InnovAge Announces Acquisition Of ConcertoCare's PACE Programs; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
InnovAge Holding Corp. (NASDAQ:INNV) has completed the acquisition of two PACE programs in California from ConcertoCare. The programs are expected to add capacity for approximately 750 participants at maturity but will be immaterial to InnovAge's fiscal results for the year ending June 30, 2024. The acquisition aligns with InnovAge's growth strategy and commitment to operational excellence.
December 01, 2023 | 2:22 pm
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InnovAge has acquired two PACE programs from ConcertoCare, which aligns with its growth strategy and operational excellence commitment. The programs will add capacity for 750 participants but won't significantly impact fiscal results until after June 30, 2024.
The acquisition of the PACE programs is a strategic move for InnovAge, indicating a focus on growth and expansion in the senior healthcare market. While the financial terms were not disclosed and the impact on the current fiscal year's results is expected to be immaterial, the acquisition is likely to be viewed positively by investors as it demonstrates progress in the company's stated growth roadmap. The addition of these programs could lead to increased capacity and potentially more revenue in the long term, which may have a positive impact on the stock price in the short term.
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