Q3 2024 InnovAge Holding Corp Earnings Call Transcript
Key Points
- Revenue increased to $193 million for the quarter, marking a 2% increase from the previous quarter and a 12% increase year-over-year.
- Adjusted EBITDA rose to $3.6 million for the quarter, up from a loss of approximately $2 million in the same quarter the previous year.
- Census grew to 6,820, showing a quarter-over-quarter improvement of approximately 1%.
- Successfully opened new centers in Tampa and Orlando, expanding the company's operational footprint and potential market reach.
- Regulatory monitoring in Colorado was successfully closed out by CMS, indicating resolution of previous compliance issues.
- Experienced increased denovo losses due to the opening of new centers, impacting financial comparisons with previous quarters.
- Faced ongoing enrollment processing delays in Colorado, affecting the pace of participant intake and potentially impacting revenue growth.
- Encountered competitive pressures from Medicare Advantage plans offering rich supplemental benefits, which may influence participant enrollment decisions.
- Reported a net loss of $5.9 million for the quarter, an increase from a net loss of $3.8 million in the previous quarter.
- Anticipated third quarter seasonality was exacerbated by several factors, leading to underperformance in expected census growth.
Good day and thank you for standing by, and welcome to the innovation Third Quarter 2024 earnings conference call. At this time, all participants are in a listen only mode after the speakers' presentation, there will be a question and answer session to ask a question. During the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, ryan Covanta, Director of Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, and thank you all for joining the innovation fiscal 2024 third quarter earnings call. With me today is Patrick Blair, President and CEO, and Ben Adams, CFO, Dr. Rich Pfeiffer, Chief Medical Officer, will also be Joining in the Q&A portion of the call today after the market closed, we issued a press
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