Modivcare Q3 2022 Earnings Report
Key Takeaways
Modivcare reported a solid third quarter with revenue growth of 31.4% year-over-year, driven by strong performance in both the NEMT and Personal Care segments. The company's net loss was primarily attributable to a goodwill impairment for Matrix.
Revenue reached $647.8 million, a 31.4% increase compared to Q3 2021.
Net loss was $28.5 million, or $2.03 per diluted common share, primarily due to a goodwill impairment for Matrix.
Adjusted EBITDA was $51.8 million, with Adjusted Net Income at $22.7 million and Adjusted EPS at $1.61.
Cash and cash equivalents totaled $72.7 million as of September 30, 2022.
Modivcare
Modivcare
Forward Guidance
Modivcare updated its 2022 guidance with revenue between $2.45 billion and $2.475 billion, and Adjusted EBITDA between $210 million and $220 million. The guidance excludes any future merger or acquisition activity and is based on the current operating environment.