Q1 2025 InnovAge Holding Corp Earnings Call Transcript
Key Points
- InnovAge Holding Corp (INNV) reported a 12% increase in revenues for the first fiscal quarter of 2025, reaching USD205.1 million compared to USD182.5 million in the same quarter of the previous year.
- Adjusted EBITDA saw a significant increase of approximately 500%, rising from USD1.3 million in the first quarter of fiscal 2024 to USD6.5 million in the first quarter of fiscal 2025.
- The company experienced a 10% year-over-year growth in census, reaching approximately 7,210 participants.
- InnovAge Holding Corp (INNV) reported improvements in employee engagement and participant satisfaction, with an employee engagement score of 79% and a net promoter score of 56.
- The company is seeing progress in its clinical and operational value initiatives, contributing to improved center-level margins and better management of medical costs.
- Despite improvements, InnovAge Holding Corp (INNV) continues to face enrollment bottlenecks in certain states, impacting the speed of participant onboarding.
- The company reported a net loss of USD5.7 million for the first quarter of fiscal 2025, although this was an improvement from the USD11 million loss in the same quarter of the previous year.
- De novo center losses were USD4.1 million, primarily related to new centers in Bakersfield, Crenshaw, Tampa, and Orlando.
- External provider costs increased by 7.9% compared to the first quarter of fiscal 2024, driven by higher pharmacy costs and increased assisted living and nursing facility unit costs.
- The company is still working on improving the consistency of enrollment processes across different states, which is necessary to achieve more predictable growth.
Good day. And thank you for standing by. Welcome to the end of first quarter, 2025 earnings conference call at this time, all participants under the snowy mode after the speakers' presentation, there'll be a question and answer session to ask a question during the session.
(Operator instructions).
I would now like to turn the conference over to your speaker for today, Ryan Kubota Director of Investor Relations. Please go ahead.
Good afternoon and thank you all for joining the Innovage 2025 fiscal first quarter earnings call with me today is Patrick Blair CEO and Ben Adams CFO, Dr Rich Pfeiffer, Chief Medical Officer will also be joining the Q&A portion of the call today. After the market closed, we issued an earnings press release containing detailed information on our fiscal first quarter 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
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