InnovAge Holding Corp Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
Intellectia.AI2024-09-11
InnovAge Holding Corp Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
InnovAge Holding Corp (NASDAQ: INNV), a leader in providing comprehensive healthcare programs for dual-eligible seniors, announced its financial results for the fiscal fourth quarter and full year ending June 30, 2024.
Key Financial Metrics :
| Metric | FY 2024 | FY 2023 | Year-over-Year Comparison |
|---|---|---|---|
| Total Revenue | $763.9 million | $688.1 million | +11.0% |
| Loss Before Income Taxes | $(21.8) million | $(50.8) million | +57.0% improvement |
| Loss Before Income Tax Margin | -2.9% | -7.4% | +4.5 percentage points |
| Net Loss | $(23.2) million | $(43.6) million | |
| Net Loss Margin | -3.0% | -6.3% | +3.3 percentage points |
| Net Loss Attributable to InnovAge | $(21.3) million | $(40.7) million | |
| Earnings Per Share (EPS) | $(0.16) | $(0.30) | |
| Center-level Contribution Margin | $132.1 million | $101.3 million | +30.4% |
| Adjusted EBITDA | $16.5 million | $(3.4) million | Significant improvement |
Interpretation : InnovAge showed a robust financial performance with an 11% increase in total revenue year-over-year. The company also reported significant improvements in loss before income taxes and net loss margin. The company's adjusted EBITDA also showed a major improvement, highlighting strong operational performance.
Key Developments and Operational Highlights : - Improved Margin and Compliance : Focus on operational excellence contributed to better financial metrics compared to last year. - Increased Participant Census : The company served approximately 7,020 participants, up from 6,400 in 2023. - Center-level Contribution Margin : Increased by 30.4% to $132.1 million, demonstrating improved operational efficiency.
Comments from Company Officers : President and CEO, Patrick Blair, highlighted the company's ambitious agenda centered on quality, compliance, and operational excellence, expressing satisfaction with the year-over-year financial results and expressing optimism for future growth and margin recapture.
Forward Guidance : InnovAge provided financial guidance, noting that actual results might vary due to factors outside the company’s control. The company focuses on participant growth and operational consolidation moving forward.
Stock Price Movement : Following the earnings release, InnovAge's stock experienced a decrease of approximately 1.62%.
Conclusion : InnovAge's financial results reflect a solid performance in the fiscal year 2024 with efforts in improving operational margins and participant growth. The company's focus on operational excellence and compliance has been pivotal to these improvements, setting the stage for continued responsible growth.
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