InnovAge Reports Net Loss of $43.6 Million for Fiscal Year 2023
The Company Generates $688.1 Million in Revenue Despite Operating Challenges
InnovAge,(INNV) a leading prov ider of senior care services, has released its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $43.6 million, reflecting a challenging operating environment. However, it managed to generate $688.1 million in revenue during the same period, showcasing its resilience in the face of economic headwinds.
Net Income/Loss Analysis
A Challenging Year
InnovAge faced a tumultuous fiscal year 2023, marked by various financial challenges. The company reported a net loss of $43.6 million for the year, a significant decrease compared to the previous fiscal year's net loss of $7.9 million. This negative financial performance can be attributed to several factors, including increased external provider costs, higher cost of care, and elevated corporate expenses. The net loss per share for the year was $0.30 on both a basic and diluted basis.
