Core Viewpoint - InnovAge Holding Corp. reported strong revenue growth but faced increased losses in its fiscal third quarter ended March 31, 2025, indicating challenges in cost management despite a growing participant base [2][3]. Financial Results - Total revenues for the third quarter reached $218.1 million, a 13.0% increase from $193.1 million in the same quarter of the previous year [3][22]. - Loss Before Income Taxes was $11.1 million, up 72.6% from a loss of $6.4 million in the prior year [3][22]. - Net loss was $11.1 million, compared to a net loss of $6.2 million in the same quarter of the previous year, with a net loss margin of 5.1%, an increase of 1.9 percentage points [3][22]. - Adjusted EBITDA was $10.8 million, significantly up from $3.0 million in the same quarter of the previous year, with an adjusted EBITDA margin of 4.9% [3][22]. Operational Metrics - The company served approximately 7,530 participants, an increase from 6,820 participants in the same quarter of the previous year [3][10]. - Center-level Contribution Margin was $40.7 million, a 19.9% increase compared to $34.0 million in the same quarter of the previous year [3][22]. Cash and Debt Position - As of March 31, 2025, InnovAge had $60.5 million in cash and cash equivalents and $41.3 million in short-term investments, with total debt of $77.3 million [3][19]. Full Fiscal Year 2025 Financial Guidance - The company expects total revenues for the fiscal year to be between $815 million and $865 million, with adjusted EBITDA projected between $24 million and $31 million [5][6]. Leadership Changes - Dr. Richard Feifer, the Chief Medical Officer, departed the company effective April 25, 2025, to pursue other opportunities [4].