InnovAge reported Q4 2024 revenue of approximately $199.4 million, up 3.3% sequentially and roughly 12.7% year over year, with center-level contribution margins of about 18.3% for the quarter and 17.3% on a full-year basis. Adjusted EBITDA was $5.2 million in the quarter (2.6% margin) and $16.5 million for the full year (2.2% margin), reflecting the company’s transition from a rebuilding phase toward margin recapture as census and utilization improved post-sanctions. Management framed fiscal 2025 guidance at revenue of $815–$865 million and adjusted EBITDA of $24–$31 million, with de novo center losses of $18–$20 million, and a census ending between 7,300 and 7,750 participants (86,000–89,000 member months). The guidance assumes mid-single-digit rate increases across Medicare Part C and Part D, and Medicaid in several states, with a notable 8.8% uplift in Colorado Medicaid rates commencing July 1, 2025. The company continues to execute on strategic initiatives (Epic EMR rollout completed across 20 centers, OVIs, CVIs, Orlando Health joint venture, new Florida centers) while signaling near-term headwinds from enrollment throughput delays in some states and ongoing de novo ramp costs. Overall, InnovAge presents a path to higher normalized EBITDA margins in the intermediate term, supported by improved utilization, disciplined cost management, and ongoing value initiatives, albeit with execution risks tied to regulatory, enrollment, and state-rate dynamics.