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. ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were reported at $205.1 million, a 12% increase from $182.5 million in Q1 2024, and adjusted EBITDA increased approximately 500% to $6.5 million from $1.3 million in the same period [9][44][45] - Compared to Q4 2024, revenues increased by approximately 3% and adjusted EBITDA increased by approximately 25% [10] - The center level contribution margin was $34.5 million, representing 16.8% of revenue, an increase from 15.3% in Q1 2024 [39][40] Business Line Data and Key Metrics Changes - Census increased to approximately 7,210 participants, reflecting a year-over-year growth of 10% compared to Q1 2024 [16][32] - Member months totaled 21,380, marking a 9.4% increase year-over-year [32] - External provider costs were $107.2 million, a 7.9% increase compared to Q1 2024, driven by an increase in member months [35] Market Data and Key Metrics Changes - The company is seeing improved application processing times in key markets, indicating progress in enrollment despite previous delays [19] - The Medicare annual enrollment period is expected to bring seasonal variations, but the company is optimistic about its competitive position this year [20] Company Strategy and Development Direction - The company is focused on operational excellence and enhancing margins through clinical and operational value initiatives [23][30] - A new President and Chief Operating Officer, Michael Scarbrough, has joined the company to help scale operations and improve cost containment [11][79] - The company is committed to strong administrative cost controls and is investing in tools and technologies to improve participant care [28][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand for services and noted progress in reducing enrollment processing bottlenecks [54][55] - The company reaffirmed its fiscal 2025 guidance, expecting ending census between 7,300 and 7,750 participants and total revenue in the range of $815 million to $865 million [50][51] Other Important Information - Employee engagement scores reached 79%, and the Net Promoter Score for participant satisfaction was 56, indicating strong performance in employee and participant engagement [13][14] - The company reported a net loss of $5.7 million, an improvement from a net loss of $11 million in Q1 2024 [44] Q&A Session Summary Question: Enrollment trends in Colorado and Sacramento - Management noted strong demand across all markets, with some progress in reducing enrollment processing bottlenecks in Colorado and California [54][55] Question: Assessment of risk pool rebalancing and de novo losses - Management indicated that changes in the risk pool will take time to reflect in margins, and Florida centers are tracking as expected [60][61] Question: Guidance assumptions for the year - Management confirmed satisfaction with current guidance, expecting linear progression in growth with slightly slower growth in Q3 [66][67] Question: Factors driving employee and member engagement improvements - Management emphasized the importance of clear objectives and recognition of employee efforts as key drivers of engagement [69][70] Question: Progress on clinical and operational value initiatives - Management highlighted successful initiatives focused on inpatient reduction and operational improvements, with ongoing efforts to enhance service delivery [75][78]

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 ...

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 ...

Core Viewpoint - InnovAge Holding Corp. has appointed Michael Scarbrough as the new President and Chief Operating Officer, and Maria Lozzano as President of Pharmacy Services, effective November 4, 2024, to enhance its leadership and strategic execution [1][2]. Leadership Changes - Michael Scarbrough joins InnovAge's executive team following Christine Bent's departure from the COO role to pursue new opportunities [2] - The separation of the President and CEO roles aims to better facilitate the execution of the company's strategic priorities [2] - Maria Lozzano has been promoted to President of Pharmacy Services, previously serving as Senior Vice President and Chief Business Development Operations Officer [4] Executive Backgrounds - Michael Scarbrough brings over 30 years of healthcare experience, including leadership roles at Optum at Home and Prospero Health, focusing on Medicaid populations and care delivery models [3] - Scarbrough's experience includes managing services for 800,000 Medicare Advantage D-SNP members and co-founding a company that provided home-based advanced care [3] - Maria Lozzano has nearly eight years of experience at InnovAge and previously held leadership positions at VNA of California and Premier Infusion Care [4][5] Company Overview - InnovAge is a leader in managing care for dual-eligible seniors through the PACE program, aiming to improve care quality while reducing high-cost care utilization [5] - As of June 30, 2024, InnovAge served approximately 7,020 participants across 20 centers in six states [5]

InnovAge Holding Corp. (INNV) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be release ...

DENVER, Oct. 11, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. ("InnovAge") (Nasdaq: INNV), a leading Program of All-inclusive Care for the Elderly (PACE) provider, plans to highlight its ongoing clinical, operational, and business transformations at the 2024 National PACE Association (NPA) Conference. As the nation's largest provider of PACE by number of participants, InnovAge provides coordinated and integrated care across a range of physical, medical, and social services. This ensures eligible seniors ...

DENVER, Sept. 16, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by InnovAge Holding Corp. ("InnovAge") (Nasdaq: INNV), please note that in the fifth paragraph of the release, the title for Dr. Ann Wells has been corrected to Chief Quality and Population Health Officer of InnovAge. The updated release follows: InnovAge Holding Corp. ("InnovAge") (Nasdaq: INNV), a leading Program of All-inclusive Care for the Elderly (PACE) provider, has been selected as a research partner ...

Core Insights - InnovAge Holding Corp. has been selected as a research partner for a national study aimed at preventing falls among seniors, coinciding with National PACE Awareness Month and Falls Prevention Month [1][4] - Falls are the leading cause of injury and death among older adults, with one in four adults aged 65 and older experiencing a fall each year, highlighting the importance of InnovAge's proactive measures [2] - InnovAge participants experience 16% fewer falls than the National PACE Association's estimated average due to comprehensive care and personalized interventions [2] Company Overview - InnovAge is a leading provider of the Program of All-inclusive Care for the Elderly (PACE), focusing on enabling seniors to age safely in their homes and communities [3][5] - The company serves approximately 7,020 participants across 20 centers in six states as of June 30, 2024, emphasizing its role in managing care for high-cost, frail, and predominantly dual-eligible seniors [5] - InnovAge's patient-centered care model aims to improve care quality while reducing the over-utilization of high-cost care settings, benefiting participants, families, providers, and government payors [5] Research and Development - The study, in collaboration with LeaHD and several universities, aims to understand the factors contributing to falls among seniors and develop tailored intervention strategies [4] - The research will also focus on improving the lives of adults living with disabilities and chronic conditions, with completion expected in October 2025 [4]