InnovAge Holding Corp. completed its multiyear operational turnaround in fiscal 2026, reporting adjusted EBITDA of $94.6 million, up roughly 175% from $34.5 million a year earlier. Revenue rose 15.9% to $989.7 million for the year ended June 30, driven by higher enrollment and capitation rates, while census increased 6.3% to approximately 8,230 participants across 20 PACE centers. Full-year net loss narrowed to $700,000 from $35.3 million, although legal accruals and other costs continued to weigh on results. Fourth-quarter net income was $9.8 million, or $0.06 per share. Center-level contribution margin expanded to 23.0% from 18.0%, supported by lower external provider costs per participant, reduced nursing facility utilization and lower pharmacy expenses. InnovAge forecast fiscal 2027 revenue of $1.05 billion to $1.085 billion, adjusted EBITDA of $105 million to $115 million and ending census of 8,625 to 8,850 participants. Management expects more moderate Medicare and Medicaid rate growth, with InnovAge moving to a 50/50 blend of the V22 and V28 Medicare payment models on Jan. 1, 2027. The company plans to pursue technology-led efficiencies and selective expansion through existing-center growth, capacity additions, acquisitions, joint ventures and partnerships, while continuing to monitor unresolved PACE rate-setting processes in California and Colorado.