The following is a summary of the ModivCare Inc. (MODV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ModivCare reported a Q1 2024 revenue increase of 3% year-over-year to $685 million and an adjusted EBITDA of $32 million. The company faced a net loss of $22 million, and the adjusted net loss was $1.2 million or $0.09 per diluted share. Personal care revenue increased 5% year-over-year to $184 million, while RPM segment saw a 7% revenue increase to $20 million in Q1. Free cash flow for Q1 was $2 million, with the net debt remaining flat. Q4 2024's adjustment EBITDA run rate is expected to be between $220 million and $230 million. ModivCare also expects to realize $60 million in annualized savings beyond 2024 from cost-saving initiatives.

Business Progress:

• ModivCare has secured new contracts in both NEMT and personal care divisions. The company is implementing measures for platform implementation, shared service centralization, and compliance enhancement in Personal Care. ModivCare is anticipating solid growth in remote patient monitoring throughout 2024. The company has refinanced Matrix Medical debt with plans to monetize the minority equity stake in late 2024 or early 2025. Remote Patient Monitoring is expected to accelerate in membership from Q2 onwards. The company has collected around 75% from a key client, improving its liquidity position. ModivCare aims to sell off its Matrix line of business to maximize shareholder value and is in the process of refinancing their 2025 unsecured senior notes.

More details: ModivCare IR

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