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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 fiscal Q1 2022 results, highlighting total revenues of $173.1 million, reflecting a 13.4% year-over-year increase. The number of participants grew by 7.2% to 6,990. Center-level contribution margin reached $42.3 million, a 4.3% increase, though as a percentage of revenue, it declined by 2.2 percentage points due to normalized medical costs. Net income stood at $7.6 million compared to a loss of $49.8 million a year prior. InnovAge confirmed its fiscal 2022 guidance, projecting revenues between $712 million and $725 million.
Glancy Prongay & Murray LLP has announced a class action lawsuit for investors of InnovAge Holding Corp (NASDAQ: INNV) who have suffered substantial losses since its IPO in March 2021. The lawsuit arises from allegations that InnovAge failed to disclose critical information regarding its service quality and regulatory scrutiny, potentially leading to suspension of new enrollments by the Centers for Medicare and Medicaid Services. Interested investors can submit their contact information to participate, with a lead plaintiff deadline set for December 13, 2021.
InnovAge Holding Corp. (Nasdaq: INNV) will announce its fiscal Q1 2022 financial results on November 9, 2021, post-market close. A conference call will follow at 5 p.m. E.T. for analysis and discussion of the results. Participants can join by calling U.S. number (833) 398-1024 or international number (914) 987-7722, using code 8193149. InnovAge focuses on managing care for high-cost, dual-eligible seniors, serving around 6,850 participants across 18 centers in five states as of June 30, 2021. The company aims to enhance quality care while reducing high-cost care utilization.
InnovAge Holding Corp. (Nasdaq: INNV) announced strong fiscal fourth quarter and full-year financial results for the year ending June 30, 2021. Total revenues reached $637.8 million, a 12.5% increase year-over-year, driven by a census growth of 7.4% to approximately 6,850 participants. However, the company reported a net loss of $44.7 million for the year. Adjusted EBITDA rose by 29.5% to $85.3 million. InnovAge plans to open new centers in fiscal 2023 and has achieved high vaccination rates among participants and employees. The company projects total revenues between $712 and $725 million for fiscal year 2022.
InnovAge Holding Corp. (Nasdaq: INNV) will announce its fiscal 2021 fourth quarter and year-end financial results on September 21, 2021, after the market closes. A conference call to discuss the results is scheduled for 5 p.m. E.T. Participants can join by dialing (833) 398-1024 for U.S. callers or (914) 987-7722 internationally, using participant code 3506946. InnovAge, a leader in managing care for dual-eligible seniors, aims to enhance care quality while reducing costs through a value-based healthcare model.
InnovAge Holding Corp. (Nasdaq: INNV) announced an equity investment in Jetdoc, a telehealth platform, aiming to enhance virtual healthcare services. The investment aligns with an increased demand for telehealth, which is 38 times higher than pre-pandemic levels, per McKinsey. InnovAge plans to collaborate with Jetdoc to develop a virtual care platform specifically for the Program of All-Inclusive Care for the Elderly (PACE). InnovAge's CEO noted the importance of telehealth for seniors, while Jetdoc's CEO emphasized improved access for vulnerable patients.
InnovAge has launched a new PACE center in Virginia's Roanoke Valley, increasing its capacity to serve seniors from 210 to approximately 430. The 25,242 square-foot facility offers comprehensive care services, including health services, social support, and transportation. InnovAge aims to facilitate independent living for seniors, enhancing their quality of life post-COVID-19. This center contributes to InnovAge's mission of managing high-cost care for dual-eligible seniors, reinforcing its leadership in value-based healthcare.
InnovAge Holding Corp. (Nasdaq: INNV) announced its participation in two prominent healthcare conferences. CEO Maureen Hewitt and CFO Barb Gutierrez will engage in a virtual fireside chat at the William Blair 41st Annual Growth Stock Conference on June 2, 2021, at 5:00 p.m. (ET) and the Goldman Sachs 42nd Annual Global Healthcare Conference on June 8-9, 2021. InnovAge specializes in healthcare delivery for high-cost, dual-eligible seniors, serving about 6,700 participants across 18 centers in five states.
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