Q4 2024 InnovAge Holding Corp Earnings Call Transcript
Key Points
- InnovAge Holding Corp (INNV) reported a sequential revenue increase of approximately 3.3% in the fourth quarter, reaching $199 million.
- The company achieved a center-level contribution margin of $36.6 million, representing an 18.3% margin.
- Total revenue for fiscal year 2024 increased by approximately 11% to $764 million compared to fiscal year 2023.
- Consolidated adjusted EBITDA improved significantly to $16.5 million in fiscal year 2024, compared to a negative $3.4 million in fiscal year 2023.
- InnovAge Holding Corp (INNV) successfully acquired two California centers and executed a joint venture with Orlando Health.
- The company continues to face challenges with enrollment processing times in some states, impacting overall census growth.
- De novo centers are expected to create additional year-over-year operating losses in fiscal 2025, estimated between $18 million to $20 million.
- External provider costs increased by 7.6% in fiscal year 2024, driven by higher assisted living utilization and unit costs.
- Cost of care excluding depreciation and amortization increased by 7.8% in fiscal year 2024, primarily due to higher salaries, wages, and benefits.
- The company reported a net loss of $23.2 million in fiscal year 2024, although this was an improvement from the net loss of $43.6 million in fiscal year 2023.
Good day and thank you for standing by, and welcome to the InnovAge fourth-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Ryan Kubota, Director of Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, and thank you all for joining the InnovAge 2024 fiscal fourth-quarter and fiscal year-end earnings call. With me today is Patrick Blair, President and CEO; and Ben Adams, CFO.
Today after the market closed, we issued a press release containing detailed information on our fourth quarter and annual results. You may access the release on the Investor Relations section of our company website, innovage.com. For those listening to the rebroadcast of this call, we remind you that the remarks made herein are as of today, Tuesday, September 10, 2024, and have not been updated subsequent to this call.
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