Home Health Care News May 3, 2024
Modivcare Inc. (Nasdaq: MODV) is currently facing financial hurdles, but believes its “wins will outpace the losses” by the end of 2024.
Without some contract wins being reflected until later quarters, contract losses are overshadowing gains, according to the company’s leaders.
Its personal care segment has been steady thus far at least, growing 5% year over year. But earnings results were dragged down by higher operating costs, which Modivcare CEO Heath Sampson said will eventually be neutralized by better platform efficiencies.
“Shifting to personal care, the first quarter results were impacted by higher than expected wage increases and higher centralized costs that will be synergized this year,” Sampson said on the company’s first-quarter earnings call Friday.
Modivcare’s service revenue totaled...
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