Business
InnovAge Announces Financial Results For The Fiscal Third Quarter Ended March 31, 2021
DENVER, May 10, 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, May 10, 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 third quarter ended March 31, 2021. Fiscal Third Quarter 2021 Financial Highlights Net revenue of $156.3 million, up 8% compared to $144.8 million in the third quarter of 2020Center level contribution of $41.4 million, up 20% year over year, and center level contribution margin of 26.5%, up 270 basis points year over yearNet loss of $10.9 million, or ($0.09) per share, primarily due to an expected earn-out payment from a 2018 acquisition and $13.5 million loss on extinguishment of debt, both of which were related to our initial public offering on March 8, 2021Adjusted EBITDA(1) of $20.3 million, up 15% compared to $17.6 million in the third quarter of 2020Census of 6,655, up 5% year over year; member months of 19,958, up 6% year over year; and ended the quarter with 18 centers across the United StatesEnded the quarter with $201.5 million in cash and cash equivalents, $82.8 million in debt (representing debt under our senior secured term loan plus capital leases) and a secured net leverage ratio of 0.75x (as calculated pursuant to our credit agreement) Additional Highlights Expect three de novo center openings in two new states in the next eighteen months and two additional de novo centers by the beginning of calendar year 2023Remain in active discussions with joint-venture partners for future de novo locationsRe-opened centers in Colorado, California, and New Mexico as COVID-19 vaccination rollout continues and states diligently dial back restrictions. InnovAge continues to work towards having 90% of staff and participants vaccinated by the end of JulyPerformed more than 93,000 telehealth visits from the start of the pandemic through quarter endInnovAge is a Great Place to Work-Certified™ company for the third consecutive year and we continued to expand our strong leadership team with the addition of Alice Raia as Chief Information OfficerReduced debt by $225.0 million following our initial public offering on March 8, 2021 Maureen Hewitt, President and Chief Executive Officer, commented, “The InnovAge team delivered strong third quarter financial results with 8% revenue growth and 15% Adjusted EB...