ModivCare Inc
NASDAQ:MODV
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ModivCare Inc
ModivCare, Inc. provides technology-enabled services, which offers integrated supportive care solutions for public and private payors and their patients. The company is headquartered in Denver, Colorado. The company went IPO on 2003-08-19. The Company’s segments include NEMT, Personal Care, RPM and Matrix Investment. NEMT operates primarily under the brands ModivCare Solutions and Circulation. Personal Care operates under the brands Simplura and Care Finders, provides personal care to Medicaid patient populations, including seniors and disabled adults, in need of care monitoring and assistance performing activities of daily living. RPM segment operates under the VRI brand, is a provider of remote patient monitoring solutions, including personal emergency response systems, vitals monitoring and data-driven patient engagement solutions. Matrix Investment consists of a minority investment in Matrix, including its clinical care and clinical solutions businesses.
ModivCare, Inc. provides technology-enabled services, which offers integrated supportive care solutions for public and private payors and their patients. The company is headquartered in Denver, Colorado. The company went IPO on 2003-08-19. The Company’s segments include NEMT, Personal Care, RPM and Matrix Investment. NEMT operates primarily under the brands ModivCare Solutions and Circulation. Personal Care operates under the brands Simplura and Care Finders, provides personal care to Medicaid patient populations, including seniors and disabled adults, in need of care monitoring and assistance performing activities of daily living. RPM segment operates under the VRI brand, is a provider of remote patient monitoring solutions, including personal emergency response systems, vitals monitoring and data-driven patient engagement solutions. Matrix Investment consists of a minority investment in Matrix, including its clinical care and clinical solutions businesses.
Revenue Decline: Q1 revenue was $650.7 million, down 5% year-over-year and 2% sequentially, mainly due to known contract losses and lower volumes in key segments.
Cash Flow Pressure: Free cash flow was negative $86.2 million, driven by working capital build from contract transitions and higher interest expense, but management expects cash flow to improve as contracts are restructured.
Cost Reduction: Company launched a $25 million annualized G&A reduction, primarily from labor cuts in corporate and shared services, aiming for improved efficiency and lower overhead.
Contract Pipeline: Secured $52 million in new NEMT contracts and submitted $246 million in renewals; pipeline exceeds $500 million for 2026.
Strategic Alternatives: Established a Board committee to oversee potential divestitures, with deleveraging remaining a top priority.
No Formal Guidance: Management reiterated there will be no formal 2025 outlook; focus is on executing measurable operational initiatives.
