InnovAge raising full-year 2026 guidance and reiterating its ending census outlook
Q4 2025 results with non-GAAP EPS $0.08 (+180% YoY) and revenue $239.7M (+15% YoY), beating estimates; also reports Q2 2026 results
- Center-level contribution margin rose to 22% of revenue, +430 bps YoY on cost discipline.
- Medicaid and Medicare capitation rates and V28 impact better than initially forecast.
- Full-year FY26 guidance raised for revenue to $925–950M, EBITDA to $70–75M; census unchanged.
- Key risk: softer Q3 from flu, seasonality, and ongoing Medicaid redetermination execution.
- External provider cost per participant down YoY on lower nursing facility and pharmacy costs.
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