InnovAge reported significant improvements in revenue and profitability for fiscal 2026 as the healthcare provider expanded its Program of All-inclusive Care for the Elderly operations.
Full-year revenue increased 15.9% to $989.7 million from $853.7 million in fiscal 2025. InnovAge’s net loss narrowed to approximately $0.7 million from $35.3 million, while adjusted EBITDA increased to $94.6 million from $34.5 million.
Adjusted EBITDA margin increased to 9.6% from 4%, while center-level contribution margin rose 48.3% to $227.8 million, representing 23% of revenue compared with 18% in the prior year.
The company’s fiscal-year census reached approximately 8,230 participants, compared with 7,740 a year earlier, while member months increased to approximately 96,050 from 89,130.
Fourth-quarter revenue was $262 million, up from $221.4 million in the year-earlier quarter. Quarterly net income was $9.8 million compared with a $5 million loss, while adjusted EBITDA more than doubled to $24.3 million from $11.3 million.
InnovAge provides comprehensive healthcare through PACE programs primarily serving frail seniors who are eligible for both Medicare and Medicaid. The company’s model is designed to coordinate medical, social and other support services for participants while helping them remain in their communities.
For fiscal 2027, InnovAge expects its census to range between 8,625 and 8,850, with total member months of 101,000 to 102,500.
Revenue is forecast at $1.05 billion to $1.085 billion, while adjusted EBITDA is expected to reach $105 million to $115 million.
KEY QUOTE:
“Fiscal 2026 was an exceptional year for InnovAge and reflects the significant progress we have made strengthening the company,” said Patrick Blair, Chief Executive Officer of InnovAge. “We enter Fiscal 2027 in a strong position, with a durable foundation to serve more seniors and to deliver high-quality care. We remain focused on disciplined execution and creating sustainable long-term value for all of our stakeholders.”
Patrick Blair, Chief Executive Officer of InnovAge
