INNV - Earnings call transcript Q4 2024

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Operator

Good day, and thank you for standing by. Welcome to the InnovAge Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ryan Kubota, Director of Investor Relations. Please go ahead.

Ryan Kubota

operator. you, Thank thank Fiscal and for the joining Good Quarter you and XXXX Fourth Call. Fiscal InnovAge afternoon, all Year-end Earnings today containing results. detailed President Blair, on our CFO. Today, closed, is and and information issued me annual quarter we release Adams, market after and press a fourth Ben the With CEO; Patrick

website, the access Investor may on You Relations section innovage.com. the release of our company

Tuesday, you September rebroadcast that to XXXX, this those the of as this of we to are listening not today, remarks the have remind XX, made and subsequent been herein For call, updated call.

refer During our GAAP call, certain earnings press A we to our directly in will reconciliation measures of comparable the release found most to these posted website. measures. our be can measures non-GAAP on

we making SEC. all expectations. risks the status the forward-looking and advise related and growth XX-K, that to Listeners and assumptions cause current can actual open all listeners After of our to XXXX be and actions call report will projections, future our operational year remarks, statements uncertainties fiscal the filed differ including in increases, our cautioned the from completion and fiscal that the to are reports that results other of review our discussed with risk materially Form for factors rate and Medicare year our statements questions. subject annual and We on census also prepared subsequent any of certain growth our involve to prospects forward-looking inherently statements headwinds, value current will strategy, clinical regulatory are XXXX We future expectations. initiatives,

Blair. President now turn will the I our over to and Patrick CEO, Patrick? call

Patrick Blair

continued fiscal XXXX Today, the full by our everyone. to in will guidance begin for for appreciation XXXX, participants, InnovAge. our provide year key partners support updates and investor areas. community fourth good year I and government financial we quarter afternoon, our results fiscal expressing Ryan, the initial you, and to several on Thank progress focus who colleagues, want my and

reported with improvement X.X% revenue start Center me we sequential margin. $XXX represents performance. compared approximately million, Today, level third contribution approximately $XX.X of Let to XX.X% the an quarter. million, our a fourth was margin which quarter of

detail, definition EBITDA in As resulting EBITDA the revised company's of Ben of finished we the a mid-fiscal fourth of $X.X watermark have margin. represents shy census just adjusted more XXXX. quarter approximately this in a our We in cover approximately of year, million, with which year X,XXX will X,XXX X.X% adjusted high of

and performance. Our fourth quarter operating financial of completes a year solid

$XX.X administrative reported $XX.X presentation, previous $XXX million. cost compared contribution center-level of X.X% fiscal a to XXXX full year XX.X%, which controls. Consolidated which would to our guidance XXXX. $XXX EBITDA Moving XXXX, in margin which cost census improvement $XX million revenue under full compared our been margin approximately revised presentation, compares year medical contribution XX.X% to $XX Under negative million. adjusted fiscal was basis to management and by increased an approximately points million, We total from million, of XXX increase XX.X% by growth, margin. represents year performance. to approximately disciplined approximately driven XX% Center-level fiscal Year-over-year, million, EBITDA million million was a approximately our to the an have $X.X $XX of margin of represents favorably

We optimization exceeded milestones, rebuilding proud phase the in we period as financial centers. their senior risk living and X the in all We And a Epic in Florida. Orlando centers. To agenda in in responsible are a payer as last an our strengthened into we growth differentiated core and points with center fiscal in as soundness, few areas care out utilization provider to keeping EMR rate management. We basis to new of centers X grow medical performance noncore margin the powerful a We XXX sold executed participant We Health. satisfaction recapture. engagement, cost plan next achieve track our the same XX capabilities Medicaid the state-of-the-art positive platform on such our while potential network team to high-quality year-over-year employee rollout proud do move We our we years reinvested operating and the our from and delivered. feel we and centers. by have we the We compliant momentum and actuarial and outlined of recap acquired ambitious the opened 'XX and we fiscal completed California that facility established believe of transformation responsibly believe we profitably further results quality business. year, and our for of venture I'm priority. a We in We strong XXXX. are increased fiscal we and joint of top to full come. We XXXX, the score confident which organization essential created in targets. perseverance of accuracy, the

$XX a minutes. a to Investor review the as intermediate we you the reach will term. targets X% member our detailed to X% to guidance, Consistent million higher $XXX anticipate of take our XX,XXX seeing de to and the more consolidated EBITDA expect year Ben adjusted to margins to million, XXXX year with we to the total now $XX We EBITDA X,XXX range Turning million. $XXX year of Day, and XXXX profitability to adjusted earnings. projected million rate X,XXX, a improvement million in few of months our census with losses our a XX,XXX, million $XX run fiscal novo we through in revenue $XX exiting of of over guidance at provided progresses February fiscal

used the our a the Now we and marketing PACE on inside volume We partnerships, fiscal of awareness growth. campaigns. have referral extended increased built XXXX We handle our center the We digital test sales and into existing partners to launched lead created program communities telephonic serve. greater and from to referral which team new to learn. new reach

which enrollment and effective digital our and volume leads, productive. campaigns, to tools of optimized increased we more the and in qualified invested teams yield make also and technology We our

the as last mentioned quarterly processing states. calls, times with enrollment in challenges However, persist some on of we couple

Specifically, state assessments completing we have PACE. care in the level of for required delays been experiencing enrollment

partners remain PACE these we our working We are improvement. overall delays with continue care. robust top headwind, by to beginning model healthy and state this and anticipate address closely for to demand line see growth Despite of the encouraged

challenges will our our census we challenges While anticipated, resolved, confident anticipated. novo year. In is centers, not de upside a these and is in we these we the progress would remain more quickly this to the to start make reflected we that clear, than Should continue modest timing exact abate expect guidance. slower our despite uncertainty be than

an we our traction gaining InnovAge. in new strategy PACE in Orlando Our are Orlando de build And awareness Health impact losses specifically, through we fiscal to have consistent centers with in venture additional year curve full centers. center, on on Florida year-over-year of these joint with trend such outstanding created up as our we a work growth as enrollment our largely in will the early for communities. basis, honored XXXX leading novo of beginning of stages, new operating the health maturity excited and see potential, to we're month-over-month the to partnerships but important expectations. our in brands mark we're we're avenues with of find that be establishing our working new to a the It's is in new hitting by system these by and Crenshaw note centers with we're the The create organization. In each partnership

accident California state audits Recall, bringing regulatory our Sacramento, months. front, on commenced and focus corrective still is review audit final the state In of March, the Bernardino portion to the and within our are closed is March the our CMS awaiting its next we the March, officially submitted audit. in to anticipated plans On San The feedback. in conclusion. action X in

and plans. audits expect Following Sacramento, expansion regarding the Bakersfield Bernardino with the resume our in of San and to Downey resolution we corrective and state actions of the discussions reinstatement the

delivering inflationary fiscal high-quality provider every are increased XXXX remain and and that X% strong confidence care approximately PMPM, we our external exceeded at drive To medical unnecessary environment cost, right which reducing compliant, levers, cost an health that this level. where teams while the operational on significantly utilization. on care end, trends laser Operationally, care center. core our clinical operating in focused high-quality management discipline focused by This with provides

XXXX. several we year initiatives this While new implemented last expect will and drive fiscal to continuous clinical year, to year full new we in value see initiatives actions impact improvement in accelerate the

system, enter value unit As and initiatives compliance value foundations operational documentation, the process benefits level introduced center and to operational productivity, on to These the creation leveraging focused level are have from economics the value drive people, we accuracy. the and experience better year risk efficiency Epic initiatives, complement we for are are corporate score OVIs, initiatives. identifying Further, clinical in opportunities across vendor we or coordination, staff The care technology. operating X to our on place organization. at the in SG&A improved excellence and beginning

little execute must we better day. a every Now

In progress closing, we continue quarter. to tangible make every

more line long-term important the year that seen our XXXX but expect the We do, for this you've confident execution bottom XXXX our can and pleased years. and fiscal we're team an view 'XX have guidance. top in X same as to year year fiscal are and We to performance with you work last goals, fiscal our achieving focus from

my extend our deepest days. With embrace more to employees have our participants day healthy turn it than more to gratitude who Ben? over to and I to Lastly, mission I'll our enable want X,XXX every Ben. that,

Benjamin Adams

unit increase X.X% The in The and year highlights, strong of in XXXX guidance. permanent fiscal months an increase nursing member with living by by financial in a capitation XXXX, months XXXX. to as XX, increase well intermediate business's with revenue have an I Medicaid by primarily fiscal XXXX the fiscal will over was higher and higher and third X,XXX and centers the the partially fiscal participant quarter increase member revenue offset an increase the quarter both participant. margins assisted release finish sanctions by off compared our Colorado utilization the per recognized and Thank a an am member of to compared revenue The incurred path the fourth the professional the Patrick total the XXXX. are year. with per X.X% Patrick. coupled June each in million by pleased driven to performance were with year served XXXX. associated to of driven on in I costs to primarily during was due by year center Medicare The in increased costs from XX,XXX primarily member in an Today, Medicare primarily reiterated, during XX% some XXXX. And California you, across overall months as increase costs cost driven to facility at with in past adjustment of quarter, X.X% approximately year-end utilization increased as These fourth months X.X% $XXX.X utilization. provider by to fiscal year, our we quarter participants $XXX.X primarily third highlights our XXXX with represents Sacramento, believe fiscal X.X% increase performance, coupled increase in year. increase was increase external compared due fiscal increase in year. to prior payments increase our the Total rates. Compared a we We We This retroactive centers, in million Starting and I improved our XX quarter. costs services. normalized total census. an to for from $XXX reduction an million fourth as followed of and the fiscal term. Starting provide risk a quarter, and increase to cost XXXX our We reported

third increase member The XXXX. to $XXX.X was the an XXXX. to due costs, by costs increase primarily increase attendance months. in cost. facility increase in the and in an The in quarter depreciation and as contract in occupancy contribution increase year of license quarter. of to incurred higher months per depreciation cost fees, compared building daily million was compared the increase salaries, increase The an novo increase participant increase and in provider cost of and costs wages administrative average to X.X% inclusive maintenance driven increase security, software care, fiscal external costs, compared includes fuel all participant $XXX.X de per XXXX, costs was coupled fiscal care was $XXX.X provider and inpatient by Concerto a XXXX, in in compliance with in sequential we to million The and increased providers costs in increase excluding amortization, and XX.X% Center-level external partially an a which excluding For to compared and cost the amortization, was cost million coupled driven increase fourth increase appointments fiscal third-party define X.X% care primarily pharmacy in acquisition fiscal and with in This as with support. In to headcount reduction increase XXXX. and less medical growth external was expense of in fleet higher associated support of and fiscal to rates, unit $XX.X an which revenue higher increased we the and margin, due for Cost third increase increase quarter, and to by fourth quarter. headcount year a assisted increase contract and provider increased was XXXX, increased in with expense of for living X.X% offset California associated growth, December primarily transportation a California. in year of million contract result an total wage benefits audit and an an a support an member

year. a ratio to points contribution prior center-level basis As increased XXX our XX.X% XX.X% in compared approximately revenue, percentage to margin of the

the was For fourth in the million quarter. $XX.X center-level compared million $XX quarter, contribution third margin to

associated in expense increased million, quarter and decrease quarter XXXX. refine digital a capabilities decrease center follows reductions XXXX, an in compliance, recently Crenshaw contribution percentage increase the and due as XXXX. million of $X.X our in acquired expense, to in center. Corporate, fiscal our was XX.X% revenue, costs to increase The margin continue Orlando due headcount, we SOX was our newly decrease $XX the sales fiscal wages support with of by insurance third-party consulting increased bad Florida. In expense expense marketing lower quality. our compared primarily to center-level on expense, opened approximately which to associated marketing expense marketing was quarter, decrease with California of and public an fourth a This approximately the relations. centers increased expense. compared offset to year increase The and headcount, third $X.X the Sacramento, and $X.X recruiting marketing the points by decreased in sanctions costs million was lower third associated and including a and in compared associated increase legal XX staffing in spend and with basis lead million release and and focus was Colorado centers driven spend reduction Tampa improving for The including marketing organizational to and for transition spend at compared was Tampa primarily As both XX.X% of debt quarter. were to Epic, of with our the opening increased audit to $XXX.X of a primarily strategy quarter. Sales in $XXX,XXX and year salary, an the consulting the administrative million, year partially benefits The new and general internal prior to costs decrease to fiscal contract

and fiscal in to a fiscal million fourth in net in in administrative expense general in reported million share fiscal $XX.X of $XX.X $X.XX a to in of by a per the expense Corporate, increase was $XX.X a partially million loss of loss compared reduction quarter, loss an net to a On primarily increase D&O XXXX. to we reported expense. We insurance the XXXX legal increase net basis, compared $X.XX XXXX. to a million third due increased offset quarter. third-party compared The $X

net this to costs. million investment revised loss as We diluted calculation adjusted diluted numbers $X.XX basis, fourth $X.X center shares reflects growth. million All presentation exclude third a average both impact reflect for EBITDA core to the for quarter. no loss our of quarter operating novo more we de we $X.X recast weighted an compared this $XX count believe approximately longer $X.X the of other EBITDA the conform periods basic basic year to of income and to XXXX to of revised compared our a a in million development on share net fiscal loss return of reported and We revised XXXX, share XXX have the of million performance to adjusted per million fully an our both and net approximately reported to was For adjusted $XX.X quarter, a million presentation. Fiscal a on XXXX, improvement. for been and fiscal prior closely loss EBITDA basis. Effective was we in

EBITDA XXXX This and our year to in and XX to acquired losses related are novo the the fiscal adjusted in reported X.X% compared months to quarter de centers Florida fiscal X.X% X.X% quarter which in ramp our margin Our we in de compares $XX losses, million which have guidance year. We not EBITDA primarily XXXX losses for for million third compared through quarter, $XX and our adjusted included compares and an previous million of $XX fiscal EBITDA as loss Crenshaw for for the been million operations, million XXXX. third was to adjusted $X start-up to EBITDA adjusted our in full compared the XXXX EBITDA were the in margin the calculation centers. favorably of to to related define to million, the X.X% $X.X of of adjusted prior first Bakersfield recently in preopening net fiscal our novo margin the $XX.X fourth Under novo million. De fourth fiscal quarter. $X and EBITDA of would presentation, was which

$X.X the novo de compared were in losses million third to quarter, quarter. fourth the For million $X.X

$XX.X cash short-term on quarter investments. million sheet, total under balance lease million $XX.X sheet. the our representing finance in million plus We cash the and obligations commitments. other balance in equivalents, senior with in ended secured loan had $XX.X and term our plus debt to Turning We debt

fourth aggregate had quarter, of recorded approximately expenditures repurchased we $X.X our cash approximately an and share $XXX,XXX the For for common shares repurchase of company's $X.X XX,XXX operations million, flow million under million plan. of of from capital the $X stock

we fiscal range based and in XXXX information ending to press the of in on X,XXX months XX,XXX between for we our to today's member expect Regarding census be the fiscal and today, release, guidance, our XXXX X,XXX, of to which as be included XX,XXX.

are We in million range of the million EBITDA million of adjusted in revenue $XX range projecting $XX total $XXX $XXX and to the to million.

the XXXX losses fiscal $XX we anticipate range. million Finally, for de novo to the million be will in $XX

will Starting I assumptions. additional the also comprise provide that on some with a components color of revenue. guidance our few

As coupled CMS July. our risk with January that adjustments January, by county-specific score are based rates a and Medicaid rates in in reminder, on adjusted are prospective

rates based contractually each For are populations Medicaid, state. on cost our or PACE determined in for comparable

our as as updating methodology bad than Additionally, fiscal by a rather recording an reporting XXXX, are item contra year in expense. revenue we debt

XXXX July Mexico nursing in New at increases fiscal We low an comprised rate January of a Part X, do mid-single-digit Medicare inclusive Colorado, mid-single-digit X.X% reporting facility includes and for and increase Our C year single-digit increase time. in Part combined rate this unit Medicare are into in updated estimated an a account, living increase following: a increase guidance anticipate rate in of Pennsylvania increase; January mid-single-digit for Medicaid, assisted a expecting increase effective XXXX, rate and single-digit which California low X, a effective methodology takes the X.X% increase effective Virginia, this not we mid-single-digit X. D increase; estimated in funding an rate and cost

costs demonstrable external made course some overall XXXX. cost business care, the center-level of the thoughts progress on of in fiscal We've Finally, provider margins. over and

intermediate achieve in back February, we during the As believe digits. can that Investor Day in our EBITDA we adjusted term, highlighted in high single margins we the

new that annual touched initiatives maintaining We value on on high offset Patrick ongoing compliance initiatives his operational with remarks. in continue to cost value focus and while standards our efforts quality and diligently working clinical trends our to

headwinds the annual term. our compelling in foundation are the implementing state processing of story guidance in we XXXX to target single-digit Patrick ourselves highlighted strong and the towards offset achievable cost margins by we high that factors fiscal trend which growth XXXX, the intermediate laid over driven we've delays, initiatives margin fiscal believe Our EBITDA census adjusted temporary a create for and

to while being to significant updating continue including We compliance service mindful our make focused the and and costs disciplined of business, the in the our XXXX. centers. In of we are We groundwork we and a we approach maintaining laid closing, for momentum each on in fiscal execution believe providing continuing continuing in quarter. every systems investments financial make to ever Oracle, the improvements to business high-quality earnings operational day-to-day to remain

prepared Operator, remarks. call questions. open Please that the for our concludes

Operator

first Our [Operator of Instructions] line the from question comes Cassorla from Jason Citi.

Jason Cassorla

for for there maybe view? are on through linear pretty puts this more inside 'XX just sounds build for those for separately, It number that can baseline you're EBITDA jump-off guidance on then million give to did like you we year? And but year the census just like to growth you is that driven 'XX, sounds like progression kind $XX.X more need us -- us just million of any clean expecting a about think fiscal your and the can $XX.X you it in continuing EBITDA with range? or 'XX as -- that's we of the contemplate onetime Or fiscal because a fixed throughout that cost leverage walk takes items

Benjamin Adams

Adams. It's Sure. Ben

next year Sort very much is think of guess, the would breaking it for trends about we've a of this building year. growth seen of guidance apart, the I of off that kind I

you almost good If we've member now census actually about and months, an our trends. of our post-sanctions had think entire enrollment year pretty numbers

the what's had, that a factored and going about we seen of into the bit the state in past We've some on so little delays we've in processing So trends the good we've on. a got pretty actually handle we've those spoken going business that forward.

but a we've much into very de centers are couple novo this trends And a to those that analysis. there you off so Obviously, a lesser seen see rolling numbers got of much the building degree, year. that is it's we've what a very of trend-based new of

on think I guidance some side, of I about going Part C, you the there the talked revenue if on state had and rates. Medicaid about D also we Medicare in Part look rates think what's we

Patrick the about I between think as revenue like the those we're part. And of really kind that the you delta so is go of built buildup. growth think on comment generally with through our CVIs. sort about and we want there that when initiatives. of in rates, clinical center-by-center some may a assumptions volume mid-single-digit EBITDA, had are thinking then year for off We most a to success obviously, There here last around OVIs and of value lot

well So them this set whole rolling on side, which the as call in the new as OVI. a we've operational of year we ones number got

guidance in how mature going the is year. to an over see those we basically course expectation the what So about of the are

new on various the are pretty going -- in So basically just centers. are off assumptions X what the those de at year, a like that and of those I -- of over those novo centers so expenses we've would got then for basically built obviously, thing de handle novo and got to next And be are losses, in states good of run those terms rate the we've last say of immaturity.

going terms the forward. pretty straightforward build of analysis it's in a So

the I feel think there. that we put about out pretty we range good

Jason Cassorla

us in of business to the like of into you're how give out against can X% little of the relative you expectation just of Day? X.X% kind expectation trajectory ramp so I a thinking Just your on margin midpoint guess and put of about for positioning and margin this little you're guide. kind J-curve you bit of kind that your the X% Investor of more the Okay. And I more kind how 'XX margin that know thinking more intermediate beyond? X% maybe growth time. would a I or you X% you year to Great. target for little expect that that at over to of gave just a guess a target bit type the -- bit color. about

Benjamin Adams

sure. Yes, Yes.

Investor was so went when which years. the we about we X in I it our time, February, we of kind an over through years X% of getting about guess, when we margin when as to talked range -- the So sort over X% to we margin progression look I at to think Day, intermediate think term, defined X

look at much time. look that expectations it right is business what that going period just progress at the stand sort pretty we would and journey. a will I very target. we're And and it that along today say, we Where We over is tracking basically ramp. of by probably are we think so of stop linearly And think feels now are how of happen right as and it we sort we like year, where is to trending to next for the according

right X so or X time we to So Investor Day at, we're, look frame are, years beyond that months the Investor probably X to think X is the that again, I from Day. whatever

So...

Patrick Blair

increasing how and as we'll progresses. year the slope everybody recapture, keep just just guidance the to and margin 'XX Yes. today, be visibility year the I have informed that of develops, we're year sure say that of providing would 'XX but fiscal fiscal into we'll

Jason Cassorla

mid-single-digit just it a Great. only math, of understanding you more, the of If do I in sense, give can suggest if back-of-the-envelope up applied But XXXX. kind the for guess you with us debt increase. you right, just I would if squeak PMPMs are slightly like can a change? I'm bad rate just aggregate revenue one 'XX kind

bringing a that on acuity dampening if you're has what members. as like curious effect on new Just

that Just color around ceiling and for any as [ in we think about the ]. modeling

Benjamin Adams

Yes.

here. guidance general some you give me Let

moving -- This back income is profitability. strictly basically, If an in answer simple of well, the statement. doesn't you the go affect is, expense the this in geography

instead So being revenue in be to future. below, is the down contra expense it basically the going of item

probably to think expense that's number If you million, $X related in million about look $X of kind were like the that at XXXX, to a range.

rate. million were to auditors, a as off being guidance going of under in rates, about 'XX anything now you think look gave can to the apples-to-apples you or of what's for booked bad growth the of an $X the there, to an you of adjust acuity an apples-to-apples nothing the that, of And when if the then view revenue it's on the kind you adjustment because now. number than they it characteristics million as XXXX really So just compute trying can consultation just to XXX as our you so put going with as debt contra 'XX, there's on then revenue back expense, and to think $X else population like and at basis, other go of we item because growth related sort a on and of contra

Operator

next Our John Stansel from Securities. JPMorgan the line comes question from of

John Stansel

enrollment. year trending up quick of you the Crenshaw, $XX are thinking adjusted one a some adds million losses membership for to of Obviously, conversely, headwind the of in, balance cadence Just about of novo how and say, the de on across $XX that million cadence to the with EBITDA? enrollments then

Patrick Blair

let from Well, enrollment I'll start with you there. add the and

particular. come enrollment preponderance 'XX associated of see I in difference of how expect year fiscal and between of enrollment 'XX, to still year In to come don't expect lot in, and terms Colorado we in the a the California fiscal we

Crenshaw Our up. and are X ramping still Orlando new Tampa, centers in

Orlando those We that get years, about we're novos. starting and learned of see longer lot the a in we're couple is particular. now, in excited we're first our taking progress little the and we've traction de starting we're Health expected with de all to the are that in to ramp last These seeing novos see pleased about with months. And are Florida that markets. Admittedly, several we a our partnership to

did the way so year to track going feel And fiscal the much in 'XX. it like pretty I is enrollment

Benjamin Adams

Yes. just novo the of kind I of of as the year. in question your And just kind losses, of change slightly up spread would just quarter-to-quarter, running. are evenly a the modeling them course course think would think over about of say linear over the purposes, as of These I them de and being facilities generally but They terms year. progression

John Stansel

IRA around highlight a business? thinking impacts then of I Part you're as think, to called about mid-single-digit anything I increase calendar we enter D. in know And Great. XXXX how there out, the you Is you'd that side Medicare

Benjamin Adams

think don't I so. No,

on it from I I the a think modeling sort it guidance and perspective. how of that, think it that is that's what probably is about is

Operator

question will of from William Instructions] Haase line next Our Jared [Operator come Blair. from

Jared Haase

to delays just wanted are the the state the still census growth. impacting sort or quick of just that follow-up. a Maybe headwinds I clarify

clarify, And is that last that quarter, Just case to we get to like to Medicaid of on largely? closer that. process, of limited just states that in? that the agree as are across Is related would should the it but in then delays check seems those different operate kind certain relatively to that of that I end wanted that also the kind think And clear also, order. was still wind-down with? kind you you to short something were of you broad-based up redeterminations markets? Or seeing

Patrick Blair

Yes.

The first question, I think you're right.

sort I seeing of the of last think we're of the impacts redetermination.

enrollment. We've delays. of we see states I most of -- seen perform larger care long in the I stage challenges our in it's impacting I it month. volume remarks, related some widespread, wouldn't the sort that as opening final assessments us as of level my the where states of our think but we're throughput are say and experiencing, is enrollment a the gross in the that to said some more to a

quarter, that we And that made see know we've upside the I through. I there's appropriately some to our we've today. make work some great our progress to hopefully think so the got there, think, enrollment for reflects progress, we guidance And to we're still since last but And what gross should going year. vestiges

Jared Haase

I'll partner of market of terms market? that terms investments competition maybe the ventures be health of source a We've bigger launching a of launch increasingly getting of about systems in PACE and guess, scale seen interested programs, take obviously novos great. just expertise the How some in Kaiser choice that one kind both picture and that thinking California I venture given unlocked, have health ask the maybe clinical step to dynamic, are Okay. question. the for an joint signs specifically as and I'm And you about thinking you and potentially back as the in of in a continue That's in kind systems de look of is then example. to or this

Patrick Blair

California, to where essence, territory, in to and relevant PACE the as states, very the by in and of say, foremost, you that's move particular enter But The encouraged PACE entree. by PACE our program territories in perspective, notion exclusive. one relevant is than very PACE Kaiser competition they a first I'd interest welcome. and in allow the most more in we're operate to Kaiser's first know, are, primarily from in other is,

view in think rather forward competition with of of And validate a build it very from same the so seeing opportunity time we programs a it And interest for necessarily all very I to a other large we to with it PACE PACE working the does, have at to U.S., of them the viable a building the really And I that but don't programs program. awareness PACE. significant expressing closely that as of across reputable But should organization for business think, time, impact lot awareness. takes sort look a on the positive and PACE a point model. business source a operating

a ourselves view And is wonderful build ways, a to opportunity. early awareness we significant market for are and an as, only to continuing So program. going competition in see leader more many

Operator

the And with conclude the in session. conference. Thank for that, participation today's this does program. you concludes your This question-and-answer

great may You have day. disconnect. Everyone, now a

InnovAge Holding (INNV) 10 Sep 242024 Q4 Earnings call transcript