Business
InnovAge Announces Financial Results for the Fiscal Year and Fourth Quarter Ended June 30, 2022
DENVER, Sept. 13, 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, Sept. 13, 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 fourth quarter and full year ended June 30, 2022. “We ended the fiscal year with a census of approximately 6,650 participants and generated $698.6 million of revenue. Our results reflect the ongoing transformational journey at InnovAge and the core investments we are making in our business,” said Patrick Blair, President and Chief Executive Officer of InnovAge. “We have made measurable progress on our near-term operational improvements and strengthening our enterprise capabilities, and I am confident that we are on the right path to achieve our long-term aspirations for the Company.” Financial Results Three Months Ended Year Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 in thousands, except percentages and per share amountsTotal revenues$172,860 $171,616 $698,640 $637,800 Center-level Contribution Margin(1) 23,631 48,033 135,372 174,080 Net Income (Loss) (13,532) 6,315 (7,960) (44,740)Net Income (Loss) margin (7.8)% 3.7% (1.1)% (7.0)% Net Income (Loss) Attributable to InnovAge Holding Corp. (12,709) 6,474 (6,521) (43,986)Net income (Loss) per share - basic and diluted$(0.09) $0.05 $(0.05) $(0.36) Adjusted EBITDA(1)$(642) $19,348 $34,253 $85,333 Adjusted EBITDA margin(1) (0.4)% 11.3% 4.9% 13.4% Fiscal Year 2022 Financial Performance Total revenue of $698.6 million, up approximately 9.5% compared to $637.8 million in 2021Center-level Contribution Margin(1) of $135.4 million, decreased 22.2% compared to $174.1 million in 2021Center-level Contribution Margin(1) as a percent of revenue of 19.4%, decreased 7.9 percentage points compared to 27.3% in 2021Net loss of $8.0 million, compared to a net loss of $44.7 million in 2021Net loss margin of 1.1%, a decrease of 5.9 percentage points compared to 7.0% in 2021Net loss attributable to InnovAge Holding Corp. of $6.5 million, or a loss of $0.05 per share, compared to a net loss of $44.0 million, or a loss of $0.36 per share in 2021Adjusted EBITDA(1) of $34.3 million, a decrease of $51.0 million compared to $85.3 million in 2021Adjusted EBITDA(1) margin of 4.9%, a decrease of 8.5 percentage points compared to 13.4% in 2021Census of approxim...