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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
$1.13B
P/E (TTM)
-275.4
33.4
Dividend Yield
--
52W High
$9.18
52W Low
$2.60
52W Range
88%
Rank50Top 68.9%
3.1
F-Score
Modified Piotroski Analysis
Based on 7-year fundamentals
Weak • 3.1 / 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

Q2 2026 Data

Revenue

$239.71M+14.69%
4-Quarter Trend

EPS

$0.08-180.00%
4-Quarter Trend

FCF

$19.00M-153.31%
4-Quarter Trend

2026 Q2 Earnings Highlights

Key Highlights

Revenue Jumps 15 Percent Total revenues reached $475.813M for six months ended December 31, 2025, marking a 14.9% increase over prior year.
Operating Income Reverses Loss Operating Income swung to $21.551M profit for six months, compared to $(17.452M) loss in the prior comparable period.
Strong Operating Cash Flow Net cash provided by operating activities totaled $25.285M for six months, a significant positive shift from $(0.763M) used last year.
Balance Sheet Cash Growth Cash and equivalents increased to $83.203M as of December 31, 2025, up $19.1M from June 30, 2025 balance sheet date.

Risk Factors

Labor Costs Rising Increased salaries, wages, and benefits due to workforce shortages and competition impacting cost of care growth rates significantly.
Government Payor Dependence Revenues heavily rely on Medicare and Medicaid capitation rates; sudden loss of contracts poses material liquidity risk.
California Expansion Paused California DHCS paused PACE applications for two years, impacting planned de novo center openings in Downey and Bakersfield.
Ongoing Legal Exposure Company faces ongoing civil investigative demands and stockholder lawsuits; unable to estimate potential losses from these matters.

Outlook

Growth Strategy Execution Focus remains on viability of growth strategy, including ramping up de novo centers and integrating acquisitions successfully.
Operational Efficiency Focus Developing clinical and operational value initiatives to offset anticipated increased cost of care and labor market pressures.
Regulatory Compliance Priority Maintaining high quality regulatory compliance across all centers is a top priority amid complex changing government laws.
Investing for Future Growth Intends to invest in centers, value-based care model, and sales/marketing to support long-term growth trajectory.

Peer Comparison

Revenue (TTM)

Community Health Systems, Inc.CYH
$12.64B
+0.7%
AMN Healthcare Services, Inc.AMN
$2.72B
-11.4%
InnovAge Holding Corp.INNV
$912.10M
+13.1%

Gross Margin (Latest Quarter)

SI-BONE, Inc.SIBN
79.8%
+0.8pp
Orthofix Medical Inc.OFIX
72.2%
+3.5pp
Ginkgo Bioworks Holdings, Inc.DNA
67.0%
-21.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
INNV$1.13B-275.4-1.7%22.2%
PNTG$1.11B41.48.7%40.2%
GERN$1.05B-13.8-30.3%21.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
3.2%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:May 4, 2026
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EPS:-
|
Revenue:-
Reports
Financials
All Years

  • Form 10-Q - Q2 2026

    Period End: Dec 31, 2025|Filed: Feb 3, 2026|
    Revenue: $239.71M+14.7%
    |
    EPS: $0.08-180.0%
    Beat

  • Form 10-Q - Q1 2026

    Period End: Sep 30, 2025|Filed: Nov 4, 2025|
    Revenue: $236.11M+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