INNV · InnovAge Holding Corp.

InnovAge reported a solid fiscal third quarter for 2026, characterized by robust revenue growth and significant operational leverage, despite a widening GAAP net loss. Total revenues rose 15.5% year-over-year to $251.9 million, attributed by management to stronger performance across centers and the benefits of prior platform investments. The company served approximately 8,050 participants, an increase from 7,530 in the prior year period. Operational efficiency improved markedly, with Center-level Contribution Margin expanding 49.8% to $61.0 million, driving Adjusted EBITDA to $30.5 million compared to $10.8 million in the same quarter last year. However, the GAAP Net Loss widened to $29.9 million, or $0.22 per share, compared to a loss of $11.1 million in the prior year. The press release attributes the divergence between Adjusted EBITDA growth and GAAP net loss performance to specific reconciling items, though the exact breakdown of the $60 million variance requires reconciliation details typically found in the full financial statements. CEO Patrick Blair highlighted continued reinvestment in clinical teams and technology to sustain long-term participant outcomes. Reflecting confidence in year-to-date performance, management raised full-year fiscal 2026 guidance, projecting total revenues between $950 million and $975 million and Adjusted EBITDA between $85 million and $90 million. The company maintains a liquidity position of $138.6 million in cash and short-term investments against $69.4 million in total debt.