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Why Is Healthcare Technologies ModivCare Stock Plummeting Today?

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Thursday, ModivCare Inc (NASDAQ:MODV) reported a fourth quarter of 2023 revenue of $702.8 million, up 7.5% Y/Y, beating the consensus of $696.72 million.

The revenue growth was driven by a 12.7% increase in total paid trips in the non-emergency medical transportation segment, partially offset by a 5.5% decrease in average monthly members. 

The decrease in membership is related to Medicaid redetermination impacts, which are trending in line with expectations. Revenue also increased due to a 3.4% growth in hours in the personal care services segment. The company reported Adjusted EPS of $1.29, below $2.11 a year ago, and against the consensus of $1.28.

“We have encountered some near-term financial headwinds …

Full story available on Benzinga.com

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