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INNV

InnovAge Holding NasdaqGS:INNV Stock Report

Last Price

US$6.00

Market Cap

US$813.4m

7D

8.5%

1Y

-16.7%

Updated

25 Sep, 2022

Data

Company Financials +
INNV fundamental analysis
Snowflake Score
Valuation3/6
Future Growth4/6
Past Performance0/6
Financial Health4/6
Dividends0/6

INNV Stock Overview

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities.

InnovAge Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for InnovAge Holding
Historical stock prices
Current Share PriceUS$6.00
52 Week HighUS$9.21
52 Week LowUS$3.39
Beta0
1 Month Change54.64%
3 Month Change33.93%
1 Year Change-16.67%
3 Year Changen/a
5 Year Changen/a
Change since IPO-75.21%

Recent News & Updates

Sep 13

InnovAge GAAP EPS of -$0.09 misses by $0.06, revenue of $172.86M misses by $1.11M

InnovAge press release (NASDAQ:INNV): Q4 GAAP EPS of -$0.09 misses by $0.06. Revenue of $172.86M (+0.7% Y/Y) misses by $1.11M. Adjusted EBITDA margin of 4.9%, a decrease of 8.5 percentage points compared to 13.4% in 2021 Census of approximately 6,650 compared to 6,850 in 2021 Ended the fiscal year with $184.4 million in cash and cash equivalents and $86.4 million in debt on the balance sheet, representing debt under the Company’s senior secured term loan, convertible term loan and capital leases Due to the inherent uncertainty and open timeline around sanction release, we will not provide forward looking guidance for fiscal year 2023.

Shareholder Returns

INNVUS HealthcareUS Market
7D8.5%-3.4%-5.2%
1Y-16.7%6.3%-23.0%

Return vs Industry: INNV underperformed the US Healthcare industry which returned 6.3% over the past year.

Return vs Market: INNV exceeded the US Market which returned -23% over the past year.

Price Volatility

Is INNV's price volatile compared to industry and market?
INNV volatility
INNV Average Weekly Movement11.2%
Healthcare Industry Average Movement8.3%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: INNV is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: INNV's weekly volatility (11%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
20072,000Patrick Blairhttps://www.innovage.com

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.

InnovAge Holding Fundamentals Summary

How do InnovAge Holding's earnings and revenue compare to its market cap?
INNV fundamental statistics
Market CapUS$813.39m
Earnings (TTM)-US$6.52m
Revenue (TTM)US$698.64m

1.2x

P/S Ratio

-124.7x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
INNV income statement (TTM)
RevenueUS$698.64m
Cost of RevenueUS$180.22m
Gross ProfitUS$518.42m
Other ExpensesUS$524.94m
Earnings-US$6.52m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.048
Gross Margin74.20%
Net Profit Margin-0.93%
Debt/Equity Ratio20.4%

How did INNV perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is INNV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INNV?

Other financial metrics that can be useful for relative valuation.

INNV key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.1x
Enterprise Value/EBITDA52.3x
PEG Ration/a

Price to Sales Ratio vs Peers

How does INNV's PS Ratio compare to its peers?

INNV PS Ratio vs Peers
The above table shows the PS ratio for INNV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average2.6x
RDNT RadNet
0.7x4.5%US$985.7m
NRC National Research
6.4xn/aUS$971.4m
ACCD Accolade
2.5x14.0%US$838.1m
EHAB Enhabit
0.7x7.0%US$728.4m
INNV InnovAge Holding
1.2x13.2%US$813.4m

Price-To-Sales vs Peers: INNV is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (2.6x).


Price to Earnings Ratio vs Industry

How does INNV's PE Ratio compare vs other companies in the US Healthcare Industry?

Price-To-Sales vs Industry: INNV is good value based on its Price-To-Sales Ratio (1.2x) compared to the US Healthcare industry average (1.3x)


Price to Sales Ratio vs Fair Ratio

What is INNV's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

INNV PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio5.4x

Price-To-Sales vs Fair Ratio: INNV is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (5.4x).


Share Price vs Fair Value

What is the Fair Price of INNV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate INNV's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate INNV's fair value for valuation analysis.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is lower than the current share price.


Discover undervalued companies

Future Growth

How is InnovAge Holding forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


75.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: INNV is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: INNV is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: INNV is expected to become profitable in the next 3 years.

Revenue vs Market: INNV's revenue (13.2% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: INNV's revenue (13.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: INNV's Return on Equity is forecast to be low in 3 years time (8.6%).


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Past Performance

How has InnovAge Holding performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


85.2%

Last years earnings growth

Earnings and Revenue History

Quality Earnings: INNV is currently unprofitable.

Growing Profit Margin: INNV is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if INNV's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Unable to compare INNV's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: INNV is unprofitable, making it difficult to compare its past year earnings growth to the Healthcare industry (3.2%).


Return on Equity

High ROE: INNV has a negative Return on Equity (-2.25%), as it is currently unprofitable.


Discover strong past performing companies

Financial Health

How is InnovAge Holding's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: INNV's short term assets ($241.0M) exceed its short term liabilities ($105.3M).

Long Term Liabilities: INNV's short term assets ($241.0M) exceed its long term liabilities ($96.5M).


Debt to Equity History and Analysis

Debt Level: INNV has more cash than its total debt.

Reducing Debt: Insufficient data to determine if INNV's debt to equity ratio has reduced over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: INNV has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if INNV has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


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Dividend

What is InnovAge Holding current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate INNV's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate INNV's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if INNV's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if INNV's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as INNV has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.3yrs

Average management tenure


CEO

Patrick Blair (51 yo)

0.75yr

Tenure

Mr. Patrick Blair serves as President of InnovAge Holding Corp. since December 1, 2021 and as its CEO since January 01, 2022. He had been the Chief Marketing Officer and Senior Vice President of Commercial...


Leadership Team

Experienced Management: INNV's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


Board Members

Experienced Board: INNV's board of directors are not considered experienced ( 1.5 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: INNV insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGS:INNV Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
15 Sep 22BuyUS$509,800Thomas ScullyIndividual100,000US$5.10

Ownership Breakdown

What is the ownership structure of INNV?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders233,8480.2%
General Public1,836,0991.4%
Institutions16,975,14012.5%
Private Companies116,520,61286.0%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 98.34% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
85.95%
TCO Group Holdings, L.P.
116,520,612$699.1m0%no data
3.81%
T. Rowe Price Group, Inc.
5,166,271$31.0m5.25%no data
2.97%
Coliseum Capital Management, LLC
4,019,909$24.1m-13.34%2.01%
1.39%
The Vanguard Group, Inc.
1,885,659$11.3m3.45%no data
1%
BlackRock, Inc.
1,357,072$8.1m8.78%no data
0.64%
Maverick Capital, Ltd.
862,952$5.2m-16.28%0.13%
0.44%
Royce & Associates, LP
598,000$3.6m3.51%0.04%
0.31%
SCW Capital Management, LP
413,516$2.5m-52.25%4.99%
0.29%
Geode Capital Management, LLC
396,753$2.4m3.57%no data
0.25%
Welch Capital Partners, LLC
337,748$2.0m-1.18%0.67%
0.24%
State Street Global Advisors, Inc.
321,082$1.9m-0.69%no data
0.23%
Cambiar Investors, LLC
307,694$1.8m-22.16%0.07%
0.13%
Northern Trust Global Investments
170,705$1.0m-0.97%no data
0.097%
Charles Schwab Investment Management, Inc.
131,758$790.5k7.34%no data
0.091%
Renaissance Technologies LLC
123,800$742.8k58.31%no data
0.083%
Federated Hermes, Inc.
112,232$673.4k0%no data
0.074%
Thomas Scully
100,000$600.0k0%no data
0.057%
BNY Mellon Asset Management
77,717$466.3k-2.1%no data
0.056%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
75,376$452.3k21.27%no data
0.049%
Nicole D’Amato
66,759$400.6k0%no data
0.049%
Zebra Capital Management, LLC
66,368$398.2k31.91%0.97%
0.044%
D. E. Shaw & Co., L.P.
59,036$354.2k-38.32%no data
0.038%
STRS Ohio
51,100$306.6k45.17%no data
0.035%
LGT Capital Partners Ltd.
46,870$281.2k0%no data
0.03%
Principal Global Investors, LLC
41,328$248.0k0%no data

Company Information

InnovAge Holding Corp.'s employee growth, exchange listings and data sources


Key Information

  • Name: InnovAge Holding Corp.
  • Ticker: INNV
  • Exchange: NasdaqGS
  • Founded: 2007
  • Industry: Health Care Services
  • Sector: Healthcare
  • Implied Market Cap: US$813.394m
  • Shares outstanding: 135.57m
  • Website: https://www.innovage.com

Number of Employees


Location

  • InnovAge Holding Corp.
  • 8950 East Lowry Boulevard
  • Denver
  • Colorado
  • 80230
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
INNVNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMar 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/25 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2022/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.