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Jun 30, 2023
Modivcare Q2 2023 Earnings Report
Reported an 11.3% increase in service revenue, driven by growth in Home and Mobility businesses, but experienced a net loss primarily due to a goodwill impairment.
Key Takeaways
Modivcare's Q2 2023 results showed revenue growth of 11.3% driven by strong growth across its Home and Mobility businesses. However, the company reported a significant net loss due to a goodwill impairment of $183.1 million and adjusted its full-year Adjusted EBITDA guidance downward due to increased utilization and implementation delays.
Service revenue increased by 11.3% to $699.1 million compared to Q2 2022.
Net loss was $190.9 million, or $13.47 per diluted common share, primarily due to a goodwill impairment of $183.1 million.
Adjusted EPS was $1.47 per diluted common share.
Cash used in operating activities during the quarter was $108.2 million.
Forward Guidance
Modivcare updated its revenue guidance to $2.75 billion - $2.80 billion and adjusted EBITDA guidance to $200 million - $210 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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