InnovAge Holding Corp. (INNV) stock plummeted 22.70% in the current-hours trading session at the price of $9.00 following the announcement of its fourth-quarter and fiscal 2021 financial results. INNV is a leading platform focused on enabling elders to age independently in their own houses. Their patient-centered care model provides high-quality care to customers while minimizing expensive care settings. 

INNV Fiscal Year and Fourth Quarter 2021 Earnings Report 

On 21st September 2021, INNV published financial results for its fourth quarter and fiscal year ended 30th June 2021. CEO of InnovAge, Maureen Hewitt, remarked that they had witnessed substantial growth in their fourth-quarter 2021 financial results. They have ended the year with 6,850 participants, which represents a year-over-year increase of 7.4%. They have generated $637.8 million of total revenues, a 12.5% gain compared to fiscal 2020. They have opened two new centers during the pandemic and are on track to open de novo centers in fiscal 2023. They have also expanded their leadership team with new appointments of Nicole D’Amato as Chief Legal Officer, Eimile Tansey as Chief People Officer, and Olivia Patton as Chief Compliance Officer. 

Fiscal Year 2021 Financial Results 

INNV reported total revenue of $637.8 million in the fiscal year ended 30th June 2021. It represents an increase of 12.4% from $567.2 million in the fiscal year 2020. Net loss was $44.7 million in fiscal 2021, a drop from net income of $25.8 million compared to fiscal 2020. Net loss attributable to the company was $44.0 million or $0.36 per share. The company reported an adjusted EBITDA of $85.3 million in full-year 2021. It represents 29.5% year-over-year growth compared to $65.9 million in the fiscal year 2020. The fiscal year 2021 ended with $201.5 million in cash and cash equivalents and $84.6 million in debt on the balance sheet. 

Fourth Quarter 2021 Financial Highlights 

INNV reported total revenue of $171.6 million for the fourth quarter ended 30th June 2021. It represents an increase of 12.5% from $152.5 million in the same quarter of 2020. Net income was $6.3 million in the fourth quarter ended 30th June 2021. For the fourth quarter of 2020, the reported net income was $12.0 million. Net income attributable to INNV was $6.5 million or $0.05 per share in the fourth quarter of 2021, compared to $12.1 million or $0.09 per share in the fourth quarter of last year. Adjusted EBITDA was $19.3 million in the fourth quarter ended 30th June 2021, compared to $22.9 million in the same quarter of the previous year.