{"id":756854,"date":"2023-05-09T19:21:23","date_gmt":"2023-05-09T23:21:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/innovage-announces-financial-results-for-the-fiscal-third-quarter-ended-march-31-2023\/"},"modified":"2023-05-09T19:21:23","modified_gmt":"2023-05-09T23:21:23","slug":"innovage-announces-financial-results-for-the-fiscal-third-quarter-ended-march-31-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/innovage-announces-financial-results-for-the-fiscal-third-quarter-ended-march-31-2023\/","title":{"rendered":"InnovAge Announces Financial Results For The Fiscal Third Quarter Ended March 31, 2023"},"content":{"rendered":"
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DENVER, Colo., May 09, 2023 (GLOBE NEWSWIRE) — InnovAge Holding Corp.<\/u><\/a> (\u201cInnovAge\u201d or the \u201cCompany\u201d) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail 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, 2023.<\/p>\n

\u201cWith our release from sanction in Sacramento on May 1st, we are excited to begin a new chapter,\u201d said Patrick Blair, President, and CEO of InnovAge. \u201cOur near-term performance improvement priorities will concentrate on aspiring to deliver best in class quality and participant satisfaction, which we believe will result in consistent, responsible, profitable growth.\u201d<\/p>\n

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\n Financial Results<\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Nine Months Ended March 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n in thousands, except percentages and per share amounts<\/em>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total revenues<\/td>\n$<\/td>\n172,539<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n177,359<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n511,213<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n525,780<\/td>\n\u00a0<\/td>\n<\/tr>\n
Center-level Contribution Margin(1)<\/sup><\/td>\n\u00a0<\/td>\n28,785<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,003<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n72,782<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n111,741<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income (Loss)<\/td>\n\u00a0<\/td>\n(7,310<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,158<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(31,557<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,572<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income (Loss) margin<\/td>\n(4.2)%<\/td>\n\u00a0<\/td>\n(1.8)%<\/td>\n\u00a0<\/td>\n(6.2)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.1<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to InnovAge Holding Corp.<\/td>\n\u00a0<\/td>\n(6,630<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,821<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(29,496<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,188<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (Loss) per share – basic and diluted<\/td>\n$<\/td>\n(0.05<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.02<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.22<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA(1)<\/sup><\/td>\n$<\/td>\n3,789<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,931<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,977<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n34,895<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA margin(1)<\/sup><\/td>\n\u00a0<\/td>\n2.2<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.1<\/td>\n%<\/td>\n\u00a0<\/td>\n(0.4)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.6<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

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\n Fiscal Third Quarter 2023 Financial Performance<\/u>
\n <\/strong>\n <\/p>\n