ModivCare Shares Plunge on Delay in Collections From Customers

Dow Jones09-13

By Josh Beckerman

ModivCare lost more than half its market value after the healthcare-services company said the collection of outstanding receivables from customers had been delayed, and that it was seeking additional capital.

The Denver company's stock price was down 59% to $12.85 Thursday, after earlier dropping to $11. The shares have fallen about 70% this year.

ModivCare also said it had filed a shelf-registration statement for the potential sale of up to $200 million of securities from time to time.

The company said it believed it has made substantial progress in reaching oral and written agreements with customers over collecting the outstanding receivables. However, it said factors beyond its control delayed and extended the collection timeline, adding it was possible the company wouldn't find full and timely resolution of the issue if unforeseen circumstances arise.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 12, 2024 14:26 ET (18:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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