InnovAge (INNV) Q4 FY2026 Earnings Call: EBITDA Rises, FY2027 Guidance Issued
Source Tradingkey
Key Takeaways
- InnovAge ended fiscal 2026 with approximately 8,230 participants across 20 centers, up 6.3% year over year and 2.2% sequentially.
- Fiscal 2026 revenue increased 15.9% to $989.7 million, supported by higher member months and Medicare and Medicaid capitation rates.
- Adjusted EBITDA rose approximately 175% to $94.6 million, lifting the adjusted EBITDA margin to 9.6% from roughly 4.0% in fiscal 2025.
- The company recorded a fiscal 2026 net loss of $0.7 million, compared with a $35.3 million loss in fiscal 2025. Management said one-time legal accruals affected annual net income.
- For fiscal 2027, management expects revenue of $1.05 billion to $1.085 billion and adjusted EBITDA of $105 million to $115 million.
- Management is prioritizing growth within existing centers while applying a high bar to de novo development and M&A. Technology, AI and tighter utilization management are central to its margin strategy.
Key Financial Data
| Metric | Q4 FY2026 | Fiscal 2026 | Change and context |
|---|---|---|---|
| Ending census | Approx. 8,230 | Approx. 8,230 | Up 6.3% year over year and 2.2% sequentially |
| Member months | 24,520 | — | Up 6.6% year over year and 1.9% from Q3 FY2026 |
| Revenue | $262.0 million | $989.7 million | Q4 rose 4.0% sequentially; annual revenue increased 15.9% |
| External provider costs | $115.7 million | $449.8 million | Annual costs rose 4.3%; cost per participant declined |
| Cost of care, excluding D&A | — | $312.1 million | Up 16.1% year over year |
| Center-level contribution margin | $62.6 million | $227.8 million | Annual contribution increased 48.2% |
| Center-level contribution margin rate | 23.9% | 23.0% | Annual margin expanded 500 basis points |
| Net income (loss) | $9.8 million | $(0.7) million | Q4 improved from a $29.9 million Q3 loss; annual loss narrowed from $35.3 million |
| Adjusted EBITDA | $24.3 million | $94.6 million | Annual adjusted EBITDA increased approximately 175% |
| Adjusted EBITDA margin | 9.3% | 9.6% | Management retains a long-term target above 10% |
| De novo losses | $0.3 million | $10.6 million | Down from $15.3 million in fiscal 2025 |
| Cash and cash equivalents | $97.9 million | — | Short-term investments were $43.4 million |
| Total debt | $63.3 million | — | Includes the senior secured term loan and finance leases |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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