Business
InnovAge Announces Financial Results for the Fiscal First Quarter Ended September 30, 2022
DENVER, Nov. 08, 2022 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (the “Company” or “InnovAge”) (Nasdaq: INNV), a market leading healthcare delivery platform
About this update from Innovage Holding Corp.
[{"type":"text","content":"DENVER, Nov. 08, 2022 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (the “Company” or “InnovAge”) (Nasdaq: INNV), a market leading healthcare delivery platform for high-cost, dual-eligible seniors, announced financial results for its fiscal first quarter ended September 30, 2022. “We have continued to make solid progress this quarter on our regulatory and operational priorities and are now beginning to look forward to the time when we can serve more deserving seniors with the PACE model,” said Patrick Blair, President, and CEO of InnovAge. Financial Results Three Months Ended September 30, 2022 September 30, 2021in thousands, except percentages and per share amounts Total revenues$171,218 $173,070 Center-level Contribution Margin(1) 21,424 42,330 Net Income (Loss) (13,699) 7,624 Net Income (Loss) margin (8.0)% 4.4% Net Income (Loss) Attributable to InnovAge Holding Corp. (13,073) 7,686 Net income (Loss) per share - basic and diluted$(0.10) $0.06 Adjusted EBITDA(1)$(3,815) $18,212 Adjusted EBITDA margin(1) (2.2)% 10.5% Fiscal First Quarter 2023 Financial Performance Total revenue of $171.2 million, decreased approximately 1.1% compared to $173.1 million in the first quarter of fiscal 2022Center-level Contribution Margin(1) of $21.4 million, decreased 49.4% compared to $42.3 million in the first quarter of fiscal 2022Center-level Contribution Margin(1) as a percent of revenue of 12.5%, decreased 12 percentage points compared to 24.5% in the first quarter of fiscal 2022Net loss of $13.7 million, compared to net income of $7.6 million in the first quarter of fiscal 2022Net loss margin of 8.0%, a decrease of 12.4 percentage points compared to a net income margin of 4.4% in the first quarter of fiscal year 2022Net loss attributable to InnovAge Holding Corp. of $13.1 million, or a loss of $0.10 per share, compared to net income of $7.7 million, or $0.06 per share in the first quarter of fiscal 2022Adjusted EBITDA(1) of negative $3.8 million, a decrease of $22.0 million compared to $18.2 million in the first quarter of fiscal year 2022Adjusted EBITDA(1) margin of negative 2.2%, a decrease of 12.7 percentage points compared to 10.5% in the first quarter of fiscal 2022Census of approximately 6,540 participants compared to 6,990 participants in the first quarter of fiscal year 2022Ended the first quarter of fiscal year 2023 with $188.2 millio...