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innovAge Life on Your Terms InnovAge Announces Financial Results for the Fiscal First Quarter Ended September 30 , 2021 November 9 , 2021 DENVER , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) InnovAge Holding Corp. ( the " Company " or " InnovAge " ) ( Nasdaq : INNV ) , a market leading healthcare delivery platform for high - cost , dual - eligible seniors , announced financial results for its fiscal first quarter ended September 30 , 2021 . " We had a strong start to fiscal year 2022 providing high quality care and services to approximately 6,990 participants , representing an increase of approximately 7.2 % year - over - year , including the Sacramento census which was not consolidated in the fiscal first quarter of 2021 , " said Maureen Hewitt , President and Chief Executive Officer of InnovAge . " We generated strong first quarter revenue of $ 173.1 million , an increase of 13.4 % compared to fiscal first quarter 2021 , and $ 42.3 million of center - level contribution margin . Our recently launched digital strategy has continued to grow our referral base , increasing digital referrals by 65 % and digital lead conversions by more than 20 % compared to the fourth quarter of fiscal 2021. " Ms. Hewitt continued , " Our team has remained focused on providing high quality , value - based care to our participants and ensuring our participants and employees remain as safe as possible . The health and safety of our participants remains our top priority as we continue to execute on our multi faceted growth strategy . To date , 89 % of participants and 98 % of employees have been vaccinated for COVID - 19 . We remain on track to open three de novo centers in fiscal 2023 and are evaluating locations for two additional centers with the goal of having them operational in fiscal 2024. While currently on track , as with every development , there are factors beyond our control that may impact our expected timeline with respect to these projects . This is an exciting time to be a PACE provider as we believe the growth outlook for the industry remains robust . " Financial Results -- in thousands , except percentages and per share amounts Total revenues Center - level Contribution Margin Net Income ( Loss ) Net Income ( Loss ) Attributable to InnovAge Holding Corp. Net income ( loss ) per share - diluted Adjusted EBITDA ( 1 ) Adjusted EBITDA margin ( 1 ) Fiscal First Quarter 2022 Financial Highlights $ $ dollars in millions Census $ Three Months Ended September 30 , 2021 2020 173,070 $ 42,330 7,624 7,686 0.06 18,212 10.5 % $ $ Full Fiscal Year 2022 Financial Guidance InnovAge is reiterating its fiscal year 2022 financial guidance previously disclosed in its fiscal 2021 earnings call on September 21 , 2021 . Low • Total revenues of $ 173.1 million , up 13.4 % compared to $ 152.6 million for the first quarter of fiscal 2021 , primarily due to an increase in census and per member per month rates • Center - level Contribution Margin of $ 42.3 million increased 4.3 % year - over - year • Center - level Contribution Margin as a percent of revenue decreased 2.2 percentage points to 24.5 % year - over - year as a result of normalized medical costs as our participants seek healthcare services that were delayed during the peak of the COVID - 19 pandemic 152,566 40,602 ( 49,800 ) • Net income of $ 7.6 million compared to a net loss of $ 49.8 million for the first quarter of fiscal 2021 , which was primarily due to fees incurred as a result of the Apax transaction in fiscal year 2021 • Net income attributable to InnovAge Holding Corp. of $ 7.7 million , or $ 0.06 per share compared to a net loss attributable to InnovAge Holding Corp. of $ 49.7 million , or a loss of $ 0.41 per share , in the fiscal first quarter of 2021 • Adjusted EBITDA ( 1 ) of $ 18.2 million compared to $ 23.1 million in the first quarter of fiscal 2021 , due to the impact of medical cost normalization on Center - Level Contribution Margin , higher sales and marketing expense as a result of our investment in digital marketing and other initiatives , and administrative expenses , partially as a result of the costs associated with being a publicly traded company ( 49,654 ) ( 0.41 ) 7,500 23,110 15.1 % High 7,750