The following is a summary of the InnovAge Holding Corp. (INNV) Q3 2024 Earnings Call Transcript:
Financial Performance:
InnovAge reported Q3 revenue of $193.1 million, a growth of 2.2% over the last quarter, primarily due to an increase in member months and Medicare capitation rates.
The center-level contribution margin was $34 million, representing a 17.6% margin.
External provider costs dropped by 1% to $100 million due to lower permanent nursing facilities' utilization.
The company's net loss increased to $5.9 million from $3.8 million in the previous quarter.
InnovAge ended the quarter with a strong liquidity position, having $54.1 million in cash and cash equivalents and $45.2 million in short-term investments and held $81.3 million in total debt.
Business Progress:
The company experienced a 0.7% QoQ growth in participants, totaling around 6,820 across 19 centers.
Improvements in managing external medical costs led to a decrease in participant expense PMPM.
InnovAge piloted a new end-of-life comfort care program in Denver, reducing external spend by 43%.
Despite some enrollment delays and staffing issues, InnovAge saw a sequential increase in qualified leads by 10% and has become operational in new locations like Orlando.
The company reaffirms 2024 fiscal year guidance with anticipated participant range from 6,800 to 7,400, expected revenue between $725 million to $775 million, and adjusted EBITDA in the $12 million to $18 million range.
More details: InnovAge Holding IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.