InnovAge Holding Corp. Announces $5.0 Million Share Repurchase Program

Rhea-AI Summary

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.

Positive

• Authorization to repurchase up to $5.0 million of common stock indicates confidence in the company's financial health.
• Share repurchases can potentially increase earnings per share (EPS) by reducing the number of outstanding shares.
• The program offers flexibility in terms of timing and method of repurchases, adapting to market conditions and regulatory requirements.

Negative

• No obligation to purchase shares means potential uncertainty for investors about actual buyback actions.
• The program can be suspended or discontinued at any time, which may affect investor confidence and stock price stability.
• Share repurchase programs might lead to reduced cash reserves, potentially impacting the company's ability to invest in growth opportunities.

DENVER, June 10, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (NASDAQ: INNV) (the “Company” or “InnovAge”) announced today that its Board of Directors has approved a share repurchase program (the “Program”) that authorizes the Company to repurchase up to $5.0 million of its common stock.

Share repurchases under the Program may be made from time to time on the open market, including pursuant to the safe harbor provided under Rule 10b-18 of the Securities Exchange Act of 1934, in privately negotiated transactions, or in any other manner that complies with the applicable securities law, including through the use of Rule 10b5-1 trading plans. The timing of purchases and number of shares repurchased under the Program will depend upon a variety of factors including the Company’s stock price, trading volume, corporate and regulatory requirements, and market conditions. The Company is not obligated to purchase any shares under the Program and the Program may be suspended or discontinued at any time without notice.

About InnovAge

InnovAge is a market leader in managing the care of high-cost, frail, predominantly dual-eligible seniors. Our mission is to enable seniors to age independently in their own homes for as long as safely possible. Our patient-centered care model is designed to improve the quality of care our participants receive, while reducing over-utilization of high-cost care settings. InnovAge believes its healthcare model is one in which all constituencies — participants, their families, providers and government payors — “win.” As of March 31, 2024, InnovAge served approximately 6,820 participants across 19 centers in six states. https://www.innovage.com.

Investor Contact:

Ryan Kubota
rkubota@myinnovage.com

Media Contact:

Lara Hazenfield
lhzenfield@innovage.com

Forward-Looking Statements - Safe Harbor

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “intend,” “believe,” “expect,” “will” and similar references to future periods. Forward-looking statements may be identified by the fact that they do not relate strictly to historical or current facts. Examples of forward-looking statements include, among others, statements regarding the Company’s Program, including the timing and amount of any share repurchases made pursuant to the Program, if any, and the effects of any of the foregoing on our future results of operations or financial conditions.

You should not place undue reliance on our forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the viability of our growth strategy, including our ability to obtain licenses to open de novo centers; our ability to attract new participants and retain existing participants; the results of periodic inspections, reviews, audits and investigations under the federal and state government programs; the adverse impact of inspections, reviews, audits investigations, legal proceedings, enforcement actions and litigation; and the impact on our business from ongoing macroeconomic challenges, including labor shortages and inflation. For a detailed discussion of the risks and uncertainties that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, in each case, as filed with the SEC.

Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

FAQ

What is InnovAge Holding Corp.'s share repurchase program?

InnovAge Holding Corp. announced a program to repurchase up to $5.0 million of its common stock.

How will InnovAge repurchase its shares under the $5.0 million program?

Shares may be repurchased on the open market, through private transactions, or any compliant methods.

What factors will influence the timing and number of shares InnovAge repurchases?

Factors include the company's stock price, trading volume, corporate and regulatory requirements, and market conditions.

Is InnovAge obligated to repurchase shares under the program?

No, InnovAge is not obligated to purchase any shares and can suspend or discontinue the program at any time.

What is the stock symbol for InnovAge Holding Corp.?

The stock symbol for InnovAge Holding Corp. is INNV.