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InnovAge Holding Corp.

InnovAge Holding Corp.

NASDAQ•INNV
CEO: Mr. Patrick Blair
Sector: Healthcare
Industry: Medical - Care Facilities
Listing Date: 2021-03-04
InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management. The company serves participants in the United States; and operates PACE centers in Colorado, California, New Mexico, Pennsylvania, Florida, and Virginia. The company was formerly known as TCO Group Holdings, Inc. and changed its name to InnovAge Holding Corp. in January 2021. InnovAge Holding Corp. was founded in 2007 and is headquartered in Denver, Colorado.
Contact Information
8950 E. Lowry Boulevard, Denver, CO, 80230, United States
844-803-8745
www.innovage.com
Market Cap
$702.48M
P/E (TTM)
-40.5
27.6
Dividend Yield
--
52W High
$6.26
52W Low
$2.60
52W Range
71%
Rank56Top 70.4%
2.9
F-Score
Modified Piotroski Analysis
Based on 7-year fundamentals
Weak • 2.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2019-2025

Financial Dashboard

Q1 2026 Data

Revenue

$218.14M+6.34%
4-Quarter Trend

EPS

-$0.08+100.00%
4-Quarter Trend

FCF

$21.73M-323.64%
4-Quarter Trend

2026 Q1 Earnings Highlights

Key Highlights

Revenue Jumps 15.1% Total revenues reached $236.11M, driven by 15.1% increase, fueled by higher capitation rates and member growth.
Net Income Turns Profitable Net income attributable to InnovAge was $8.02M, reversing prior period net loss of $(4.93M) for the quarter.
Adjusted EBITDA Rises Sharply Adjusted EBITDA was $17.64M, significantly up from $6.48M last year, reflecting improved core operating performance.
GAAP Margin Improves Significantly Net income margin improved to 3.2% compared to a net loss margin of (2.8)% in the prior year period.

Risk Factors

Cost of Care Rises 19.7% Cost of care excluding D&A increased $12.5M (19.7%) due to higher salaries, wages, and in-house pharmacy costs.
Labor Shortages Intensify Costs Workforce shortages, especially in care roles, intensify wage pressures, impacting staffing ability and increasing operational costs.
Regulatory Investigations Ongoing Multiple civil investigative demands from Colorado and DOJ regarding billing practices remain active; loss estimation is impossible.
Government Payer Rate Pressure Revenues heavily rely on government payors; state budgetary pressures may lead to future reductions in optional Medicaid benefits or rates.

Outlook

Focus on Enrollment Growth Management focuses on growing enrollment in existing centers and executing strategic tuck-in acquisitions to expand Platform.
Remediation of Center Deficiencies Must successfully remediate Sacramento center deficiencies and complete San Bernardino medical review to restore State Attestations.
Investing for Future Growth Plan to invest in centers, value-based care, and sales/marketing, anticipating increased expenses as percentage of revenue short-term.
Maintain Regulatory Compliance Quality Priority remains maintaining high quality regulatory compliance across all centers despite complex and changing healthcare laws.

Peer Comparison

Revenue (TTM)

AMN Healthcare Services, Inc.AMN
$2.72B
-11.4%
InnovAge Holding Corp.INNV
$863.43M
+9.8%
The Pennant Group, Inc.PNTG
$847.27M
+29.9%

Gross Margin (Latest Quarter)

Ginkgo Bioworks Holdings, Inc.DNA
67.0%
-21.7pp
AirSculpt Technologies, Inc.AIRS
65.5%
+7.3pp
ClearPoint Neuro, Inc.CLPT
60.3%
-3.2pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PVLA$1.24B-30.9-73.1%0.0%
PNTG$973.81M36.58.7%40.2%
GERN$842.63M-11.0-30.3%21.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.4%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 3, 2026
|
EPS:$0.04
|
Revenue:$228.30M
Reports
All Years

  • Form 10-Q - Q1 2026

    Period End: Sep 30, 2025|Filed: Nov 4, 2025|
    Revenue: $218.14M+6.3%
    |
    EPS: $-0.08+100.0%
    Miss

  • Form 10-K - FY 2025

    Period End: Jun 30, 2025|Filed: Sep 9, 2025|
    Revenue: $853.70M+11.8%
    |
    EPS: $-0.22-37.5%
    Miss

  • Form 10-Q - Q3 2025

    Period End: Mar 31, 2025|Filed: May 6, 2025|
    Revenue: $218.14M+13.0%
    |
    EPS: $-0.08+110.5%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Dec 31, 2024|Filed: Feb 4, 2025|
    Revenue: $209.00M+10.6%
    |
    EPS: $-0.10+233.3%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Sep 30, 2024|Filed: Nov 5, 2024|
    Revenue: $205.14M+12.4%
    |
    EPS: $-0.04-50.0%
    Miss

  • Form 10-K - FY 2024

    Period End: Jun 30, 2024|Filed: Sep 10, 2024|
    Revenue: $763.86M+11.0%
    |
    EPS: $-0.16+46.7%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $193.07M+11.9%
    |
    EPS: $-0.04-25.8%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Dec 31, 2023|Filed: Feb 6, 2024|
    Revenue: $188.90M+12.8%
    |
    EPS: $-0.03-61.4%
    Miss