Q2 2026 InnovAge Holding Corp Earnings Call Transcript
Key Points
- InnovAge Holding Corp (INNV) reported total revenues of $239.7 million for the second quarter, a 14.7% increase compared to the same period in fiscal year 2025.
- The company achieved an adjusted EBITDA margin of 9.2%, meeting its intermediate-term target of 8% to 9% for the first time.
- InnovAge Holding Corp (INNV) successfully reinstated Medicaid coverage for many participants, contributing to stronger-than-expected census growth.
- The company demonstrated strong medical cost management, particularly in managing in-patient and skilled nursing utilization.
- InnovAge Holding Corp (INNV) raised its full-year fiscal 2026 guidance, expecting total revenue between $925 million and $950 million and adjusted EBITDA between $70 million and $75 million.
- The company faces challenges with Medicaid redeterminations and enrollment processing, which remain a work in progress.
- InnovAge Holding Corp (INNV) anticipates a softer third quarter due to slower enrollment gains and a particularly bad flu season.
- There is a need to further improve participant retention, as voluntary disenrollment is about 6% on an annualized basis.
- The company is still working on reducing unwarranted variation in provider practice patterns, which requires time and thoughtful change management.
- InnovAge Holding Corp (INNV) incurred $4.7 million in de novo center losses, primarily related to its Tampa and Orlando centers in Florida.
Good day and thank you for standing by. Welcome to the InnovAge's second-quarter 2026 earnings conference call.
(Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)
I would now like to hand the conference over to your speaker today, Ryan Kubota, Director of Investor Relations.
Thank you, operator. Good afternoon and thank you, all, for joining the InnovAge's 2026 fiscal second-quarter earnings call.
With me today is Patrick Blair, CEO; and Ben Adams, CFO.
Today, after the market closed, we issued an earnings press release containing detailed information on our fiscal second-quarter results. You may access the release on the Investor Relations section of our company website, innovage.com.
For those listening to the rebroadcast of this call, we remind you that the remarks made herein are as of today, Tuesday, February 3, 2026; and have not been updated, subsequent to this call.
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