Innovage Holding Corp. · NASDAQ:INNV
Innovage — JPM Healthcare Conference 2026
30 slides from Innovage's conference presentation, January 2026
Slide 1: JPM Healthcare Conference January 2026
d JPM Healthcare Conference January 2026
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements: Non-GAAP Financial Measures: These presentation materials contain forward-looking statements within the meaning of the This presentation includes certain non-GAAP financial measures, including center-level U.S. Private Securities Litig
Slide 3: Company highlights
Company highlights We enable medically and socially complex frail seniors to live independently in the community and avoid nursing homes InnovAge is a scaled, vertically integrated payor-provider platform Our proven model of care is preferred by participants and their families delivering personalize
Slide 4: InnovAge at a glance
InnovAge at a glance We are: A value-based payor and provider focused on helping frail seniors avoid permanent nursing homes 20 care centers (plus 2 6 states1 ~ 7,890 participants1 under development)1 We deliver: 2,440 2.3M 265B Comprehensive, personalized, interdisciplinary care for high-cost, ~ ~
Slide 5: From stabilization to scale: building a platform for sustainable growth
From stabilization to scale: building a platform for sustainable growth Last 2 years: Next 2 years: 2024+ Strengthen Foundation Optimize Platform • Built a scalable technology and operating backbone • Drive responsible growth while expanding margins • Established payor-grade utilization and cost • R
Slide 6: Operational discipline is translating into growth and profitability
Operational discipline is translating into growth and profitability Census Total Revenues Adjusted EBITDA & Margin1 $ in Millions $ in Millions $65 $950 $70.0 4.5% 8,100 4.0% $56 7,900 $900 4.0% $60.0 7,740 3.5% $50.0 $853.7 3.0% $40.0 2.2% 2.5% 7,020 $34.5 2.0% $763.9 $30.0 1.5% 6,400 $20.0 $16.5 1
Slide 7: Operating model defined by true provider and payor integration
Operating model defined by true provider and payor integration Fully Integrated. Not Delegated. Defining Attributes InnovAge / PACE • Payor and provider are the same entity, fully unified economics • Single operating model with no delegated risk and no coordination layer Care Delivery (Provider) • C
Slide 8: Comprehensive, high-touch care model designed to deliver outcomes, not maximize throughput
Comprehensive, high-touch care model designed to deliver outcomes, not maximize throughput 100 InnovAge Differentiators % • Integrated approach and execution • Ability to direct all non-emergent care InnovAge Model Incentivizes physicians • Best practices • 24/7 Care (e.g. after-hours Patient Engage
Slide 9: Purpose-built to serve the nation's most medically and socially complex seniors
Purpose-built to serve the nation’s most medically and socially complex seniors Who We Serve Participant Demographics Average Risk Adjustment Factor Average Participant Statistics Age (Years)3 2.42 1.03 1 Medicare Average2 > 10 Number of 13 2 Number of + Activities of daily living 19 85+ % 14% 55-64
Slide 10: Superior outcomes despite serving a more complex population
Superior outcomes despite serving a more complex population 10 % Lower Rate of IP admits + 40 % Lower Rate of RAF Adjusted < 50of the Voluntary % per 1,0001 compared to 30-day readmit rate3 compared Disenrollment5 compared FFS Frail Elderly2 to Medicare Advantage4 to Medicare Advantage6 (634 vs. 704
Slide 11: Greater control of the total cost of care through deeper integration of risk and care delivery
Greater control of the total cost of care through deeper integration of risk and care delivery Our Model How We Differ Results We Attain Full-risk, not delegated PACE1 PCP VBC2 MA3 InnovAge PMPM medical costs bend the • 100% Medicare (Parts C&D) cost curve as the platform scales Full Partial Full •
Slide 12: Large attractive market with strong tailwinds and accelerating growth
Large attractive market with strong tailwinds and accelerating growth Key Sector Trends Historical and Projected PACE Enrollment (000s)1 Bipartisan interest in removing barriers to growth, encouraging ~18% CAGR expansion, and envisioning new populations to serve 200 MACPAC highlighted PACE as the mo
Slide 13: InnovAge is highly differentiated from other PACE providers due to our scale and diversification
InnovAge is highly differentiated from other PACE providers due to our scale and diversification States with PACE Market Overview WA ME • Market made up of subscale, mostly single-state players 3 MT ND 0 OR 0 1 MN VT 0 NH • More than half of all PACE organizations have less 1 ID 0 NY 0 0 WY SD 0 WI
Slide 14: Joint ventures accelerate impact in our communities
Joint ventures accelerate impact in our communities Joint Venture Benefits • Aligns mission in the community to serve frail, complex seniors • Co-branding unites local trust in health system with InnovAge’s PACE expertise, expanding care access, supporting aging in place, and improving outcomes • Cr
Slide 15: Key financial observations
Key financial observations Operational improvements have expanded Meaningful embedded earnings margins and driven accelerating opportunity driven by: profitability 7.5% $ 44.3M Utilizing excess center capacity Continued responsible 1QFY26 Generated positive Operating AEBITDA margin1 Cash Flow on TTM
Slide 16: Our full-risk model enables us to capture a portion of the value we create for CMS and states
Our full-risk model enables us to capture a portion of the value we create for CMS and states 1 Care provided by Illustrative InnovAge Economics non-InnovAge providers 1 • Capital intensive specialties (e.g. inpatient Risk-Adjusted care, assisted living, outpatient care) PMPM Payment for External Pa
Slide 17: Continued momentum over last ~3 years creates credibility for repeatable top line growth
Continued momentum over last ~3 years creates credibility for repeatable top line growth with improving margins and accelerating profitability Census (Quarterly) Total Revenues (Quarterly) +9.4% 7,890 +13.4% $236.1 CAGR 7,740 CAGR 7,480 7,530 $221.4 $218.1 7,210 $209.0 7,020 $205.1 6,820 $199.4 6,78
Slide 18: Fiscal 2026 guidance
Fiscal 2026 guidance Census Member Months1 Total Revenue Adjusted EBITDA† De Novo Losses 7.9K- 91.6K- $ 900M- $ 56M- 13.4M- $ 8.1K 94.4K $950M $65M $15.4M 18 1. We define Member Months as the total number of participants as of period end multiplied by the number of months within a year in which each
Slide 19: InnovAge: Key Takeaways
InnovAge: Key Takeaways A structurally differentiated, full-risk payor–provider platform InnovAge combines full Medicare and Medicaid risk with deep, employed care delivery, enabling greater control over total cost of care than delegated or coordination-based models Purpose-built for the most comple
Slide 20: Q&A
Q&A 20
Slide 21: Appendix
Appendix
Slide 22: Our mission in action
Our mission in action Tampa General Grand Opening InnovAge Tour Video https://www.youtube.com/watch?v=ERDNDIy2RXI https://www.youtube.com/watch?v=RnGETw6igBg 22
Slide 23: Non-GAAP Trailing 12-Month Cash Flow from Operations
Non-GAAP Trailing 12-Month Cash Flow from Operations ($ in thousands) For the 3 months ended For the 12 months ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2025 Net cash provided by operating activities $ 6,753 $ 24,628 $ 9,001 $ 3,924 $ 44,306 Net cash used
Slide 24: Non-GAAP Adjusted EBITDA
Non-GAAP Adjusted EBITDA ($ in thousands) For the 3 months ended September 30, 2025 Net income $ 7,669 Interest expense, net 1,251 Other investment income1 (499) Depreciation and amortization 5,085 Provision for income tax 274 Stock-based compensation 2,308 Litigation costs and settlements2 979 M&A
Slide 25: Non-GAAP Trailing 12-Month Adjusted EBITDA
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) For the 12 months ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Net loss $ (45,090) $ (43,552) $ (40,812) $ (24,084) Interest expense, net 1,826 1,522 1,580 2,293 Other investment income — (1,170) (1,745) (2,368) D
Slide 26: Non-GAAP Trailing 12-Month Adjusted EBITDA
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) For the 12 months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Net loss $ (32,958) $ (23,220) $ (17,969) $ (27,639) Interest expense, net 2,910 4,023 4,605 4,987 Other investment income1 (2,958) (2,385) (2,642) (2
Slide 27: Non-GAAP Trailing 12-Month Adjusted EBITDA
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) For the 12 months ended March 31, 2025 June 30, 2025 September 30, 2025 Net loss $ (32,587) $ (35,344) $ (21,964) Interest expense, net 5,124 4,612 4,620 Other investment income1 (2,347) (2,247) (1,914) Depreciation and amortization 21,444
Slide 28: Non-GAAP Trailing 12-Month Adjusted EBITDA footnotes
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) 1. Reflects investment income related to short term investments included in our consolidated statements of operations. 2. Reflects charges/(credits) related to litigation by stockholders, civil investigative demands, and arbitration with ou
Slide 29: Non-GAAP Center-Level Contribution Margin
Non-GAAP Center-Level Contribution Margin ($ in thousands) For the 12 months ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Capitation revenue $ 682,759 $ 686,836 $ 698,078 $ 719,499 $ 740,059 $ 762,570 Other service revenue 1,314 1,251 1,276 1,2
Slide 30: Non-GAAP Center-Level Contribution Margin
Non-GAAP Center-Level Contribution Margin ($ in thousands) For the 12 months ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Capitation revenue $ 785,196 $ 805,310 $ 830,372 $ 852,353 $ 883,304 Other service revenue 1,316 1,304 1,311 1,346 1,358 Total reven