InnovAge reported its Q4 results for its Fiscal Year 2026 last night after close; we discuss the outperformance in 2026 and reasons for optimism around PACE looking forward below.
The Takeaway:
Pay attention to PACE as we enter 2027. InnovAge’s stock, already up 100%+ in 2026, is trading up ~10% after hours after posting Q4 2026 results above expectations, while providing FY 2027 guidance indicating solid profitability growth. Most notably, Innovage’s leadership shared promising updates on DC’s interest in expanding the reach of PACE programs — see below for more on that.
Note: Innovage’s fiscal year ends June 30th.
Key Data:
Innovage’s FY2026 results:
Revenue increased to $990 million for FY 2026, up ~16% from FY 2025
Net loss shrank to $0.7 million for FY 2026, a 98% decrease from $35.3 million in FY 2025
Adj EBITDA was $94.6 million in FY 2026, up $60.1 million from $34.5 million in FY 2025. Adj EBITDA margin was 9.6%, up 5% from FY 2025
Patient census for 2026 was 8,230 patients, up 7,740 patients from 2025
Innovage’s FY2027 Guidance:
Targeting 8,625 - 8,850 patients, 5% - 7.5% census growth
Revenue of $1.05 billion - $1.085 billion
Adj EBITDA of $105m - $115m
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