Sanction-free InnovAge faces new challenges in Colorado, California during fiscal Q3

Sanction-free InnovAge faces new challenges in Colorado, California during fiscal Q3
McKnight's Home Care; by Adam Healy; 5/14/24
InnovAge posted a loss in its third fiscal quarter, but executives of the for-profit Program of All-inclusive Care for the Elderly provider said business will only continue to improve as temporary headwinds fall by the wayside. “The company’s third quarter results were largely consistent with our expectations,” Patrick Blair, president and chief executive officer, said during a third quarter earnings call last week, according to a transcript. “We continue to see ongoing performance improvement in every facet of our operations which is driving greater stability in our financial results and increased confidence in our ability to deliver high-quality care and a great participant experience while also growing our top and bottom lines.” During the quarter ended March 31, InnovAge lost $6.1 million. That compares to a $7.3 million loss during the third fiscal quarter of 2023. Revenues grew by nearly 12% year-over-year to $193 million.