ModivCare Inc.Q224 Results

Deutsche Bank Research North America High Yield Corporates Healthcare Company ModivCare Inc. Date 9 August 2024 Q224 Results Summary and Recommendation We rate MODV's bonds Buy. MODV reported Q224 EBITDA slightly ahead of the Bloomberg consensus. Importantly, MODV won additional NEMT contracts in Q224, and did not lose any meaningful contracts. This bodes well for a positive 2H24 setup. Although MODV drew down significantly on its revolver in Q224 (due to changes in contracts receivables and payables), it's ...