Modivcare Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, on March 6, 2025. For Q4 2024, revenue was $702.8 million, consistent with Q4 2023, but operating income decreased to $4.3 million from $15.7 million year-over-year. Net loss widened to $23.5 million from $5.3 million, and Adjusted EBITDA declined to $40.4 million from $50.5 million.
For the full year 2024, revenue increased 1.3% to $2,787.6 million from $2,751.2 million in 2023. However, Adjusted EBITDA for the full year decreased to $161.1 million from $204.4 million in 2023, primarily due to lower gross margin from increased service expenses across all segments. Net cash used in operating activities for the year was $6.4 million, a significant improvement from $83.0 million used in 2023.
The company also announced board changes, with Alec Cunningham and David Mounts Gonzales appointed as independent directors, effective March 7, 2025. Mr. Cunningham brings extensive experience in government-sponsored healthcare programs, while Mr. Mounts Gonzales offers expertise in AI, analytics, and strategic cost optimization.
These appointments complete the Board’s previously announced plan to add three new independent directors, fulfilling contractual obligations with its lenders. Garth Graham also resigned from the Board, effective February 28, 2025. The financial results indicate continued pressure on profitability despite revenue stability, while the board additions aim to strengthen strategic oversight.
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