InnovAge (US:INNV)2025-02-04 21:07Revenue 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]