Business
InnovAge Announces Financial Results for the Fiscal Third Quarter Ended March 31, 2024
DENVER, May 07, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive
About this update from Innovage Holding Corp.
[{"type":"text","content":"DENVER, May 07, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly 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, 2024. “The portfolio of initiatives that we’ve launched over the past two years is creating tangible impact,” said Patrick Blair, President and CEO. “We continue to see ongoing performance improvement in our operations which is driving greater stability in our financial results and confidence in our ability to deliver high-quality care.” Financial Results Three Months Ended March 31, Nine Months Ended March 31, 2024 2023 2024 2023 in thousands, except percentages and per share amounts Total revenues$193,071 $172,539 $564,454 $511,213 Loss Before Income Taxes (6,408) (8,675) (20,873) (39,304)Net Loss (6,184) (7,310) (20,967) (31,557)Net Loss margin(3.2)% (4.2)% (3.7)% (6.2)% Net Loss Attributable to InnovAge Holding Corp. (5,887) (6,630) (19,638) (29,496)Net Loss per share - basic and diluted$(0.04) $(0.05) $(0.14) $(0.22) Center-level Contribution Margin(1)$33,997 $28,785 95,486 72,782 Adjusted EBITDA(1)$3,606 $3,789 $13,604 $(1,977)Adjusted EBITDA margin(1) 1.9% 2.2% 2.4% (0.4)% Fiscal Third Quarter 2024 Financial Performance Total revenue of $193.1 million, increased approximately 11.9% compared to $172.5 million in the third quarter of fiscal year 2023Loss Before Income Taxes of $6.4 million, compared to a loss before income taxes of $8.7 million in the third quarter of fiscal year 2023Loss Before Income Taxes as a percent of revenue of 3.3% decreased 1.7 percentage points compared to Loss Before Income Tax as a percent of revenue of 5.0% in in the third quarter of fiscal year 2023Center-level Contribution Margin(1) of $34.0 million, increased 18.1% compared to $28.8 million in the third quarter of fiscal year 2023Center-level Contribution Margin(1) as a percent of revenue of 17.6%, increased 0.9 percentage points compared to 16.7% in the third quarter of fiscal year 2023Net loss of $6.2 million, compared to net loss of $7.3 million in the third quarter of fiscal year 2023Net loss margin of 3.2%, a decrease of 1.0 percentage points compared to a net loss margin of 4...