DENVER, June 03, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. ("InnovAge") (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE) has been recertified as a Great Place to Work. About InnovAge InnovAge is a market leader in managing the care of high-cost, frail, and predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE). With a mis ...

DENVER, June 03, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. ("InnovAge") (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE) has been recertified as a Great Place to Work. "Earning this badge of honor is a reflection of the strength, credibility, and camaraderie of the InnovAge team," says InnovAge President and CEO Patrick Blair. "All of us are driven by a deeply meanin ...

The 32,000 square foot Orlando state-of-the-art senior healthcare center has the capacity to serve approximately 1,300 seniors and provides integrated PACE healthcare and support services through a personalized approach that encompasses transportation, in-home care, medication management, dental care, specialty care, physical, occupational, and speech therapy, exercise, social services, meals and nutrition, socialization, recreational activities, and more. "We are thrilled to provide exceptional, robust hea ...

Company Overview - InnovAge Holding Corp. is a leader in providing comprehensive healthcare programs for predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE) [1][5] - As of March 31, 2024, InnovAge served approximately 6,820 participants across 19 centers in six states, and with the opening of the Orlando center, operates a total of 20 centers [5] New Center Launch - InnovAge announced the grand opening of a new 32,000 square foot senior healthcare center in Orlando, Florida, which has the capacity to serve approximately 1,300 seniors [1][3] - The center is a joint venture with Orlando Health, aimed at extending the reach of PACE services for eligible seniors [2] Services Offered - The Orlando center provides integrated PACE healthcare and support services, including transportation, in-home care, medication management, dental care, specialty care, physical, occupational, and speech therapy, exercise, social services, meals and nutrition, socialization, and recreational activities [3] Partnership with Orlando Health - The partnership with Orlando Health is designed to enhance the impact of PACE services and support seniors in living independently for as long as safely possible [2][4] - Orlando Health emphasizes the importance of InnovAge's personalized approach to senior care, aligning with its mission to improve health and quality of life in the community [4] Community Impact - The grand opening event was attended by local lawmakers, healthcare providers, community partners, and families, highlighting the community engagement aspect of the new center [4]

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 March 31, 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 _________ Commi ...

DENVER, CO., May 7, 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 third quarter ended March 31, 2024. "The portfolio of initiatives that we've launched over the past two years is creating tangible impact," said Patrick Blair, President a ...

LOS ANGELES, April 24, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. ("InnovAge") (NASDAQ:INNV), the healthcare industry leader in providing comprehensive healthcare programs to dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), celebrates the grand opening of its newest center in California. As part of this launch, InnovAge California PACE will host a lively celebration today, welcoming local officials, community organizations, care partners, and the public, to tour i ...

Financial Data and Key Metrics Changes - The company reported revenue of $189 million for Q2 2024, a 3.5% increase compared to Q1 2024 [7] - Adjusted EBITDA improved significantly to $7.8 million from approximately $2.2 million in the previous quarter [7][42] - The net loss was $3.8 million, an improvement from a net loss of $11 million in Q1 2024 [42] - Center-level contribution margin increased to 17.8% from 15.3% in the previous quarter [40] Business Line Data and Key Metrics Changes - Participant net enrollment growth was solid at 195 for the quarter, contributing to a total census of 6,780, which is a 3% increase quarter-over-quarter [7][37] - The company effectively managed non-center costs, resulting in a decrease in general and administrative expenses as a percentage of revenue from 15.9% to 13.4% [9] Market Data and Key Metrics Changes - The company is now operational in six states: Colorado, California, Pennsylvania, New Mexico, Virginia, and Florida, with the recent opening of a new center in Tampa [10] - The total sales qualified leads increased by approximately 11% from the prior quarter, indicating strong demand for integrated solutions [20] Company Strategy and Development Direction - The company is focused on responsible growth and restoring operating margins lost during the regulatory sanction period [6] - The acquisition of ConcertoCare added two new centers in Southern California, facilitating faster expansion compared to building new centers from scratch [25][26] - The company aims to achieve a center-level contribution margin above 20% and is focused on improving quality and compliance [91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in addressing regulatory issues and emphasized the importance of compliance as a guiding principle [13][18] - The company anticipates modest seasonality related to the Medicare annual enrollment period, which may impact growth [20] - Management remains optimistic about achieving financial goals for the second half of fiscal 2024 and creating a path for successful fiscal 2025 [11] Other Important Information - The company completed the implementation of the new Epic EMR across all locations, which is expected to enhance operational productivity and efficiency [33] - The company is hosting its first Investor Day on February 27, 2024, to provide more details on its journey and future plans [34][97] Q&A Session Summary Question: Can you help size the Medicare true-up noted in the quarter? - Management confirmed that the Medicare true-up was a meaningful increase related to a final adjustment for 2022, which provided a boost going into the back half of the year [49][51] Question: How should we think about the Medicaid rate development backdrop? - Management indicated that it is still early to determine Medicaid rates for the next fiscal year, with unexpected reductions in California impacting the back half of the year [62] Question: Can you provide details on the de novo ramp expectations? - Management stated that it typically takes about six quarters for de novo facilities to reach a positive center-level contribution margin, emphasizing careful monitoring of cash flow impact [70] Question: What can be done to speed up enrollment processing delays? - Management engages with families to set expectations and keep them informed about administrative delays, although some delays are beyond their control [75][78] Question: What changes were made in the new marketing campaign? - The new campaign aims to broaden the appeal of PACE services to a wider segment of the senior population and directly target family members involved in decision-making [80][81]

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 December 31, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Co ...

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, 2023 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 ...