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InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to and from the PACE center and third-party medical appointments; and care management. It serves participants in the United States; and operates PACE centers in Colorado, California, New Mexico, Pennsylvania, Florida, and Virginia. The company was formerly known as TCO Group Holdings, Inc. and changed its name to InnovAge Holding Corp. in January 2021. InnovAge Holding Corp. was founded in 1989 and is headquartered in Denver, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $854M | $-10M | $-30M | $27M | -12.9% | 11.8% | 42.1% |
| 2024 | $764M | $1M | $-21M | $-45M | -7.9% | 11.0% | -47.5% |
| 2023 | $688M | $-34M | $-41M | $-3M | -13.7% | -1.5% | 523.7% |
| 2022 | $699M | $9M | $-7M | $-11M | -2.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 698.64 | 688.09 | 763.86 | 853.70 |
| Operating Revenue | - | 697 | 686.84 | 762.57 | 852.35 |
| Cost Of Revenue | - | 563.27 | 586.80 | 631.79 | 700.06 |
| Gross Profit | - | 135.37 | 101.29 | 132.06 | 153.64 |
| Operating Expense | - | 139.78 | 150.68 | 155.24 | 169.78 |
| Selling General And Administration | - | 125.85 | 135.26 | 136.29 | 150.28 |
| Total Expenses | - | 703.05 | 737.48 | 787.04 | 869.84 |
| Operating Income | - | -4.41 | -49.40 | -23.18 | -16.15 |
| Total Operating Income As Reported | - | -4.41 | -49.40 | -23.18 | -29.76 |
| EBITDA | - | 9.21 | -33.85 | 1.15 | -9.90 |
| Normalized EBITDA | - | 9.21 | -33.85 | 1.15 | 3.71 |
| EBIT | - | -4.71 | -49.27 | -17.80 | -29.42 |
| Interest Expense | - | 2.53 | 1.52 | 4.02 | 4.61 |
| Net Interest Income | - | -2.53 | -1.52 | -4.02 | -4.61 |
| Other Non Operating Income Expenses | - | -0.30 | 0.12 | 2.54 | 1.74 |
| Other Income Expense | - | -0.30 | 0.12 | 5.38 | -13.27 |
| Interest Expense Non Operating | - | 2.53 | 1.52 | 4.02 | 4.61 |
| Net Non Operating Interest Income Expense | - | -2.53 | -1.52 | -4.02 | -4.61 |
| Pretax Income | - | -7.24 | -50.79 | -21.82 | -34.03 |
| Tax Provision | - | 0.72 | -7.24 | 1.40 | 1.32 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | -2.86 |
| Net Income Continuous Operations | - | -7.96 | -43.55 | -23.22 | -35.34 |
| Net Income From Continuing And Discontinued Operation | - | -6.52 | -40.67 | -21.34 | -30.31 |
| Net Income From Continuing Operation Net Minority Interest | - | -6.52 | -40.67 | -21.34 | -30.31 |
| Net Income | - | -6.52 | -40.67 | -21.34 | -30.31 |
| Net Income Common Stockholders | - | -6.52 | -40.67 | -21.34 | -30.31 |
| Net Income Including Noncontrolling Interests | - | -7.96 | -43.55 | -23.22 | -35.34 |
| Normalized Income | - | -6.52 | -40.67 | -21.34 | -19.56 |
| Diluted NI Availto Com Stockholders | - | -6.52 | -40.67 | -21.34 | -30.31 |
| Basic Average Shares | 123.62 | 135.52 | 135.59 | 135.90 | - |
| Diluted Average Shares | 123.62 | 135.52 | 135.59 | 135.90 | - |
| Reconciled Depreciation | - | 13.92 | 15.42 | 18.95 | 19.51 |
| Reconciled Cost Of Revenue | - | 563.27 | 586.80 | 631.79 | 700.06 |
| Total Unusual Items | -14.48 | 0 | - | 0 | -13.62 |
| Total Unusual Items Excluding Goodwill | -14.48 | 0 | - | 0 | -13.62 |
| Minority Interests | - | 1.44 | 2.88 | 1.88 | 5.03 |
| Special Income Charges | -14.48 | 0 | - | 0 | -13.62 |
| Other Special Charges | 14.48 | - | - | - | - |
| Impairment Of Capital Assets | - | - | - | 0 | 13.62 |
| Depreciation Amortization Depletion Income Statement | - | 13.92 | 15.42 | 18.95 | 19.51 |
| Depreciation And Amortization In Income Statement | - | 13.92 | 15.42 | 18.95 | 19.51 |
| General And Administrative Expense | - | 101.65 | 115.64 | 111.34 | 122.06 |
| Other Gand A | - | 101.65 | 115.64 | 111.34 | 122.06 |
| Other Operating Expenses | 18.21 | - | - | - | - |
| Selling And Marketing Expense | - | 24.20 | 19.63 | 24.96 | 28.22 |
| Earnings From Equity Interest | - | 0 | 0 | 2.84 | -1.39 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| InnovAge Holding Corp.this co. | INNV | $977M | -32.24 | 4.16 | -12.9% | -102.40 |
| QuidelOrtho Corporation | QDEL | $1.0B | -0.92 | 0.54 | -58.9% | -7.68 |
| EyePoint, Inc. | EYPT | $1.0B | -4.43 | 3.36 | -75.8% | -4.13 |
| Artivion, Inc. | AORT | $1.0B | 103.65 | 2.26 | 2.2% | 18.87 |
| Corvus Pharmaceuticals, Inc. | CRVS | $986M | -64.49 |
| - |
| - |
| - |
| - |
| - |
| 16.10 |
| -25.0% |
| -22.91 |
| U.S. Physical Therapy, Inc. | USPH | $940M | 62.41 | 1.97 | 3.2% | 11.12 |
| Anteris Technologies Global Corp. | AVR | $939M | - | 48.67 | -238.4% | - |
| Olema Pharmaceuticals, Inc. | OLMA | $933M | -5.74 | 1.95 | -33.9% | -4.99 |
| Nutex Health Inc. | NUTX | $930M | 13.13 | 2.82 | 21.5% | 3.81 |
| Peer Median | - | -0.92 | 2.54 | -29.5% | -4.13 | |