MODV - ModivCare jumps as recent acquisitions drive Q4 beat

ModivCare (MODV +12.0%) shares have recorded the biggest intraday gain since 2020 March after the provider of integrated supportive care solutions reported better than expected financials for Q4 2021 on Friday. Revenue for the quarter climbed ~44% YoY to reach $575.8M, thanks mainly to the addition of $103.2M in the personal care segment related to the acquisition of Care Finders and the recognition of a full quarter of revenue from Simplura. In Nov. 2020, ModivCare (NASDAQ:MODV) acquired Simplura setting the foundation of its personal care business. Care Finders, a personal care provider in the Northeast, was acquired by the company in Sep. 2021. Meanwhile, the loss from continuing operations surged to $31.5M in Q4 2021 from $2.9M in the prior-year period, driven mainly by a $36.8M loss in the equity investment of Matrix, where the company holds ~44% of minority interest. Revenue for the full year rose ~46% YoY to ~$2.0B, while

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ModivCare jumps as recent acquisitions drive Q4 beat