InnovAge 10-K: Full-Year Revenue Up 16% to $989.7M, $37M Litigation Accrual, New CMO Hired
INNV has more than doubled off its 52-week low of $3.686.
Summary
InnovAge's fiscal 2026 10-K confirms 16% revenue growth to $989.7M and near breakeven, but discloses a $37M litigation accrual and a new CMO hire.
Key Events · Earnings and Guidance · INNV
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Full-Year Revenue Up 16%
Total revenues reached $989.7 million for fiscal 2026, up from $853.7 million in fiscal 2025, driven by a 7.8% increase in member months and a 7.6% increase in capitation rates.
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Near Breakeven vs. Prior Loss
Net loss narrowed to $0.7 million from $35.3 million, with Adjusted EBITDA rising 174% to $94.6 million. Center-level contribution margin improved to 23.0% from 18.0%.
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$37M Litigation Accrual
The company recorded a $37.0 million accrual as of June 30, 2026, substantially all related to 2021 and 2022 civil investigative demands from the DOJ and Colorado Attorney General under False Claims Acts.
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New Chief Medical Officer
Paul Taheri, MD was hired as CMO effective August 17, 2026, with a $490,000 base salary, 60% target bonus, and 625,000 Class B Units with a $10.35 hurdle amount.
Analysis · INNV · Industrial Applications And Services
The fiscal 2026 annual report confirms the turnaround hinted at in last week's Q4 beat: revenue grew 16% to $989.7 million and the company swung to near breakeven, with a net loss of just $0.7 million versus $35.3 million last year. But the 10-K also reveals a $37 million litigation accrual tied to DOJ and Colorado civil investigative demands — a material overhang that wasn't fully quantified in the earnings release. The company also disclosed a new Chief Medical Officer hire with a $490K base salary and 625,000 Class B units, signaling continued investment in clinical leadership. With 500 million authorized shares against 136 million outstanding, the company retains significant headroom for future dilution, though no new offering was announced.
How filings like this one have moved
In the 30 days to Sep 12, 2026, 29.9% of the 1944 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.15%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, INNV was trading at $11.91 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $3.69 to $12.64. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.