Latest news with #PatrickBlair
Yahoo
07-05-2025
- Business
- Yahoo
InnovAge Earns Recertification as a Great Place to Work
InnovAge Employee feedback highlights pride in and commitment to serving the community InnovAge InnovAge Earns Great Place to Work Recertification DENVER, May 07, 2025 (GLOBE NEWSWIRE) -- InnovAge, a leading provider of Program of All-Inclusive Care for the Elderly (PACE) services, is proud to announce its recertification as a Great Place to Work®. This recognition reflects the company's continued commitment to fostering a purpose-driven workplace where employees feel supported and empowered to deliver exceptional care to seniors. The prestigious certification is based entirely on what current employees say about their experience working at InnovAge. In the 2025 survey, 85% of employees said they were proud to work for an organization and a mission that was making a difference and contributing to the well-being of their communities. 'InnovAge's mission is rooted in care, not only for our participants but for the people who serve them every day,' said InnovAge CEO Patrick Blair. 'Being recertified as a Great Place to Work is reflection of who we are inside and out. I'm proud of our dedicated employees who make InnovAge an extraordinary place to work and make a difference in the lives of older adults.' The certification process involved survey outreach to 100% of employees from across InnovAge's locations and evaluating over 60 elements of team members' experience relating to their jobs. These elements included, for example, employee pride in the organization's community impact, belief that their work makes a difference, and feeling their work has special meaning. Rankings are based on employees' experiences, regardless of the positions they hold or the specific services they provide. 'This recognition reflects the heart of who we are as an organization,' said Dustin Lee, Chief People Officer at InnovAge. 'Our employees bring extraordinary dedication and compassion to their work, and we are equally committed to supporting and nurturing that passion for serving seniors and their families.' Media Contact Lara Hazenfield InnovAge Public Relations & Content Creation Manager lhazenfield@
Yahoo
05-02-2025
- Business
- Yahoo
InnovAge Holding Corp (INNV) Q2 2025 Earnings Call Highlights: Strong Revenue Growth Amid ...
Revenue: $209 million for the quarter, a 10.6% increase compared to the second quarter of fiscal year 2024. Center Level Contribution Margin: $37.1 million, representing a 17.7% margin and a 7% sequential improvement. Adjusted EBITDA: $5.9 million for the quarter. Census: 7,480 participants, reflecting a 10.3% year-over-year growth and a 3.7% sequential quarter growth. Net Loss: $13.5 million for the quarter. Cash and Cash Equivalents: $46.1 million, plus $40.8 million in short-term investments. Total Debt: $78.3 million on the balance sheet. Fiscal Year 2025 Guidance: Projected total revenue between $815 million to $865 million and adjusted EBITDA between $24 million to $31 million. Warning! GuruFocus has detected 2 Warning Sign with INNV. Release Date: February 04, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. InnovAge Holding Corp (NASDAQ:INNV) reported a 10.3% annual growth in participant census, reflecting strong demand for their services. The company achieved a 2% increase in revenue compared to the first quarter, reaching $209 million. Medicaid rate increases in California and Pennsylvania for 2025 are expected to positively impact financial performance. InnovAge is actively expanding its PACE centers, with approximately 50 new centers opening nationwide over the past three years. The company is investing in technology to enhance operational efficiency and participant engagement, including real-time lead tracking and improved financial eligibility assessment tools. InnovAge reported a net loss of $13.5 million for the quarter, a significant increase from the $3.8 million loss in the same quarter of the previous year. State-driven enrollment processing delays, particularly in California, are impacting financial results and causing higher allowances against accounts receivable. The company recorded an $8.5 million impairment related to halting development on a planned de novo center in Louisville, Kentucky. External provider costs increased by 6.8% compared to the previous year, driven by higher member months and increased costs per participant. Sales and marketing expenses rose by 31.5% year-over-year, primarily due to increased headcount and marketing investments to support growth. Q: Patrick, you mentioned that the next 18 months would be about transformation. What are you alluding to in terms of the transformation? Is it more about opening facilities and building capabilities, or is there something beyond that? A: Patrick Blair, CEO: The transformation involves reimagining how we operate, focusing on integrating technology to drive productivity and efficiency. We aim to enhance core business processes like service scheduling and transportation, and improve payer capabilities. Michael Scarborough's leadership is pivotal in identifying opportunities for network management and operational efficiency, ultimately leading to margin expansion. Q: Can you provide a better sense of the funding model within the revenue per member per month? How much is funded by Medicare and Medicaid, and what drives growth between these components? A: Patrick Blair, CEO: The revenue mix is roughly $3,000 from Medicare Part C, $1,000 from Medicare Part B, and about $5,000 from Medicaid. The federal match for Medicaid varies by state, but a 50-50 split is a baseline. We are optimistic about PACE's growth, supported by government interest in expanding PACE's reach and ensuring rate adequacy. Q: Has anything changed in your messaging strategy in the market due to disruptions in the Medicare Advantage environment? A: Patrick Blair, CEO: While Medicare Advantage plans face headwinds, our strategy remains focused on educating prospects about PACE's unique services. We invested in marketing to differentiate PACE from Medicare Advantage offerings, resulting in stronger retention and improved enrollment during the annual election period. Q: Could you explain the decision behind the impairment of the Louisville facility? Was it due to market-specific dynamics or a reprioritization of opportunities? A: Patrick Blair, CEO: The Louisville opportunity was awarded to another PACE program due to sanctions. After exploring joint ventures and asset sales, we decided to exit and take the charge on the lease. We still see Kentucky as an attractive market but don't foresee short-term opportunities. Q: Can you elaborate on the pharmacy operations acquisition and its expected benefits? A: Patrick Blair, CEO: We acquired a pharmacy to bring fulfillment, packaging, and distribution in-house, improving participant experience and compliance. This move aligns with our strategy of evaluating vendor services and insourcing where we can add value. We expect favorable economics and enhanced service quality from this integration. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
