ModivCare Inc. - MODV STOCK NEWS

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ModivCare Inc. (MODV) is a renowned leader in healthcare services, committed to addressing the social determinants of health (SDoH) through a variety of integrated solutions. The company specializes in non-emergency medical transportation (NEMT), personal care, nutritious meals, and remote patient monitoring (RPM). These services are designed to support payors and their members, promoting greater access to healthcare, reducing costs, and improving patient outcomes.

With a technology-driven approach, ModivCare aims to simplify and enhance the delivery of healthcare services. Their NEMT services provide safe and reliable transportation for patients to medical appointments, ensuring that mobility challenges do not prevent individuals from receiving necessary care. Personal care services offer in-home assistance to those who need help with daily activities, allowing them to maintain their independence.

Moreover, ModivCare’s RPM solutions enable continuous monitoring of patients’ health conditions from their homes, offering real-time data to healthcare providers. This not only enhances the quality of care but also helps in early detection of potential health issues, leading to timely interventions.

The company’s significant revenue is generated from its NEMT segment, demonstrating its substantial impact in this area. Recent achievements include expanding partnerships with healthcare providers and payors, enhancing their service delivery models, and integrating advanced technologies to improve operational efficiencies.

ModivCare's commitment to improving healthcare accessibility is evident through its innovative solutions and dedicated services. As the company continues to grow, it remains focused on addressing the evolving needs of vulnerable patient populations by providing comprehensive and effective care solutions.

02/22/2024 04:05 PM

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Modivcare Reports Fourth Quarter and Full Year 2023 Financial Results; Issues 2024 Guidance

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Modivcare Inc. (MODV) reported its financial results for the fourth quarter and full year of 2023, showing positive growth in service revenue and adjusted EBITDA. The company also won significant new contracts in the NEMT sector, although it faced a net loss and negative free cash flow for the period.

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02/12/2024 09:00 AM

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Modivcare and Jobs & Hope West Virginia Partnership Transforms Lives Across the State

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Modivcare Inc. (MODV) announces a partnership with Governor Jim Justice’s Jobs & Hope West Virginia to provide transportation services, leading to positive outcomes for West Virginians. The collaboration has resulted in over 120,000 trip legs covering 2.2 million miles, graduation of 495 participants, and employment of 5,124 individuals with an average salary of $33,398. The partnership aims to break down transportation barriers, offer incentives for substance use treatment, and help individuals gain access to treatment, employment, counseling, and educational programs.

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02/06/2024 08:00 AM

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URMC Announces First-of-its-Kind Alliance to Expand Health Care Access to Rural Communities

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The University of Rochester Medical Center partners with Five Star Bank to provide telemedicine stations at bank branches in rural communities. The initiative aims to improve health care access and wellness outcomes in Upstate New York. The partners include Financial Institutions, Inc. (NASDAQ: FISI), Higi, Modivcare (NASDAQ: MODV), DexCare, Inc., and Verizon Business. The initiative is the first of its kind, bringing together a health system and a financial institution to provide telemedicine-equipped health stations to rural communities.

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02/01/2024 09:00 AM

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Modivcare to Report Fourth Quarter and Full Year 2023 Financial Results

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Modivcare Inc. is set to report its financial results for the fourth quarter and full year ended December 31, 2023, on February 22, 2024. The company will host a conference call on February 23, 2024, to discuss the financial results. Interested parties can access the live webcast via the company's website and a replay will be available approximately one hour after the call concludes.

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01/17/2024 09:00 AM

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Modivcare Appoints New Chief Commercial Officer and Chief Strategy and Innovation Officer

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Modivcare Inc. (Nasdaq: MODV) announced the appointment of Jeff Bennett as Chief Strategy and Innovation Officer and Seth Ravine as Chief Commercial Officer, effective December 2023. The company aims to provide innovative and cohesive healthcare solutions with a focus on improving health outcomes. Jeff Bennett brings nearly 30 years of experience and a proven track record of success to the team, while Seth Ravine will play a key role in advancing Modivcare's strategic expansion to reach crucial markets.

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12/28/2023 09:00 AM

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Modivcare to Present at the 42nd Annual J.P. Morgan Healthcare Conference

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Modivcare Inc. (MODV) to present at the 42nd Annual J.P. Morgan Healthcare Conference, offering a platform of integrated supportive care solutions to improve health outcomes.

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11/06/2023 09:00 AM

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Modivcare to Present at Upcoming Investor Conferences

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Modivcare Inc. (Nasdaq: MODV) announced that its President and CEO, Heath Sampson, and other members of the management team will be attending several investor conferences in the coming weeks. These conferences include the Stephens Annual Investment Conference, BofA Securities Leveraged Finance Conference, and BofA Home Care Conference. The company will be participating in fireside chat presentations, hosting investor meetings, and providing live webcasts for each conference.

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11/02/2023 04:05 PM

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Modivcare Reports Third Quarter 2023 Financial Results; Maintains Guidance

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Modivcare Inc. reported financial results for Q3 2023, with service revenue of $686.9 million, a 6.0% increase compared to the same period last year. The company had a net loss of $4.3 million or $0.30 per diluted common share. Adjusted EBITDA was $51.3 million, adjusted net income was $20.5 million, and adjusted EPS was $1.44 per diluted common share. Cash provided by operating activities was $53.5 million, and free cash flow was $44.7 million. Contract receivables increased by $9.5 million to $129.3 million, and contract payables increased by $24.5 million to $133.6 million. The company repaid $43.5 million on its revolving credit facility, reducing the balance drawn to $83.0 million. Modivcare also won $138.0 million of NEMT managed Medicaid total contract value during the quarter and was awarded a state Medicaid expansion in the northeast.

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10/27/2023 04:15 PM

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Modivcare Announces Resignation of Stacy Saal from Board of Directors

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Modivcare Inc. announced that Stacy Saal has stepped down from the Board of Directors to focus on new professional endeavors. The company expressed gratitude for her contributions and stated that the Board has decreased in size from ten to nine directors.

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10/12/2023 09:00 AM

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Modivcare to Report Third Quarter 2023 Financial Results

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Modivcare Inc. to report Q3 2023 financial results on November 2, 2023.

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FAQ

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

The current stock price of ModivCare (MODV) is $4.8 as of February 4, 2025.

What is the market cap of ModivCare (MODV)?

The market cap of ModivCare (MODV) is approximately 64.5M.

What does ModivCare Inc. do?

ModivCare Inc. provides non-emergency medical transportation, personal care, nutritious meals, and remote patient monitoring to support healthcare access and improve outcomes.

What is NEMT?

NEMT stands for Non-Emergency Medical Transportation, a service that provides safe and reliable transportation for patients to attend their medical appointments.

How does ModivCare's RPM service benefit patients?

ModivCare's Remote Patient Monitoring (RPM) service allows continuous monitoring of patients' health conditions from home, providing real-time data for timely medical interventions.

Which segment generates the most revenue for ModivCare?

The Non-Emergency Medical Transportation (NEMT) segment generates the most revenue for ModivCare.

What are social determinants of health (SDoH)?

Social determinants of health (SDoH) refer to conditions in the environments where people are born, live, learn, work, play, and age that affect a wide range of health outcomes and quality of life.

How does ModivCare address social determinants of health?

ModivCare addresses social determinants of health by providing services like NEMT, personal care, nutritious meals, and remote patient monitoring to improve healthcare access and outcomes.

What recent achievements has ModivCare made?

Recent achievements include expanding partnerships with healthcare providers and payors, enhancing service delivery models, and integrating advanced technologies to improve operational efficiencies.

What is the core business of ModivCare?

The core business of ModivCare is providing integrated supportive care solutions for payors and their members, focusing on NEMT, personal care, and remote patient monitoring.

Who benefits from ModivCare's services?

ModivCare's services benefit vulnerable patient populations who need reliable transportation, in-home personal care, nutritious meals, and remote health monitoring.

How does ModivCare improve healthcare access?

ModivCare improves healthcare access by offering NEMT services, in-home personal care, nutritious meals, and remote patient monitoring, ensuring that transportation, daily support, and continuous health monitoring are accessible to those in need.