Business
InnovAge Announces Financial Results for the Fourth Quarter and Fiscal Year Ended June 30, 2024
DENVER, Sept. 10, 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, Sept. 10, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail seniors, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced financial results for its fiscal fourth quarter and full year ended June 30, 2024. “We outlined an ambitious agenda last year focused on quality, compliance, and operational excellence and believe we delivered,” said President and CEO Patrick Blair. “We are proud of the strong year over year financial results – and the positive momentum - as we move into the next phase of responsible growth and margin recapture.” Financial Results Three Months Ended Year Ended June 30,2024 June 30,2023 June 30,2024 June 30,2023in thousands, except percentages and per share amounts Total revenues$199,401 176,874 $763,855 $688,087 Loss Before Income Taxes (946) (11,489) (21,819) (50,793)Net Loss (2,254) (11,995) (23,221) (43,552)Net Loss margin(1.1)% (6.8)% (3.0)% (6.3)% Net Loss Attributable to InnovAge Holding Corp.$(1,700) $(11,177) $(21,338) $(40,673)Net Loss per share - basic and diluted (0.01) (0.09) (0.16) (0.30) Center-level Contribution Margin(1)$36,578 $28,506 $132,064 $101,288 Adjusted EBITDA(1) 5,237 (334) 16,474 (3,425)Adjusted EBITDA margin(1) 2.6% (0.2)% 2.2% (0.5)% Fiscal Year 2024 Financial Performance Total revenue of $763.9 million, increased approximately 11.0% compared to $688.1 million in 2023Loss Before Income Taxes of $21.8 million, improved by 57.0% compared to a Loss Before Income Taxes of $50.8 million in 2023Loss Before Income Taxes as a percent of revenue of 2.9% improved 4.5 percentage points compared to Loss Before Income Tax as a percent of revenue of 7.4% in 2023Net loss of $23.2 million, compared to a net loss of $43.6 million in 2023Net loss margin of 3.0%, an improvement of 3.3% percentage points compared to a net loss margin of 6.3% in 2023Net loss attributable to InnovAge Holding Corp. of $21.3 million, or a loss of $0.16 per share, compared to a net loss of $40.7 million, or $0.30 per share in 2023Center-level Contribution Margin(1) of $132.1 million, increased 30.4% compared to $101.3 million in 2023Center-level Contribution Margin(1) as a percent of revenue of 17.3%, increased 2.6 percentage points ...