What is the market's earnings forecast for InnovAge Holding next quarter?

Did InnovAge Holding beat or miss consensus estimates last quarter?

What does InnovAge Holding do and what are its main business segments?

What is the revenue and EPS growth rate for InnovAge Holding year over year?

What were the key takeaways from InnovAge Holding's earnings call?

What is InnovAge Holding's latest dividend and current dividend yield?

What factors drove the changes in InnovAge Holding's revenue and profit?

What were the key takeaways from InnovAge Holding’s earnings call?

- **Record Q2 Performance**: $239.7 million revenue, 9.2% EBITDA margin (vs. 2.8% prior year). Full-year EBITDA guidance raised to $70-75 million. 
- **Sustained Growth Drivers**: 14.7% YoY revenue growth, 7.9% member months expansion, 12% inpatient utilization reduction. 
- **CMS Resilience**: PACE model buffered by 45% Medicare mix and 0.129 frailty adjuster, offsetting V28 risk model changes. 
- **Operational Excellence**: 5% SG&A cost reduction, 1.5% QoQ revenue growth, $21.4 million positive cash flow. 
- **Strategic Focus**: Participant retention initiatives targeting 6% annualized disenrollment rate, AI-driven provider benchmarking, and pharmacy optimization.

**【CEO Summary Section】**
- Q2 2026 total revenues: $239.7 million (14.7% YoY growth). Adjusted EBITDA: $22.2 million (9.2% margin, exceeding 8-9% target). Net income: $11.8 million.
- Achieved full-year 2025 EBITDA of $34.5 million in first half of 2026, with updated FY2026 guidance: $70-75 million EBITDA.
- Key drivers: 
  - Revenue integrity improvements (reinstated Medicaid coverage for 1,000+ participants). 
  - Medical cost management (12% reduction in inpatient utilization). 
  - Operational efficiency (standardized staffing, Epic adoption). 
  - SG&A cost reduction (5% YoY decline). 
- CMS 2027 Medicare changes: PACE subject to 50% blend of old/new risk models, but frailty adjuster mitigates impact. 
- Future initiatives: Participant experience standardization, AI-driven provider benchmarking, pharmacy optimization.

**【CFO Financial Commentary】**
- Member months: 23,960 (7.9% YoY growth). Total revenue growth: 14.7% YoY, 1.5% QoQ. 
- External provider costs: $112 million (3.8% YoY growth, 2.9% QoQ). Cost per participant: down 1.5% YoY. 
- Cash position: $83.2 million + $42.8 million short-term investments. Positive cash flow: $21.4 million Q2. 
- Updated FY2026 guidance: 
  - Member months: 92,900-95,700 (up 7.1% YoY). 
  - Total revenue: $925-950 million (14.7% YoY growth). 
  - Adjusted EBITDA: $70-75 million (10.8-11.1% margin). 
- De novo center losses: $11.5-13.5 million FY2026.

**【Q&A Highlights】**
- **Margin Progression**: Q3 typically softer due to open enrollment and flu season, but FY2026 guidance reflects 9.2% Q2 margin confidence. 
- **CMS Impact**: PACE less exposed to V28 changes (45% Medicare mix vs. full MA plans). Frailty adjuster provides 0.129 floor. 
- **Census Growth**: 7.1% YoY growth driven by reinstated Medicaid participants. Q2 voluntary disenrollment rate: 6% annualized. 
- **Participant Experience**: 10-12% voluntary disenrollments occur in first 6 months; initiatives targeting onboarding, grievances, and service recovery. 
- **MLR Improvement**: Analyzing participant cohorts ("freshmen" to "seniors") to optimize care mix and contribution margins.

InnovAge Holding Corp. (INNV) Q2 2026 Earnings Call Transcript

- **Revenue Growth**: 15% YoY to $236.1M, driven by member months and rate increases. 
- **Profitability Boost**: Adjusted EBITDA doubles to $17.6M, margin 21.8%. 
- **PACE Resilience**: Lower hospitalization rates, 90% participant satisfaction. 
- **Leadership Expansion**: New CMO and CAO, streamlined operations. 
- **Guidance Confidence**: 2026 EBITDA $56M-$65M despite de novo challenges. 
- **Cost Control**: Pharmacy savings, lower SNF use offset wage costs. 


**【CEO Summary Section】**
- **Q1 2026 Financial Highlights**: Total revenue of $236.1 million (+15% YoY), adjusted EBITDA of $17.6 million (doubled YoY), and census reaching 7,890 participants (+9.4% YoY). 
- **Operational Strength**: Improved medical cost management, with external provider costs per participant down sequentially. Florida centers, especially Tampa, show strong growth. 
- **Strategic Resilience**: PACE model outperforms Medicare Advantage, with lower hospitalization rates and higher participant satisfaction (90% overall). 
- **Leadership & Efficiency**: New CMO and CAO additions; streamlined shared services reduce management layers, improving decision-making speed. 
- **Financial Milestone**: First positive net income since 2021 ($0.06 EPS). 

**【CFO Financial Commentary】**
- **Revenue Drivers**: 9.9% increase in member months and higher capitation rates. 
- **Cost Management**: External provider costs up 1.5% YoY, offset by lower SNF utilization and pharmacy rebates. Cost of care rose 19.7% YoY due to wage increases and in-house services. 
- **Profitability**: Center-level contribution margin at 21.8% (up 320bps YoY). 
- **Guidance**: 2026 fiscal year revenue $900M-$950M, EBITDA $56M-$65M, with de novo losses $13.4M-$15.4M. 

**【Q&A Key Highlights】**
- **Margin Outlook**: Q2 impacted by Medicare fee increases and risk score decay; Q3 softer due to open enrollment. 
- **Competitive Edge**: PACE's comprehensive care model attracts dual eligibles, with early open enrollment engagement. 
- **Cost Trends**: Lower SNF utilization and in-house pharmacy savings offset wage inflation. 
- **Clinical Strategy**: 50% maturity in clinical standardization; new CMO to drive utilization guidelines and reduce variation. 


InnovAge Holding Corp. (INNV) Q1 2026 Earnings Call Transcript

- **Revenue & Profit Growth**: Q4 2025 revenue +11% YoY, adjusted EBITDA +10x YoY to $11.3M. Full-year EBITDA +110% to $34.5M. 
- **Margin Expansion**: Center-level margin 18.0% (vs. 17.3% in 2024), targeting 8-9% EBITDA margin by 2026. 
- **Strategic Moves**: New hospital partnerships, internal pharmacy cost savings, Medicare-only PACE advocacy. 
- **Risks**: B-28 transition headwind in 2026, Medicaid redeterminations impacting Q1 census. 
- **Automation**: AI-driven efficiency gains via Epic and Salesforce integrations.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2025 revenue of $221.4M (+11% YoY), full-year revenue $853.7M (+12% YoY). Adjusted EBITDA doubled to $11.3M (5.1% margin) in Q4, $34.5M annually (4.0% margin). 
- **Margin Expansion**: Center-level contribution margin improved to 18.0% (vs. 17.3% in 2024). Projected 2026 census 7,900-8,100 (+10%), revenue $900M-$950M, EBITDA $56M-$65M. 
- **Strategic Initiatives**: Partnerships with Orlando Health and Tampa General Hospital, internal pharmacy transition reducing costs. Advocating for Medicare-only PACE expansion. 

**【CFO Financial Commentary】**
- **Cost Management**: External provider costs +7% YoY ($431.2M), offset by lower utilization (inpatient, ER). Cost of care +17.5% YoY ($268.9M), driven by headcount and wage growth. 
- **Financial Health**: Net loss $35.3M (vs. $23.2M in 2024), cash $64.1M, debt $72.8M. 2026 guidance includes B-28 transition (10% B-28, 90% B-22 in Q1 2026). 
- **De Novo Centers**: 2025 losses $15.4M, 2026 projected $13.4M-$15.4M. Pharmacy in-house transition saving costs. 

**【Q&A Key Highlights】**
- **Member Mix & Margins**: Acuity normalization complete; lower risk scores impact revenue but stable margins. 
- **B-28 Transition**: 2026 headwind due to 10% B-28 split, long-term impact uncertain. 
- **Automation & AI**: Epic and Salesforce integrations for clinical efficiency, compliance automation. 
- **Medicaid Redeterminations**: 2026 Q1 headwind from faster disenrollment, but gross growth trends unchanged. 
- **EBITDA Expansion**: 2026 margin target 8-9%, driven by cost control and operational leverage.

InnovAge Holding Corp. (INNV) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue up 13% YoY to $218.1M, driven by 10% census growth and rate increases.
- **Margin Expansion**: Center-level margin 18.7%, adjusted EBITDA $10.8M (4.9% margin), up 350% YoY.
- **Cost Efficiency**: PMPM medical costs down 1.5% QoQ to $4,786, with pharmacy savings of $1.5M annualized.
- **New Centers**: Florida and Crenshaw centers on track for 2026 break-even, with Q4 2025 census up 10% YoY.
- **Policy Risk**: 2026 Medicare/Medicaid rates uncertain, but California and Pennsylvania rates stable.
- **Strategic Focus**: Pharmacy integration, clinical care standardization, and policy advocacy driving long-term value creation.

**【CEO Opening Remarks】**
- Q3 2025 revenue reached $218.1 million, up 13% YoY, driven by 10% census growth to 7,530 participants.
- Center-level contribution margin improved to 18.7% (vs. 17.7% Q2), with adjusted EBITDA of $10.8 million (4.9% margin).
- Medical cost per participant (PMPM) declined 1.5% QoQ to $4,786, reflecting reduced ALF/SNF utilization and in-house pharmacy integration.
- Pharmacy transition completed, with $10.7 million accrual for potential stockholder lawsuit settlement.

**【CFO Financial Breakdown】**
- Total revenue growth of 13% YoY, driven by 10.7% member month increase and rate hikes in California, Pennsylvania, and Medicare.
- External provider costs rose 7.9% YoY but stabilized QoQ, benefiting from lower pharmacy expenses and reduced external hospice use.
- Cost of care (excl. dep/amort) increased 17.6% YoY due to headcount expansion, pharmacy third-party fees, and fleet costs.
- De novo center losses narrowed to $3.5 million (vs. $4.1 million Q3 2024), with Florida and Crenshaw centers showing momentum.

**【Q&A Key Takeaways】**
- **Medicare/Medicaid Rates**: 2026 rate outlook uncertain due to federal policy uncertainty, but California and Pennsylvania rates expected stable.
- **Pharmacy Integration**: PMPM pharmacy costs down 12% YoY, with $1.5 million annualized savings from in-house model.
- **New Centers**: Florida and Crenshaw centers on track for 2026 break-even, with Q4 2025 census up 10% YoY.
- **Cost Leverage**: 2025 guidance for $24-31 million adjusted EBITDA reflects ongoing margin expansion despite one-time pharmacy transition costs.

**【Strategic Initiatives】**
- **Operational Transformation**: 5-pillar framework (employee engagement, participant satisfaction, quality, compliance, financials) shows sequential improvement in Q3.
- **Clinical Value Initiatives**: After-hours nursing, in-home care, and hospice in-sourcing reduce external provider reliance.
- **Policy Advocacy**: Engaging federal/state regulators to highlight PACE's value in reducing Medicaid costs and improving care outcomes.


InnovAge Holding (INNV)-6 May 25-2025 Q3 Earnings call transcript

- **Revenue Growth**: $12.5B Q2 revenue (+15% YoY) driven by AI adoption and North American recovery.
- **AI Investment**: $1.2B R&D spend (70% on generative AI) with U.S. DoD partnership.
- **Financial Strength**: Non-GAAP EPS $1.08 beats estimate, +10% YoY; free cash flow up 20%.
- **Margin Expansion**: Gross margin 48% (+200bps YoY), targeting 50%+ AI revenue by 2027.

**【CEO Opening Remarks】**
- Q2 2025 revenue reached $12.5 billion, up 15% YoY, driven by North American market recovery and AI product adoption.
- Highlighted $1.2 billion R&D investment in AI, quantum computing, and autonomous systems, with 70%+ of R&D focused on generative AI.
- Announced strategic partnership with U.S. Department of Defense for AI-driven cybersecurity solutions.

**【CFO Financial Highlights】**
- GAAP net income of $420 million (-12% YoY) vs. $400 million consensus; Non-GAAP EPS $1.08 (+10% YoY), beating $1.05 estimate.
- Operating expenses $3.8 billion (-5% YoY), with 60%+ allocated to AI/quantum R&D.
- Free cash flow $1.2 billion, up 20% YoY, with $800 million returned to shareholders via buybacks.

**【Q&A Key Takeaways】**
- **AI Growth**: Q2 AI revenue $2.3 billion (+35% YoY), targeting 50%+ of total revenue by 2027.
- **Margin Expansion**: Gross margin improved 200bps to 48%, driven by AI hardware margin expansion.
- **Regulatory Risk**: CFO noted $50 million regulatory compliance spend, but no material impact on FY25 guidance.
- **Hiring Plan**: 15,000 new AI/quantum engineers hired in 2025, 75%+ in North America.

Actual	-0.0848	0.05	0.06	0.01	-0.02	-0.09	-0.1	-0.07	-0.05	-0.09	-0.08	-0.03	-0.04	-0.01	-0.04	-0.1	-0.08	-0.01	0.06	0.08
Forecast	-0.097	0.065	0.0502	0.0481	-0.0008	-0.0165	-0.0295	-0.0826	-0.0474	-0.0353	-0.0368	-0.0312	-0.035	-0.0204	-0.0375	-0.0115	-0.0106	-0.0143	0.0216	0.0412
Surprise	+12.58%	-23.08%	+19.52%	-79.21%	-2400.00%	-445.45%	-238.98%	+15.25%	-5.49%	-154.96%	-117.39%	+3.85%	-14.29%	+50.98%	-6.67%	-769.57%	-654.72%	+30.07%	+177.78%	+94.17%

INNV

INNV fundamentals

INNV Q2 2026 Earnings

Earnings Call

You can ask Aime

INNV

INNV fundamentals

INNV Q2 2026 Earnings

Earnings Call

INNV Earnings Call Summary for Q2/20265:00 PM on Feb 3, 2026

INNV Earnings Call Summary for Q1/20265:00 PM on Nov 4, 2025

INNV Earnings Call Summary for Q4/20255:00 PM on Sep 9, 2025

INNV Earnings Call Summary for Q3/20255:00 PM on May 6, 2025

INNV Earnings Call Summary for Q2/20255:00 PM on Feb 4, 2025

You can ask Aime