ModivCare Inc (NASDAQ:MODV) reported Q4 2023 revenue of $702.8 million, a 7.5% increase year-over-year, surpassing consensus estimates. Despite revenue growth, driven by an increase in non-emergency medical transportation trips and personal care services hours, the company's adjusted EPS fell to $1.29 from $2.11 a year ago, slightly above consensus. The decrease in membership due to Medicaid redetermination and margin pressure in the NEMT segment were noted as challenges. Deutsche Bank and Jefferies downgraded MODV, significantly lowering their price targets. ModivCare forecasts lower than expected revenues for Q1 2024 and the full year, contributing to a 40.6% drop in its stock price.