Business
InnovAge Announces Financial Results For The Fiscal Third Quarter Ended March 31, 2023
DENVER, Colo., May 09, 2023 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing
About this update from Innovage Holding Corp.
[{"type":"text","content":"DENVER, Colo., May 09, 2023 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced financial results for its fiscal third quarter ended March 31, 2023. “With our release from sanction in Sacramento on May 1st, we are excited to begin a new chapter,” said Patrick Blair, President, and CEO of InnovAge. “Our near-term performance improvement priorities will concentrate on aspiring to deliver best in class quality and participant satisfaction, which we believe will result in consistent, responsible, profitable growth.” Financial Results Three Months Ended March 31, Nine Months Ended March 31, 2023 2022 2023 2022 in thousands, except percentages and per share amounts Total revenues$172,539 $177,359 $511,213 $525,780 Center-level Contribution Margin(1) 28,785 28,003 72,782 111,741 Net Income (Loss) (7,310) (3,158) (31,557) 5,572 Net Income (Loss) margin(4.2)% (1.8)% (6.2)% 1.1% Net Income (Loss) Attributable to InnovAge Holding Corp. (6,630) (2,821) (29,496) 6,188 Net income (Loss) per share - basic and diluted$(0.05) $(0.02) $(0.22) $0.05 Adjusted EBITDA(1)$3,789 $1,931 $(1,977) $34,895 Adjusted EBITDA margin(1) 2.2% 1.1% (0.4)% 6.6% Fiscal Third Quarter 2023 Financial Performance Total revenue of $172.5 million, decreased approximately 2.7% compared to $177.4 million in the third quarter of fiscal 2022Center-level Contribution Margin(1) of $28.8 million, increased 2.8% compared to $28.0 million in the third quarter of fiscal 2022Center-level Contribution Margin(1) as a percent of revenue of 16.7%, increased 0.9 percentage points compared to 15.8% in the third quarter of fiscal 2022Net loss of $7.3 million, compared to net loss of $3.2 million in the third quarter of fiscal 2022Net loss margin of 4.2%, an increase of 2.4 percentage points compared to a net loss margin of 1.8% in the third quarter of fiscal year 2022Net loss attributable to InnovAge Holding Corp. of $6.6 million, or a loss of $0.05 per share, compared to net loss of $2.8 million, or a loss of $0.02 per share in the third quarter of fiscal 2022Adjusted EBITDA(1) of $3.8 million, an increase of $1.9 million compared to $1.9 million in the third quarter of fisca...