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InnovAge Holding Corp. Announces Increase of Share Repurchase Program

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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 Holding Corp. (NASDAQ: INNV) ha annunciato un aumento del proprio programma di riacquisto di azioni. Il Consiglio di Amministrazione ha autorizzato un ulteriore investimento di 2,5 milioni di dollari per il riacquisto di azioni ordinarie, oltre ai 5,0 milioni già approvati a giugno 2024. Dall'inizio del programma, InnovAge ha già riacquistato 837.372 azioni con un valore di mercato complessivo di 5,0 milioni di dollari.

Il programma ampliato consente acquisti nel mercato aperto, inclusi quelli sotto il rifugio sicuro della Regola 10b-18, transazioni negoziate privatamente e altri metodi conformi. I tempi e il volume dei riacquisti dipenderanno da vari fattori, tra cui il prezzo delle azioni e le condizioni di mercato. L'azienda mantiene la flessibilità di sospendere o interrompere il programma in qualsiasi momento.

InnovAge Holding Corp. (NASDAQ: INNV) ha anunciado un aumento en su programa de recompra de acciones. La Junta Directiva ha autorizado 2,5 millones de dólares adicionales para la recompra de acciones comunes, además de los 5,0 millones inicialmente aprobados en junio de 2024. Desde el inicio del programa, InnovAge ya ha recomprado 837,372 acciones con un valor de mercado total de 5,0 millones de dólares.

El programa ampliado permite compras en el mercado abierto, incluidas las que se realizan bajo el refugio seguro de la Regla 10b-18, transacciones negociadas de manera privada y otros métodos compatibles. El momento y el volumen de las recompras dependerán de varios factores, incluidos el precio de las acciones y las condiciones del mercado. La empresa mantiene la flexibilidad de suspender o interrumpir el programa en cualquier momento.

InnovAge Holding Corp. (NASDAQ: INNV)는 자사 주식 매입 프로그램의 확대를 발표했습니다. 이사회는 250만 달러 추가 자금을 보통주 매입을 위해 승인했으며, 이는 2024년 6월에 초기에 승인된 500만 달러를 넘는 것입니다. 프로그램 시작 이후, InnovAge는 이미 837,372주를 총 거래 가액 500만 달러로 재매입했습니다.

확대된 프로그램은 공개 시장에서의 구매를 허용하며, 10b-18 안전 항법에 따른 거래, 개인 협상 거래 및 기타 준수 방법도 포함됩니다. 재매입의 시기와 규모는 주가와 시장 상황 등 여러 요인에 따라 달라질 것입니다. 회사는 언제든지 프로그램을 중단하거나 종료할 수 있는 유연성을 유지합니다.

InnovAge Holding Corp. (NASDAQ: INNV) a annoncé une augmentation de son programme de rachat d'actions. Le conseil d'administration a autorisé 2,5 millions de dollars supplémentaires pour le rachat d'actions ordinaires, en plus des 5,0 millions déjà approuvés en juin 2024. Depuis le lancement du programme, InnovAge a déjà racheté 837 372 actions pour un montant total de 5,0 millions de dollars.

Le programme élargi permet les achats sur le marché ouvert, y compris dans le cadre de la règle 10b-18, des transactions négociées en privé et d'autres méthodes conformes. Le moment et le volume des rachats dépendront de plusieurs facteurs, tels que le prix des actions et les conditions du marché. L'entreprise conserve la flexibilité de suspendre ou d'interrompre le programme à tout moment.

InnovAge Holding Corp. (NASDAQ: INNV) hat eine Erhöhung seines Aktienrückkaufprogramms angekündigt. Der Vorstand hat zusätzliche 2,5 Millionen Dollar für den Rückkauf von Stammaktien genehmigt, zusätzlich zu den im Juni 2024 zunächst genehmigten 5,0 Millionen Dollar. Seit Beginn des Programms hat InnovAge bereits 837.372 Aktien mit einem Gesamtmarktwert von 5,0 Millionen Dollar zurückgekauft.

Das erweiterte Programm erlaubt Kauf im freien Markt, einschließlich Käufen nach Regel 10b-18 als sichere Zuflucht, privat verhandelten Transaktionen und anderen konformen Methoden. Der Zeitpunkt und das Volumen der Rückkäufe hängen von verschiedenen Faktoren ab, einschließlich des Aktienkurses und der Marktbedingungen. Das Unternehmen behält sich die Flexibilität vor, das Programm jederzeit auszusetzen oder einzustellen.

Positive
  • Increased share repurchase program by $2.5 million, potentially boosting shareholder value
  • Successfully repurchased 837,372 shares worth $5.0 million since June 2024
  • Flexible repurchase strategy allowing for various market conditions
Negative
  • Allocation of $7.5 million total for share repurchases may impact cash reserves
  • No guarantee of completing the full repurchase program

Insights

The increase in InnovAge's share repurchase program is a positive signal for investors. By authorizing an additional $2.5 million for buybacks, on top of the $5 million already utilized, management is demonstrating confidence in the company's financial position and future prospects.

Share repurchases can be beneficial for shareholders in several ways:

  • They reduce the number of outstanding shares, potentially increasing earnings per share
  • They can provide support for the stock price
  • They signal that management believes the stock is undervalued

However, it's important to note that the total program size of $7.5 million is relatively small compared to InnovAge's market cap of $781 million. This suggests a cautious approach to capital allocation, balancing shareholder returns with maintaining financial flexibility for growth initiatives.

The company's focus on managing care for high-cost, frail seniors in a cost-effective manner aligns well with broader healthcare trends towards value-based care. This positioning could be attractive to investors looking for exposure to the growing elderly care market.

DENVER, Sept. 26, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (NASDAQ: INNV) (the “Company” or “InnovAge”) announced today that its Board of Directors has increased the amount of its common stock that may be repurchased under its share repurchase program (the “Program”), originally approved in June 2024. The increase authorizes the Company to repurchase up to an additional $2.5 million of its common stock, in addition to the $5.0 million originally authorized. Since June 2024, the Company has repurchased a total of 837,372 shares of common stock under the June 2024 authorization, with an aggregate market value of $5.0 million.

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 June 30, 2024, InnovAge served approximately 7,020 participants across 20 centers in six states. https://www.innovage.com.

Investor Contact:

Ryan Kubota
rkubota@innovage.com

Media Contact:

Lara Hazenfield
lhazenfield@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 or expectations to increase the number of participants we serve, build/or open de novo centers, or to identify and execute tuck-in acquisitions, joint ventures and strategic partnerships; the results of periodic inspections, reviews, audits and investigations under the federal and state government programs; and the ongoing effects of the macroeconomic environment. 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.

This press release was published by a CLEAR® Verified individual.


FAQ

How much has InnovAge (INNV) increased its share repurchase program by?

InnovAge (INNV) has increased its share repurchase program by an additional $2.5 million, on top of the $5.0 million originally authorized in June 2024.

How many shares has InnovAge (INNV) repurchased since June 2024?

Since June 2024, InnovAge (INNV) has repurchased a total of 837,372 shares of common stock with an aggregate market value of $5.0 million.

What methods can InnovAge (INNV) use for share repurchases under the program?

InnovAge (INNV) can repurchase shares through open market purchases, including under Rule 10b-18 safe harbor, privately negotiated transactions, and other methods compliant with applicable securities law, including Rule 10b5-1 trading plans.

Is InnovAge (INNV) obligated to complete the full share repurchase program?

No, InnovAge (INNV) is not obligated to purchase any shares under the program and can suspend or discontinue it at any time without notice.

InnovAge Holding Corp.

NASDAQ:INNV

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