InnovAge Holding Corp.

Listed Company

INNVCIK 0001834376NasdaqEmerging GrowthServices-Health ServicesDelawareFY ends Jun 30

Period

FY 2025

Revenue

$853.70M

Net Income

$-30.31M

Total Assets

$526.85M

Equity

$234.97M

Shares Out

135.70M

Op. Cash Flow

$32.87M

Business

InnovAge Holding Corp. operates a healthcare delivery platform focused on providing all-inclusive, capitated care to frail, high-cost seniors, many of whom are dual-eligible for Medicare and Medicaid. It offers comprehensive medical and ancillary services through its Program of All-Inclusive Care for the Elderly (PACE), including in-home skilled and personal care, primary and specialty care, therapy services, dental and behavioral health, pharmacy, transportation, meals, and care management. The company manages its operations as a single reportable PACE segment centered on interdisciplinary care teams and a community-based care model. InnovAge delivers services through purpose-built care centers, in-home care, virtual care, and direct contractual relationships with government payors across multiple U.S. states.

Summary from filing dated 2025-09-09

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Total revenues	854	764	688	699	638
External provider costs	431	403	375	383	309
Cost of care, excluding depreciation and amortization	269	229	212	180	154
Sales and marketing	28	25	20	24	22
Corporate, general and administrative	122	111	116	102	132
Depreciation and amortization	20	19	15	14	12
Impairments and loss on assets held for sale	14	0	—	—	—
Total expenses	883	787	737	703	650
Operating Loss	−30	−23	−49	−4	−12
Interest expense, net	−5	−4	−2	−3	—
(Loss) gain on cost and equity method investments	−1	3	0	—	11
Other income, net	2	3	124,000	−305,000	−2
Total other (expense) income	−4	1	−1	−3	−23
Loss Before Income Taxes	−34	−22	−51	−7	−35
Provision for Income Taxes	1	1	−7	723,000	10
Net Loss	−35	−23	−44	−8	−45
Less: net loss attributable to noncontrolling interests	−5	−2	−3	−1	−754,000
Net Loss Attributable to InnovAge Holding Corp.	−30	−21	−41	−7	−44
Weighted-average number of common shares outstanding - basic (in shares)	135	136	136	136	124
Weighted-average number of common shares outstanding - diluted (in shares)	135	136	136	136	124
Net loss per share - basic (in dollars per share)	−0.22	−0.16	−0.3	−0.05	−0.36
Net loss per share - diluted (in dollars per share)	−0.22	−0.16	−0.3	−0.05	−0.36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	64	57	127	184	201
Short-term investments	42	46	46	0	—
Restricted cash	11,000	14,000	16,000	17,000	2
Accounts receivable, net of allowance ($ June 30, 2025 and $6,729 June 30, 2024)	36	48	24	36	33
Prepaid expenses	24	19	17	14	9
Income tax receivable	3	3	262,000	7	5
Assets held for sale	6	0	—	—	—
Total current assets	176	173	215	241	251
Property and equipment, net	168	193	192	176	—
Operating lease assets	27	28	21	0	—
Investments	0	3	5	5	3
Deposits and other	10	6	4	3	4
Goodwill	142	140	124	124	124
Other intangible assets, net	4	5	5	6	7
Total noncurrent assets	351	375	352	315	281
Total assets	527	548	567	556	532
Accounts payable and accrued expenses	77	55	55	51	32
Reported and estimated claims	59	55	43	38	33
Due to Medicaid and Medicare	14	15	9	9	7
Current portion of long-term debt	2	4	4	4	4
Current portion of finance lease obligations	5	5	5	3	2
Current portion of operating lease obligations	5	4	4	0	—
Liabilities held for sale	3	0	—	—	—
Total current liabilities	165	139	148	105	79
Deferred tax liability, net	9	7	6	18	16
Finance lease obligations	8	13	13	9	5
Operating lease obligations	24	26	19	0	—
Other noncurrent liabilities	1	1	1	1	3
Long-term debt, net of debt issuance costs	57	61	65	68	72
Total liabilities	264	248	253	202	174
Commitments and Contingencies (See Note 9)	—	—	—	—	—
Redeemable Noncontrolling Interest (See Note 4)	25	22	13	15	17
Common stock, $0.001 par value; 500,000,000 authorized as of each of June 30, 2025 and 2024; 136,903,271 issued and 135,440,292 outstanding as of June 30, 2025 and 136,152,858 issued and 136,116,299 outstanding as of June 30, 2024.	137,000	136,000	136,000	136,000	136,000
Treasury stock at cost, 1,462,979 and 36,559 shares as of June 30, 2025 and June 30, 2024, respectively	−8	−179,000	0	—	—
Additional paid-in capital	343	338	332	327	324
Retained deficit	−101	−68	−36	5	11
Total InnovAge Holding Corp.	235	269	296	332	335
Noncontrolling interests	3	8	6	6	6
Total stockholders equity	238	278	302	338	341
Total liabilities and stockholders equity	527	548	567	556	532

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Loss on disposal of assets	508,000	78,000	1	305,000	18,000
Provision for uncollectible accounts	524,000	7	3	6	9
Operating lease rentals	6	5	5	0	—
Amortization of deferred financing costs	429,000	429,000	429,000	429,000	1
Stock-based compensation	8	7	5	4	2
Deferred income taxes	1	1	−12	2	6
Other	2	1	167,000	0	—
Accounts receivable, net	11	−30	8	−10	6
Prepaid expenses	−4	−703,000	−3	−5	−5
Income tax receivable	14,000	−3	6	−1	−4
Deposits and other	−6	−3	−1	−475,000	−874,000
Accounts payable and accrued expenses	20	1	7	17	6
Reported and estimated claims	4	12	5	5	3
Due to Medicaid and Medicare	−814,000	6	12,000	2	−5
Income taxes payable	0	−1	1	0	—
Operating lease liabilities	−9	−6	−5	0	—
Deferred revenue	0	−28	28	—	—
Net cash provided by (used in) operating activities	33	−37	20	27	−8
Purchases of property and equipment	−6	−8	−23	−38	−18
Purchases of short-term investments	−2	−2	−46	0	—
Proceeds from sale of short-term investments	6	3	0	—	—
Proceeds from dissolution of equity method investments	1	5	0	—	—
Acquisition of business	−5	−24	0	—	—
Net cash used in investing activities	−6	−26	−70	−40	−20
Payments for finance lease obligations	−6	−5	−4	−3	−2
Principal payments on long-term debt	−4	−4	−4	−4	−513
Repurchase of equity securities	−7	−179,000	0	—	—
Contribution from joint venture partner	0	3	0	—	—
Taxes paid related to net settlements of stock-based compensation awards	−2	−1	0	—	—
Net cash used in financing activities	−19	−7	−8	−6	116
Net change in cash, cash equivalents and restricted cash including cash of $1.05 million reclassified to assets held for sale	8	−70	—	—	—
Less: change in cash and restricted cash reclassified to assets held for sale	−1	0	—	—	—
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS & RESTRICTED CASH	7	−70	−57	−19	89
Interest paid	4	4	4	1	18
Income taxes paid	1,000	4	13,000	84,000	7
Property and equipment included in accounts payable	2	181,000	882,000	2	1
Property and equipment purchased under capital leases	2	4	9	8	3

Filings

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