InnovAge Holding Corp. - INNV STOCK NEWS

InnovAge Holding Corp. (Nasdaq: INNV) announced it will release its 2023 fiscal third quarter financial results on May 9, 2023, after market close. A conference call to discuss the results will take place at 5 p.m. E.T. on the same day.

InnovAge specializes in providing healthcare programs for frail seniors who are dual-eligible for Medicare and Medicaid via the Program of All-Inclusive Care for the Elderly (PACE). As of December 31, 2022, the company served approximately 6,460 participants across 18 centers in five states.

InnovAge Holding Corp. (Nasdaq: INNV) announced the appointment of Patty Fontneau to its Board of Directors, effective immediately. This change follows the departure of Pavithra Mahesh and Caroline Dechert, which retains investment firm representation while adding independent voices. Chairman Jim Carlson emphasized Fontneau's extensive payor-side experience and leadership in healthcare services as crucial for enhancing the Board's capabilities. Fontneau, currently the CEO of Reach Out and Read Colorado, has significant experience from her leadership roles with Cigna and Colorado’s health insurance marketplace. As of December 31, 2022, InnovAge serves approximately 6,460 seniors across five states.

InnovAge Holding Corp. (Nasdaq: INNV) has appointed Christine Bent as its new Chief Operations Officer effective March 20, 2023. Bent, who brings extensive experience in healthcare management, will oversee operations at existing PACE centers and the development of new programs in different markets. InnovAge’s CEO, Patrick Blair, emphasized the importance of sustaining operational gains and ensuring responsible growth. With a mission to provide quality care to frail dual-eligible seniors, InnovAge currently serves about 6,460 participants across 18 centers in five states.

InnovAge Holding Corp. (Nasdaq: INNV) reported financial results for its fiscal second quarter ending December 31, 2022. Total revenues were $167.5 million, down 4.5% from $175.4 million year-over-year. The company faced a net loss of $10.5 million, contrasting with a net income of $1.1 million in the same period last year. Adjusted EBITDA also fell to negative $2.0 million, compared to $14.8 million previously. The Center-level Contribution Margin decreased significantly by 45.4%, now at $22.6 million. As of the quarter's end, InnovAge held $99.5 million in cash and equivalents, with $84.6 million in debt, reflecting ongoing financial challenges.

InnovAge Holding Corp. (Nasdaq: INNV) is set to announce its fiscal second quarter financial results on February 7, 2023, after market close. This will be followed by a conference call at 5 p.m. E.T. which will be made available via live audio webcast on the company’s website. InnovAge specializes in managing care for high-cost, dual-eligible seniors through the PACE program. As of September 30, 2022, the company serves approximately 6,540 participants across 18 centers in five states, aiming to improve care quality while minimizing high-cost care settings.

InnovAge Holding Corp. (Nasdaq: INNV) announced the release of enrollment sanctions for its six Colorado centers by the Centers for Medicare & Medicaid Services (CMS) and the Colorado Department of Healthcare Policy and Finance (HCPF). This allows the company to resume enrolling eligible Colorado seniors into its Program of All-Inclusive Care for the Elderly (PACE) across its centers. InnovAge previously faced sanctions, but following corrective actions and monitoring, it aims to enhance care quality. The company had also received a sanction release for its Sacramento center in November 2022 and is awaiting further actions from California's health authorities.

InnovAge Holding Corp. (Nasdaq: INNV), a leader in healthcare delivery for dual-eligible seniors, announced that CEO Patrick Blair will present at the 41st Annual J.P. Morgan Healthcare Conference on January 11, 2023, at 3:45 p.m. PT. The presentation will be available via a live webcast on the company's investor relations page. InnovAge specializes in the Program of All-Inclusive Care for the Elderly (PACE), aiming to improve care quality while minimizing high-cost care usage. As of September 30, 2022, InnovAge served about 6,540 participants across 18 centers in five states.

InnovAge Holding Corp. (Nasdaq: INNV) announced the release of sanctions by the Centers for Medicare & Medicaid Services (CMS) for its Sacramento, California center, allowing it to resume normal Medicare enrollment. However, the California Department of Health Care Services (DHCS) continues its audit, which will impact Medicaid enrollment. CEO Patrick Blair emphasized ongoing improvements in operations and expressed commitment to providing quality care for eligible seniors.

InnovAge Holding Corp. (Nasdaq: INNV) reported a fiscal Q1 2023 revenue of $171.2 million, down 1.1% from $173.1 million in Q1 2022. The net loss increased to $13.7 million from a net income of $7.6 million year-over-year, resulting in a loss per share of $(0.10). The company's Center-level Contribution Margin dropped 49.4% to $21.4 million. Adjusted EBITDA was negative $3.8 million, a steep decrease of $22 million compared to the previous year. As of September 30, 2022, InnovAge had $188.2 million in cash and $84.8 million in debt.