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Mar 31, 2021
Modivcare Q1 2021 Earnings Report
Reported revenue increase of 23.5% compared to Q1 2020, with adjusted EBITDA exceeding the prior year's figure, driven by NEMT and Personal Care segments.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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