Shares of InnovAge Holding took a hit as the company announced a larger-than-anticipated loss in the fiscal fourth quarter. The stock experienced a 6.9% decline in after-hours trading on Tuesday, currently sitting at $6.05 per share. Since the beginning of the year, shares have dropped by 9.5%.
InnovAge Holding, headquartered in Denver, focuses on providing healthcare programs for seniors through the Program of All-Inclusive Care for the Elderly. During the fiscal fourth quarter, the company reported a loss of $11.18 million, or 9 cents per share, compared to a loss of $12.71 million, or 9 cents per share, in the previous year. This performance fell short of analyst expectations, who had predicted a loss of 4 cents per share.
Despite the loss, InnovAge generated revenue of $176.9 million, showing an improvement from the $172.9 million recorded in the same period last year. According to analysts surveyed by FactSet, revenue was expected to be around $175.8 million.
Looking ahead, InnovAge anticipates its revenue for fiscal year 2024 to range between $725 million and $775 million, which aligns closely with analysts' forecast of $748.9 million.