ModivCare, Inc. (NASDAQ:MODV) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET
Company Participants
Kevin Ellich - Head of Investor Relations
Heath Sampson - President and Chief Executive Officer
Barbara Gutierrez - Chief Financial Officer
Conference Call Participants
Brian Tanquilut - Jefferies
Pito Chickering - Deutsche Bank
Bob Labick - CJS Securities
Scott Fidel - Stephens
Miles Highsmith - Deutsche Bank
Michael Petusky - Barrington Research
Rishi Parekh - JPMorgan
Operator
Good morning, and welcome to ModivCare's Third Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference call is being recorded.
I will now turn the call over to Kevin Ellich, Head of Investor Relations. Mr. Ellich, you may now begin.
Kevin Ellich
Good morning, and thank you for joining ModivCare's third quarter 2024 earnings conference call and webcast. Joining me today is Heath Sampson, ModivCare's President and Chief Executive Officer; and Barbara Gutierrez, ModivCare's Chief Financial Officer.
Before we get started, I want to remind everyone that during today's call, management will make forward-looking statements under the Private Securities Litigation Reform Act. These statements involve risks, uncertainties and other factors that may cause actual results or events to differ materially from expectations.
Information regarding these factors is contained in today's press release and in the company's filings with the SEC. We will also discuss non-GAAP financial measures to provide additional information to investors. A definition of these non-GAAP financial measures and the applicable reconciliations to their most directly comparable GAAP financial measures is included in our press release and Form 8-K. A replay of this conference call will be available approximately 1 hour after today's call concludes and will be posted on our website, modivcare.com.
This morning, Heath Sampson will begin with opening remarks. Barbara Gutierrez will review our financial results and guidance. Then we'll open the call for questions.
With that, I'll turn the call over to Heath.
Heath Sampson
Good morning, and thank you for joining our third quarter 2024 earnings call. This quarter has shown positive momentum, reflecting both operational enhancements and strengthened relationships even amid broad health care market shifts.
Third quarter results were in line with our expectations with adjusted EBITDA of $43 million and revenue of $702 million. These results were driven by continued improvements in our Personal Care Services segment, higher margins in Remote Patient Monitoring and NEMT cost savings. We have made strides in optimizing technology to enhance processes, automating several contact center and back-office functions to improve our cost structure and reducing our NEMT unit costs through our multimodal network strategy initiative.