InnovAge Holding Corp.

InnovAge Holding Corp. operates a PACE-based healthcare delivery platform for frail seniors, with care centered on all-inclusive, capitated services for participants who are often dually eligible for Medicare and Medicaid. The company is headquartered in Denver and runs one reportable segment, PACE, across centers in six U.S. states.

−1,2 %

18,0 %

−3,6 %

+11,8 %

1.07

1.07

— InnovAge Holding Corp.
%
PACE care delivery98% Integrated medical, social, and supportive care delivered through PACE centers and home/community services.
Capitation revenue97% Monthly per-participant payments from Medicare and Medicaid under state PACE contracts.
Other service revenue1% Ancillary revenue mainly from state food grants and rent-related income.
Pharmacy operations1% Acquired pharmacy assets and related management services supporting participant medication needs.

InnovAge serves older adults who are medically complex, often dual-eligible for Medicare and Medicaid, and eligible for...

  • Dual-eligible seniorsprimary

    Older adults covered by both Medicare and Medicaid who need coordinated, all-inclusive care.

  • PACE-eligible frail seniorsprimary

    Participants meeting nursing-home-level-of-care criteria who use PACE to stay in the community.

  • Government payorsprimary

    State Medicaid agencies and Medicare arrangements that fund the capitated model.

  • Health system partnerssecondary

    Hospitals and local providers that support market entry, referrals, and joint ventures.

InnovAge is a U.S.-only operator with centers in California, Colorado, Florida, New Mexico, Pennsylvania, and Virginia...

  • •U.S. operations only, with no disclosed international revenue
  • •20 PACE centers across six states
  • •California and Pennsylvania are important contract markets
  • •Florida is a growth market with new de novo centers
  • •Local state contracting and regulation shape expansion

InnovAge is focused on filling existing center capacity, opening de novo centers, and using tuck-in acquisitions and...

01
Grow census at existing centersshort-term

Higher participant density improves operating leverage in a capitated care model.

02
Build de novo centersmedium-term

New centers expand the platform into attractive markets and support long-term unit economics.

03
Acquire and partner in target geographiesmedium-term

Tuck-ins and joint ventures accelerate market entry and participant growth.

04
Maintain regulatory complianceshort-term

PACE operations depend on state and federal compliance to preserve contracts and avoid remediation costs.

InnovAge’s results depend on participant growth, state payor relationships, and strict compliance with PACE...

high

Growth strategy may not prove viable

Expansion depends on new geographies, participant recruitment, and successful center execution.

Scope
Enrollment, new center launches, acquisitions, partnerships
Materiality
high
high

Regulatory and contractual compliance failures

PACE is heavily regulated and state contracts must be maintained in good standing.

Scope
Audits, remediation plans, state contract renewals
Materiality
high
high

Dependence on government payors

The model relies on Medicare and Medicaid capitation rates and state contracting.

Scope
Revenue concentration in public payors
Materiality
high
medium

Cybersecurity and privacy breaches

The company and vendors handle sensitive PHI/PII and face HIPAA-related obligations.

Scope
Third-party service providers and internal systems
Materiality
medium
medium

Pharmacy business execution risk

InnovAge has limited prior experience operating pharmacy services and may not realize expected synergies.

Scope
Acquired pharmacy assets and management services agreement
Materiality
medium
medium

Refinancing and liquidity risk

Debt maturities can pressure cash flow and require refinancing on acceptable terms.

Scope
Term loan maturity and revolving facility usage
Materiality
medium
Capitation revenue recognition
Affects timing and stability of reported revenue
Participant and provider cost estimates
Affects margins and quarterly earnings volatility
Acquisition accounting for pharmacy assets
Can affect amortization, goodwill, and future impairment risk
Lease and center expansion accounting
Affects right-of-use assets, depreciation, and occupancy costs

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: 28/04/2026