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InnovAge Holding Corp. (NASDAQ: INNV) is a trailblazer in the healthcare industry, dedicated to supporting seniors in aging with dignity in their own homes. Through the Program of All-inclusive Care for the Elderly (PACE), InnovAge delivers comprehensive, patient-centered care aimed at improving quality of life and reducing the need for high-cost care settings such as hospitals and nursing homes.
InnovAge operates 19 PACE centers across six states, serving approximately 6,820 participants as of March 31, 2024. The company's PACE programs offer a holistic approach to healthcare, encompassing a wide range of services including transportation, in-home care, medication management, dental care, specialty care, physical, occupational, and speech therapy, as well as social services, meals, and recreational activities. These services are provided at no cost to eligible seniors with Medicare and Medicaid coverage.
Recent achievements include the acquisition of two PACE programs in California from ConcertoCare, expanding InnovAge's presence on the West Coast and adding capacity for approximately 750 participants at maturity. Additionally, InnovAge has launched several initiatives aimed at enhancing operational performance and financial stability, contributing to its ongoing growth and success.
InnovAge's mission is to enable seniors to age independently for as long as safely possible. The company's care model fosters partnerships with seniors, their families, and healthcare providers, creating customized care plans that address individual needs and promote independence. InnovAge's commitment to excellence and operational growth is evident in its strategic expansions and continuous improvement endeavors.
For the latest news and updates on InnovAge Holding Corp., visit their investor relations page.
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.
InnovAge Holding Corp. (Nasdaq: INNV) will announce its fiscal Q1 2023 financial results on November 8, 2022, post-market close. Following this, a conference call will be held at 5 p.m. E.T. to discuss the results. Interested parties can access a live audio webcast via InnovAge's website, and a replay will also be available post-call. InnovAge specializes in managing care for high-cost, dual-eligible seniors, serving approximately 6,650 participants across 18 centers in five states as of June 30, 2022.
InnovAge Holding Corp. (Nasdaq: INNV) reported its fiscal fourth quarter and full year results for 2022, with total revenues of $698.6 million, marking a 9.5% increase from 2021. Despite the revenue growth, the company faced a net loss of $8 million, improving from a $44.7 million loss in 2021. Adjusted EBITDA was $34.3 million, down significantly from $85.3 million in the previous year. The census decreased from approximately 6,850 to 6,650 participants. The company ended the year with $184.4 million in cash and equivalents and $86.4 million in debt.
InnovAge Holding Corp. (Nasdaq: INNV) will release its fiscal 2022 fourth quarter financial results on September 13, 2022, after market close. A conference call to discuss the results will be held at 5 p.m. E.T. Participants can access a live audio webcast on the company's website, with a replay available shortly after. InnovAge focuses on managing care for high-cost, dual-eligible seniors, serving approximately 6,800 participants across 18 centers in five states as of March 31, 2022.
InnovAge has appointed Kathy Andreasen as Chief People Officer, effective August 29, 2022. With over 25 years of experience in HR across various sectors, she aims to enhance the company’s organizational culture and talent management. InnovAge, a leader in healthcare for frail seniors through the PACE program, currently serves around 6,800 participants in five states. The company is focused on value-based care, partnering with Medicare and Medicaid, to ensure seniors can live independently while improving care quality and reducing costs.
InnovAge Holding Corp. (Nasdaq: INNV) announced the appointment of Dr. Richard Feifer as its new Chief Medical Officer effective August 15, 2022. With extensive experience in healthcare, particularly in post-acute care and value-based payment models, Feifer aims to enhance InnovAge's clinical care delivery, focusing on medical, pharmacy, and behavioral health services. InnovAge specializes in providing comprehensive healthcare programs for frail, dual-eligible seniors, serving around 6,800 participants across 18 centers in five states as of March 31, 2022.
InnovAge (NASDAQ: INNV) announced the appointment of Jim Carlson as the non-executive Chairman of its Board of Directors, effective June 30, 2022. Carlson brings extensive experience in coordinated healthcare, particularly for frail seniors. His tenure as CEO of Amerigroup saw significant growth, with revenues quadrupling. InnovAge aims to provide patient-centered care for dual-eligible seniors, serving about 6,800 participants across 18 centers in five states as of March 31, 2022.
LogicMark, Inc. (LGMK) announced the appointment of Barbara Gutierrez to its Board of Directors, where she will lead the Audit Committee. With over 30 years of financial leadership experience, Gutierrez is currently the CFO of InnovAge Holding Corp. (INNV) and brings extensive expertise in capital transactions and strategic planning. CEO Chia-Lin Simmons highlighted her pivotal role in enhancing the company's B2B focus and the broader care economy. LogicMark aims to redefine its position with innovative technologies and substantial market opportunities.
InnovAge Holding Corp. (Nasdaq: INNV) reported its fiscal Q3 results for the period ending March 31, 2022, with revenues of $177.4 million, up 13.5% year-over-year. The company’s participant census increased by 2.1% to approximately 6,800. However, net loss improved to $3.2 million compared to $10.9 million a year earlier. Center-level contribution margin decreased by 32.3%, and adjusted EBITDA dropped to $1.9 million from $20.3 million in Q3 2021. Dr. Melissa Welch announced her departure as Chief Medical Officer, with Dr. Ann M. Wells stepping in temporarily.
InnovAge Holding Corp. (Nasdaq: INNV) will release its 2022 fiscal third quarter financial results on May 10, 2022, after market close. A conference call will follow at 5 p.m. E.T. to discuss the results, accessible via phone and an audio webcast. InnovAge, a leader in managing care for high-cost, dual-eligible seniors, serves around 7,050 participants across 18 centers in five states. The company emphasizes a patient-centered care model, aiming to enhance care quality while minimizing high-cost care utilization.
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