Latest news with #ModivCareInc

Aristotle Small Cap Equity Strategy Sold ModivCare (MODV) Due to a Deteriorating Fundamental Outlook

Yahoo

17-05-2025

Business
Yahoo

Aristotle Small Cap Equity Strategy Sold ModivCare (MODV) Due to a Deteriorating Fundamental Outlook

Aristotle Capital Boston, LLC, an investment advisor, released its 'Small Cap Equity Strategy' first quarter 2025 investor letter. A copy of the letter can be downloaded here. The volatility observed in 2024 continued into the first quarter of 2025. The Russell 2000 Index experienced volatility in Q1 2025, losing -9.48% after a strong 2024. Due to uncertainty, geopolitical tensions, and a longer rate environment, February and March were challenging. In the first quarter, the strategy delivered a return of -7.34% net of fees (-7.20% gross of fees), outperforming the Russell 2000 Index's -9.48% total return. For more information on the fund's best picks in 2025, please check its top five holdings. In its first-quarter 2025 investor letter, Aristotle Capital Small Cap Equity Strategy highlighted stocks such as ModivCare Inc. (NASDAQ:MODV). ModivCare Inc. (NASDAQ:MODV) is a technology-enabled healthcare services company with a market capitalization of $12.773 million. The one-month return of ModivCare Inc. (NASDAQ:MODV) was -9.74%, and its shares lost 96.80% of their value over the last 52 weeks. On May 15, 2025, ModivCare Inc. (NASDAQ:MODV) stock closed at $0.8899 per share. Aristotle Capital Small Cap Equity Strategy stated the following regarding ModivCare Inc. (NASDAQ:MODV) in its Q1 2025 investor letter: "ModivCare Inc. (NASDAQ:MODV), is a Colorado-based healthcare services company that provides non-emergency medical transportation (NEMT), homecare services, and remote patient monitoring to Medicaid and Medicare populations. We sold the position due to a deteriorating fundamental outlook that resulted in a deteriorating financial position." A telemedicine consultation taking place with a doctor and a patient over video call. ModivCare Inc. (NASDAQ:MODV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held ModivCare Inc. (NASDAQ:MODV) at the end of the fourth quarter which was 17 in the previous quarter. In Q1 2025, ModivCare Inc. (NASDAQ:MODV) reported revenue of $650.7 million, down 5% year over year and 2% sequentially. While we acknowledge the potential of ModivCare Inc. (NASDAQ:MODV) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the undervalued AI stock set for massive gains. In another article, we covered ModivCare Inc. (NASDAQ:MODV) and shared the list of penny stocks with insider buying in 2025. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey.

Yahoo

16-05-2025

Business
Yahoo

Aristotle Small Cap Equity Strategy Sold ModivCare (MODV) Due to a Deteriorating Fundamental Outlook

Yahoo

09-05-2025

Business
Yahoo

Q1 2025 ModivCare Inc Earnings Call

L. Heath Sampson; President, Chief Executive Officer, Director; ModivCare Inc Pito Chickering; Analyst; Deutsche Bank Michael Petusky; Analyst; Barrington Research Associates, Inc Operator Good day everyone and welcome to Motive Care's first quarter 2025 Financial Results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. Please note this conference call is being recorded. Today's speaker will be Heath Sampson, MotiveCare's President and Chief Executive Officer. Before we get started, I want to remind everyone that during today's call, management will make forward-looking statements under the Private Securities Litigation Reform Act. These statements involve risks, uncertainties, and other factors that could cause actual results or events to differ materially from expectations. Information regarding these factors is contained in today's press release and in the company's filings with the SEC. We will also discuss non-GAAP financial measures to provide additional information to investors. A definition of these non-GAAP financial measures, and the applicable reconciliations to their most directly comparable GAAP financial measures is included in our press release and Form 8-K. A replay of this conference call will be available approximately one hour after today's call concludes and will be posted on our website, This morning, Heath Sampson will begin with opening remarks and review our financial results and guidance. Then we'll open the call for questions. With that, I'll turn the call over to Heath. L. Heath Sampson Good afternoon everyone, and thank you for joining us today. We appreciate the opportunity to walk through our first quarter of 2025 results and provide an update on execution across our operating priorities. To create a consistent framework for reporting progress, we are aligning our updates to five enterprise objectives. One, grow and retain core customer relationships across all segments. Two, digitize and automate our care access platform. Three, optimize our operating model for simplicity and scale. Four, increase capital efficiency and advance deleveraging, and five, deliver high impact client centric supportive care. These five objectives guide our decision making across segments and functions and will continue to serve as the structure for how we communicate execution and performance going forward. Now moving to our first strategic objective, to grow core custom relationships across all segments. In Q1, we focused on strengthening custom relationships through retention, targeted renewals, and new business wins across all three segments. In NEMT, we secure two new Medicaid managed care contracts, one in the Southwest and one in the Pacific region, representing a combined annual contract value of approximately $52 million with expected in-year revenue contribution of around $38 million. We remain the platform of choice for large health plans, seeking broad network access, consistent quality outcomes, and actual insights to improve member satisfaction and reduce the total cost of care. Our forward-looking tech enabled approach to integrating the care ecosystem combined with our ability to help clients proactively manage evolving CMS requirements, including the complex and state-specific needs of dual eligible populations ahead of the 2027 mandate, continues to differentiate mode of care in the market. We also submitted four state contract renewals totaling over $246 million in annual contract value. In each case, we are the incumbent, and we remain on track for the renewal and continue to be a high value quality partner in each of these states. Our broader opportunity in 2026 pipeline exceeds $500 million in potential contract value. We also experienced the loss of a regional contract totaling $15 million in annual revenue driven by a national plan's decision to consolidate vendors. While this was a smaller relationship, it was one we believe we should have retained. Performance was strong. This reinforces the importance of our ongoing investments in commercial responsiveness and account level management discipline. Retention remains a key performance priority. In Personal care, we signed four strategic agreements, including two national and two regional plans. These contracts span geographies in the northeast and southeast and are expected to generate between 40,000 and 50,000 monthly service hours, with contribution margins above our Medicaid average. In Monitoring, we continue to grow our Medicaid footprint, adding two new markets during the quarter. In Indiana, which is about 10% of our [LTSS revenue], referral volume increased by more than 45% year-over-year, while our newest Southeastern market delivered sequential growth. Our innovation and development efforts are beginning to deliver results, expanding our monitoring and care management capabilities beyond traditional per solutions. But while we are still in early stages launching new contracts, we believe the total addressable market is substantial, and we have built the infrastructure and capability needed to scale effectively. Now turning to our second strategic objective, to digitize and automate our care access platform. We continue to advance our digital transformation strategy in Q1, with a focus on improving operation scalability, reducing unit cost, and preparing each segment for future growth. In NEMT, our self-service call to trip ratio reached 36.1%, up from 35% in Q4 and 31% a year ago. This growth in digital reservation was supported by ongoing API integration and channel enhancements. Automated intake and trip adjudication contributed to 1.2% year-over-year reduction in unit costs with purchase services per trip decreasing to $40.69. Digital trip volume exceeded $1 million transactions in the quarter. Complaints, a key performance metric in the complex and NEMT environment, declined 31.2% year-over-year, and on-time performance rose to 95.2%, and missed trips decreased by 20% quarter-over-quarter, reflecting meaningful improvements driven by automation and enhanced service coordination. We also expanded the use of our intelligent virtual agent for outbound call handling and deployed AI power tools for QA automation. These tools are improving writing accuracy, speeding up feedback loops and creating more consistent oversight across contact center operations. As part of monetization in the NEMT segment, we're in the process of restructuring the organization and are building out a more tech first model by adding talent in data, AI, and agile operations. While we continue to operate with over 2000 contact center agents and 800 transportation support roles. The infrastructure now in place positions us to accelerate automation, reduce fixed labor intensity, and streamline repetitive tasks going forward. In personal care, we expanded deployment of digital tools included for shift scheduling, caregiver engagement, and e-learning, which achieved a 72% completion rate among newly onboard caregivers. These are industry-leading tools which enable recruiting and retaining caregivers while also strengthening compliance and revenue cycle management and supporting robust fraud, waste, and abuse controls. In monitoring, we completed phase one of our cloud-based continuity platform and launched new revenue cycle management automation. Together, these initiatives reflect the foundation of our platform modernization strategy. They are enabling faster execution, reduce manual workload, and supporting more scalable and compliant service delivery in both current operations and future business models. Now for our third strategic objective, To optimize our operating model for simplicity and scale. We advanced our structural realignment work by streamlining operations, consolidating leadership structures, and reducing fixed overhead across the business. In April, we launched a company-wide GNA reduction initiative targeting approximately $25 million in annualized savings, with additional opportunities identified as part of the ongoing plan. Combined with the optimization actions implemented in late 2024 and early 2025, the savings were driven by workforce efficiencies, vendor consolidation, and realization of plan reductions. As part of our ongoing organization alignment and future strategic plans, Barbara Gutierrez, CFO, and Jessica Kral, CIO will be departing the company after advancing their respective functions in the company over the last few years. These transitions are deliberate and aligned with both our near term priorities and the long-term direction of the business. We have a strong experienced finance team and with deep public company healthcare and audit experience, backed by leaders focused on execution and results. On the technology side, we're advancing the next phase of our platform with a capable team leading our shift toward automation, AI, and digital scalability. In NEMT, we completed a full operating restructure, integrating trip operations, pricing, client services, and transportation network management under unified regional leadership. This model enhances decision speed and financial accountability in the field while enabling a modern, connected, and hyperlocal healthcare ecosystem. In Personal care, Monitoring, we streamline operation to reduce costs and improve execution. In PCS, a shift to a hub and spoke model drove $1 million in year-over-year DNA reduction, supported by standardized dashboards, tracking caregiver on boarding and branch efficiency. Across all three segments, these operating model changes are designed to simplify execution, reduce structural cost, and support strategic flexibility. Now turning to our fourth strategic objective, To increase capital efficiency and advanced deleveraging. In Q1, following the successful capital raise in January, we remain focused on improving cash flow, reducing capital intensity, and future deleveraging. And NEMT we transitioned several large customers to faster settling fee for service like models. These agreements retain performance and cost-based payments while limiting exposure from utilization or member mix volatility. As a result, collection predictability will improve and several contracts now settle within 90 days or less compared to prior cycles of 6-18 months. We have demonstrated improved alignment with our payer partners and a more proactive revenue cycle management. As a result, in April, we collected a large NCO contract receivable from 2024 of approximately $30 million a month earlier than we expected. To reinforce capital discipline and governance, we recently completed the final step of our board recomposition. In April, we also established a strategic alternatives committee of the board. This committee is now overseeing the ongoing portfolio and capital review process, including potential divestitures in close coordination with management, the board of the whole, and external advisors. Now turning to our fifth strategic objective, To deliver high impact client centric supportive care. Our long-term vision is to become the digital infrastructure for supportive care for each segment stand-alone or together. The operational infrastructure connecting payers, providers, caregivers, and members. This allows mode of care to unify fragmented benefits and deliver a coordinated member experience across in-home, virtual, and community-based services. This approach positions us to meet the healthcare system where it is going into the home, more preventative, digitally enabled and increasingly centered around the number, improving satisfaction and lowering the cost of care. It also differentiates us in a fragmented market, not just through our service breadth, but through our ability to coordinate care efficiently at scale. Now turning to our consolidated first quarter Financial results. Revenue for the quarter was $650.7 million, down 5% year-over-year and 2% sequentially. The decline was driven primarily by known NEMT contract attrition, lower build hours in PCS and membership turn and monitoring. These impacts were expected and reflect prior customer transitions and market dynamics that are now largely behind us. Net loss for the quarter was $50.4 million, up from $22.3 million a year ago. The increase was primarily due to higher interest expense, which rose to $38.8 million nearly double the prior year as a result of higher boring costs on the fully drawn revolver. Adjusted net loss was $24.5 million or negative $1.71 per share, which reflects the exclusion of restructuring related costs and amortization of intangibles. Adjusted EBITDA came in at $32.6 million essentially flat year over year, but down sequentially, again, in line with expectations. Key drivers of the sequential decline included, an $8 million impact from net NEMT contract development reflecting the balance of new wins, losses, and repricing. A $7 million impact from lower EBITDA in PCS and Monitoring. These impacts were partially offset by improved pricing, favorable utilization mix NEMT, and lower service expense and GNA. In NEMT, revenue of $449 million, representing 69% of total revenue declined 6% year-by-year due to previously disclosed contract losses. Average monthly members declined 19% year-over-year and 20% sequentially. Also, utilization from the normalization of healthcare increased to 12%. We've either repriced or in the process of repricing our full risk contracts primarily with state clients to better align with current utilization levels. These pricing resets are designed to stabilize margins and reduce working capital volatility. To that end, we are also redesigning contract terms to accelerate settlement and improve cash conversion. These efforts are already underway with the goal of achieving more stable cash flow dynamics by 2026. Revenue per member per month rose 16% year-over-year to $6.35and 13% sequentially. The results are stronger acuity mix and pricing updates. Adjusted EBITDA for mobility was $27.8 million with a 6.2% margin up 50 basis points year-over-year and 60 points sequentially. Driven by pricing discipline, mode optimization and cost structure improvements. PCS contributed $181.8 million in revenue, or 28% of total revenue. Revenue per hour rose 1.1% while service hours declined 2.1% due to expected seasonality and localized labor shortages. Adjusted EBITDA was $12.2 million, up 9% year-over-year, driven by structural cost savings and temporary delay and wage rate changes. Margins will normalize in Q2 as these wage adjustments phase in. Monitoring contributed $18.1 million in revenue, representing just 3% of total revenue, but 16% of total adjusted EBITDA. Adjusted EBITDA was $5.2 million for a 29% segment margin. While revenue was impacted by the planned exit of a Medicare Advantage customer in certain PERS markets, Medicaid LTSS referrals grew, including a 45% year-over-year increase in Indiana and additional programs launched in new states. We are now operating under three active condition-based monitoring contracts and continue to progress towards full divested revenue, including legal HR and operational separation and advisory engagement. Turn to the Balance sheet. Net contracts receivable rose $109 million up from $95 million in Q4 due to expected billing timing. However, we are already seeing improvement. In April, we collected $30 million in receivables, approximately two months ahead of contract terms reflecting improved payer alignment and proactive revenue cycle management. We ended the quarter with $116 million in cash in a fully drawn revolver of $269 million. Free cash flow was negative at $86.2 million largely due to working capital build from timing of accounts payable, contract transitions, and higher interest expense tied to our capital structure. We are continuing to take discipline action to manage costs, drive execution, and position the business for long-term performance. Our strategic priorities remain unchanged. Grow and retain core customer relationships, digitize and automate our care access platform, optimize our operating model for simplicity and scale, increase capital efficiency and advanced deleveraging, and lastly deliver a high impact client centric supportive care model. These objectives guide our operational decisions, investment focus, and how we evaluate long-term portfolio strategy. As shared previously, we are not issuing formal guidance in 2025. Instead, we are focused on executing against measurable initiatives and communicating progress through clear objective KPIs and milestones. That said, we are executing with urgency and focus, improving our business unit performance, strengthening our balance sheet, and advancing our platform modernization. Our progress is a direct result of the work of our team, from caregivers and drivers to call center agents, engineers, and operators. Their execution and commitment are enabling us to deliver essential care and build a stronger, more connected mode of care. We look forward to continuing this momentum and updating you on our progress in Q2. Operator, we're now ready to take your questions. Operator (Operator Instructions) Pito Chickering, Deutsche Bank Pito Chickering Hey, good afternoon, guys. I guess we'll start off just on cash flow from ops. Working capital was obviously, a pretty big use, of cash this quarter and cash flow burden of $82 million. Can you just walk us through how we should be thinking about cash regeneration throughout the rest of the year? You talked about the $30 million collection you guys got, but just how we should be modeling cash flow generation for the year and then looks like there's a $2 million settlement, in the quarters I want to see if that's a charge against ARs or something else. L. Heath Sampson Yeah, hey, thanks, Pito. I'll start with the $2 million. The $2 million was a settlement for a legacy case in the Personal care business, that we cleared up, and then cash, yeah, you're on it, right for us, it, it's pretty simple, our EBITDA is driving our cash, and then you can see and a good way to kind of walk through this is on page 8 of the deck. This will help us walk through the other items and how we look forward. And you're seeing now that based on the wins that we had in the mobility side we had $52 million, the legacy losses that we have, those have been flushed through so that this continued growth within the business as well as your, utilization for us going up and because of our contract mix that's a a favorable benefit to us so growth and revenue and contract. And contracts will add to that either, so the business development growth, and then our cost savings, you see them here, you see the cost savings that we had from prior year rolling forward, you're seeing the automation cost savings and then we also talked about continued GNA, that $25 million that we cut. So those will also flow through. And then the changes in PCS that are kind of coming from COVID related payments and monitoring, you should expect those to contribute as well. So all the drivers that are controllable are moving in the right direction for us. So then the last component that is controllable is around good working capital. And this is one item that we know we've been talking about for a while, right? But now, especially coming out of last year, and also because of the great work that our teams are doing around restructuring these contracts. We're becoming much more predictable and you'll see that working capital need continue to come down each quarter and as we exit into 2026, we should have the majority of our contracts onto the right structure so that long working capital need will go away. In addition to that, and you did see AR rise this year, this quarter, but as we said on the call, we are moving contracts and again we expect that to continue so that AR will come down. The working capital benefit coupled with the AR will have a I feel really good of our ability to generate cash off of that. And then of course you have the taxes and the and the ad backs and the ad backs rest have come down. It's mainly going to be kind of restructuring and fees. So long story short, the benefits that we're driving and making decisions around cost out both in GNA and automation, coupled with the working capital changes, we expect meaningful improvement on cash flow generation as we exit the. Pito Chickering Okay, so, when we follow up on that one. I mean, with overall revenue down to 4.9% year-over-year and any NEMT is down 6.3% year-over-year, I guess why do contract receivables and long term contracts, receivables increase by $17 million I guess I'm trying to figure out how if revenue is down, how the AR is up there? L. Heath Sampson Yeah, that revenue that went down for those primarily those two contracts, the MA contract and then that Florida contract that rolled off in January. So that's the main driver that we knew about, end of last year for that, and we've been increasing since then and I expect them to roll on and the AR is is completely to do with our contracts that are on on shared risk and those contracts have remained. And until we've switched them over, which we've started to now, they just grew in accordance with, the way the contracts are structured so it's a disconnect mainly because of the contract mix, and the shared risk contracts not being converted until this quarter and going into the next year, which is why AR went up in those in those items in those areas. Pito Chickering Great, then one sort of, I guess in the fundamental one looking at, like an NEMT obviously your total trips are down, do the contract losses, your revenue per every month is up 13% and revenue is up 2.4%. Is this just a mix issue that those last, those those contracts are lost just to be shifted around the mix there, or is there something else that's that's happening there and as you model this thing out for the rest of the rest of the year. Is this the right revenue per member and revenue per trip that we should be thinking about for '25, and then also the contract that you lost that you were the incumbent, I guess any color and or why you lost that. Thank you so much. L. Heath Sampson Yeah, so the revenue per trip items you're right, it is a mix change that's the main driver of that for Q1, for us, especially coming out of COVID and as we've been. Repricing needs to be in line with the win structures that we have with our clients. I expect our revenue, mix to stay the same and therefore those, per trip metrics to be kind of normal throughout the rest of this year. We will be having, as we said, adding new business, and the mix may change a little bit, but those would be for the benefit. And then on the contract that we lost again, we really, we want to be transparent around our competitive advantages that we're seeing in transportation but we also want to be transparent around if something happened and then, and we lost this. It's one pair that consolidated with another competitor for us we want to be transparent around that but that's not representative, we have 40 other contracts on our MCO side that we feel that we're in the process of renewing it and and and extending. Additional pipeline and as we said, additional closures in Q1 and I expect that to happen. But at the same time, we did. So relative to the winds, definitely smaller, but at the same time, it's important for us to ensure that our continued progress around our account management and and and client management continues to improve so I expect it will. Pito Chickering Great, thanks so much. L. Heath Sampson Thank you. Operator Michael Petusky, Barrington Research. Michael Petusky Yeah, hey, I'm going to try to drill down, a little bit on that cash flow question, and, I'm just going to ask it real plainly, I think you guys have sort of, big debt payments, and I think Q2 and Q4, is that right? L. Heath Sampson That's correct. Q2 and Q4. Michael Petusky I'm assuming that you can't generate positive cash flow from Ops in those cores. I'm wondering, is that true and B if that is true, is there a positive cash flow possibility in Q3? Thanks. L. Heath Sampson Yeah, the right way to look at because of the lumpiness in the debt payments, yes, we manage and cash by a monthly, weekly, basis, and also quarterly, but for the right way to think about it is annually because of those lumpiness. And you saw the cash that we have on the balance sheet coupled with what I talked about before around the contract changes and what that's going to do to our working capital and the collection of that AR. We feel really good in the cash flow generation for where we are and our balance sheet, and everything that we're doing right now to ensure that we have the right level of cash to ensure that we operate as we move through the months and the quarters. Michael Petusky Right, I'm going to try to pin you down one more time. Is there a positive cash flow quarter in this year? L. Heath Sampson Yes, so we, you're right on the negative cash flows because of the large debt payments in Q2 in Q4 won't give you the exact forecast in the other quarters, but with what we have done in January, what we continue to do, what we're expected to do around cost out and automation, we're operating as we should, and I feel good about our current position. Michael Petusky Okay, can we talk a little bit about the strategic alternatives, initiative, and just obviously there's some, it feels like there's some emergency in this, situation, and I, I'm just curious. I mean, do you see something, coming out of that initiative, in, the current year? L. Heath Sampson Yeah, so we feel really good about our businesses, what we've done, and at the same time levering is a top priority for us that's critical to our to our stakeholders. So that's why we are doing it. That's why we look forward to updating you as we as we move through. So the urgency is the right level of balance to ensure that we're doing the right thing for all stakeholders. So, we will sell when it is the right time to sell, that's the best thing for again all stakeholders so there's there's the, there's the right level of patience and urgency to ensure that we get the right value at the right time so. I'm comfortable with the position we're in and and the great work that that that each of those businesses are doing is going to ensure that we get the right value. Michael Petusky Last one, and I'll, jump off, but, in terms of the, if you mention specifics on the GNA savings where those are coming from, I missed it. What can you lay out more specifics around where the $25 million? L. Heath Sampson Yeah, so it, it's across the board, but it's primarily within the corporate and shared service areas, as we continue to get more efficient in our operations that are customer facing and drive value for the customer facing improved because of what we've done during the transformation because of the automation we're able to ensure that we. The back office or the extra people that were necessary to compensate for some of the stuff, we don't need that anymore because of our efficiencies our focus and simplicity but it's primarily in the shared service and corporate side that those dollars came out. Michael Petusky And primarily labor? L. Heath Sampson Yeah, oh yeah, oh, so primarily labor, there are vendor statements, but we got those earlier, but that '25 that I said is majority of that is labor. Michael Petusky Okay. All right. Very good. Thank you. L. Heath Sampson Great. Thanks, Mike. Operator Thank you. There are no further queue there are no further questions at this time. I would like to hand the floor back over to Heath Sampson for any closing comments. L. Heath Sampson Well, thanks everybody. I appreciate you joining the call, this afternoon. I'm really proud of what the team has done, and really proud about us weathering the storm coming out of last year. It was an unprecedented time. A lot of that behind us. And as you can see in Q1, the execution and the progress we made, and I really look forward to updating you in Q2 on that continued progress. So thanks again for joining and look forward to talking to you in a few months. Take care. Operator This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Washington Post

08-05-2025

Business
Washington Post

ModivCare: Q1 Earnings Snapshot

DENVER — DENVER — ModivCare Inc. (MODV) on Thursday reported a loss of $50.4 million in its first quarter. The Denver-based company said it had a loss of $3.52 per share. Losses, adjusted for one-time gains and costs, were $1.71 per share. The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 34 cents per share.

MODV Deadline: Rosen Law Firm Urges ModivCare Inc. (NASDAQ: MODV) Stockholders with Losses to Contact the Firm for Information About Their Rights

Associated Press

28-03-2025

Business
Associated Press

MODV Deadline: Rosen Law Firm Urges ModivCare Inc. (NASDAQ: MODV) Stockholders with Losses to Contact the Firm for Information About Their Rights

Rosen Law Firm, a global investor rights law firm, reminds investors that a shareholder filed a class action on behalf of purchasers and acquirers of securities of ModivCare Inc. (NASDAQ: MODV) between November 3, 2022 and September 15, 2024. ModivCare describes itself as a company that 'provides a suite of integrated supportive care solutions for public and private payors and their members[.]' For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653. The Allegations: Rosen Law Firm is Investigating the Allegations that ModivCare Inc. (NASDAQ: MODV) Misled Investors Regarding its Business Operations. According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements as well as failed to disclose adverse facts about ModivCare's business, operations, and prospects. Specifically, defendants failed to disclose that certain contracts used in ModivCare's non-emergency medical transportation ('NEMT') segment caused ModivCare's free cash flow to deteriorate and that, as a result: (i) contract renegotiations and pricing accommodations negatively impacted ModivCare's adjusted EBITDA; (ii) ModivCare had insufficient liquidity; and (iii) defendants' positive statements about ModivCare's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. What Now: You may be eligible to participate in the class action against ModivCare. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by March 31, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders. CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected] SOURCE: Rosen Law Firm Copyright Business Wire 2025. PUB: 03/28/2025 12:10 PM/DISC: 03/28/2025 12:10 PM

Latest news with #ModivCareInc

Aristotle Small Cap Equity Strategy Sold ModivCare (MODV) Due to a Deteriorating Fundamental Outlook

Aristotle Small Cap Equity Strategy Sold ModivCare (MODV) Due to a Deteriorating Fundamental Outlook

Q1 2025 ModivCare Inc Earnings Call

ModivCare: Q1 Earnings Snapshot

MODV Deadline: Rosen Law Firm Urges ModivCare Inc. (NASDAQ: MODV) Stockholders with Losses to Contact the Firm for Information About Their Rights

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