InnovAge Holding Corp.
Business
InnovAge is the leading provider of Programs of All-Inclusive Care for the Elderly (PACE), serving approximately 7,740 frail, dual-eligible seniors through 20 community-based care centers across six states. The company delivers fully-capitated, value-based care covering all medical and ancillary services including primary care, in-home care, therapy, mental health, transportation, and care coordination. InnovAge operates as a vertically integrated healthcare provider receiving direct capitation payments from Medicare and Medicaid, enabling it to assume full financial risk for participant healthcare costs while keeping seniors in their homes and communities.
Summary from 10-K filed 2025-09-09
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 |
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Institutional Holders
Frequently asked questions
What is InnovAge Holding Corp.'s CIK number?
InnovAge Holding Corp.'s SEC CIK number is 0001834376 (1834376). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find InnovAge Holding Corp.'s SEC filings?
All of InnovAge Holding Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did InnovAge Holding Corp. last report earnings?
InnovAge Holding Corp. (INNV) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001834376-26-000018). This is InnovAge Holding Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is InnovAge Holding Corp.'s most recent earnings 8-K?
InnovAge Holding Corp.'s latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001834376-26-000018. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View InnovAge Holding Corp.'s latest earnings 8-K →
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