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InnovAge Turns Around, Sees 175% EBITDA Surge
9 Sep
Summary
- Adjusted EBITDA soared 175% to $94.6 million in fiscal 2026.
- Revenue climbed 15.9% to $989.7 million, boosted by higher participant numbers.
- Net loss narrowed to $700,000, despite significant legal expenses.
InnovAge, a provider of PACE services, has announced a strong performance for fiscal year 2026, signaling the completion of a multiyear operational turnaround. The company achieved a significant 175% surge in adjusted EBITDA, reaching $94.6 million, with margins approaching its long-term target. Revenue saw a robust increase of 15.9%, totaling $989.7 million, bolstered by a 6.3% rise in participants across its centers.
Despite incurring $36.8 million in litigation and settlement expenses, InnovAge dramatically reduced its net loss for the fiscal year to $700,000, a stark improvement from the previous year's $35.3 million loss. The fourth quarter saw a return to net income, with $9.8 million reported. Center-level contribution margins also saw substantial growth, improving by 48.2% year-over-year.
