Business
InnovAge Announces Financial Results for the Fiscal Year and Fourth Quarter Ended June 30, 2021
DENVER, Sept. 21, 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, Sept. 21, 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 fourth quarter and full year ended June 30, 2021. “The InnovAge team is excited to deliver strong fourth quarter financial results to end the year with approximately 6,850 participants, an increase of 7.4% year-over-year,” said Maureen Hewitt, President and Chief Executive Officer, of InnovAge. “We produced $637.8 million of total revenues, an increase of approximately 12.5% compared to fiscal year 2020. During the pandemic, we opened two new centers and we remain on track to open de novo centers in two new states in fiscal year 2023. We also expanded our leadership team with the additions of Nicole D’Amato as Chief Legal Officer and Corporate Secretary, Eimile Tansey, Chief People Officer, and Olivia Patton, Chief Compliance Officer.” Ms. Hewitt continued, “While COVID-19 impacted our business during fiscal year 2021, our team has done an outstanding job providing high quality, value-based care to our participants. We remain committed to ensuring our participants and employees are vaccinated against COVID-19 with a vaccination rate of 86% of participants and 90% of our employees to date. Our top priority is the health of our participants and our goal is to enable our participants to have a richer, social experience through our centers, which we are enabling in the safest way possible. We believe the landscape for future growth remains robust and we are pleased with the amount of federal and state legislative activity that we have seen in 2021. This is an exciting time to be a PACE provider and we continue to execute on our multi-faceted strategy of organic growth, de novo locations in existing and new states, and acquisitions.” Financial Results Three Months Ended Year Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 in thousands, except percentages and per share amountsTotal revenues$171,616 $152,492 $637,800 $567,192 Center-level Contribution Margin 48,033 45,456 174,080 141,304 Net Income (Loss) 6,315 11,978 (44,740) 25,765 Net Income (Loss) Attributable to InnovAge Holding Corp. 6,474 12,097 (43,986) 26,278 Net income (loss) per share - diluted$0.05 $0.09 $(0.36) $0.19 Adjuste...