Business
InnovAge Announces Financial Results for the Fiscal Second Quarter Ended December 31, 2022
DENVER, Feb. 07, 2023 (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, Feb. 07, 2023 (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 second quarter ended December 31, 2022. “It is with great enthusiasm and responsibility we begin the next chapter at InnovAge,” said Patrick Blair, President and CEO of InnovAge. “The dedication and effort the team has demonstrated while under sanctions has helped us build a strong operational foundation of standardization, quality and compliance, which will enable responsible growth in the future.” Financial Results Three Months Ended Six Months Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021in thousands, except percentages and per share amounts Total revenues$167,456 $175,350 $338,674 $348,420 Center-level Contribution Margin(1) 22,573 41,406 43,997 83,736 Net Income (Loss) (10,547) 1,106 (24,247) 8,730 Net Income (Loss) Margin (6.3)% 0.6% (7.2)% 2.5% Net Income (Loss) Attributable to InnovAge Holding Corp. (9,793) 1,323 (22,866) 9,009 Net Income (Loss) Per Share - Basic and Diluted$(0.07) $0.01 $(0.17) $0.07 Adjusted EBITDA(1)$(1,954) $14,750 $(5,768) $32,962 Adjusted EBITDA Margin(1) (1.2)% 8.4% (1.7)% 9.5% Second Quarter 2023 Financial Performance Total revenue of $167.5 million, decreased 4.5% compared to $175.4 million in the second quarter of fiscal 2022Center-level Contribution Margin(1) of $22.6 million, decreased 45.4% compared to $41.4 million in the second quarter of fiscal 2022Center-level Contribution Margin(1) as a percent of revenue of 13.5%, decreased 10.1 percentage points compared to 23.6% in the second quarter of fiscal 2022Net loss of $10.5 million, compared to net income of $1.1 million in the second quarter of fiscal 2022Net loss margin of 6.3%, a decrease of 6.9 percentage points compared to a net income margin of 0.6% in the second quarter of fiscal year 2022Net loss attributable to InnovAge Holding Corp. of $9.8 million, or a loss of $0.07 per share, compared to net income of $1.3 million, or income of $0.01 per share in the second quarter of fiscal 2022Adjusted EBITDA(1) of negative $2.0 million, a decrease of $16.7 million compared to $14.8 million in the second quarter of fiscal year 2022Adjusted EBITDA(1) margin of negative 1.2%, a dec...