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Dec 31, 2022
Modivcare Q4 2022 Earnings Report
Reported strong financial results with revenue growth, solidifying position as a leading supportive care solutions provider.
Key Takeaways
Modivcare reported a revenue of $653.9 million, a 14% increase compared to Q4 2021. The company experienced a net loss of $6.9 million, but adjusted EPS reached $2.11. The results reflect growth in revenue and membership, alongside strategic efforts to consolidate operations and drive efficiencies.
Service revenue increased by 14% to $653.9 million compared to Q4 2021.
Net loss was $6.9 million, or $0.49 per diluted common share.
Adjusted EBITDA reached $59.7 million, with adjusted EPS at $2.11.
The company's personal care business grew by 12%.
Modivcare
Modivcare
Forward Guidance
Modivcare anticipates revenue between $2.575 billion and $2.600 billion and adjusted EBITDA between $225 million and $235 million for 2023.
Positive Outlook
- Revenue is expected to be between $2,575 million and $2,600 million.
- Adjusted EBITDA is projected to be between $225 million and $235 million.
- Guidance affirms confidence in continued growth this year.
- Focus on building for scale and driving efficiencies.
- Supportive care services are uniquely positioned to provide the highest quality.
Challenges Ahead
- Guidance excludes effects of future merger or acquisition activity.
- Guidance is based on the current operating environment.
- Potential risks related to government or private insurance program funding reductions.
- Inability to control reimbursement rates received for services.
- Effects of public health emergencies.