INNV
InnovAge Holding Corp.5.55
-0.27-4.64%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q2 '26
Q&A affirms guidance, details retention
Q&A reinforced the upbeat guidance raise, pinning expected back-half EBITDA softening on familiar Q3 drags like post-enrollment slowdowns and brutal flu season, with Q4 rebounding. Management credited Medicaid reinstatements beating expectations to sharper internal workflows and patient accounting, but flagged state processing as ongoing risk. They unpacked retention efforts against 6% annualized voluntary disenrollments—mostly in the first six months—via onboarding tweaks, grievance trends, and service recovery. Cohort analysis hints at MLR lift from tenured members. Disenrollments hit hardest early. Investors watch redetermination durability and experience gains.
Key Stats
Market Cap
753.03MP/E (TTM)
-Basic EPS (TTM)
-0.12Dividend Yield
0%Recent Filings
8-K
Q2 profit surge, guidance raised
InnovAge swung to $11.8M net income on $239.7M revenue for Q2 ended Dec 31, 2025, up 14.7% from last year, with center contribution margin leaping 42.5% to $52.8M at 22.0%. Adjusted EBITDA hit $22.2M, margin 9.2%. Raised FY2026 guidance to $925-950M revenue, $70-75M Adjusted EBITDA. Strong execution pays off.
10-Q
Q2 FY2026 results
InnovAge swung to Q2 FY2026 operating income of $13.3M from a $12.6M loss y/y, with capitation revenue up 14.8% to $239.6M on 7.9% higher member months and 6.4% rate hikes; center-level contribution margin hit 22.1% (derived). YTD revenue climbed 14.9% to $475.8M, diluted EPS $0.14 versus -$0.13 y/y, reconciling to 136.7M shares. Cash swelled to $83.2M with $25.3M operating cash flow, $59.4M debt at 6.24% maturing 2028, and $84.4M revolver capacity. Tampa JV formed Aug 2025 with $3.2M partner cash for 90% control. Ongoing DOJ False Claims Act probes pose regulatory risk.
8-K
Board adds Mahesh, Traynor
InnovAge expanded its board to eleven directors on January 28, 2026, reappointing Pavithra Mahesh (Apax Partners principal, ex-Goldman Sachs healthcare investor) as Class III and Sean Traynor (Welsh Carson healthcare GP) as Class I. Both return with prior board service through 2023, joining Quality/Compliance and Compensation committees per nomination agreement—no compensation. Their expertise bolsters PACE strategy execution. Returns refresh governance.
8-K
InnovAge investor update
InnovAge Holding Corp. hosted an investor conference on January 12, 2026, furnishing a presentation highlighting its PACE platform serving ~7,890 participants across 20 centers in 6 states. It showcased revenue growth to $236.1M in 1QFY26 (versus $171.2M in 1QFY23), 7.5% Adjusted EBITDA margin, and $44.3M TTM operating cash flow. FY2026 guidance projects $900M-$950M revenue, $56M-$65M Adjusted EBITDA. Platform investments unlock leverage.
8-K
Annual meeting elects directors
InnovAge Holding Corp. held its 2025 Annual Meeting on December 4, 2025, where stockholders elected James G. Carlson, Teresa Sparks, and Richard Zoretic as Class II directors through 2028. Carlson faced notable withhold votes at 9.5 million shares. Deloitte & Touche LLP's appointment as auditor for fiscal 2026 sailed through ratification. Directors locked in.
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