In today’s briefing:
- ModivCare (MODV US): Decelerating Revenue Growth and Margin Erosion; Bumpy Road Ahead
ModivCare (MODV US): Decelerating Revenue Growth and Margin Erosion; Bumpy Road Ahead
- ModivCare (MODV US) issued 2024 revenue guidance, which fell short of consensus. The company anticipates 2024 adjusted EBITDA to be $190–210M, down 2% YoY at mid-point.
- NEMT segment is witnessing decelerating quarterly revenue growth and lower margins. Gross profit per trip of NEMT segment is expected to decline 25% YoY and QoQ to $5.69 in 1Q24.
- Modivcare will see improvement in financial performance no sooner than 2H24. Shares plunged 44% YTD. No recovery is expected in near-term.
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