InnovAge (INNV) investor relations material

Company overview and business model

• Operates a healthcare delivery platform focused on all-inclusive, capitated care for high-cost, dual-eligible seniors, primarily through the Program of All-Inclusive Care for the Elderly (PACE).

• Delivers comprehensive medical and ancillary services, including in-home and in-center care, transportation, and care management, contracting directly with Medicare and Medicaid.

• As of March 31, 2026, served approximately 8,050 PACE participants across 20 centers in six states, making it the largest PACE provider in the U.S.

• Revenue model is based on recurring per member, per month (PMPM) capitation payments from government payors, providing predictable cash flows.

Risk factors and disclosures

• Faces risks related to growth strategy execution, including geographic expansion and licensing for new centers.

• Exposed to regulatory and reimbursement risks, including potential Medicaid cuts and compliance with complex healthcare laws.

• Subject to periodic government audits, legal proceedings, and potential adverse outcomes from ongoing investigations.

• Dependent on a limited number of government payors and concentrated operations in Colorado.

• Risks include labor shortages, inflation, data security, and the ability to attract and retain key personnel.

Market opportunity and competitive landscape

• Addresses rising healthcare costs and poor outcomes for frail, dual-eligible seniors, a growing demographic.

• Vertically integrated, value-based care model aims to improve outcomes and reduce unnecessary medical spend compared to traditional fee-for-service models.