21.82%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.95%
Tags
none
-
News
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-9.92%
Tags
none
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.19%
Tags
partnership
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.87%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
18.57%
Tags
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.37%
Tags
partnership
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.08%
Tags
conferences earnings
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.69%
Tags
none
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.41%
Tags
none

FAQ

What is the current stock price of Modivcare (MODV)?

The current stock price of Modivcare (MODV) is $1.32 as of April 23, 2025.

What is the market cap of Modivcare (MODV)?

The market cap of Modivcare (MODV) is approximately 16.1M.

What is the core business of Modivcare Inc?

Modivcare Inc focuses on technology-enabled healthcare services, offering integrated solutions such as non-emergency medical transportation, personal care, and remote patient monitoring.

How does Modivcare support healthcare access?

The company leverages advanced technological integrations to streamline patient transportation and monitoring, thus enhancing care coordination and access to essential health services.

What are the primary service segments of Modivcare?

Modivcare operates through three main segments: non-emergency medical transportation, personal care services, and remote patient monitoring, each designed to support comprehensive patient care.

How does the technology integration benefit Modivcare's operations?

The use of digital platforms and data analytics enables efficient scheduling, coordinated care, and real-time patient monitoring, ensuring effective management of healthcare services.

What differentiates Modivcare from other healthcare service providers?

Its fully integrated model, which combines transportation, personal care, and remote monitoring under one technological system, sets it apart by providing a holistic approach to patient care.

Who are the primary beneficiaries of Modivcare's services?

Modivcare serves vulnerable and high-need populations, partnering with payors and care providers to deliver accessible and effective healthcare services.

How does Modivcare address social determinants of health?

By offering integrated supportive care services that include transportation, personal assistance, and remote monitoring, Modivcare directly tackles barriers that affect patient health outcomes.

What questions should investors consider about Modivcare?

Investors typically explore the company’s integrated model, its operational efficiency, and its ability to adapt and innovate within the evolving healthcare services landscape.
Modivcare Inc

Nasdaq:MODV

MODV Rankings

MODV Stock Data

16.06M
11.98M
16.45%
107.39%
12.97%
Medical Care Facilities
Transportation Services
Link
United States
DENVER