| Market Capitalization (Millions $) |
1,455 |
| Shares
Outstanding (Millions) |
136 |
| Employees |
2,500 |
| Revenues (TTM) (Millions $) |
990 |
| Net Income (TTM) (Millions $) |
-1 |
| Cash Flow (TTM) (Millions $) |
31 |
| Capital Exp. (TTM) (Millions $) |
14 |
Business Description
Innovage Holding Corp was a holding company that provided direct-to-consumer (DTC) and outsourced services to the senior living industry. The company was headquartered in Denver, Colorado and had operations in various states across the US. Innovage Holding Corp was created in December 2020 as a result of a merger between InnovAge and a SPAC (Special Purpose Acquisition Company) called HCIC.
InnovAge was a well-established and reputable provider of comprehensive managed healthcare services for elderly adults. The company was founded in 1991 and had over 20 years of experience in the senior care industry. InnovAge's programs were specifically designed to keep seniors living independently for as long as possible, by providing medical care and support services in their homes. InnovAge had an integrated service delivery model, which provided participants with access to medical care, home rehab, ADL (Activities of Daily Living) support, and transportation.
HCIC was a SPAC (Special Purpose Acquisition Company) that was created to facilitate the merger between InnovAge and Innovage Holding Corp. HCIC raised $310 million from institutional investors in a 2019 IPO (Initial Public Offering). Its purpose was to acquire a business and take it public, without having to go through the traditional IPO process.
As a result of the merger, Innovage Holding Corp raised $365 million of gross proceeds. This capital was used to pay off existing debt, acquire ownership in InnovAge, and fund growth initiatives. Innovage Holding Corp became a public company and was listed on the NASDAQ under the ticker symbol INNV.
Innovage Holding Corp offered a range of services to the senior care industry, including PACE (Programs of All-inclusive Care for the Elderly) programs, home care, and institutional services. PACE programs were a popular offering, with 17 PACE centers across eight states. Innovage Holding Corp's PACE programs were designed to provide seniors with a complete range of medical and support services, including primary care, rehabilitation, home-based care, dentistry, and social work.
Innovage Holding Corp also had a strong presence in the institutional care field. The company had partnerships with various nursing homes, assisted living facilities, and other senior living communities. Innovage Holding Corp provided these communities with medical management services, staff training, and risk management programs.
Overall, Innovage Holding Corp was a well-positioned and reputable provider of senior care services. The company's dedication to personalized care and support services made it a leader in the senior care industry. Its innovative programs, experienced staff, and strong partnerships with healthcare providers made Innovage Holding Corp a great option for families and seniors looking for comprehensive care and support.
Company Address: 8950 E. Lowry Boulevard Denver 80230 CO
Company Phone Number: 803-8745 Stock Exchange / Ticker: NASDAQ INNV
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