The following is a summary of the InnovAge Holding Corp. (INNV) Q4 2024 Earnings Call Transcript:

Financial Performance:

• InnovAge reported a Q4 revenue of approximately $199 million, showing a sequential improvement of 3.3% compared to the previous quarter.

• Fiscal year 2024 total revenue stood at approximately $764 million, marking an 11% increase from fiscal year 2023.

• Adjusted EBITDA for fiscal year 2024 was $16.5 million, reflecting an improvement of approximately $20 million from the negative $3.4 million in fiscal 2023.

Business Progress:

• InnovAge expanded its operations by acquiring two California centers and opening two new centers in Florida.

• A joint venture was executed with Orlando Health to foster growth.

• InnovAge introduced numerous operational and clinical initiatives aimed at improving service quality and operational efficiency.

Opportunities:

• InnovAge projects fiscal year 2025 revenue to range between $815 million to $865 million, with an adjusted EBITDA forecast of $24 million to $31 million, indicating expected growth in profitability.

• The company anticipates growth and profitability from newer markets, including through initiatives and joint ventures, such as with Orlando Health.

Risks:

• InnovAge faces operational risks, including state delays in processing enrollments which could impact census growth projections.

• De novo centers are expected to incur losses of $18 million to $20 million, influencing overall profitability.

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