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.
Recommended Articles
Copper reached an all-time high of $14,617 a ton on the London Metal Exchange today. The rally extended into a fourth session as traders positioned for US tariffs on refined metal.The advance marked a
China’s central bank’s gold reserves rose by 650,000 ounces of gold in August, its largest monthly addition since October 2023. The addition extends Beijing’s buying run to 22 straight months. Purchas
Brent crude oil traded above $100 a barrel on Tuesday for the first time in three months, after Iran-backed Houthi fighters struck oil facilities in southern Saudi Arabia.The benchmark reached $100.03
Anyone who bought long US government bonds 10 years ago has lost money. Not after inflation. Before it. In 223 years of records, that has happened only once before.Long Treasury bonds lost roughly 2%
Intel stock (INTC) climbed as much as 9.5% on Tuesday following a supply chain report that said the company will raise personal computer processor prices by roughly 10% in early October.The move lifte
