InnovAge Holding Corp

NASDAQ:INNVUnited States

Nov 5, 2024

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• -- Earnings Flash (INNV) INNOVAGE Posts Q1 Revenue $205.1M, from 4:09PM ET on Tuesday Nov 05, 2024 by MT Newswires

  4:09PM ET on Tuesday Nov 05, 2024 by MT Newswires
  Companies Mentioned: INNV
  04:09 PM EST, 11/05/2024 (MT Newswires) -- ...

• -- GUIDANCE: (INNV) INNOVAGE Expects Fiscal Year 2025 Revenue Range $815M-$865M, from 4:09PM ET on Tuesday Nov 05, 2024 by MT Newswires

  4:09PM ET on Tuesday Nov 05, 2024 by MT Newswires
  Companies Mentioned: INNV
  04:09 PM EST, 11/05/2024 (MT Newswires) -- ...

• Press Release: InnovAge Announces Financial Results for the Fiscal First Quarter Ended September 30, 2024, from 4:05PM ET on Tuesday Nov 05, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: INNV

• InnovAge Announces Financial Results for the Fiscal First Quarter Ended September 30, 2024, from 4:05PM ET on Tuesday Nov 05, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: INNV
  stockholders, litigation related to de novo center, and civil investigative demands. Refer to Note 9, "Commitments and Contingencies" to our condensed consolidated financial statements for more information regarding litigation by stockholders and civil investigative demands. Costs reflected consist of litigation costs considered one-time in nature and outside of the ordinary course of business based on the following considerations which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) complexity of the case, (iii) nature of the remedies sought, (iv) litigation posture of the Company, (v) counterparty involved, and (vi) the Company's overall litigation strategy. (c) Reflects charges related to M&A transaction and integrations. The presentation for the three months ended September 30, 2023 has been recast to no longer exclude de novo center development costs. (d) Reflects charges related to business optimization initiatives. Such charges related to one-time investments in projects designed to enhance our technology and compliance systems and improve and support the efficiency and effectiveness of our operations. For the three months ended September 30, 2024, this includes (i) $0.4 million of costs associated with organizational restructure and (ii) $0.2 million related to other non-recurring projects aimed at reducing costs and improving efficiencies. For the three months ended September 30, 2023, this includes (i) $1.8 million of costs associated with third party consultants as we implement our core provider initiatives, assess our risk-bearing capabilities, and strengthen our enterprise capabilities and (ii) $0.4 million related to other non-recurring projects aimed at reducing costs and improving efficiencies. (e) Reflects non-recurring expenses relating to the implementation of a new EMR vendor. Three Months Ended June 30, ------------------- 2024 Net Loss $ (2,254) Interest expense, net 1,404 Other investment income(a) (598) Depreciation and amortization 5,329 Provision for income tax 1,308 Stock-based compensation 1,692 Litigation costs and settlement(b) 2,076 M&A diligence, transaction and integration(c) 394 Business optimization(d) 727 EMR implementation(e) 1 Gain on cost and equity method investments(f) (4,842) ---------- Adjusted EBITDA $ 5,237 ========== === Net loss margin (1.1)% Adjusted EBITDA margin 2.6% _____________________________ (a) Reflects investment income related to short term investments included in our consolidated statement of operations. Effective for the year ended June 30, 2024 and going forward, the Company has revised the calculation for Adjusted EBITDA to reflect the impact of investment income. (b) Reflects charges/(credits) related to litigation by stockholders, litigation related to de novo center, and civil investigative demands. Costs reflected consist of litigation costs considered one-time in nature and outside of the ordinary course of business based on the following considerations which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) complexity of the case, (iii) nature of the remedies sought, (iv) litigation posture of the Company, (v) counterparty involved, and (vi) the Company's overall litigation strategy. (c) Reflects charges related to M&A transaction and integrations. Effective for the year ended June 30, 2024 and going forward, the Company has revised the calculation for Adjusted EBITDA to no longer exclude de novo center development costs in 2024. De novo center development costs were $0.4 million the three months ended June 30, 2024. (d) Reflects charges related to business optimization initiatives. Such charges related to one-time investments in projects designed to enhance our technology and compliance systems, improve and support the efficiency and effectiveness of our operations, and third party support to address efforts to remediate deficiencies in audits. For the three months ended June 30, 2024 costs include (i) $0.5 million in third party consultants as we implement our core provider initiatives, asses our risk-bearing payor capabilities, and strengthen our enterprise capabilities and (ii) $0.2 million in fees associated with the Pinewood Lodge, LLLP ("PWD") dissolution. (e) Reflects non-recurring expenses relating to the implementation of a new EMR vendor. (f) Reflects $4.8 million net benefit associated with the dissolution of PWD.