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- **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

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INNV

INNV fundamentals

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