Business
InnovAge Announces Financial Results for the Fiscal Third Quarter Ended March 31, 2022
DENVER, May 10, 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, May 10, 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 third quarter ended March 31, 2022. “We ended the fiscal third quarter with a census of approximately 6,800 participants and generated $177.4 million of revenue. Our results reflect the significant transformation we are undertaking,” said Patrick Blair, President and Chief Executive Officer of InnovAge. “We continue to make progress on the critical work of remediating deficiencies outlined in our Sacramento and Colorado audits and transforming the Company. Through our One InnovAge initiative, we intend to propel the Company forward creating operational excellence as a provider, expanding our payer capabilities, and strengthening our enterprise functions to be successful at a national scale. I am proud of the work our employees have accomplished over the last fiscal quarter and remain excited about the Company’s future.” Financial Results Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021in thousands, except percentages and per share amounts Total revenues$177,359 $156,308 $525,780 $466,184 Center-level Contribution Margin 28,003 41,354 111,741 126,047 Net Income (Loss) (3,158) (10,862) 5,572 (51,055) Net Income (Loss) Attributable to InnovAge Holding Corp. (2,821) (10,510) 6,188 (50,460) Net Income (Loss) Margin (1.8)% (6.9)% 1.1% (11.0)%Net income (loss) per share - diluted$(0.02) $(0.09) $0.05 $(0.42) Adjusted EBITDA(1)$1,931 $20,312 $34,895 $65,985 Adjusted EBITDA margin(1) 1.1 % 13.0 % 6.6% 14.2 % Fiscal Third Quarter 2022 Financial Highlights and Executive Leadership Update Census increased 2.1% year-over-year to approximately 6,800.Total revenues of $177.4 million, up 13.5% compared to $156.3 million for the third quarter of fiscal 2021, due to an increase in per member per month rates and census.Center-level Contribution Margin of $28.0 million decreased 32.3% year-over-year.Center-level Contribution Margin as a percent of revenue decreased 10.7 percentage points year-over-year to 15.8% due to (i) the impact of the recent Omicron surge, (ii) increased housing utilization, (iii) state-mandated housing rate increases, (iv) medical cost normalization, and (v) an incr...