InnovAge Holding Corp. (INNV) SEC Filings & Earnings Calls

Concentrated ownership by Principal Shareholders

“TCO Group Holdings, L.P. 102,576,555 shares 75.2%”

Controlled company with reduced governance protections

“We are a 'controlled company' under the listing standards of Nasdaq.” · word for word

Continued net losses

“Net Income (Loss) ($ in thousands) 2026: $(683)”

Secondary offering may signal selling shareholder's desire to exit, potentially pressuring stock price.

“Selling shareholder sold 10M shares; company receives no proceeds.”

DOJ False Claims Act Investigation

“During fiscal year 2026, we incurred approximately $57.0 million in litigation costs and settlements, including an approximately $37.0 million accrual as of June 30, 2026, substantially all of which is related to the 2021 and 2022 civil investigative demands described above.” · word for word

Medicaid Funding Reduction

“The Reconciliation Act mandated significant reductions in federal Medicaid spending, with the Congressional Budget Office estimating a decrease of $1 trillion over the next decade.” · word for word

Colorado Medicaid Rate Decrease

“In Colorado, where we serve the largest cohort of our PACE census, we anticipate a decrease in Medicaid premium rates which will be retroactive for the fiscal year beginning July 1, 2026.” · word for word

California Expansion Constraint

“Effective November 20, 2025, the California Department of Health Care Services (DHCS) paused PACE applications for all new PACE centers for a minimum of two years” · word for word

PACE Risk Adjustment Model Transition

“Effective January 1, 2026, CMS began phasing in the V28 model with full implementation expected in calendar year 2028.” · word for word

Dependence on government payor (Medicare/Medicaid) reimbursement rates; regulatory changes could impact revenue.

“PACE model relies on government funding; not explicitly discussed but inherent risk.”

Concentration in frail senior population; any adverse health event or pandemic could disrupt operations.

“Business model focused on high-cost, frail seniors; not mentioned in filing.”

Litigation Overhang

“Litigation costs and settlement (b) 51,859 ... 54,117” · word for word

Medicaid Rate Pressure

“In Colorado, where we serve the largest cohort of our PACE census, we anticipate reduced Medicaid premium rate increases for the fiscal year beginning July 1, 2026.” · word for word

California Expansion Blocked

“Effective November 20, 2025, the California Department of Health Care Services (DHCS) paused PACE applications for all PACE organizations for a minimum of two years, or until otherwise notified.” · word for word

Labor Cost Inflation

“These labor market pressures have increased wage and benefit costs, and have also affected our staffing ability which could impact our enrollment capacity and services.” · word for word

Net loss widening; GAAP profitability remains elusive despite operational improvements.

“Net loss $29.9M vs $11.1M; loss before income taxes $29.8M vs $11.1M.”

Dependence on government payors (Medicaid/Medicare); budget cuts could pressure rates.

“Risk factors include state and federal efforts to reduce healthcare spending, including Medicaid budget cuts.”

Labor shortages and competition could impact cost structure and growth.

“Risk factors mention labor shortages and labor competition.”

Dependence on government payors and regulatory risk.

“The dependence of our revenues upon a limited number of government payors, including the risk of sudden loss of any of our government contracts.” · word for word

Labor shortages and inflation could pressure costs.

“The impact on our business from ongoing macroeconomic related challenges, including labor shortages, labor competition, inflation, tariffs and trade disputes.” · word for word

Medicaid Funding Cuts (OBBBA)

“The OBBBA adopted in July 2025, mandates significant reductions in federal Medicaid spending, introduces new work requirements for Medicaid beneficiaries aged 19 to 64 and cost-sharing measures for certain Medicaid beneficiaries, and requires states to conduct bi-annual eligibility verifications of Medicaid enrollees in the expansion population.” · word for word

California Regulatory Moratorium

“Effective November 20, 2025, the California Department of Health Care Services (DHCS) paused PACE applications for all PACE organizations for a minimum of two years, or until otherwise notified.” · word for word

Labor Cost Inflation

“The healthcare sector continues to experience workforce shortages, particularly in geriatrics, primary care and direct care roles, as well as a complex set of challenges in hiring additional professionals, which continued through the second quarter of fiscal year 2026.” · word for word

Corrective Action Plan (CAP) in California

“On December 23, 2025, we received a formal Corrective Action Plan (CAP) from DHCS to remediate findings resulting from the San Bernardino medical review.” · word for word

Dependence on government payors; risk of budget cuts.

“Risk factors mention dependence on government payors and state/federal efforts to reduce healthcare spending.”

Labor shortages and inflation could impact costs.

“Risk factors include labor shortages, labor competition, inflation, tariffs and trade disputes.”

Medicaid Funding Cuts

“The OBBBA adopted in July 2025, mandates significant reductions in federal Medicaid spending, introduces new work requirements for Medicaid beneficiaries aged 19 to 64 and cost-sharing measures for certain Medicaid beneficiaries, and requires states to conduct bi-annual eligibility verifications of Medicaid enrollees in the expansion population.” · word for word

Regulatory Suspension of California De Novo Centers

“DHCS notified us that it was suspending its attestations in support of the planned de novo center in Downey and the recently acquired planned de novo center in Bakersfield.” · word for word

Labor Cost Pressure

“These labor market pressures have increased wage and benefit costs, and have also affected our staffing ability which could impact our enrollment capacity and services.” · word for word

Government Shutdown Delays

“Additionally, the federal government entered a partial shutdown effective October 1, 2025. While we have not experienced any direct impact to date, we may experience delays related to government agencies operating in this reduced capacity.” · word for word