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 ...

Financial Data and Key Metrics Changes - For fiscal year 2023, total revenue was $688.1 million, a decline of approximately 1.5% compared to fiscal year 2022 [6][28] - The center-level contribution margin for the year was $101.3 million, representing a 14.7% margin, down from 19.4% in the prior year [38] - Consolidated adjusted EBITDA was negative $1.3 million for the fiscal year, compared to positive $34.3 million in the prior year [41] - In Q4 2023, revenue was $176.9 million, a sequential improvement of approximately 2.5% compared to Q3 [8][28] - The center-level contribution margin for Q4 was $28.5 million, representing a 16.1% margin [38] Business Line Data and Key Metrics Changes - The second half of fiscal year 2023 saw a center-level contribution margin of $57.3 million, an increase of approximately 30% compared to the first half [9] - The company ended fiscal year 2023 with approximately 6,400 participants, a decline of 3.9% compared to the prior year [34] - External provider costs for fiscal year 2023 were $374.5 million, a 2.2% decrease compared to the prior year [35] Market Data and Key Metrics Changes - Enrollment in Colorado and Sacramento is tracking to expectations, with gross monthly enrollments returning to pre-sanction levels in Colorado [16] - The company is experiencing sequential improvements in prospect lead volumes and gross enrollments in almost every market, with sales qualified leads increasing by approximately 90% over the last six months [15] Company Strategy and Development Direction - The company aims for responsible growth and to expand access to the PACE program, focusing on execution, margin recapture, and operational excellence [13] - Plans to open new centers in Florida and resume the application in Downey, which would increase census capacity by approximately 500 participants [18] - The company is pursuing a multi-pronged growth strategy that includes new partnerships and tuck-in acquisitions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's foundation for consistent, responsible, profitable growth moving forward [13] - The company anticipates improvement in profitability as it fills excess capacity in its centers and reaches targeted staffing ratios [10] - Management acknowledged the challenges posed by state resource constraints affecting enrollment processing but remains confident in the overall enrollment strategy [16] Other Important Information - The company has implemented a PACE-specific instance of Epic's EMR in 14 of its 17 centers, which is expected to enhance operational productivity and compliance [32] - The company ended the quarter with $127.2 million in cash and cash equivalents, plus $46.2 million in short-term investments [43] Q&A Session Summary Question: Trends in Colorado re-enrollment and guidance assumptions - Management is pleased with progress in Colorado, tracking closely with expectations and returning to pre-sanction gross monthly enrollment levels [54][58] Question: External provider costs and profitability improvement - Management outlined a robust portfolio of initiatives aimed at improving external provider costs, with a focus on re-contracting and unit cost initiatives [61] Question: Revenue PMPM development and Medicaid redetermination impact - Management expects variability in revenue PMPM throughout the year, with no significant impact from Medicaid redetermination on the population [66][69] Question: COVID incidents and guidance for the upcoming winter - Management noted an increase in COVID cases but emphasized that the highly vaccinated population is not adversely affected economically [72][77] Question: Post-monitoring period in Colorado and cost impacts - Management confirmed that they are still in the post-monitoring period in Colorado, with expectations for improvements in staffing costs once monitoring ends [81]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________ FORM 10-K _______________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES InnovAge Holding Corp. (Exact name of registrant as specified in its charter) ___________________________ ...

InnovAge Holding Corp. (NASDAQ:INNV) Q3 2023 Results Conference Call May 9, 2023 5:00 PM ET Company Participants Ryan Kubota - Director of Investor Relations Patrick Blair - President and CEO Barbara Gutierrez - CFO Rich Feifer - Chief Medical Officer Conference Call Participants Lisa Gill - JPMorgan Operator Good day, and thank you for standing by, and welcome to the InnovAge Third Quarter 2023 Earnings Conference Call [Operator Instructions]. Please be advised that today's conference is being recorded. I ...

Table of Contents (844) 803-8745 (Registrant's telephone number, including area code) _______________________________________________________ Securities registered pursuant to Section 12(b) of the Securities Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, $0.001 par value | INNV | The Nasdaq Stock Market LLC (Nasdaq Global | | | | Select Market) | Indicate by check mark whether the registrant: (1) has filed all reports required ...