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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 | -11.5% | 11.8% | - |
| 2024 | $764M | $1M | $-21M | $-45M | -7.1% | 11.0% | - |
| 2023 | $688M | $-34M | $-41M | $-3M | -12.9% | -1.5% | - |
| 2022 | $699M | $9M | $-7M | $-11M | -1.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 698.64 | 688.09 | 763.86 | 853.70 |
| 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 |
| Operating Income | -4.41 | -49.40 | -23.18 | -16.15 |
| EBITDA | 9.21 | -33.85 | 1.15 | -9.90 |
| EBIT | -4.71 | -49.27 | -17.80 | -29.41 |
| Pretax Income | -7.24 | -50.79 | -21.82 | -34.03 |
| Tax Provision | 0.72 | -7.24 | 1.40 | 1.32 |
| Net Income | -6.52 | -40.67 | -21.34 | -30.31 |
| Net Income Common Stockholders | -6.52 | -40.67 | -21.34 | -30.31 |
| Total Expenses | 703.05 | 737.48 | 787.03 | 869.85 |
| Interest Expense | 2.53 | 1.52 | 4.02 | 4.61 |
| Selling General And Administration | 125.85 | 135.26 | 136.29 | 150.28 |
| Normalized EBITDA | 9.21 | -33.85 | 1.15 | 3.71 |
| Normalized Income | -6.52 | -40.67 | -21.34 | -19.56 |
| Basic EPS | -0.05 | -0.30 | -0.16 | 0 |
| Diluted EPS | -0.05 | -0.30 | -0.16 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | -2.86 |
| Tax Rate For Calcs | 0.21 | 0.14 | 0.21 | 0.21 |
| Total Unusual Items | 0 | 0 | 0 | -13.62 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | -13.62 |
| Net Income From Continuing Operation Net Minority Interest | -6.52 | -40.67 | -21.34 | -30.31 |
| Reconciled Depreciation | 13.92 | 15.42 | 18.95 | 19.51 |
| Reconciled Cost Of Revenue | 563.27 | 586.80 | 631.79 | 700.06 |
| Net Interest Income | -2.53 | -1.52 | -4.02 | -4.61 |
| Net Income From Continuing And Discontinued Operation | -6.52 | -40.67 | -21.34 | -30.31 |
| Total Operating Income As Reported | -4.41 | -49.40 | -23.18 | -29.76 |
| Diluted Average Shares | 135.52 | 135.59 | 135.90 | 0 |
| Basic Average Shares | 135.52 | 135.59 | 135.90 | 0 |
| Diluted NI Availto Com Stockholders | -6.52 | -40.67 | -21.34 | -30.31 |
| Minority Interests | 1.44 | 2.88 | 1.88 | 5.03 |
| Net Income Including Noncontrolling Interests | -7.96 | -43.55 | -23.22 | -35.34 |
| Net Income Continuous Operations | -7.96 | -43.55 | -23.22 | -35.34 |
| Other Income Expense | -0.30 | 0.12 | 5.38 | -13.27 |
| Other Non Operating Income Expenses | -0.30 | 0.12 | 2.54 | 1.74 |
| Special Income Charges | 0 | 0 | 0 | -13.62 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 13.62 |
| Earnings From Equity Interest | 0 | 0 | 2.84 | -1.39 |
| Net Non Operating Interest Income Expense | -2.53 | -1.52 | -4.02 | -4.61 |
| Interest Expense Non Operating | 2.53 | 1.52 | 4.02 | 4.61 |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| 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 |
| Selling And Marketing Expense | 24.20 | 19.63 | 24.96 | 28.22 |
| General And Administrative Expense | 101.65 | 115.64 | 111.34 | 122.06 |
| Other Gand A | 101.65 | 115.64 | 111.34 | 122.06 |
| Operating Revenue | 697 | 686.84 | 762.57 | 852.35 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| InnovAge Holding Corp.this co. | INNV | $1.1B | 161.40↑ premium | 4.27 | -11.5% | 25.32 |
| Jade Biosciences, Inc. | JBIO | $1.1B | - | 3.31 | -38.3% | -6.74 |
| Zenas BioPharma, Inc. | ZBIO | $1.1B | - | - | -156.0% | -3.15 |
| EyePoint, Inc. | EYPT | $1.1B | - | 32.47 | -75.8% | -4.95 |
| Pacira BioSciences, Inc. | PCRX | $1.1B |
| 149.91 |
| 1.52 |
| 1.0% |
| 10.73 |
| CareDx, Inc. | CDNA | $1.1B | - | 3.49 | -7.0% | -124.58 |
| Teladoc Health, Inc. | TDOC | $1.1B | - | 0.77 | -14.5% | 39.94 |
| IRADIMED CORPORATION | IRMD | $1.1B | 47.83 | 11.31 | 23.8% | 37.30 |
| The Pennant Group, Inc. | PNTG | $1.1B | 36.56 | 3.22 | 7.9% | 25.85 |
| Peer Median | - | 47.83 | 3.31 | -10.8% | 3.79 | |