Participant and Service Growth - As of December 31, 2024, InnovAge served approximately 7,480 PACE participants across 20 centers in six states[130]. - The company operated 20 PACE centers as of December 31, 2024, an increase from 18 centers in the previous year[179]. - Total member months increased to 43,580 for the six months ended December 31, 2024, compared to 39,670 in the same period of 2023[179]. - InnovAge has acquired and integrated four PACE organizations since FY2019, expanding into one new state and five new markets[139]. Financial Performance - Total revenues for Q4 2024 reached $209.0 million, up $20.1 million or 10.6% from $188.9 million in Q4 2023[153]. - Capitation revenue for Q4 2024 was $208.7 million, an increase of $20.1 million or 10.7% compared to Q4 2023[153]. - For the six months ended December 31, 2024, total revenues increased to $414.1 million, up from $371.4 million for the same period in 2023, representing an increase of 11.5%[184]. - Capitation revenue for the six months ended December 31, 2024, was $413.5 million, compared to $370.7 million for the same period in 2023, reflecting an increase of 11.5%[184]. Operating Expenses - Operating expenses increased by $30.9 million, or 16.2%, in Q2 FY2025 compared to Q2 FY2024, primarily due to census growth and increased care costs[131]. - Total operating expenses for Q4 2024 were $221.6 million, an increase of $30.9 million or 16.2% compared to $190.7 million in Q4 2023[155]. - Corporate, general and administrative expenses increased by $2.9 million, or 11.3%, to $28.1 million for the three months ended December 31, 2024, compared to $25.2 million for the same period in 2023[162]. - For the six months ended December 31, 2024, corporate, general and administrative expenses rose by $1.4 million, or 2.7%, to $55.6 million from $54.2 million in the prior year[163]. Profitability and Loss - Net loss attributable to InnovAge Holding Corp. for Q4 2024 was $13.2 million, compared to a net loss of $3.4 million in Q4 2023[151]. - Net loss for the six months ended December 31, 2024 was $19.2 million, compared to a net loss of $14.8 million in the same period of 2023[179]. - The net loss for the six months ended December 31, 2024, was $19.2 million, compared to a net loss of $14.8 million for the same period in 2023, representing a year-over-year increase of 29.9%[186]. Cash Flow and Debt - As of December 31, 2024, cash and cash equivalents were $46.1 million, a decrease of $10.8 million from June 30, 2024[192]. - Long-term debt outstanding as of December 31, 2024, was $64.1 million[194]. - The Company entered into a credit agreement with a senior secured term loan of $75.0 million and a revolving credit facility with a maximum borrowing capacity of $100.0 million[196]. - As of December 31, 2024, total outstanding debt was $61.9 million under the Term Loan Facility and $2.2 million under the convertible term loan[209]. Cost Management and Future Outlook - InnovAge completed the acquisition of pharmacy assets from Tabula Rasa HealthCare Group, Inc. for $4.8 million on January 2, 2025, to support growth and improve pharmacy cost management[139]. - The company expects elevated operating expenses to continue through FY2025 but anticipates that clinical and operational value initiatives will help offset rising care costs[131]. - The company plans to invest in its centers and value-based care model to support long-term growth, expecting expenses to increase in absolute dollars[139]. - The Company does not anticipate paying any cash dividends in the foreseeable future, intending to retain available funds for business development and debt repayment[198].

Revenue Performance - Total revenue for the fiscal second quarter 2025 was $209.0 million, an increase of approximately 10.6% compared to $188.9 million in the same quarter of fiscal year 2024[4] - Total revenues for the three months ended December 31, 2024, reached $208.999 million, compared to $188.898 million in the same period of 2023, representing a year-over-year increase of about 10.6%[36] - Capitation revenue for the six months ended December 31, 2024, rose to $413,474,000, compared to $370,734,000 for the same period in 2023, reflecting an increase of 11.5%[21] - Capitation revenue for the three months ended December 31, 2024, was $208.674 million, an increase from $188.561 million in the same period of 2023, indicating a growth of approximately 10.4%[36] Loss and Margin Analysis - Loss Before Income Taxes was $13.5 million, an increase of approximately 261.0% compared to a loss of $3.7 million in the second quarter of fiscal year 2024[4] - Net loss was $13.5 million, compared to a net loss of $3.8 million in the second quarter of fiscal year 2024, resulting in a net loss margin of 6.5%[6] - Net loss attributable to InnovAge Holding Corp. was $13.2 million, or a loss of $0.10 per share, compared to a loss of $3.4 million, or $0.03 per share in the same quarter of the previous year[6] - Net loss for the three months ended December 31, 2024, was $13.491 million, compared to a net loss of $3.821 million for the same period in 2023, reflecting an increase in net loss margin from (2.0)% to (6.4)%[29] Contribution Margin and EBITDA - Center-level Contribution Margin was $37.1 million, an increase of 10.3% compared to $33.6 million in the second quarter of fiscal year 2024[6] - Adjusted EBITDA was $5.9 million, a decrease of $1.0 million compared to $6.9 million in the second quarter of fiscal year 2024[6] - Adjusted EBITDA for the six months ended December 31, 2024, was $12.346 million, up from $8.280 million in the same period of 2023, resulting in an adjusted EBITDA margin increase from 2.2% to 3.0%[29] - Adjusted EBITDA margin for the second quarter was 2.8%, a decrease of 0.9 percentage points compared to 3.7% in the second quarter of fiscal year 2024[6] Cash and Investments - The company ended the second quarter with $46.1 million in cash and cash equivalents and $40.8 million in short-term investments, with $78.3 million in debt[6] - Cash and cash equivalents at the end of the period were $46,091,000, a decrease from $56,960,000 at the beginning of the period[23] - The company reported a net cash used in operating activities of $763,000 for the six months ended December 31, 2024, compared to $42,279,000 for the same period in 2023[23] Assets and Liabilities - Total current assets decreased to $167,952,000 as of December 31, 2024, down from $173,142,000 as of June 30, 2024[19] - Total liabilities as of December 31, 2024, were $246,831,000, slightly down from $247,853,000 as of June 30, 2024[19] Operational Metrics - The census of participants increased to approximately 7,480 compared to 6,780 participants in the second quarter of fiscal year 2024[6] - The weighted-average number of common shares outstanding for the three months ended December 31, 2024, was 135,439,668[21] Impairments and Costs - The company incurred $8,495,000 in impairment of right-of-use asset and construction in progress for the three months ended December 31, 2024[21] - Litigation costs and settlements for the three months ended December 31, 2024, amounted to $1.405 million, significantly higher than $198,000 in the same period of 2023[29] - M&A diligence, transaction, and integration costs for the three months ended December 31, 2024, were $1.275 million, compared to $284,000 in the same period of 2023, showing a substantial increase[29] - The company reported an impairment of right-of-use asset and construction in progress of $8.495 million for the six months ended December 31, 2024, with no such impairment reported in the same period of 2023[29] Guidance - Full fiscal year 2025 total revenue guidance is between $815 million and $865 million[7]

DENVER, Feb. 04, 2025 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced financial results for its fiscal second quarter ended December 31, 2024. “Our second quarter results reflect the meaningful progress we are making to strengthen the business, drive top-line growth and margin ...

DENVER, Jan. 21, 2025 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, and predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced it will release its 2025 fiscal second quarter financial results on Tuesday, February 4, 2025, after market close. In conjunction, the Company will host a conference call to review the results at 5 p.m. ...

InnovAge Holding Corp. (NASDAQ:INNV) Q1 2025 Results Earnings Conference Call November 5, 2024 5:00 PM ET Company Participants Ryan Kubota - Director of Investor Relations Patrick Blair - President and Chief Executive Officer Benjamin Adams - Chief Financial Officer Richard Feifer - Chief Medical Officer Conference Call Participants Jamie Perse - Goldman Sachs Jared Haase - William Blair Matt Gilmore - KeyBanc Capital Markets Operator Good day and thank you for standing by. Welcome to the InnovAge First Qua ...

InnovAge Holding Corp. (INNV) came out with a quarterly loss of $0.04 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.01, delivering a surprise of 50%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.InnovAge, which belongs to the Zacks M ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ FORM 10-Q _______________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ C ...

Exhibit 99.1 INNOVAGE ANNOUNCES FINANCIAL RESULTS FOR THE FISCAL FIRST QUARTER ENDED SEPTEMBER 30, 2024 DENVER, CO., November 5, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. ("InnovAge" or the "Company") (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced financial results for its fiscal first quarter ended September 30, 2024. "Our first quarter res ...

DENVER, Nov. 05, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced financial results for its fiscal first quarter ended September 30, 2024. “Our first quarter results reflect our continued momentum and the execution of our strategy to deliver high quality care, while contin ...

DENVER, Nov. 04, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), appoints Michael Scarbrough as its new President and Chief Operating Officer and Maria Lozzano as President, Pharmacy Services, effective November 4th. Mr. Scarbrough joins InnovAge’s executive leadership team as Christine Bent steps down from ...