Q4 2025 InnovAge Holding Corp Earnings Call Transcript
Key Points
- InnovAge Holding Corp (INNV) reported a revenue increase of 11% in Q4 2025 compared to the previous year, reaching $221.4 million.
- The company achieved a significant improvement in adjusted EBITDA, more than doubling year-over-year to $11.3 million, representing a 5.1% margin.
- InnovAge Holding Corp (INNV) successfully expanded its center level contribution margin to 18% for the full fiscal year 2025, up 70 basis points from the previous year.
- The company ended fiscal 2025 with a census of approximately 7,740 participants, reflecting a 10.3% annual growth.
- InnovAge Holding Corp (INNV) formed strategic partnerships, such as a joint venture with Orlando Health, to extend its reach and strengthen provider networks.
- InnovAge Holding Corp (INNV) reported a net loss of $35.3 million for fiscal year 2025, compared to a net loss of $23.2 million in the previous year.
- The company faced challenges with Medicaid redeterminations, which are expected to be a headwind to census and member progression in the first half of fiscal year 2026.
- There was a decrease in Medicare rates associated with decreasing risk scores as new participants entered with lower risk scores.
- InnovAge Holding Corp (INNV) incurred $15.4 million in de novo losses in fiscal year 2025, primarily related to new centers in Florida.
- The transition to the B-28 Medicare Advantage payment model is expected to be a headwind over the next few years, impacting revenue growth.
Thank you for standing by, and welcome to the InnovAge fourth-quarter 2025 earnings conference call. (Operator Instructions) And now I'd like -- as a reminder, today's program is being recorded.
And now I'd like to introduce your host for today's program, Ryan Kubota, Director of Investor Relations. Please go ahead, sir.
Thank you, operator. Good afternoon, and thank you all for joining the InnovAge's 2025 Fourth Quarter and Fiscal Year-end Earnings Call. With me today is Patrick Blair, CEO; Ben Adams, CFO; Michael Scarborough, President and COO, will also be joining the Q&A of the call.
Today, after the market closed, we issued an earnings press release containing detailed information on our 2025 fiscal fourth quarter and year-end results. You may access the release on the Investor Relations section of our company website, innovate.com. For those listening to the rebroadcast of this call, we remind you that the remarks made herein are as of today, Tuesday, September 9,
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