Business
InnovAge Announces Financial Results for the Fiscal Second Quarter Ended December 31, 2021
DENVER, Feb. 09, 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, Feb. 09, 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 second quarter ended December 31, 2021. “We ended the fiscal second quarter with a census of approximately 7,050 participants, generated $175.4 million of revenue, and we are working diligently to address the deficiencies that were identified in the Sacramento and Colorado audits,” said Patrick Blair, President and Chief Executive Officer of InnovAge. “Although I have only been with the Company for a couple of months, the team has kicked off the launch of our new Electronic Medical Record system, submitted and received approval for our corrective action plans addressing the audit deficiencies in Sacramento, and is working to submit corrective action plans to multiple agencies in Colorado, while continuing to make progress on our future. We are navigating through some near-term challenges, including continued uncertainty from the COVID-19 pandemic and the Omicron variant, as well as labor supply and cost pressures. Our team continues to bravely and selflessly pursue the critically important work they do to help some of the nation’s most vulnerable Americans, and we continue to execute our strategy to enhance our position in the PACE market. My healthcare experience working with elderly populations will help to strategically position InnovAge to benefit from industry tailwinds as PACE continues to gain traction. I could not be more excited about the future of the Company.” Financial Results Three Months Ended December 31, Six Months Ended December 31, 2021 2020 2021 2020in thousands, except percentages and per share amounts Total revenues$175,350 $157,311 $348,420 $309,877 Center-level Contribution Margin 41,406 44,092 83,736 84,694 Net Income (Loss) 1,106 9,607 8,730 (40,193) Net Income (Loss) Attributable to InnovAge Holding Corp. 1,323 9,705 9,009 (39,950) Net income (loss) per share - diluted$0.01 $0.08 $0.07 $(0.34) Adjusted EBITDA(1)$14,750 $22,564 $32,962 $45,673 Adjusted EBITDA margin(1) 8.4 % 14.5 % 9.5 % 14.8 % Fiscal Second Quarter 2022 Financial Highlights Census increased nearly 6% year-over-year to approximately 7,050, after including the Sacramento census, which was not consolidated...