Business
InnovAge Announces Financial Results For the Fourth Quarter and Fiscal Year Ended June 30, 2023
DENVER, Sept. 12, 2023 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (the “Company” or “InnovAge”) (Nasdaq: INNV), an industry leader in providing comprehensive
About this update from Innovage Holding Corp.
[{"type":"text","content":"DENVER, Sept. 12, 2023 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (the “Company” or “InnovAge”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail seniors through the Program of All-inclusive Care for the Elderly (PACE), announced financial results for its fiscal fourth quarter and full year ended June 30, 2023. “We are enthusiastic to enter fiscal 2024 unencumbered to pursue our goals of responsible growth, a commitment to quality and participant-centric care, and to expand access to the many deserving seniors who would benefit from the PACE program,” said Patrick Blair, President and CEO of InnovAge. “As we’ve methodically strengthened our business, I believe we begin this new year with the strongest foundation in the company’s history which we believe will result in consistent, responsible, profitable growth.” Financial Results Three Months Ended Year Ended June 30,2023 June 30,2022 June 30,2023 June 30,2022in thousands, except percentages and per share amounts Total revenues$176,874 172,860 $688,087 $698,640 Loss Before Income Taxes (11,489) (12,890) (50,793) (7,237)Net Loss (11,995) (13,532) (43,552) (7,960)Net Loss margin(6.8)% (7.8)% (6.3)% (1.1)% Net Loss Attributable to InnovAge Holding Corp.$(11,177) $(12,709) $(40,673) $(6,521)Net Loss per share - basic and diluted (0.09) (0.09) (0.30) (0.05) Center-level Contribution Margin(1)$28,506 $23,631 $101,288 $135,372 Adjusted EBITDA(1) 716 (642) (1,261) 34,253 Adjusted EBITDA margin(1) 0.4% (0.4)% (0.2)% 4.9% Fiscal Year 2023 Financial Performance Total revenue of $688.1 million, decreased approximately 1.5% compared to $698.6 million in 2022Loss Before Income Taxes of $50.8 million, compared to a loss before income taxes of $7.2 million in 2022Loss Before Income Taxes as a percent of revenue of 7.4% decreased 6.4 percentage points compared to Loss Before Income Tax as a percent of revenue of 1.0% in 2022Net loss of $43.6 million, compared to a net loss of $8.0 million in 2022Net loss margin of 6.3%, a decrease of 5.2 percentage points compared to a net loss margin of 1.1% in 2022Net loss attributable to InnovAge Holding Corp. of $40.7 million, or a loss of $0.30 per share, compared to a net loss of $6.5 million, or $0.05 per share in 2022Center-level Contribution Margin(1) of $101.3 million, decreased 25% compared to $135.4 million in...