INNV - InnovAge records biggest intraday loss since December on regulatory concerns

InnovAge Holding (INNV -17.6%) is trading sharply lower after reporting a mixed performance with its Q2 results for fiscal 2022 amid mounting regulatory concerns on its operations. Last December, the elderly care provider crashed more than a third after announcing that the Centers for Medicare and Medicaid Services (CMS) sanctioned its Colorado centers based on findings identified in an audit. The management withdrew the fiscal 2022 guidance in reaction. At the time, CMS had already suspended the new enrollments in the Sacramento center based on an audit related to residents’ quality of care. In its 10-K filing, InnovAge (NASDAQ:INNV) disclosed on Wednesday that the company is awaiting final results after a CMS audit identified deficiencies related to the quality of care at its Albuquerque, New Mexico center. InnovAge (INNV) operates 18 such centers called the Program of All-Inclusive Care for the Elderly (“PACE”) across Colorado, California, New Mexico, Pennsylvania, and Virginia.

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InnovAge records biggest intraday loss since December on regulatory concerns