InnovAge Holding Corp. - INNV STOCK NEWS

InnovAge Holding Corp. (Nasdaq: INNV) reported its fiscal second quarter results for the period ending December 31, 2021. The company achieved $175.4 million in revenue, a rise of 11.5% year-over-year, with a census of approximately 7,050 participants. Despite positive revenue growth, net income decreased to $1.1 million from $9.6 million in the prior year, attributed to rising medical costs and increased administrative expenses. Adjusted EBITDA also fell to $14.8 million from $22.6 million.

InnovAge Holding Corp. (Nasdaq: INNV) is set to release its 2022 fiscal second quarter financial results on February 9, 2022, after market close. Following the release, a conference call will be held at 5 p.m. E.T. to discuss the results. The call can be accessed by dialing (833) 398-1024 for U.S. participants or (914) 987-7722 for international participants, using participant code 9797448. InnovAge specializes in managing care for high-cost, dual-eligible seniors, serving approximately 6,990 participants across 18 centers in five states as of September 30, 2021.

InnovAge Holding Corp. (Nasdaq: INNV) announces the resignation of CEO Maureen Hewitt, effective January 1, 2022, after 15 years with the company. The Board has appointed Patrick Blair, previously President, as the new CEO. Blair aims to restore trust with regulators while enhancing the PACE program, a senior healthcare model. The company serves nearly 7,000 participants across five states, focusing on high-quality, cost-effective care for dual-eligible seniors. Board Chair Andrew Cavanna emphasizes Blair's leadership experience in healthcare as crucial for addressing current challenges.

InnovAge Holding Corp. (Nasdaq: INNV) announced that the Centers for Medicare and Medicaid Services (CMS) has sanctioned its Colorado centers due to deficiencies found in a recent audit. As a result, CMS has suspended new enrollments until the Company resolves these deficiencies, which include inadequate service delivery and care coordination. The Colorado Department of Health Care Policy and Financing is also issuing sanctions. Consequently, InnovAge is withdrawing its fiscal year 2022 guidance while it evaluates options to appeal the sanctions. As of Sept. 30, 2021, the Company serves approximately 6,990 participants across 18 centers.

InnovAge Holding Corp. (Nasdaq: INNV) announced that CEO Maureen Hewitt will present at the 40th Annual J.P. Morgan Healthcare Conference on January 12, 2022, at 8:15 p.m. (ET). The event will feature a virtual fireside chat with key executives, including Patrick Blair, President, and Barb Gutierrez, CFO. InnovAge specializes in delivering comprehensive healthcare programs tailored for frail, dual-eligible seniors, aiming to enhance care quality while minimizing costs. As of September 30, 2021, the company served approximately 6,990 participants across 18 centers in five states.

Glancy Prongay & Murray LLP announces a class action lawsuit opportunity for InnovAge Holding Corp investors following significant losses. The relevant period is the March 2021 IPO, with a lead plaintiff deadline of December 13, 2021. Allegations include failure to disclose inadequate services provided by InnovAge facilities and potential regulatory scrutiny from the Centers for Medicare and Medicaid Services, risking suspension of new enrollments. Investors are encouraged to contact GPM for more information on their rights and the lawsuit process.

InnovAge Holding Corp. (NASDAQ: INNV) faces a securities fraud class action lawsuit initiated by investors. The class period began with the company's IPO in March 2021, and investors have until December 13, 2021, to take action. Allegations claim that InnovAge failed to disclose critical operational issues, including inadequate services and potential regulatory scrutiny from the Centers for Medicare and Medicaid Services. These omissions may have misled investors regarding the company's financial stability and growth prospects.

Investors in InnovAge Holding Corp (INNV) with substantial losses may lead a securities fraud class action lawsuit, as announced by Glancy Prongay & Murray LLP. The relevant period concerns the company's IPO in March 2021, with a lead plaintiff deadline set for December 13, 2021. The lawsuit alleges that InnovAge failed to disclose critical service inadequacies and risks of regulatory scrutiny from CMS, which could affect operations and enrollment. Stakeholders are encouraged to submit their contact information for participation in the lawsuit.

InnovAge Holding Corp. (Nasdaq: INNV) appointed Patrick Blair as President, effective Dec. 1, 2021. Blair will manage operations and implement growth plans, which include opening three new sites in fiscal year 2023. He brings extensive experience from leadership roles in healthcare, including BAYADA Home Health Care and Anthem. The board expressed confidence in Blair's ability to enhance InnovAge's operational capabilities and drive profitable growth in the senior healthcare market. As of September 30, 2021, InnovAge serves nearly 7,000 participants across 18 centers in five states.