Modivcare Q1 2021 Earnings Report
Key Takeaways
ModivCare reported a strong first quarter with revenue of $453.6 million, a 23.5% increase year-over-year. The company's adjusted EBITDA reached $48.0 million, driven by improvements in both the NEMT and Personal Care segments. ModivCare is focused on technological and operational initiatives, including the acquisition of WellRyde, to enhance patient experience and expand its market position.
Revenue reached $453.6 million, a 23.5% increase compared to Q1 2020.
Income from continuing operations, net of tax, was $18.9 million, or $1.31 per diluted common share.
Adjusted EBITDA was $48.0 million, with Adjusted EPS of $1.92.
Net cash provided by operating activities during the quarter totaled $134.6 million.
Modivcare
Modivcare
Forward Guidance
The company will continue to deploy technological and operational initiatives designed to elevate the patient experience and further its market leading position in the non-emergency medical transportation industry and evaluate external growth opportunities in the highly fragmented $55 billion personal care sector.