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Inovalon (Nasdaq: INOV) has expanded its partnership with Humana to implement a Vaccine Adherence Program. This initiative, built on the Inovalon ONE® Platform, aims to enhance immunization adherence among health plan members by utilizing data integration and analysis aligned with CDC guidelines. The program is projected to improve health outcomes and quality ratings while reducing costs associated with vaccine-preventable diseases. The ongoing collaboration dates back to 2019, focusing on member health insights and comprehensive healthcare solutions.
Inovalon has been recognized by Frost & Sullivan as the 2021 North American Company of the Year for its innovative contributions to healthcare and life sciences analytics. The award highlights Inovalon's cloud-based Inovalon ONE® Platform, which enhances operations for healthcare payers, providers, and life sciences organizations. By leveraging extensive datasets and advanced analytics, Inovalon enables clients to improve clinical quality and economic outcomes. Additionally, the platform has integrated telehealth capabilities, enhancing patient access and reducing healthcare costs amidst the COVID-19 pandemic.
Inovalon (Nasdaq: INOV) has announced an 8-year engagement with the AIDS Healthcare Foundation (AHF) to implement the ScriptMed® Cloud platform, enhancing healthcare for over 1.5 million patients globally. This cloud-based solution aims to streamline patient care by automating processes and providing data-driven insights. The partnership supports AHF’s mission amidst the challenges posed by the HIV epidemic, which affects 1.1 million people in the U.S. annually. AHF plans to utilize Inovalon’s technology to improve clinical outcomes and operational efficiency.
Inovalon reported a strong fourth quarter 2020 with revenue of $189.7 million, a 9% increase year-over-year.
Subscription revenue reached $163.5 million, up 14% year-over-year, comprising 86% of total revenue. Net income was $21.4 million, up significantly from $4.7 million in Q4 2019.
Adjusted EBITDA rose to $68.1 million, a year-over-year increase of 18%. Full-year revenue totaled $667.5 million, up 4%, with strong guidance for 2021, anticipating revenue between $741 million and $768 million.
Inovalon (Nasdaq: INOV) has announced the distribution of its ABILITY PC-ACE software application to support the administration of COVID-19 vaccinations. This initiative aims to enhance the remuneration processes for healthcare providers amidst the nationwide vaccination effort. The software enables efficient data submission for COVID-19 vaccine administration at no cost to providers. Inovalon’s technology connects with various Medicare Administrative Contractors to streamline clinical data processing, helping maintain focus on patient care during this critical period.
Inovalon (Nasdaq: INOV) will host a conference call on February 3, 2021, at 5:00 p.m. ET to discuss its fourth quarter and full year 2020 financial results. Investors can join the call by dialing (855) 783-2604 or (631) 485-4882 for international access. The call will be available for replay on Inovalon's website. Inovalon is recognized for its cloud-based platforms that enhance data-driven healthcare, supporting a variety of clients, including the top 25 U.S. health plans and major pharmaceutical companies.
Inovalon (Nasdaq: INOV) reported strong preliminary fourth quarter 2020 results, projecting revenue of $189.0 to $190.0 million, a 9% year-over-year increase and 17% sequential growth. Subscription-based platform revenues totaled $163.0 million, up 14% year-over-year. New sales Annual Contract Value (ACV) reached an all-time record of $93.5 million, representing a 27% increase year-over-year. Improved financial metrics include net income projected between $43 million and $47 million. The company reiterated strong growth guidance for 2021 amidst a favorable operating environment.
BOWIE, Md., Jan. 06, 2021 – Inovalon (Nasdaq: INOV), a leader in cloud-based healthcare platforms, announced that CEO Keith Dunleavy and CFO Jonathan R. Boldt will present at the 23rd Annual Needham Growth Conference. The virtual presentation is scheduled for January 13, 2021, at 11:30 a.m. (EST). Investors can access the live audio webcast on Inovalon’s Investor Relations website, with an archived version available for a limited time. Inovalon is renowned for its data-driven insights, supporting numerous healthcare entities, including major health plans and pharmaceutical companies.
Inovalon (Nasdaq: INOV), a leader in cloud-based healthcare data solutions, will present at the 39th Annual J.P. Morgan Healthcare Conference virtually. The presentation is scheduled for 10:00 a.m. (EST) on January 12, 2021, featuring CEO Keith Dunleavy, M.D., and CFO Jonathan R. Boldt. Investors can access the live audio webcast through the Investor Relations section of Inovalon’s website. The company is known for its Inovalon ONE® Platform, which connects the healthcare ecosystem to improve care and financial performance.
Inovalon (Nasdaq: INOV) announced its support for various charitable organizations in 2020, emphasizing its commitment to social responsibility despite the challenges posed by the pandemic. The company highlighted its contributions and thousands of employee volunteer hours to multiple initiatives focusing on youth development, healthcare accessibility, and community services. With a solid track record in charitable giving, Inovalon continues to promote positive change across communities, reinforcing its corporate culture of compassion and community engagement.
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