DENVER - InnovAge Holding Corp. (NASDAQ:INNV), a prominent provider of the Program of All-inclusive Care for the Elderly (PACE), is set to present its latest clinical and operational advancements at the upcoming 2024 National PACE Association (NPA) Conference in San Diego. The company, which serves as the nation's largest PACE provider by participant count, aims to showcase its efforts in enhancing care for seniors and maintaining their independence at home.
Under the leadership of President and CEO Patrick Blair, InnovAge has introduced a new operating model to foster greater collaboration among its staff, with a particular focus on clinical excellence. The model includes PACE-specific workflows and analytics developed in partnership with Epic, a leading electronic health record vendor. InnovAge has also implemented auditing and quality assurance programs to uphold its standards across its 20 centers.
InnovAge executives are scheduled to participate in various panels at the conference from October 13-16, 2024. Topics will range from effective communication and care to Medicare risk adjustment initiatives and strategies for successful CMS audits. The NPA Conference is a hub for healthcare leaders to exchange insights on senior care innovations and best practices.
InnovAge's PACE program is designed to manage the care of high-cost, frail seniors, particularly those who are dual-eligible for Medicare and Medicaid. The organization's care model seeks to improve participants' quality of care while reducing the reliance on high-cost care settings. As of June 30, 2024, InnovAge serves approximately 7,020 participants across six states.
This news is based on a press release statement from InnovAge.
"In other recent news, InnovAge Holding Corp. reported its Fourth Quarter and Fiscal Year 2024 financial results, displaying a quarterly revenue increase of 3.3% to $199 million and a year-over-year increase of 11% to $764 million. Despite a net loss of $23.2 million for fiscal 2024, this signified an improvement from the previous year's loss of $43.6 million. Looking ahead, InnovAge has projected an increase in participants and improved profitability for fiscal year 2025, estimating a participant census of 7,300 to 7,750 and revenue between $815 million and $865 million. The company's adjusted EBITDA for fiscal year 2025 is expected to be between $24 million and $31 million. In other developments, InnovAge announced an expansion of its share repurchase program by an additional $2.5 million, on top of the previously authorized $5.0 million. The company has repurchased a total of 837,372 shares of common stock, amounting to an aggregate market value of $5.0 million. Lastly, KeyBanc initiated coverage on InnovAge with a Sector Weight rating, following the company's successful resolution of past sanctions and operational improvements."
InvestingPro Insights
As InnovAge Holding Corp. (NASDAQ:INNV) prepares to showcase its advancements at the 2024 National PACE Association Conference, investors may find value in examining the company's financial metrics and market performance.
According to InvestingPro data, InnovAge has demonstrated strong revenue growth, with a 11.01% increase over the last twelve months as of Q4 2024, reaching $763.86 million. This growth aligns with the company's position as the largest PACE provider by participant count and its ongoing efforts to enhance care for seniors.
Despite the revenue growth, InvestingPro Tips highlight that InnovAge is not currently profitable, with analysts not anticipating profitability this year. This is reflected in the company's negative operating income of -$23.18 million for the last twelve months. However, the company's gross profit margin stands at a healthy 70.05%, indicating efficient management of direct costs associated with its services.
Interestingly, InnovAge has seen a significant price uptick over the last six months, with a 36.34% total return. This could suggest that investors are optimistic about the company's new operating model and its potential to improve financial performance in the future.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 5 more InvestingPro Tips available for InnovAge, which could provide further context for the company's financial health and market position.
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