Business
InnovAge Announces Financial Results for the Fiscal First Quarter Ended September 30, 2021
DENVER, Nov. 09, 2021 (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. 09, 2021 (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, 2021. “We had a strong start to fiscal year 2022 providing high quality care and services to approximately 6,990 participants, representing an increase of approximately 7.2% year-over-year, including the Sacramento census which was not consolidated in the fiscal first quarter of 2021,” said Maureen Hewitt, President and Chief Executive Officer of InnovAge. “We generated strong first quarter revenue of $173.1 million, an increase of 13.4% compared to fiscal first quarter 2021, and $42.3 million of center-level contribution margin. Our recently launched digital strategy has continued to grow our referral base, increasing digital referrals by 65% and digital lead conversions by more than 20% compared to the fourth quarter of fiscal 2021.” Ms. Hewitt continued, “Our team has remained focused on providing high quality, value-based care to our participants and ensuring our participants and employees remain as safe as possible. The health and safety of our participants remains our top priority as we continue to execute on our multi-faceted growth strategy. To date, 89% of participants and 98% of employees have been vaccinated for COVID-19. We remain on track to open three de novo centers in fiscal 2023 and are evaluating locations for two additional centers with the goal of having them operational in fiscal 2024. While currently on track, as with every development, there are factors beyond our control that may impact our expected timeline with respect to these projects. This is an exciting time to be a PACE provider as we believe the growth outlook for the industry remains robust.” Financial Results Three Months Ended September 30, 2021 2020in thousands, except percentages and per share amounts Total revenues $173,070 $152,566 Center-level Contribution Margin 42,330 40,602 Net Income (Loss) 7,624 (49,800) Net Income (Loss) Attributable to InnovAge Holding Corp. 7,686 (49,654) Net income (loss) per share - diluted $0.06 $(0.41) Adjusted EBITDA(1) $18,212 $23,110 Adjusted EBITDA margin(1) 10.5% 15.1% Fiscal First Quarter 2022 Financial Highlights Total revenues of $173.1...