MODV - ModivCare slips after Q3 results as company swings to a quarterly loss

ModivCare (MODV -9.4%) has recorded the second biggest intraday loss for this year after the company reported a mixed performance with its Q3 2021 results. While revenue reached $493.1M with ~54% YoY growth, the health services company focused on integrated supportive care witnessed a net loss of $7.5M for the first time in two quarters. ModivCare’s (NASDAQ:MODV) Matrix Medical Network underperformed as revenue declined ~44% YoY to reach $78.5M leading to a loss of $6.7M. The company’s adj. EBITDA dropped ~25% YoY as Matrix Medical witnessed a 95% YoY decline in its adj. EBITDA, led by a decline in COVID-related vaccination and testing revenue in its Clinical Solutions business. Meanwhile, the adj. EBITDA from the Clinical Care business remained steady during the quarter. Interested in winners and losers on earnings? Take a look at Seeking Alpha's Top movers on Earnings.

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ModivCare slips after Q3 results as company swings to a quarterly loss