ModivCare Inc. - MODV STOCK NEWS

ModivCare Inc. (Nasdaq: MODV) has successfully completed its acquisition of VRI Intermediate Holdings, LLC, a leader in remote patient monitoring solutions, for approximately $315 million. This acquisition aims to enhance ModivCare's suite of integrated supportive care solutions, ultimately improving patient outcomes.

The transaction includes customary purchase price adjustments and highlights ModivCare's commitment to addressing social determinants of health while expanding its healthcare service offerings.

ModivCare Inc. (Nasdaq: MODV) has successfully completed its acquisition of Care Finders Total Care LLC for approximately $340 million in cash, enhancing its presence in the Northeast, particularly in New Jersey, Pennsylvania, and Connecticut. This strategic move is expected to expand ModivCare's integrated supportive care solutions, focusing on improving patient outcomes and reducing healthcare costs.

ModivCare Inc. (Nasdaq: MODV) announced participation in upcoming investor events, featuring one-on-one meetings with CEO Dan Greenleaf and CFO Heath Sampson. The events include the Barrington Research’s 14th Annual Fall Investment Conference on September 9, 2021, and Lake Street’s 5th Annual Best Ideas Growth (BIG5) Conference on September 14-15, 2021. ModivCare, a leader in technology-enabled healthcare services, offers integrated supportive care solutions that improve patient outcomes while addressing social determinants of health.

ModivCare Inc. (Nasdaq: MODV) has priced a private placement offering, issuing $500 million in senior notes due October 1, 2029, at a 5.000% interest rate, up from an initial $400 million. The offering is set to close on August 24, 2021, pending market and closing conditions. Funds will be allocated to the acquisition of VRI Intermediate Holdings and related expenses, with leftover proceeds for corporate purposes, including repaying debts from the acquisition of Care Finders Total Care LLC. The notes will not be registered under the Securities Act.

ModivCare Inc. (Nasdaq: MODV) announced a private placement offering of $400 million in senior notes maturing in 2029. The proceeds will fund the acquisition of VRI Intermediate Holdings, LLC and cover associated fees. The notes will be secured until escrow conditions are met, including the completion of the VRI Acquisition. Following this, the notes will become senior obligations and rank equally with existing debt. The offering is aimed at qualified institutional buyers and will not be registered under the Securities Act.

ModivCare reported a 68.1% revenue increase to $474.4 million for Q2 2021, compared to $282.3 million last year. Income from continuing operations was $13.8 million, or $0.97 per diluted share. Adjusted EBITDA fell to $53.1 million, reflecting increased expenses from higher service costs and pandemic-related challenges. The company announced acquisitions of CareFinders and VRI, expected to close in Q3 2021, aiming to enhance its supportive care solutions. Cash and equivalents stood at $290.9 million as of June 30, 2021.

ModivCare (Nasdaq: MODV) has announced a purchase agreement to acquire VRI Intermediate Holdings for $315 million. VRI, a leading provider of remote patient monitoring solutions, reported $56 million in revenue and $21 million in adjusted EBITDA for the twelve months ending June 30, 2021. The deal, expected to close in Q3 2021, will be financed through debt from Deutsche Bank and Jefferies. The acquisition is anticipated to be immediately accretive to adjusted earnings, expanding ModivCare's capabilities in supportive care solutions and enhancing patient outcomes.

ModivCare, a healthcare services company, announced its merger agreement to acquire CareFinders Total Care for $340 million. CareFinders, a personal care provider in the Northeast, serves over 7,500 patients with a workforce of 6,200 caregivers, generating approximately $200 million in annual revenue. The acquisition, set to close in Q3 2021, aims to enhance ModivCare’s personal care segment, potentially increasing caregiver numbers to nearly 16,000 and hours of care to 30 million annually. The deal, funded through cash and credit, is projected to deliver immediate earnings accretion.

ModivCare Inc. (Nasdaq: MODV) announced leadership promotions effective July 20, 2021. Jonathan B. Bush has been elevated to Senior Vice President, General Counsel and Secretary, while Kenneth Shepard becomes Vice President, Chief Accounting Officer. Bush, with extensive experience in M&A and healthcare regulation, previously served as Vice President, Deputy General Counsel. Shepard has over 15 years of financial experience, notably in healthcare and public accounting. CEO Dan Greenleaf highlighted their key roles in transforming ModivCare into a technology-enabled supportive care solutions provider.