InnovAge Announces Financial Results for the Fourth Quarter and Fiscal Year Ended June 30, 2025

DENVER, Sept. 09, 2025 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced financial results for its fiscal fourth quarter and full year ended June 30, 2025. “Fiscal 2025 was a strong year. The combination of responsible growth, financial discipline, clinical performance, and compliance execution is what gives us confidence in the durability of our progress.” said Patrick Blair, CEO. “We expect Fiscal 2026 to continue that momentum.” Financial Results Three Months Ended Year Ended June 30,2025 June 30,2024 June 30,2025 June 30,2024in thousands, except percentages and per share amounts Total revenues$221,417 199,401 $853,699 $763,855 Loss Before Income Taxes (4,202) (946) (34,027) (21,819)Net Loss (5,009) (2,254) (35,343) (23,221)Net Loss margin(2.3)% (1.1)% (4.1)% (3.0)% Net Loss Attributable to InnovAge Holding Corp.$(785) $(1,700) $(30,313) $(21,338)Net Loss per share - basic and diluted (0.01) (0.01) (0.22) (0.16) Center-level Contribution Margin(1)$41,287 $36,578 $153,639 $132,064 Adjusted EBITDA(1) 11,326 5,237 34,462 16,474 Adjusted EBITDA margin(1) 5.1% 2.6% 4.0% 2.2% Fiscal Year 2025 Financial Performance Total revenue of $853.7 million, increased approximately 11.8% compared to $763.9 million in 2024Loss Before Income Taxes of $34.0 million, increased by 56.0% compared to a Loss Before Income Taxes of $21.8 million in 2024Loss Before Income Taxes as a percent of revenue of 4.0% increased 1.1 percentage points compared to Loss Before Income Tax as a percent of revenue of 2.9% in 2024Net loss of $35.3 million increased 52%, compared to a net loss of $23.2 million in 2024Net loss margin of 4.1%, increased 1.1 percentage points compared to a net loss margin of 3.0% in 2024Net loss attributable to InnovAge Holding Corp. of $30.3 million, or a loss of $0.22 per share, compared to a net loss of $21.3 million, or $0.16 per share in 2024Center-level Contribution Margin(1) of $153.6 million, increased 16.3% compared to $132.1 million in 2024Center-level Contribution Margin(1) as a percent of revenue of 18.0%, increased 0.7 percentage points compared to 17.3% in 2024Adjusted EBITDA(1) of $34.5 million, an increase of $18.0 million compared to $16.5 million in 2024Adjusted EBITDA(1) margin of 4.0%, an increase of 1.9 percentage points compared to 2.2% in 2024Census of approximately 7,740 participants compared to 7,020 participants in 2024 (1) Center-level Contribution Margin, Center-level Contribution Margin as a percent of revenue, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. For more details and for a definition and reconciliation of these non-GAAP measures to the most closely comparable GAAP measures for the periods indicated, see “Note Regarding Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Measures.” Full Fiscal Year 2026 Financial Guidance Based on information as of today, September 9, 2025, InnovAge is issuing the following financial guidance. Low High dollars in millionsCensus 7,900 8,100 Total Member Months(1) 91,600 94,400 Total revenues$900 $950 Adjusted EBITDA(2) 56 65 Expected results and estimates may be impacted by factors outside the Company’s control, and actual results may be materially different from this guidance. See “Forward-Looking Statements - Safe Harbor” included herein. (1) We define Total Member Months as the total number of participants multiplied by the number of months within a year in which each participant was enrolled in our program. Management believes this is a useful metric as it more precisely tracks the number of participants the Company serves throughout the year. (2)Adjusted EBITDA is a non-GAAP measure. See “Note Regarding Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Measures” for a definition of historical Adjusted EBITDA and a reconciliation to net loss, the most closely comparable GAAP measure. The Company is unable to provide guidance for net loss or a reconciliation of the Company’s Adjusted EBITDA guidance because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. The Company’s inability to do so is due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities and other one-time or exceptional items. Conference Call The Company will host a conference call this afternoon at 5:00 p.m. Eastern Time. A live audio webcast of the call will be available on the Company’s website, https://investor.innovage.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for a limited time. To access the call by phone, please go to this link (registration link), for dialing instructions and a unique access pin. We encourage participants to dial into the call fifteen minutes ahead of the scheduled start time. About InnovAge InnovAge is a market leader in managing the care of high-cost, frail, and predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE). With a mission of enabling older adults to age independently in their own homes for as long as safely possible, InnovAge’s patient-centered care model is designed to improve the quality of care its participants receive while reducing over-utilization of high-cost care settings. InnovAge believes its PACE healthcare model is one in which all constituencies — participants, their families, providers and government payors — “win.” As of June 30, 2025, InnovAge served approximately 7,740 participants across 20 centers in six states. https://www.innovage.com/. Investor Contact: Ryan Kubotarkubota@innovage.com Media Contact: Lara Hazenfieldlhazenfield@innovage.com Forward-Looking Statements - Safe HarborThis press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements may be identified by the fact that they do not relate strictly to historical or current facts. Examples of forward-looking statements include, among others, statements we may make regarding quarterly or annual guidance; financial outlook, including future revenues and future earnings; the viability of our growth strategy including our ability or expectations to increase the number of participants we serve, build and/or open de novo centers, or to identify and execute tuck-in acquisitions, joint ventures and strategic partnerships; the expected impact of government policies and the macroeconomic environment; our ability to control costs, mitigate the effects of elevated expenses or reduced healthcare budgets, expand our payer capabilities, implement clinical value and operational value initiatives and strengthen enterprise functions; results of periodic inspections, reviews and audits, legal proceedings and government investigations and actions; relationships and discussions with regulatory agencies; our ability to effectively implement Company-wide transformation initiatives; reimbursement and regulatory developments; market developments; new pharmacy services; and the effects of any of the foregoing on our future results of operations or financial conditions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on currently available information and our current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control and may cause our actual results and financial condition to differ materially. Important factors that could cause our actual results and financial condition to differ materially include, among others, the following: (i) the viability of our growth strategy, including our ability to find suitable geographies for new centers and to attract new participant and retain existing participants in new and existing centers and our ability to obtain licenses to open such centers; (ii) our ability to identify, successfully complete and integrate acquisitions, joint ventures another strategic partnerships; (iii) the impact on our business from ongoing macroeconomic related challenges, including labor shortages, labor competition, inflation, tariffs and trade disputes; (iv) inspections, reviews, audits and investigations under the federal and state government programs, including our ability to sufficiently cure any deficiencies identified; (v) legal proceedings, enforcement actions and litigation and disputes, which are costly to defend; (vi) under our PACE contracts, we assume all of the risk that the cost of providing services will exceed our compensation; (vii) the dependence of our revenues upon a limited number of government payors, including the risk of sudden loss of any of our government contracts; (viii) the impact of state and federal efforts to reduce healthcare spending, including recent legislation reducing the budget that funds Medicaid; (ix) the risk that our submissions to government payors may contain inaccurate or unsupportable information, including regarding risk adjustment scores of participants, subjecting us to repayment obligations or penalties; (x) and our ability to comply with the continued listing requirements of Nasdaq. Forward-looking statements are based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. We advise you to not place undue reliance on forward-looking statements and to review our risk factors and other disclosures included in the reports we file or furnish with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Note Regarding Use of Non-GAAP Financial MeasuresIn addition to reporting financial information in accordance with generally accepted accounting principles (“GAAP”), the Company is also reporting Center-level Contribution Margin, Center-level Contribution Margin as a percent of revenue, Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures. These non-GAAP measures are supplemental measures of operating performance monitored by management that are not defined under GAAP and that do not represent, and should not be considered as, an alternative to net income (loss) before income taxes, net income (loss) before income taxes margin, net income (loss) and net income (loss) margin, as applicable, as determined by GAAP. We believe that these non-GAAP measures are appropriate measures of operating performance because the metrics eliminate the impact of certain expenses that, in the case of Adjusted EBITDA, do not relate to our ongoing business performance, allowing us to more effectively evaluate our core operating performance and trends from period to period. Our definitions and calculations of non-GAAP measures may vary and not be comparable to similarly titled measures reported by other companies. We believe that these non-GAAP measures help investors and analysts in comparing our results across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other comparable GAAP financial measures. The Company’s management uses Center-level Contribution Margin as the measure for assessing performance of its operating segments and allocating resources, predominantly in the annual budget and forecasting process. For the purpose of evaluating Center-level Contribution Margin on a center-by-center basis, we do not allocate our sales and marketing expense or corporate, general and administrative expenses across our centers. We define Center-level Contribution Margin as total revenues less external provider costs and cost of care, excluding depreciation and amortization, which includes all medical and pharmacy costs. We define Adjusted EBITDA as net loss adjusted for interest expense, net, other investment income, depreciation and amortization, and provision (benefit) for income tax as well as addbacks for non-recurring expenses or exceptional items, including charges relating to management equity compensation, litigation costs and settlement, M&A diligence, transaction and integration, business optimization, electronic medical record (EMR) implementation, gain (loss) on cost and equity method investments, asset impairments and loss on sale of assets. Adjusted EBITDA margin is Adjusted EBITDA expressed as a percentage of our total revenue. Schedule 1 InnovAgeCONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT NUMBER OF SHARES) June 30,2025 June 30,2024Assets Current Assets Cash and cash equivalents$64,129 $56,946 Short-term investments 41,775 45,833 Restricted cash 11 14 Accounts receivable, net of allowance ($— – June 30, 2025 and $6,729 – June 30, 2024) 36,373 48,106 Prepaid expenses 24,472 18,919 Income tax receivable 3,310 3,324 Assets held for sale 6,038 — Total current assets 176,108 173,142 Noncurrent Assets Property and equipment, net 168,044 193,022 Operating lease assets 26,901 28,416 Investments — 2,645 Deposits and other 9,875 5,949 Goodwill 142,046 139,949 Other intangible assets, net 3,877 4,538 Total noncurrent assets 350,743 374,519 Total assets$526,851 $547,661 Liabilities and Stockholders' Equity Current Liabilities Accounts payable and accrued expenses$76,750 $55,459 Reported and estimated claims 58,971 55,404 Due to Medicaid and Medicare 14,382 15,197 Current portion of long-term debt 2,250 3,795 Current portion of finance lease obligations 5,234 4,599 Current portion of operating lease obligations 4,682 4,145 Liabilities held for sale 2,538 — Total current liabilities 164,807 138,599 Noncurrent Liabilities Deferred tax liability, net 8,761 7,460 Finance lease obligations 7,535 12,743 Operating lease obligations 23,918 26,275 Other noncurrent liabilities 1,458 1,298 Long-term debt, net of debt issuance costs 57,464 61,478 Total liabilities 263,943 247,853 Commitments and Contingencies (See Note 9) Redeemable Noncontrolling Interest (See Note 4) 25,010 22,200 Stockholders’ Equity 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. 137 136 Treasury stock at cost, 1,462,979 and 36,559 shares as of June 30, 2025 and June 30, 2024, respectively (7,500) (179)Additional paid-in capital 343,378 337,615 Retained deficit (101,047) (68,311)Total InnovAge Holding Corp. 234,968 269,261 Noncontrolling interests 2,930 8,347 Total stockholders’ equity 237,898 277,608 Total liabilities and stockholders’ equity$526,851 $547,661 Schedule 2 InnovAgeCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(IN THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE DATA) Three Months Ended Year Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues Capitation revenue$221,060 $199,080 $852,353 $762,570 Other service revenue 357 321 1,346 1,285 Total revenues 221,417 199,401 853,699 763,855 Expenses External provider costs 108,169 102,691 431,152 403,010 Cost of care, excluding depreciation and amortization 71,961 60,132 268,908 228,781 Sales and marketing 7,100 6,541 28,217 24,957 Corporate, general and administrative 27,823 29,591 122,058 111,337 Depreciation and amortization 3,394 5,329 19,510 18,950 Impairments and loss on assets held for sale 5,120 — 13,615 — Total expenses 223,567 204,284 883,460 787,035 Operating Loss (2,150) (4,883) (29,761) (23,180) Other Income (Expense) Interest expense, net (893) (1,404) (4,612) (4,023)(Loss) gain on cost and equity method investments (1,409) 4,842 (1,393) 2,842 Other income, net 250 499 1,739 2,542 Total other (expense) income (2,052) 3,937 (4,266) 1,361 Loss Before Income Taxes (4,202) (946) (34,027) (21,819)Provision for Income Taxes 807 1,308 1,316 1,402 Net Loss (5,009) (2,254) (35,343) (23,221)Less: net loss attributable to noncontrolling interests (4,224) (554) (5,030) (1,883)Net Loss Attributable to InnovAge Holding Corp.$(785) $(1,700) $(30,313) $(21,338) Weighted-average number of common shares outstanding - basic 135,133,574 136,023,975 135,387,555 135,902,214 Weighted-average number of common shares outstanding - diluted 135,133,574 136,023,975 135,387,555 135,902,214 Net loss per share - basic$(0.01) $(0.01) $(0.22) $(0.16)Net loss per share - diluted$(0.01) $(0.01) $(0.22) $(0.16) Schedule 3 InnovAgeCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(IN THOUSANDS) Year Ended June 30, 2025 2024Operating Activities Net loss$(35,343) $(23,221)Adjustments to reconcile net loss to net cash provided by (used in) operating activities Loss on disposal of assets 508 78 Provision for uncollectible accounts 524 7,010 Depreciation and amortization 19,510 18,950 Operating lease rentals 6,361 5,339 Loss (gain) on cost and equity method investments 1,393 (2,842)Impairments and loss on assets held for sale 13,615 — Amortization of deferred financing costs 429 429 Stock-based compensation 7,619 6,832 Deferred income taxes 1,301 1,224 Other 1,714 1,449 Changes in operating assets and liabilities, net of acquisitions Accounts receivable, net 11,210 (30,333)Prepaid expenses (4,041) (703)Income tax receivable 14 (3,062)Deposits and other (6,419) (2,829)Accounts payable and accrued expenses 20,431 1,370 Reported and estimated claims 3,567 12,294 Due to Medicaid and Medicare (814) 6,054 Income taxes payable — (1,212)Operating lease liabilities (8,713) (5,610)Deferred revenue — (28,115)Net cash provided by (used in) operating activities 32,866 (36,898)Investing Activities Purchases of property and equipment (6,263) (7,914)Purchases of short-term investments (2,065) (2,385)Proceeds from sale of short-term investments 6,300 3,000 Proceeds from dissolution of equity method investments 1,252 4,842 Acquisition of business (4,774) (23,916)Net cash used in investing activities$(5,550) $(26,373)Financing Activities Payments for finance lease obligations (6,107) (4,637)Principal payments on long-term debt (3,799) (3,795)Repurchase of equity securities (7,321) (179)Contribution from joint venture partner — 2,900 Taxes paid related to net settlements of stock-based compensation awards (1,855) (1,323)Net cash used in financing activities (19,082) (7,034) Net change in cash, cash equivalents and restricted cash including cash of $1.05 million reclassified to assets held for sale 8,234 (70,305)Less: change in cash and restricted cash reclassified to assets held for sale (1,054) — INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS & RESTRICTED CASH 7,180 (70,305)CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD 56,960 127,265 CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD$64,140 $56,960 Supplemental Cash Flows Information Interest paid$4,348 $4,063 Income taxes paid$1 $4,452 Property and equipment included in accounts payable$1,734 $181 Property and equipment purchased under capital leases$1,533 $4,142 Schedule 4 InnovAgeRECONCILIATION OF GAAP AND NON-GAAP MEASURES(IN THOUSANDS) (UNAUDITED) Adjusted EBITDA Three Months Ended Year Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net Loss$(5,009) $(2,254) $(35,343) $(23,221)Interest expense, net 893 1,404 4,612 4,023 Other investment income(a) (497) (598) (2,247) (2,385)Depreciation and amortization 3,394 5,329 19,510 18,950 Provision for income tax 807 1,308 1,316 1,402 Stock-based compensation 1,550 1,692 7,619 6,832 Litigation costs and settlement(b) 1,626 2,076 19,367 4,878 M&A diligence, transaction and integration(c) (222) 394 1,360 778 Business optimization(d) 2,195 727 3,040 4,399 EMR implementation(e) — 1 — 3,660 Loss (gain) on cost and equity method investments(f) 1,393 (4,842) $1,393 $(2,842)Asset impairments and loss on assets held for sale(g) 4,976 — 13,615 — Loss on sale of assets(h) 220 — 220 — Adjusted EBITDA$11,326 $5,237 $34,462 $16,474 Net loss margin(2.3)% (1.1)% (4.1)% (3.0)%Adjusted EBITDA margin 5.1% 2.6% 4.0% 2.2% (a)Reflects investment income related to short term investments included in our consolidated statements of operations. (b)Reflects charges/(credits) related to litigation by stockholders, litigation related to de novo center, civil investigative demands, and arbitration with our former pharmacy provider. Costs reflected consist of litigation costs considered one-time in nature and outside of the ordinary course of business based on the following considerations which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) complexity of the case, (iii) nature of the remedies sought, (iv) litigation posture of the Company, (v) counterparty involved, and (vi) the Company's overall litigation strategy. For the year ended June 30, 2025, includes $10.1 million accrued in connection with the potential settlement of the previously disclosed stockholder class action. (c)Reflects charges related to M&A transaction and integrations. (d)Reflects charges related to business optimization initiatives. Such charges related to one-time investments in projects designed to enhance our technology and compliance systems and improve and support the efficiency and effectiveness of our operations. For the year ended June 30, 2025 this includes (i) $2.5 million of costs associated with organizational restructure and executive severance, and (ii) $0.5 million related to other non-recurring projects aimed at reducing costs and improving efficiencies. For the year ended June 30, 2024, this includes (i) $3.1 million of costs associated with third party consultants to implement core provider initiatives, assess our risk-bearing capabilities, and strengthen our enterprise capabilities, (ii) $0.3 million of costs associated with organizational restructure, and (iii) $0.9 million related to other non-recurring projects aimed at reducing costs and improving efficiencies. For the three months ended June 30, 2025, this includes $2.1 million of costs associated with third party consultants to implement core provider initiatives, assess our risk-bearing capabilities, and strengthen our enterprise capabilities. For the three months ended June 30, 2024, costs include (i) $0.5 million in third party consultants to implement our core provider initiatives, assess our risk-bearing payor capabilities, and strengthen our enterprise capabilities and (ii) $0.2 million in fees associated with the Pinewood Lodge, LLLP (PWD”) dissolution. (e)Reflects non-recurring expenses relating to the implementation of a new EMR vendor. (f)For the year ended June 30, 2025, reflects $2.6 million impairment loss for the investment in DispatchHealth Holdings Inc. partially offset by $1.3 million net benefit associated with the dissolution of the PWD partnership. For the year ended June 30, 2024, reflects $4.8 million net benefit associated with the dissolution of the PWD partnership partially offset by $2.0 million impairment in Jetdoc investment. (g)Reflects (i) impairment charges related to ROU asset and construction in progress related to halting developments to a previously planned de novo center in Louisville, Kentucky that the Company is no longer pursuing, (ii) loss on assets held for sale, and (iii) loss on settlement of lease liability in Louisville, Kentucky. (h)Reflects loss on sale of center equipment that was originally purchased for the center in Louisville, Kentucky. Three Months Ended March 31, 2025 Net Loss$(11,133)Interest expense, net 1,160 Other investment income(a) (503)Depreciation and amortization 5,386 Provision for income tax 72 Stock-based compensation 2,035 Litigation costs and settlement(b) 13,277 M&A diligence, transaction and integration(c) 202 Business optimization(d) 152 EMR implementation(e) — Loss on cost and equity method investments(f) — Asset impairments and loss on assets held for sale(g) 144 Adjusted EBITDA$10,792 Net loss margin(5.8)%Adjusted EBITDA margin 5.6% (a)Reflects investment income related to short term investments included in our consolidated statement of operations. (b)Reflects charges/(credits) related to litigation by stockholders, litigation related to de novo center, and civil investigative demands. Costs reflected consist of litigation costs considered one-time in nature and outside of the ordinary course of business based on the following considerations which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) complexity of the case, (iii) nature of the remedies sought, (iv) litigation posture of the Company, (v) counterparty involved, and (vi) the Company's overall litigation strategy. For the three months ended March 31, 2025, includes $10.7 million accrued in connection with the potential settlement of the previously disclosed stockholder class action. (c)Reflects charges related to M&A transaction and integrations. (d)Reflects charges related to business optimization initiatives. Such charges relate to one-time investments in projects designed to enhance our technology and compliance systems and improve and support the efficiency and effectiveness of our operations. For the three months ended March 31, 2025, this primarily includes costs related to other non-recurring projects aimed at reducing costs and improving efficiencies. (e)Reflects non-recurring expenses relating to the implementation of a new EMR vendor. (f)Reflects (i) impairment charges related to ROU asset and construction in progress related to halting developments to a previously planned de novo center in Louisville, Kentucky that the Company is no longer pursuing and (ii) loss on sale of center equipment that was originally purchased for the center in Louisville, Kentucky. (g)Reflects impairment charges related to our minority equity interest in Jetdoc, Inc. Center-Level Contribution Margin Year Ended June 30, 2025 Year Ended June 30, 2024in thousandsPACE All other(1) Totals PACE All other(1) TotalsCapitation revenue$852,353 $— $852,353 $762,570 $— $762,570 Other service revenue 356 990 1,346 310 975 1,285 Total revenues 852,709 990 853,699 762,880 975 763,855 External provider costs 431,152 — 431,152 403,010 — 403,010 Cost of care, excluding depreciation and amortization 268,338 570 268,908 228,203 578 228,781 Center-Level Contribution Margin 153,219 420 153,639 131,667 397 132,064 Sales and marketing 28,217 24,957 Corporate, general and administrative 122,058 111,337 Depreciation and amortization 19,510 18,950 Impairments and loss on assets held for sale 13,615 — Operating loss (29,761) (23,180)Other income (4,266) 1,361 Loss Before Income Taxes $(34,027) $(21,819)Loss Before Income Taxes as a % of revenue (4.0)% (2.9)%Center- Level Contribution Margin as a % of revenue 18.0% 17.3% Three Months Ended June 30, 2025 Three Months Ended June 30, 2024in thousandsPACE All other(1) Totals PACE All other(1) TotalsCapitation revenue$221,060 $— $221,060 $199,080 $— $199,080 Other service revenue 104 253 357 78 243 321 Total revenues 221,164 253 221,417 199,158 243 199,401 External provider costs 108,169 — 108,169 102,691 — 102,691 Cost of care, excluding depreciation and amortization 71,816 145 71,961 59,976 156 60,132 Center-Level Contribution Margin 41,179 108 41,287 36,491 87 36,578 Sales and marketing 7,100 6,541 Corporate, general and administrative 27,823 29,591 Depreciation and amortization 3,394 5,329 Impairments and loss on assets held for sale 5,120 — Operating loss (2,150) (4,883)Other income (2,052) 3,937 Loss Before Income Taxes $(4,202) $(946)Loss Before Income Taxes as a % of revenue (1.9)% (0.5)%Center- Level Contribution Margin as a % of revenue 18.6% 18.3% Center-Level Contribution Margin Three Months Ended March 31, 2025(In thousands)PACE All other(1) TotalsCapitation revenue$217,819 $— $217,819 Other service revenue 79 244 323 Total revenues 217,898 244 218,142 External provider costs 107,896 — 107,896 Cost of care, excluding depreciation and amortization 69,372 127 69,499 Center-Level Contribution Margin 40,630 117 40,747 Sales and marketing 6,922 Corporate, general and administrative 38,597 Depreciation and amortization 5,386 Impairments and loss on assets held for sale — Operating Loss (10,158)Other income (903)Loss Before Income Taxes (11,061)Loss Before Income Taxes as a % of revenue (5.1)%Center- Level Contribution Margin as a % of revenue 18.7% (1)Center-level Contribution Margin from a segment below the quantitative thresholds was attributable to the Senior Housing operating segment of the Company as of June 30, 2025. This segment has never met any of the quantitative thresholds for determining reportable segments. This press release was published by a CLEAR® Verified individual.

InnovAge Announces Financial Results for the Fourth Quarter and Fiscal Year Ended June 30, 2025

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