InnovAge Holding Corp (NASDAQ:INNV), a market leading healthcare delivery platform for high-cost, dual-eligible seniors, stock rose 12.35% (As on September 14, 11:10:05 AM UTC-4, Source: Google Finance) though the company posted lower than expected results for the fourth quarter of FY 22. The company ended the fiscal year with a census of approximately 6,650 participants and generated $698.6 million of revenue. For fiscal 2022, Center-level Contribution Margin of $135.4 million, decreased 22.2% compared to $174.1 million in 2021. Center-level Contribution Margin) as a percent of revenue of 19.4%, decreased 7.9 percentage points compared to 27.3% in 2021. Net loss was of $8.0 million in fiscal 2022, compared to a net loss of $44.7 million in 2021. Net loss margin was of 1.1%, a decrease of 5.9 percentage points compared to 7.0% in 2021. Net loss attributable to InnovAge Holding Corp. of $6.5 million, or a loss of $0.05 per share, compared to a net loss of $44.0 million, or a loss of $0.36 per share in 2021. Adjusted EBITDA of $34.3 million, a decrease of $51.0 million compared to $85.3 million in 2021. Adjusted EBITDA) margin of 4.9%, a decrease of 8.5 percentage points compared to 13.4% in 2021. Census of approximately 6,650 compared to 6,850 in 2021. The company has ended the fiscal year with $184.4 million in cash and cash equivalents and $86.4 million in debt on the balance sheet, representing debt under the Company’s senior secured term loan, convertible term loan and capital leases. Meanwhile, due to the inherent uncertainty and open timeline around sanction release, the company will not provide forward looking guidance for fiscal year 2023.
INNV in the fourth quarter of FY 22 has reported the adjusted loss per share of 9 cents, missing the analysts’ estimates for the adjusted loss per share of 3 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 9.5 percent to $172.86 million in the fourth quarter of FY 22, missing the analysts’ estimates for revenue by 0.74%.
On the other hand, the company has named Kathy Andreasen as its Chief People Officer (CPO) effective Aug. 29, 2022. Kathy has led HR functions at household name dotcoms, and SAS companies such as AOL, Bill Me Later/Paypal, Realtor.com, and Orbitz. Before joining InnovAge, she was the Chief Administrative and People Officer at Endurance International Group (now called Newfold Digital), a global provider of SAS cloud-based solutions.