DENVER, Sept. 23, 2025 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), appoints Meredith Delk as its Executive Vice President and Chief Administrative Officer, effective September 30, 2025. Meredith Delk brings over 20 years of healthcare leadership experience to InnovAge, and until recently ...

DENVER, Sept. 11, 2025 (GLOBE NEWSWIRE) -- InnovAge (NASDAQ: INNV), a leading provider of Program of All-Inclusive Care for the Elderly (PACE), has been named to the Fortune Best Workplaces in Aging Services ranking among the top 15 organizations in the aging services category nationwide in 2025. This recognition highlights InnovAge’s commitment to creating a culture where employees feel supported, valued, and inspired to deliver high-quality, compassionate care to older adults. InnovAge employs more than 2 ...

InnovAge Holding Corp. (INNV) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to a loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +50.00%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.08, delivering a surprise of -300%.Over the last four quarters, the company has ...

InnovAge (NasdaqGS:INNV) Q4 2025 Earnings Call September 09, 2025 05:00 PM ET Company ParticipantsPatrick Blair - CEORyan Kubota - Host and Director of Investor RelationsBen Adams - CFOMichael - President and COOConference Call ParticipantsJared Haase - AnalystMatthew Gilmore - AnalystJamie Perse - AnalystOperatorThank you for standing by and welcome to the InnovAge Quarter 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be ...

InnovAge (NasdaqGS:INNV) Q4 2025 Earnings Call September 09, 2025 05:00 PM ET Company ParticipantsPatrick Blair - CEORyan Kubota - Host and Director of Investor RelationsBen Adams - CFOMichael - President and COOConference Call ParticipantsJared Haase - AnalystMatthew Gilmore - AnalystJamie Perse - AnalystOperatorThank you for standing by and welcome to the InnovAge Quarter 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be ...

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $221.4 million, an increase of 11% year-over-year [4] - Total revenue for FY 2025 was $853.7 million, up nearly 12% year-over-year [5] - Adjusted EBITDA for FY 2025 was $34.5 million, compared to $16.5 million in FY 2024, with a margin increase from 2.2% to approximately 4% [5][23] - Net loss for FY 2025 was $35.3 million, compared to a net loss of $23.2 million in FY 2024 [22] Business Line Data and Key Metrics Changes - Center-level contribution margin for FY 2025 was $153.6 million, with a margin of 18%, up 70 basis points from FY 2024 [5][19] - The census at the end of FY 2025 was approximately 7,740 participants, reflecting a 10% year-over-year growth [5][13] - Member months in Q4 2025 were 23,000, an increase of approximately 10.5% compared to Q4 FY 2024 [14] Market Data and Key Metrics Changes - The company experienced a 10% year-over-year increase in census for FY 2025 [9] - The company reported a sequential increase in member months of approximately 2% over Q3 FY 2025 [14] Company Strategy and Development Direction - The company aims to expand access to PACE services, advocating for new pathways such as a Medicare-only option [8] - The focus is on integrating care and improving clinical outcomes while managing costs effectively [7][11] - The company is investing in technology and talent to enhance operational efficiency and scalability [10][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complex environment due to recent legislation affecting value-based care models [6] - The guidance for FY 2026 includes projected revenue of $900 million to $950 million and adjusted EBITDA of $56 million to $65 million [9][25] - Management expressed confidence in achieving adjusted EBITDA margins of 8% to 9% over the next few years [9][41] Other Important Information - The company incurred $431.2 million in external provider costs during FY 2025, a 7% increase compared to FY 2024 [15] - The company completed a share repurchase program, acquiring approximately 1,426,000 shares for $7.3 million [24] Q&A Session Summary Question: Impact of member mix on margins and cost trends - Management indicated that the member mix has normalized and is balanced, which may impact risk scores but supports growth and margin expansion [31][32] Question: V-28 payment model implications - Management expects the V-28 Medicare Advantage payment model to be a headwind over the next couple of years, but it is factored into guidance [34][36] Question: Outlook for EBITDA margins - Management confirmed expectations for continued margin expansion, driven by clinical value initiatives and operational improvements [40][41] Question: Opportunities for automation and technology - Management is exploring AI-driven tools and partnerships to enhance efficiency and quality of care [45][48] Question: Medicaid redetermination impact - Management clarified that the redetermination process will create a headwind in the first half of FY 2026, but gross enrollment trends will remain stable [54][56]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________ FORM 10-K _______________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to Commission File Number: 001-40159 InnovA ...

[Executive Summary & Company Overview](index=1&type=section&id=Executive%20Summary%20%26%20Company%20Overview) [Company Introduction](index=1&type=section&id=Company%20Introduction) InnovAge Holding Corp provides comprehensive healthcare for frail seniors through the PACE program and announced its fiscal 2025 results - InnovAge (Nasdaq: INNV) is an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE)[2](index=2&type=chunk) - The company announced financial results for its fiscal fourth quarter and full year ended June 30, 2025[2](index=2&type=chunk) [CEO Statement](index=1&type=section&id=CEO%20Statement) The CEO highlighted fiscal 2025's success and expressed confidence for continued momentum into fiscal 2026 - Patrick Blair, CEO, stated that 'Fiscal 2025 was a strong year The combination of **responsible growth, financial discipline, clinical performance, and compliance execution** is what gives us confidence in the durability of our progress'[3](index=3&type=chunk) - The company expects Fiscal 2026 to continue that momentum[3](index=3&type=chunk) [Fiscal Year 2025 Financial Performance Highlights](index=1&type=section&id=Fiscal%20Year%202025%20Financial%20Performance%20Highlights) [GAAP Financial Performance](index=1&type=section&id=GAAP%20Financial%20Performance) The company reported an 11.8% revenue increase to $853.7 million but saw its net loss widen by 52% to $35.3 million | Metric | FY2025 (in millions) | FY2024 (in millions) | YoY Change (%) | | :-------------------------- | :------------------- | :------------------- | :------------- | | Total revenues | $853.7 | $763.9 | 11.8% | | Loss Before Income Taxes | $(34.0) | $(21.8) | 56.0% | | Net Loss | $(35.3) | $(23.2) | 52.0% | | Net Loss margin | (4.1)% | (3.0)% | 1.1 pp | | Net Loss per share | $(0.22) | $(0.16) | - | | Net Loss Attributable to InnovAge Holding Corp. | $(30.3) | $(21.3) | - | [Non-GAAP Financial Performance](index=2&type=section&id=Non-GAAP%20Financial%20Performance) Non-GAAP metrics showed strong growth, with Adjusted EBITDA more than doubling and participant census increasing | Metric | FY2025 (in millions) | FY2024 (in millions) | YoY Change (%) | | :-------------------------------- | :------------------- | :------------------- | :------------- | | Center-level Contribution Margin | $153.6 | $132.1 | 16.3% | | Center-level Contribution Margin as % of revenue | 18.0% | 17.3% | 0.7 pp | | Adjusted EBITDA | $34.5 | $16.5 | 109.1% | | Adjusted EBITDA margin | 4.0% | 2.2% | 1.8 pp | - Census increased to approximately **7,740 participants** in FY2025 compared to 7,020 participants in FY2024[8](index=8&type=chunk) [Fiscal Year 2026 Financial Guidance](index=2&type=section&id=Fiscal%20Year%202026%20Financial%20Guidance) The company projects FY2026 revenues of $900-$950 million and Adjusted EBITDA of $56-$65 million | Metric | Low (in millions) | High (in millions) | | :------------------ | :---------------- | :---------------- | | Census | 7,900 | 8,100 | | Total Member Months | 91,600 | 94,400 | | Total revenues | $900 | $950 | | Adjusted EBITDA | $56 | $65 | - Total Member Months are defined as the total number of participants multiplied by the number of months within a year in which each participant was enrolled in the program, serving as a precise metric for participant tracking[7](index=7&type=chunk) - The company is unable to provide guidance for net loss or a reconciliation of Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying certain reconciling items without unreasonable effort[7](index=7&type=chunk) [About InnovAge](index=3&type=section&id=About%20InnovAge) InnovAge is a market leader in PACE programs, serving approximately 7,740 participants across 20 centers in six states - InnovAge is a market leader in managing the care of high-cost, frail, and predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE)[11](index=11&type=chunk) - The company's mission is to enable older adults to age independently in their own homes for as long as safely possible[11](index=11&type=chunk) - As of June 30, 2025, InnovAge served approximately **7,740 participants across 20 centers in six states**[11](index=11&type=chunk) [Forward-Looking Statements - Safe Harbor](index=3&type=section&id=Forward-Looking%20Statements%20-%20Safe%20Harbor) This section details risks and uncertainties associated with forward-looking statements and directs readers to SEC filings - Forward-looking statements are identified by specific terminology (e.g, 'anticipate,' 'expect,' 'project') and relate to future operating or financial performance, not strictly historical facts[12](index=12&type=chunk) - These statements are based on current information, beliefs, expectations, and assumptions, but are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and outside of the company's control[13](index=13&type=chunk) - Important factors that could cause actual results to differ materially include the viability of growth strategy, ability to integrate acquisitions, macroeconomic challenges, government inspections, legal proceedings, dependence on government payors, and regulatory developments[13](index=13&type=chunk) [Note Regarding Use of Non-GAAP Financial Measures](index=4&type=section&id=Note%20Regarding%20Use%20of%20Non-GAAP%20Financial%20Measures) [Definition of Center-level Contribution Margin](index=4&type=section&id=Definition%20of%20Center-level%20Contribution%20Margin) This non-GAAP measure assesses segment performance by subtracting direct care costs from revenues - Center-level Contribution Margin is a non-GAAP measure used by management for assessing operating segment performance and allocating resources, particularly in budgeting and forecasting[16](index=16&type=chunk) - It is defined as total revenues less external provider costs and cost of care, excluding depreciation and amortization, encompassing all medical and pharmacy costs[17](index=17&type=chunk) - Sales and marketing expense or corporate, general and administrative expenses are not allocated across centers for the purpose of evaluating Center-level Contribution Margin[16](index=16&type=chunk) [Definition of Adjusted EBITDA](index=5&type=section&id=Definition%20of%20Adjusted%20EBITDA) Adjusted EBITDA is a non-GAAP measure calculated by adjusting net loss for specific non-cash and non-recurring items - Adjusted EBITDA is defined as net loss adjusted for interest expense, net, other investment income, depreciation and amortization, and provision (benefit) for income tax[18](index=18&type=chunk) - It includes addbacks for non-recurring or exceptional items such as management equity compensation, litigation costs and settlement, M&A diligence, transaction and integration, business optimization, EMR implementation, gain (loss) on cost and equity method investments, asset impairments, and loss on sale of assets[18](index=18&type=chunk) - Adjusted EBITDA margin is Adjusted EBITDA expressed as a percentage of total revenue[18](index=18&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets of $526.9 million and total stockholders' equity of $237.9 million as of June 30, 2025 | Item | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | YoY Change (in thousands) | | :-------------------------------- | :--------------------------- | :--------------------------- | :------------------------ | | Total Assets | $526,851 | $547,661 | $(20,810) | | Total Liabilities | $263,943 | $247,853 | $16,090 | | Total Stockholders' Equity | $237,898 | $277,608 | $(39,710) | | Cash and cash equivalents | $64,129 | $56,946 | $7,183 | | Accounts receivable, net | $36,373 | $48,106 | $(11,733) | | Property and equipment, net | $168,044 | $193,022 | $(24,978) | | Goodwill | $142,046 | $139,949 | $2,097 | | Accounts payable and accrued expenses | $76,750 | $55,459 | $21,291 | | Long-term debt, net | $57,464 | $61,478 | $(4,014) | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company's statement of operations reveals an increased net loss of $35.3 million on revenues of $853.7 million for FY2025 | Item | Year Ended June 30, 2025 (in thousands) | Year Ended June 30, 2024 (in thousands) | YoY Change (in thousands) | | :------------------------------------ | :-------------------------------------- | :-------------------------------------- | :------------------------ | | Total revenues | $853,699 | $763,855 | $89,844 | | Total expenses | $883,460 | $787,035 | $96,425 | | Operating Loss | $(29,761) | $(23,180) | $(6,581) | | Loss Before Income Taxes | $(34,027) | $(21,819) | $(12,208) | | Net Loss | $(35,343) | $(23,221) | $(12,122) | | Net Loss Attributable to InnovAge Holding Corp. | $(30,313) | $(21,338) | $(8,975) | | Net loss per share - basic and diluted | $(0.22) | $(0.16) | $(0.06) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities improved significantly to $32.9 million, leading to a $7.2 million increase in total cash | Item | Year Ended June 30, 2025 (in thousands) | Year Ended June 30, 2024 (in thousands) | YoY Change (in thousands) | | :------------------------------------------ | :-------------------------------------- | :-------------------------------------- | :------------------------ | | Net cash provided by (used in) operating activities | $32,866 | $(36,898) | $69,764 | | Net cash used in investing activities | $(5,550) | $(26,373) | $20,823 | | Net cash used in financing activities | $(19,082) | $(7,034) | $(12,048) | | INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS & RESTRICTED CASH | $7,180 | $(70,305) | $77,485 | | CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD | $64,140 | $56,960 | $7,180 | [Reconciliation of GAAP and Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Measures) [Adjusted EBITDA Reconciliation](index=11&type=section&id=Adjusted%20EBITDA%20Reconciliation) Net loss is reconciled to Adjusted EBITDA, which rose to $34.5 million in FY2025, driven by adjustments for litigation and impairments | Item | Year Ended June 30, 2025 (in thousands) | Year Ended June 30, 2024 (in thousands) | YoY Change (in thousands) | | :------------------------------------ | :-------------------------------------- | :-------------------------------------- | :------------------------ | | Net Loss | $(35,343) | $(23,221) | $(12,122) | | Interest expense, net | $4,612 | $4,023 | $589 | | Depreciation and amortization | $19,510 | $18,950 | $560 | | Provision for income tax | $1,316 | $1,402 | $(86) | | Stock-based compensation | $7,619 | $6,832 | $787 | | Litigation costs and settlement | $19,367 | $4,878 | $14,489 | | M&A diligence, transaction and integration | $1,360 | $778 | $582 | | Business optimization | $3,040 | $4,399 | $(1,359) | | EMR implementation | $0 | $3,660 | $(3,660) | | Loss (gain) on cost and equity method investments | $1,393 | $(2,842) | $4,235 | | Asset impairments and loss on assets held for sale | $13,615 | $0 | $13,615 | | Adjusted EBITDA | $34,462 | $16,474 | $17,988 | | Adjusted EBITDA margin | 4.0% | 2.2% | 1.8 pp | - Litigation costs for FY2025 include **$10.1 million accrued** in connection with the potential settlement of a previously disclosed stockholder class action[24](index=24&type=chunk) - Asset impairments for FY2025 include a **$2.6 million impairment loss** for the investment in DispatchHealth Holdings Inc and charges related to halting developments for a planned de novo center in Louisville, Kentucky[26](index=26&type=chunk)[32](index=32&type=chunk) [Center-Level Contribution Margin Reconciliation](index=13&type=section&id=Center-Level%20Contribution%20Margin%20Reconciliation) Total revenues are reconciled to Center-Level Contribution Margin, which grew to $153.6 million in FY2025 | Item | Year Ended June 30, 2025 (in thousands) | Year Ended June 30, 2024 (in thousands) | YoY Change (in thousands) | | :------------------------------------ | :-------------------------------------- | :-------------------------------------- | :------------------------ | | Total revenues | $853,699 | $763,855 | $89,844 | | External provider costs | $431,152 | $403,010 | $28,142 | | Cost of care, excluding depreciation and amortization | $268,908 | $228,781 | $40,127 | | Center-Level Contribution Margin | $153,639 | $132,064 | $21,575 | | Center-Level Contribution Margin as a % of revenue | 18.0% | 17.3% | 0.7 pp | - Capitation revenue, the primary component of total revenues, increased to **$852.35 million** in FY2025 from $762.57 million in FY2024[33](index=33&type=chunk) - The 'All other' segment, primarily Senior Housing, contributed **$0.99 million to total revenues** and **$0.42 million to Center-Level Contribution Margin** in FY2025[34](index=34&type=chunk)

DENVER, Sept. 09, 2025 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced financial results for its fiscal fourth quarter and full year ended June 30, 2025. “Fiscal 2025 was a strong year. The combination of responsible growth, financial discipline, clinical performance, and comp ...

Core Insights - InnovAge Holding Corp. will release its 2025 fiscal fourth quarter and full year financial results on September 9, 2025, after market close [1] - A conference call to review the results will be held at 5 p.m. E.T. on the same day [1] Company Overview - InnovAge is a leader in managing care for high-cost, frail, and predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE) [3] - The company's mission is to enable older adults to age independently in their homes for as long as safely possible [3] - As of March 31, 2025, InnovAge served approximately 7,530 participants across 20 centers in six states [3]