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InnovAge Announces Financial Results for the Fourth Quarter and Fiscal Year Ended June 30, 2025

DENVER, Sept. 09, 2025 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (鈥淚nnovAge鈥� or the 鈥淐ompany鈥�) (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.

鈥淔iscal 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.鈥� said Patrick Blair, CEO. 鈥淲e expect Fiscal 2026 to continue that momentum.鈥�

Financial Results

Fiscal Year 2025 Financial Performance

• Total revenue of听$853.7 million, increased approximately 11.8% compared to $763.9 million in 2024
• Loss Before Income Taxes of $34.0 million, increased by 56.0% compared to a Loss Before Income Taxes of $21.8 million in 2024
• Loss Before Income Taxes as a percent of revenue of 4.0% increased 1.1 percentage points compared to Loss Before Income Tax as a percent of revenue of 2.9% in 2024
• Net loss of $35.3 million increased 52%, compared to a net loss of $23.2 million in 2024
• Net loss margin of 4.1%, increased 1.1 percentage points compared to a net loss margin of 3.0% in 2024
• Net loss attributable to InnovAge Holding Corp. of $30.3 million, or a loss of $0.22 per share, compared to a net loss of $21.3 million, or $0.16 per share in 2024
• Center-level Contribution Margin⁽¹⁾ of $153.6 million, increased 16.3% compared to $132.1 million in 2024
• Center-level Contribution Margin⁽¹⁾听as a percent of revenue of 18.0%, increased 0.7 percentage points compared to 17.3% in 2024
• Adjusted EBITDA^(1)听of $34.5 million, an increase of $18.0 million compared to $16.5 million in 2024
• Adjusted EBITDA⁽¹⁾听margin of 4.0%, an increase of 1.9 percentage points compared to 2.2% in 2024
• Census of approximately 7,740 participants compared to 7,020 participants in 2024
  

⁽¹⁾ Center-level Contribution Margin, Center-level Contribution Margin as a percent of revenue, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. For more details and for a definition and reconciliation of these non-GAAP measures to the most closely comparable GAAP measures for the periods indicated, see 鈥淣ote听Regarding Use of Non-GAAP Financial Measures鈥� and 鈥淩econciliation of GAAP and Non-GAAP Measures.鈥�

Full Fiscal Year 2026 Financial Guidance

Based on information as of today, September 9, 2025, InnovAge is issuing the following financial guidance.

Expected results and estimates may be impacted by factors outside the Company鈥檚 control, and actual results may be materially different from this guidance. See 鈥淔orward-Looking Statements - Safe Harbor鈥� included herein.

⁽¹⁾ We define Total Member Months as the total number of participants multiplied by the number of months within a year in which each participant was enrolled in our program. Management believes this is a useful metric as it more precisely tracks the number of participants the Company serves throughout the year.

⁽²⁾Adjusted EBITDA is a non-GAAP measure. See 鈥淣ote Regarding Use of Non-GAAP Financial Measures鈥� and 鈥淩econciliation of GAAP and Non-GAAP Measures鈥� for a definition of historical Adjusted EBITDA and a reconciliation to net loss, the most closely comparable GAAP measure. The Company is unable to provide guidance for net loss or a reconciliation of the Company鈥檚 Adjusted EBITDA guidance because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. The Company鈥檚 inability to do so is due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities and other one-time or exceptional items.

Conference Call

The Company will host a conference call this afternoon at 5:00 p.m. Eastern Time. 听A live audio webcast of the call will be available on the Company鈥檚 website,听 . A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for a limited time. 听To access the call by phone, please go to this link (), for dialing instructions and a unique access pin. 听We encourage participants to dial into the call fifteen minutes ahead of the scheduled start time.

About InnovAge

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). With a mission of enabling older adults to age independently in their own homes for as long as safely possible, InnovAge鈥檚 patient-centered care model is designed to improve the quality of care its participants receive while reducing over-utilization of high-cost care settings. InnovAge believes its PACE healthcare model is one in which all constituencies听鈥� participants, their families, providers and government payors 鈥� 鈥渨in.鈥� As of June 30, 2025, InnovAge served approximately 7,740 participants across 20 centers in six states. .

Investor Contact:

Ryan Kubota
[email protected]

Media Contact:

Lara Hazenfield
[email protected]

Forward-Looking Statements听- Safe Harbor
This press release may contain 鈥渇orward-looking statements鈥� within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥減roject,鈥� 鈥減lan,鈥� 鈥渋ntend,鈥� 鈥渂elieve,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渃an have,鈥� 鈥渓ikely鈥� and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements may be identified by the fact that they do not relate strictly to historical or current facts. Examples of forward-looking statements include, among others, statements we may make regarding quarterly or annual guidance; financial outlook, including future revenues and future earnings; the viability of our growth strategy including our ability or expectations to increase the number of participants we serve, build and/or open de novo centers, or to identify and execute tuck-in acquisitions, joint ventures and strategic partnerships; the expected impact of government policies and the macroeconomic environment; our ability to control costs, mitigate the effects of elevated expenses or reduced healthcare budgets, expand our payer capabilities, implement clinical value and operational value initiatives and strengthen enterprise functions; results of periodic inspections, reviews and audits, legal proceedings and government investigations and actions; relationships and discussions with regulatory agencies; our ability to effectively implement Company-wide transformation initiatives; reimbursement and regulatory developments; market developments; new pharmacy services; and the effects of any of the foregoing on our future results of operations or financial conditions.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on currently available information and our current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control and may cause our actual results and financial condition to differ materially. Important factors that could cause our actual results and financial condition to differ materially include, among others, the following: (i) the viability of our growth strategy, including our ability to find suitable geographies for new centers and to attract new participant and retain existing participants in new and existing centers and our ability to obtain licenses to open such centers; (ii) our ability to identify, successfully complete and integrate acquisitions, joint ventures another strategic partnerships; (iii) the impact on our business from ongoing macroeconomic related challenges, including labor shortages, labor competition, inflation, tariffs and trade disputes; (iv) inspections, reviews, audits and investigations under the federal and state government programs, including our ability to sufficiently cure any deficiencies identified; (v) legal proceedings, enforcement actions and litigation and disputes, which are costly to defend; (vi) under our PACE contracts, we assume all of the risk that the cost of providing services will exceed our compensation; (vii) the dependence of our revenues upon a limited number of government payors, including the risk of sudden loss of any of our government contracts; (viii) the impact of state and federal efforts to reduce healthcare spending, including recent legislation reducing the budget that funds Medicaid; (ix) the risk that our submissions to government payors may contain inaccurate or unsupportable information, including regarding risk adjustment scores of participants, subjecting us to repayment obligations or penalties; (x) and our ability to comply with the continued listing requirements of Nasdaq.

Forward-looking statements are based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. We advise you to not place undue reliance on forward-looking statements and to review our risk factors and other disclosures included in the reports we file or furnish with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Note听Regarding Use of Non-GAAP Financial Measures
In addition to reporting financial information in accordance with generally accepted accounting principles (鈥淕AAP鈥�), the Company is also reporting Center-level Contribution Margin, Center-level Contribution Margin as a percent of revenue, Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures. These non-GAAP measures are supplemental measures of operating performance monitored by management that are not defined under GAAP and that do not represent, and should not be considered as, an alternative to net income (loss) before income taxes, net income (loss) before income taxes margin, net income (loss) and net income (loss) margin, as applicable, as determined by GAAP. We believe that these non-GAAP measures are appropriate measures of operating performance because the metrics eliminate the impact of certain expenses that, in the case of Adjusted EBITDA, do not relate to our ongoing business performance, allowing us to more effectively evaluate our core operating performance and trends from period to period. Our definitions and calculations of non-GAAP measures may vary and not be comparable to similarly titled measures reported by other companies. We believe that these non-GAAP measures help investors and analysts in comparing our results across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other comparable GAAP financial measures.

The Company鈥檚 management uses Center-level Contribution Margin as the measure for assessing performance of its operating segments and allocating resources, predominantly in the annual budget and forecasting process. For the purpose of evaluating Center-level Contribution Margin on a center-by-center basis, we do not allocate our sales and marketing expense or corporate, general and administrative expenses across our centers. We define Center-level Contribution Margin as total revenues less external provider costs and cost of care, excluding depreciation and amortization, which includes all medical and pharmacy costs.听听

We define Adjusted EBITDA as net loss adjusted for interest expense, net, other investment income, depreciation and amortization, and provision (benefit) for income tax as well as addbacks for non-recurring expenses or exceptional items, including charges relating to management equity compensation, litigation costs and settlement, M&A diligence, transaction and integration, business optimization, electronic medical record (EMR) implementation, gain (loss) on cost and equity method investments, asset impairments and loss on sale of assets. Adjusted EBITDA margin is Adjusted EBITDA expressed as a percentage of our total revenue.

Schedule 1

InnovAge
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)

Schedule 2

InnovAge
CONDENSED CONSOLIDATED STATEMENTS OF听OPERATIONS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE DATA)

Schedule 3

InnovAge
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)

Schedule 4

InnovAge
RECONCILIATION OF GAAP AND NON-GAAP MEASURES
(IN THOUSANDS) (UNAUDITED)

Adjusted EBITDA

Center-Level Contribution Margin

Center-Level Contribution Margin

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