InnovAge Holding Corp. - INNV STOCK NEWS

InnovAge Holding Corp (Nasdaq: INNV) announces key leadership changes effective November 4th, 2024. Michael Scarbrough joins as President and Chief Operating Officer, replacing Christine Bent who is stepping down. Scarbrough brings over 30 years of healthcare experience, most recently serving as CEO of Optum at Home. Additionally, Maria Lozzano is promoted to President, Pharmacy Services. Lozzano previously served as Senior Vice President and Chief Business Development Operations Officer at InnovAge. The company, which manages care for dual-eligible seniors through PACE programs, currently serves approximately 7,020 participants across 20 centers in six states.

InnovAge Holding Corp. (Nasdaq: INNV), the largest provider of Program of All-inclusive Care for the Elderly (PACE) by participant numbers, plans to showcase its clinical, operational, and business transformations at the 2024 National PACE Association (NPA) Conference. Under CEO Patrick Blair, InnovAge has implemented innovations to improve clinical operations and enhance employee experience across its 20 centers.

Key developments include:

• A new operating model strengthening collaboration between operations, physicians, and nurses
• Partnership with Epic to develop PACE-specific EHR workflows, analytics, and integrations
• Implementation of auditing and quality assurance programs

InnovAge executives will participate in several panel discussions at the NPA Conference, covering topics such as care communication, Medicare risk adjustment, CMS audits, and behavioral health integration.

InnovAge Holding Corp. (NASDAQ: INNV) has announced an increase in its share repurchase program. The Board of Directors has authorized an additional $2.5 million for common stock repurchases, on top of the $5.0 million initially approved in June 2024. Since the program's inception, InnovAge has already repurchased 837,372 shares with an aggregate market value of $5.0 million.

The expanded program allows for open market purchases, including under Rule 10b-18 safe harbor, privately negotiated transactions, and other compliant methods. Timing and volume of repurchases will depend on various factors, including stock price and market conditions. The company retains the flexibility to suspend or discontinue the program at any time.

InnovAge, a leading Program of All-inclusive Care for the Elderly (PACE) provider, has been chosen to participate in a national study on preventing falls among seniors. This research aligns with National PACE Awareness Month and Falls Prevention Month in September. InnovAge's involvement highlights the critical need to address falls, which are the leading cause of injury and death in older adults.

Key points:

• InnovAge participants experience 16% fewer falls than the National PACE Association's average
• The U.S. population aged 65+ is projected to grow 47% by 2050
• PACE offers comprehensive care, including access to various healthcare professionals
• The LeaHD study, in partnership with prestigious universities, aims to improve fall risk prediction and enhance senior healthcare outcomes

This initiative underscores InnovAge's commitment to enabling seniors to age safely at home and in their communities.

InnovAge Holding Corp. (Nasdaq: INNV), a leader in comprehensive healthcare for frail seniors through PACE, reported its fiscal Q4 and full-year 2024 results. Key highlights include:

- Total revenue increased 11.0% to $763.9 million
- Net loss improved to $23.2 million from $43.6 million in 2023
- Net loss margin improved to 3.0% from 6.3% in 2023
- Adjusted EBITDA of $16.5 million, up from negative $3.4 million in 2023
- Census grew to approximately 7,020 participants from 6,400 in 2023

For fiscal 2025, InnovAge projects census between 7,300 and 7,750, total revenues of $815-$865 million, and Adjusted EBITDA of $24-$31 million.

InnovAge Holding Corp. (Nasdaq: INNV), a leader in providing comprehensive healthcare programs to frail seniors through the Program of All-inclusive Care for the Elderly (PACE), has announced its plans to release its fiscal 2024 fourth quarter and full year financial results on Tuesday, September 10, 2024, after market close. The company will host a conference call at 5 p.m. E.T. to review the results.

A live audio webcast of the call will be available on the company's investor website, with a replay accessible shortly after. As of March 31, 2024, InnovAge served approximately 6,820 participants across 19 centers in six states. With the opening of its Orlando center in April, InnovAge now operates 20 centers.

InnovAge Holding Corp. (Nasdaq: INNV) celebrated the fourth anniversary of its Sacramento PACE center, showcasing significant growth and community impact. The center, a joint venture with Eskaton and Adventist Health, has expanded from 20 staff members to hundreds, serving a growing number of dual-eligible seniors.

InnovAge's PACE program offers comprehensive healthcare and support services at no cost for Medicare and Medi-Cal-covered participants. Services include transportation, in-home care, medication management, dental care, therapy, and more. The center features five day rooms, a primary care clinic, dental suite, therapy gym, and full-service kitchen.

CEO Patrick Blair emphasized the increasing demand for affordable senior healthcare, highlighting PACE's role in helping seniors live independently. The celebration recognized community partners and offered tours of the state-of-the-art facility, demonstrating InnovAge's commitment to personalized, integrated care for vulnerable seniors.

InnovAge Holding Corp. (Nasdaq: INNV) celebrated the fourth anniversary of its Sacramento PACE center, highlighting the growing demand for senior healthcare. The Program of All-inclusive Care for the Elderly (PACE) provides comprehensive care to dual-eligible seniors, allowing them to live independently.

Key points:

• InnovAge partners with Eskaton and Adventist Health in Sacramento
• The center's staff has quadrupled since opening
• Services include transportation, in-home care, medication management, and more
• Care is personalized and provided at no cost for Medicare and Medi-Cal-covered participants
• The center features primary care clinics, therapy facilities, and social spaces

As of March 31, 2024, InnovAge served about 6,820 participants across 19 centers in six states, with a 20th center opening in Orlando in April.

InnovAge Holding Corp. (NASDAQ: INNV) announced a $5.0 million share repurchase program authorized by its Board of Directors. The program allows the company to buy back its common stock from the open market, private transactions, or other compliant methods. The timing and number of repurchased shares will depend on various factors like stock price, trading volume, and regulatory requirements. The company is not obligated to purchase any shares and can suspend or discontinue the program at any time.