Modivcare Inc. ( (MODV) ) has released its Q4 earnings. Here is a breakdown of the information Modivcare Inc. presented to its investors.
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Modivcare Inc. is a technology-enabled healthcare services company that provides integrated supportive care solutions, focusing on improving patient outcomes through non-emergency medical transportation, personal care services, and monitoring solutions.
In its latest earnings report, Modivcare announced its financial results for the fourth quarter and full year of 2024, alongside changes to its Board of Directors. The company reported a slight increase in annual service revenue but faced challenges that led to a net loss for the year.
Key financial highlights include a service revenue of $2.79 billion for the year, marking a 1.3% increase from 2023. However, the company reported a net loss of $201.3 million for 2024, driven by increased service expenses and interest costs. Adjusted EBITDA for the year was $161.1 million, reflecting a decline compared to the previous year. Modivcare also secured a $75 million incremental term loan to support liquidity.
The company announced the appointment of Alec Cunningham and David Mounts Gonzales to its Board of Directors, bringing expertise in healthcare and technology to support Modivcare’s strategic goals.
Looking ahead, Modivcare’s management remains optimistic about stabilizing utilization levels and transitioning key clients to a fee-for-service contract structure, aiming to normalize working capital and drive long-term shareholder value in 2025.