ModivCare reports Q1 adjusted EPS (9c), consensus 19c

Reports Q1 revenue $684.45M, consensus $663.87M. “We are pleased to report first quarter 2024 results in-line with our previously announced guidance as revenue increased 3% year-over-year and adjusted EBITDA was $32 million,” stated L. Heath Sampson, President and CEO. “We made significant progress in our strategic transformation to optimize the Company’s best-scaled supportive care services platform. We completed another pivotal quarter in our NEMT segment, gaining conviction in our cost savings initiatives as the headwinds from Medicaid redetermination, recovery of utilization, and working capital normalization are expected to ease in the second half of the year. The onboarding of over $140 million in ACV won in 2023 is being implemented as anticipated, and we won an additional $36 million in ACV during the first quarter 2024. Our digital integration and technology enhancement initiatives are progressing with expected in-year cost savings of at least $34 million.”