Innovage Holding Corp. Stock Price, News & Analysis

InnovAge Holding Corp. (Nasdaq: INNV) announced that the Centers for Medicare and Medicaid Services (CMS) has sanctioned its Colorado centers due to deficiencies found in a recent audit. As a result, CMS has suspended new enrollments until the Company resolves these deficiencies, which include inadequate service delivery and care coordination. The Colorado Department of Health Care Policy and Financing is also issuing sanctions. Consequently, InnovAge is withdrawing its fiscal year 2022 guidance while it evaluates options to appeal the sanctions. As of Sept. 30, 2021, the Company serves approximately 6,990 participants across 18 centers.

InnovAge Holding Corp. (Nasdaq: INNV) announced that CEO Maureen Hewitt will present at the 40th Annual J.P. Morgan Healthcare Conference on January 12, 2022, at 8:15 p.m. (ET). The event will feature a virtual fireside chat with key executives, including Patrick Blair, President, and Barb Gutierrez, CFO. InnovAge specializes in delivering comprehensive healthcare programs tailored for frail, dual-eligible seniors, aiming to enhance care quality while minimizing costs. As of September 30, 2021, the company served approximately 6,990 participants across 18 centers in five states.

InnovAge Holding Corp. (Nasdaq: INNV) appointed Patrick Blair as President, effective Dec. 1, 2021. Blair will manage operations and implement growth plans, which include opening three new sites in fiscal year 2023. He brings extensive experience from leadership roles in healthcare, including BAYADA Home Health Care and Anthem. The board expressed confidence in Blair's ability to enhance InnovAge's operational capabilities and drive profitable growth in the senior healthcare market. As of September 30, 2021, InnovAge serves nearly 7,000 participants across 18 centers in five states.

InnovAge Holding Corp. (Nasdaq: INNV) has received approval from Indiana to launch a Program of All-Inclusive Care for the Elderly (PACE) in Terre Haute, expanding its service area and potentially benefiting 79% of eligible seniors in the state. The new center is expected to open in fiscal year 2024, aiming to enroll over 600 seniors and create 100 local healthcare jobs. InnovAge's analysis estimates around 3,000 PACE-eligible seniors in the region by 2026, enhancing its footprint in the senior care market amidst increasing demand.

InnovAge Holding Corp. (Nasdaq: INNV) reported fiscal Q1 2022 results, highlighting total revenues of $173.1 million, reflecting a 13.4% year-over-year increase. The number of participants grew by 7.2% to 6,990. Center-level contribution margin reached $42.3 million, a 4.3% increase, though as a percentage of revenue, it declined by 2.2 percentage points due to normalized medical costs. Net income stood at $7.6 million compared to a loss of $49.8 million a year prior. InnovAge confirmed its fiscal 2022 guidance, projecting revenues between $712 million and $725 million.

InnovAge Holding Corp. (Nasdaq: INNV) will announce its fiscal Q1 2022 financial results on November 9, 2021, post-market close. A conference call will follow at 5 p.m. E.T. for analysis and discussion of the results. Participants can join by calling U.S. number (833) 398-1024 or international number (914) 987-7722, using code 8193149. InnovAge focuses on managing care for high-cost, dual-eligible seniors, serving around 6,850 participants across 18 centers in five states as of June 30, 2021. The company aims to enhance quality care while reducing high-cost care utilization.

InnovAge Holding Corp. (Nasdaq: INNV) announced strong fiscal fourth quarter and full-year financial results for the year ending June 30, 2021. Total revenues reached $637.8 million, a 12.5% increase year-over-year, driven by a census growth of 7.4% to approximately 6,850 participants. However, the company reported a net loss of $44.7 million for the year. Adjusted EBITDA rose by 29.5% to $85.3 million. InnovAge plans to open new centers in fiscal 2023 and has achieved high vaccination rates among participants and employees. The company projects total revenues between $712 and $725 million for fiscal year 2022.

InnovAge Holding Corp. (Nasdaq: INNV) will announce its fiscal 2021 fourth quarter and year-end financial results on September 21, 2021, after the market closes. A conference call to discuss the results is scheduled for 5 p.m. E.T. Participants can join by dialing (833) 398-1024 for U.S. callers or (914) 987-7722 internationally, using participant code 3506946. InnovAge, a leader in managing care for dual-eligible seniors, aims to enhance care quality while reducing costs through a value-based healthcare model.