INNV on Nasdaq
InnovAge Holding Corp.
InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, seniors, many of whom are dual-eligible.4 From its latest annual report
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Last updated Oct 19, 2026.
Overview
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- TickerINNV on Nasdaq1
- IndustryServices-Health Services1
- HeadquartersDenver, Colorado1
- Incorporated inDE3
- Business address8950 E. Lowry Boulevard, Denver, Co 802303
- Filer categoryAccelerated filer, Smaller reporting company3
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InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, seniors, many of whom are dual-eligible. Our programs are designed to address two of the most pressing challenges facing the U.S. healthcare industry: rising costs and poor outcomes. The purpose of our participant-centered care delivery approach is to improve the quality of care our participants receive, while keeping them in their homes for as long as safely possible and reducing over-utilization of high-cost care settings such as hospitals and nursing homes. Through our Program of All-Inclusive Care for the Elderly (“PACE”), we fulfill a broad range of medical and ancillary services for seniors, including in-home care services (skilled, unskilled and personal care), in-center services such as primary care, physical therapy, occupational therapy…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2026
23.0%Gross margin2
0.3%Operating margin2
-0.3%Net margin2
15.9%Revenue growth, 20262
-1.1%Return on equity2
0.19×Debt to equity2
$50.4MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Capitation revenue brought in 100% of the revenue InnovAge Holding Corp. broke down this way in fiscal 2026.
Products and services by year
| Products and services | 2025 | 2026 |
|---|---|---|
| Capitation revenue | $852.4M | $988.4M |
| Other service revenue | $1.3M | $1.3M |
Business segments
PACE brought in 100% of the revenue InnovAge Holding Corp. broke down this way in fiscal 2026.
Business segments by year
| Business segments | 2025 | 2026 |
|---|---|---|
| PACE | $852.7M | $989.5M |
| Other Operating | $990.0K | $257.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2026
- Other costs100¢$988.8M
- Income tax0¢$949.0K
Out of $989.7M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2026
- Capital spending22¢$14.3M
- Kept or used elsewhere78¢$50.4M
Out of $64.7M of cash from operations.2
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2026-06-30 | 2025-06-30 |
|---|---|---|
| Total revenues | $989.7M | $853.7M |
| External provider costs | $449.8M | $431.2M |
| Cost of care, excluding depreciation and amortization | $312.1M | $268.9M |
| Sales and marketing | $34.4M | $28.2M |
| Corporate, general and administrative | $166.5M | $122.1M |
| Depreciation and amortization | $21.1M | $19.5M |
| Impairments and loss on assets held for sale | $3.2M | $13.6M |
| Total expenses | $987.1M | $883.5M |
| Operating Income (Loss) | $2.6M | -$29.8M |
| Interest expense, net | -$4.3M | -$4.6M |
| Loss on cost and equity method investments | $0 | -$1.4M |
| Other income, net | $1.9M | $1.7M |
| Total other expense | -$2.4M | -$4.3M |
| Income (Loss) Before Income Taxes | $266.0K | -$34.0M |
| Provision for Income Taxes | $949.0K | $1.3M |
| Net Loss | -$683.0K | -$35.3M |
| Less: net income (loss) attributable to noncontrolling interests | $1.9M | -$5.0M |
| Net Loss Attributable to InnovAge Holding Corp. | -$2.5M | -$30.3M |
| Weighted-average number of common shares outstanding - basic (in shares) | 135.7M shares | 135.4M shares |
| Weighted-average number of common shares outstanding - diluted (in shares) | 135.7M shares | 135.4M shares |
| Net loss per share - basic (in dollars per share) | -$0.02 | -$0.22 |
| Net loss per share - diluted (in dollars per share) | -$0.02 | -$0.22 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.2
| Period ending | 2026-06-30 | 2025-06-30 | 2024-06-30 |
|---|---|---|---|
| Cash and cash equivalents | $97.9M | $64.1M | |
| Short-term investments | $43.4M | $41.8M | |
| Restricted cash | $10.0K | $11.0K | |
| Accounts receivable | $42.4M | $36.4M | |
| Prepaid expenses and other | $27.3M | $24.5M | |
| Income tax receivable | $3.3M | $3.3M | |
| Assets held for sale | $0 | $6.0M | |
| Total current assets | $214.3M | $176.1M | |
| Property and equipment, net | $166.1M | $168.0M | |
| Operating lease assets | $21.4M | $26.9M | |
| Deposits and other | $10.3M | $9.9M | |
| Goodwill | $142.0M | $142.0M | $139.9M |
| Other intangible assets, net | $3.2M | $3.9M | |
| Total noncurrent assets | $343.1M | $350.7M | |
| Total assets | $557.4M | $526.9M | |
| Accounts payable and accrued expenses | $115.4M | $76.8M | |
| Reported and estimated claims | $56.9M | $59.0M | |
| Due to Medicaid and Medicare | $18.3M | $14.4M | |
| Current portion of long-term debt | $2.5M | $2.2M | |
| Current portion of finance lease obligations | $6.3M | $5.2M | |
| Current portion of operating lease obligations | $4.6M | $4.7M | |
| Liabilities held for sale | $0 | $2.5M | |
| Total current liabilities | $203.9M | $164.8M | |
| Deferred tax liability, net | $9.1M | $8.8M | |
| Finance lease obligations | $8.3M | $7.5M | |
| Operating lease obligations | $19.8M | $23.9M | |
| Other noncurrent liabilities | $2.1M | $1.5M | |
| Long-term debt, net of debt issuance costs | $45.5M | $57.5M | |
| Total liabilities | $288.6M | $263.9M | |
| Redeemable Noncontrolling Interest (See Note 4) | $30.0M | $25.0M | $22.2M |
| Common stock, $0.001 par value; 500,000,000 authorized as of each of June 30, 2026 and 2025; 137,483,028 issued and 136,020,049 outstanding as of June 30, 2026 and 136,903,271 issued and 135,440,292 outstanding as of June 30, 2025. | $137.0K | $137.0K | |
| Treasury stock at cost, 1,462,979 and 1,462,979 shares as of June 30, 2026 and June 30, 2025, respectively | -$7.5M | -$7.5M | |
| Additional paid-in capital | $348.7M | $343.4M | |
| Retained deficit | -$105.8M | -$101.0M | |
| Total InnovAge Holding Corp. | $235.6M | $235.0M | |
| Noncontrolling interests | $3.2M | $2.9M | |
| Total stockholders equity | $238.8M | $237.9M | $277.6M |
| Total liabilities and stockholders equity | $557.4M | $526.9M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock authorized (in shares) | 500.0M shares | 500.0M shares | |
| Common stock issued (in shares) | 137.5M shares | 136.9M shares | |
| Common stock outstanding (in shares) | 136.0M shares | 135.4M shares | |
| Treasury stock at cost (in shares) | 1.5M shares | 1.5M shares |
| Period ending | 2026-06-30 | 2025-06-30 | 2024-06-30 |
|---|---|---|---|
| Cash and cash equivalents | $97.9M | $64.1M | |
| Short-term investments | $43.4M | $41.8M | |
| Restricted cash | $10.0K | $11.0K | |
| Accounts receivable | $42.4M | $36.4M | |
| Prepaid expenses and other | $27.3M | $24.5M | |
| Income tax receivable | $3.3M | $3.3M | |
| Assets held for sale | $0 | $6.0M | |
| Total current assets | $214.3M | $176.1M | |
| Property and equipment, net | $166.1M | $168.0M | |
| Operating lease assets | $21.4M | $26.9M | |
| Deposits and other | $10.3M | $9.9M | |
| Goodwill | $142.0M | $142.0M | $139.9M |
| Other intangible assets, net | $3.2M | $3.9M | |
| Total noncurrent assets | $343.1M | $350.7M | |
| Total assets | $557.4M | $526.9M | |
| Accounts payable and accrued expenses | $115.4M | $76.8M | |
| Reported and estimated claims | $56.9M | $59.0M | |
| Due to Medicaid and Medicare | $18.3M | $14.4M | |
| Current portion of long-term debt | $2.5M | $2.2M | |
| Current portion of finance lease obligations | $6.3M | $5.2M | |
| Current portion of operating lease obligations | $4.6M | $4.7M | |
| Liabilities held for sale | $0 | $2.5M | |
| Total current liabilities | $203.9M | $164.8M | |
| Deferred tax liability, net | $9.1M | $8.8M | |
| Finance lease obligations | $8.3M | $7.5M | |
| Operating lease obligations | $19.8M | $23.9M | |
| Other noncurrent liabilities | $2.1M | $1.5M | |
| Long-term debt, net of debt issuance costs | $45.5M | $57.5M | |
| Total liabilities | $288.6M | $263.9M | |
| Redeemable Noncontrolling Interest (See Note 4) | $30.0M | $25.0M | $22.2M |
| Common stock, $0.001 par value; 500,000,000 authorized as of each of June 30, 2026 and 2025; 137,483,028 issued and 136,020,049 outstanding as of June 30, 2026 and 136,903,271 issued and 135,440,292 outstanding as of June 30, 2025. | $137.0K | $137.0K | |
| Treasury stock at cost, 1,462,979 and 1,462,979 shares as of June 30, 2026 and June 30, 2025, respectively | -$7.5M | -$7.5M | |
| Additional paid-in capital | $348.7M | $343.4M | |
| Retained deficit | -$105.8M | -$101.0M | |
| Total InnovAge Holding Corp. | $235.6M | $235.0M | |
| Noncontrolling interests | $3.2M | $2.9M | |
| Total stockholders equity | $238.8M | $237.9M | $277.6M |
| Total liabilities and stockholders equity | $557.4M | $526.9M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock authorized (in shares) | 500.0M shares | 500.0M shares | |
| Common stock issued (in shares) | 137.5M shares | 136.9M shares | |
| Common stock outstanding (in shares) | 136.0M shares | 135.4M shares | |
| Treasury stock at cost (in shares) | 1.5M shares | 1.5M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2026-06-30 | 2025-06-30 |
|---|---|---|
| Net loss | -$683.0K | -$35.3M |
| (Gain) loss on disposal of assets | -$418.0K | $508.0K |
| Provision for uncollectible accounts | $0 | $524.0K |
| Depreciation and amortization | $21.1M | $19.5M |
| Operating lease rentals | $6.9M | $6.4M |
| Loss (gain) on cost and equity method investments | $0 | $1.4M |
| Impairments and loss on assets held for sale | $3.2M | $13.6M |
| Amortization of deferred financing costs | $772.0K | $429.0K |
| Stock-based compensation | $7.0M | $7.6M |
| Deferred income taxes | $289.0K | $1.3M |
| Other | $3.1M | $1.7M |
| Accounts receivable | -$6.0M | $11.2M |
| Prepaid expenses and other | -$2.8M | -$4.0M |
| Income tax receivable | $34.0K | $14.0K |
| Deposits and other | -$1.9M | -$6.4M |
| Accounts payable and accrued expenses | $38.4M | $20.4M |
| Reported and estimated claims | -$2.1M | $3.6M |
| Due to Medicaid and Medicare | $3.9M | -$814.0K |
| Operating lease liabilities | -$6.0M | -$8.7M |
| Net cash provided by operating activities | $64.7M | $32.9M |
| Purchases of property and equipment | -$14.3M | -$6.3M |
| Purchases of short-term investments | -$1.7M | -$2.1M |
| Proceeds from sale of short-term investments | $0 | $6.3M |
| Proceeds from dissolution of equity method investments | $0 | $1.3M |
| Acquisition of business | $0 | -$4.8M |
| Proceeds from sale of assets held for sale | $3.7M | $0 |
| Net cash used in investing activities | -$12.3M | -$5.5M |
| Payments for finance lease obligations | -$5.2M | -$6.1M |
| Proceeds from long-term debt | $60.1M | $0 |
| Principal payments on long-term debt | -$71.3M | -$3.8M |
| Payment of debt issuance costs | -$2.0M | $0 |
| Repurchase of equity securities | $0 | -$7.3M |
| Contributions from joint venture partner | $3.2M | $0 |
| Distributions to joint venture partner | -$1.6M | $0 |
| Taxes paid related to net settlements of stock-based compensation awards | -$1.7M | -$1.9M |
| Net cash used in financing activities | -$18.5M | -$19.1M |
| Net change in cash, cash equivalents and restricted cash including cash of $0.08 million reclassified to assets held for sale | $33.8M | $8.2M |
| Less: change in cash and restricted cash reclassified to assets held for sale | -$82.0K | -$1.1M |
| INCREASE IN CASH, CASH EQUIVALENTS & RESTRICTED CASH | $33.8M | $7.2M |
| Interest paid | $4.2M | $4.3M |
| Income taxes paid | $627.0K | $1.0K |
| Property and equipment included in accounts payable | $1.3M | $1.7M |
| Property and equipment purchased under capital leases | $7.0M | $1.5M |
No quarter-by-quarter statement was filed.
Leadership
Who has led InnovAge Holding Corp., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
2025
- Chief executive officerPatrick T. Blair Dec 5, 2022 to now13
- Chief executive officerMaureen Hewitt Mar 3, 2021 to Mar 12, 202114
- PresidentJennifer Browne Jun 8, 2026 to now15
- PresidentMichael Anthony Scarbrough Nov 4, 2024 to Jun 8, 202616
- PresidentMaureen Hewitt Mar 3, 2021 to Mar 12, 202114
- PresidentPatrick T. Blair Dec 3, 2021 to Sep 4, 202417
- Chief financial officerBarbara Gutierrez Mar 3, 2021 to Mar 15, 202118
- Chief operating officerJennifer Browne Jun 8, 2026 to now15
- Chief operating officerMichael Anthony Scarbrough Nov 4, 2024 to Jun 8, 202616
- Chief operating officerMaria Lozzano Mar 3, 2021 to Mar 3, 202119
Board members and other officers (19)
- Chief Medical OfficerPaul Taheri Aug 17, 2026 to now20
- Chief Administrative OfficerMeredith Delk Oct 9, 2025 to now21
- CHIEF OPERATIONS OFFICERChristine Bent Mar 23, 2023 to Jun 7, 202422
- CHIEF MEDICAL OFFICERRichard Feifer Aug 17, 2022 to Aug 19, 202423
- CHIEF MEDICAL OFFICERMelissa Welch Mar 3, 2021 to Mar 3, 202124
- CHIEF SALES AND MKTG. OFFICERRobin Doerr Mar 3, 2021 to Mar 16, 202125
- Board memberPatricia Fontneau Apr 3, 2023 to now26
- Board memberTeresa Sparks Aug 14, 2023 to now27
- Board memberJames G. Carlson Jul 5, 2022 to now28
- Board memberAndrew J. Cavanna Mar 3, 2021 to Mar 3, 202129
- Board memberCaroline Dechert Mar 3, 2021 to Mar 3, 202130
- Board memberEdward Moore Kennedy Jr. Mar 3, 2021 to now31
- Board memberMarilyn B. Tavenner Mar 3, 2021 to now32
- Board memberMaureen Hewitt Mar 3, 2021 to Mar 12, 202114
- Board memberPavithra Mahesh Mar 3, 2021 to now33
- Board memberRichard C. Zoretic Mar 3, 2021 to now34
- Board memberSean Traynor Mar 3, 2021 to now35
- Board memberThomas Scully Mar 3, 2021 to Sep 19, 202236
- General counselNicole Damato Sep 24, 2021 to now37
Former names
- TCO GROUP HOLDINGS, INC.Dec 17, 2020 to Jan 20, 20213
Timeline
Filings
212 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 52 major events, 113 insider forms, 2 large holders, 24 other. The latest 20:
- Sep 29, 20264 EDGAR
- Sep 28, 20264 EDGAR
- Sep 28, 20264 EDGAR
- Sep 28, 20264 EDGAR
- Sep 25, 2026144 EDGAR
- Sep 24, 20268-K EDGAR
- Sep 24, 2026424B4 EDGAR
- Sep 22, 2026424B7 EDGAR
- Sep 9, 202610-K EDGAR
- Sep 8, 20268-K EDGAR
- Sep 8, 20264 EDGAR
- Sep 8, 20264 EDGAR
- Sep 8, 20264 EDGAR
- Aug 17, 20263 EDGAR
- Aug 4, 2026EFFECT EDGAR
- Jul 31, 2026S-3 EDGAR
- Jul 27, 20264 EDGAR
- Jul 23, 20264 EDGAR
- Jul 23, 20264 EDGAR
- Jul 23, 20264 EDGAR
The 212 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
29 open-market trades by officers, directors and large owners since October 2021: 12 buys and 17 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 25, 2026 | DAMATO NICOLECHIEF LEGAL OFFICER | Sale | 23,814 | $8.70 | $207.2K | Form 4 |
| Sep 24, 2026 | TCO GROUP HOLDINGS, L.P.10% owner | Sale | 10,000,000 | $9.25 | $92.5M | Form 4 |
| Sep 24, 2026 | IGNITE AGGREGATOR LP10% owner | Sale | 10,000,000 | $9.25 | $92.5M | Form 4 |
| Sep 24, 2026 | WCAS CO-INVEST ASSOCIATES LLC10% owner | Sale | 10,000,000 | Form 4 | ||
| Nov 14, 2025 | SCARBROUGH MICHAEL ANTHONYPresident and COO | Sale | 33,000 | $4.90 | $161.7K | Form 4 |
| May 30, 2025 | ZORETIC RICHARD CDirector | Buy | 8,450 | $4.08 | $34.5K | Form 4 |
| May 29, 2025 | ZORETIC RICHARD CDirector | Buy | 14,265 | $4.04 | $57.6K | Form 4 |
| May 28, 2025 | ZORETIC RICHARD CDirector | Buy | 20,000 | $4.06 | $81.2K | Form 4 |
| May 23, 2025 | ZORETIC RICHARD CDirector | Buy | 1,198 | $3.93 | $4.7K | Form 4 |
| May 22, 2025 | ZORETIC RICHARD CDirector | Buy | 700 | $4.09 | $2.9K | Form 4 |
| May 21, 2025 | ZORETIC RICHARD CDirector | Buy | 1,147 | $4.13 | $4.7K | Form 4 |
| May 20, 2025 | ZORETIC RICHARD CDirector | Buy | 807 | $4.20 | $3.4K | Form 4 |
| May 16, 2025 | ZORETIC RICHARD CDirector | Buy | 2,086 | $4.28 | $8.9K | Form 4 |
| May 13, 2025 | SCARBROUGH MICHAEL ANTHONYPresident and COO | Buy | 10,000 | $3.89 | $38.9K | Form 4 |
| May 12, 2025 | SCARBROUGH MICHAEL ANTHONYPresident and COO | Buy | 13,000 | $3.73 | $48.5K | Form 4 |
| May 9, 2025 | SCARBROUGH MICHAEL ANTHONYPresident and COO | Buy | 10,000 | $3.55 | $35.5K | Form 4 |
| Nov 6, 2024 | DAMATO NICOLECHIEF LEGAL OFFICER | Sale | 1,660 | $6.54 | $10.9K | Form 4 |
| Sep 17, 2024 | DAMATO NICOLECHIEF LEGAL OFFICER | Sale | 7,521 | $6.00 | $45.1K | Form 4 |
| Sep 16, 2024 | DAMATO NICOLECHIEF LEGAL OFFICER | Sale | 4,372 | $5.95 | $26.0K | Form 4 |
| Jul 18, 2023 | DAMATO NICOLECHIEF LEGAL OFFICER | Sale | 4,000 | $7.12 | $28.5K | Form 4 |
All 29 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- TCO GROUP HOLDINGS, L.P.SC 13G/A, 2 filings Feb 11, 2022 to Nov 13, 202438
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15SEC EDGARJennifer Browne, President
- 16
- 17SEC EDGARPatrick T. Blair, President
- 18
- 19
- 20SEC EDGARPaul Taheri, Chief Medical Officer
- 21
- 22
- 23
- 24SEC EDGARMelissa Welch, CHIEF MEDICAL OFFICER
- 25
- 26SEC EDGARPatricia Fontneau, Board member
- 27SEC EDGARTeresa Sparks, Board member
- 28SEC EDGARJames G. Carlson, Board member
- 29SEC EDGARAndrew J. Cavanna, Board member
- 30SEC EDGARCaroline Dechert, Board member
- 31
- 32SEC EDGARMarilyn B. Tavenner, Board member
- 33SEC EDGARPavithra Mahesh, Board member
- 34SEC EDGARRichard C. Zoretic, Board member
- 35SEC EDGARSean Traynor, Board member
- 36SEC EDGARThomas Scully, Board member
- 37SEC EDGARNicole Damato, General counsel
- 38