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InnovAge Holding Corp. (INNV-0.60%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details financial results for the quarter, reporting total revenues of $208.999 million, an increase from $188.898 million in the same quarter the previous year. This increase is attributed to a rise in capitation revenue driven by higher member months and capitation rates.
External provider costs for the quarter were $107.873 million, up from $100.964 million in the previous year. This increase was due to higher member months, although there was a decrease in cost per participant.
The company reported a net loss of $13.491 million for the quarter, compared to a net loss of $3.821 million in the previous year. The increased loss is largely due to higher operating expenses, including an $8.495 million impairment related to halting developments of a planned de novo center.
Adjusted EBITDA for the six months ended December 31, 2024, was $12.346 million, up from $8.280 million in the previous year. The increase was driven by higher capitation rates and lower per participant external provider costs.
Cash and cash equivalents decreased to $46.1 million as of December 31, 2024, from $56.9 million as of June 30, 2024. This decrease was primarily due to timing of cash receipts and share repurchase activity.
The company continues to focus on expanding its PACE model, reporting a census of approximately 7,480 participants across 20 centers as of December 31, 2024.
InnovAge highlights ongoing challenges, including labor market conditions and regulatory compliance, as factors impacting its operations and financial performance.
The filing also outlines various legal proceedings, including civil investigative demands and stockholder lawsuits, which the company is currently unable to predict the outcomes of.
InnovAge's management remains focused on maintaining high participant satisfaction and retention while effectively managing the cost of care for its participants.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the InnovAge Holding Corp. quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.