MODV - ModivCare lays out long-term growth targets

In a regulatory filing, ModivCare ([[MODV]] -0.8%) outlined its long-term outlook for both of its segments: non-emergency medical transportation ((NEMT)) and Personal Care.Revenue growth for NEMT and personal care segments are estimated at mid-single and high-single digits, the company announced today adding that their EBITDA margins could reach 7 – 10% and 10 – 12%, respectively.ModivCare averaged ~7.0% revenue growth in 2017 – 2019 before witnessing a decline of ~9.4% YoY in 2020 amid the pandemic-related impact on NEMT Segment with reduced transportation volumes.However, during the first quarter of 2021, revenue rose ~23.5% YoY primarily due to incremental revenue linked to acquisitions of Simplura and National MedTrans. The improvement was partly offset by the lower trip volume amid the continuing COVID-19 impact on NEMT business, the company said.

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ModivCare lays out long-term growth targets