PACS Group Stock Price, News & Analysis

PACS (NYSE: PACS) announced an amendment and waiver to its Amended and Restated Credit Agreement and acquired operations plus real estate of a 160-bed skilled nursing facility in Las Vegas, Nevada.

Key financial moves include waiver of defaults from a prior forbearance, a temporary modification to the $100 million unrestricted cash covenant until after reporting the quarter ending June 30, 2026, and current borrowings of $100 million drawn with approximately $500 million available under its $600 million credit facility. The acquisition brings PACS to 321 operations across 17 states.

PACS Group (NYSE: PACS) reported third-quarter 2025 results and completed a restatement and an Audit Committee investigation, and is current with SEC filings as of November 19, 2025. Q3 2025 revenue was $1.34B (+31.0% YoY); net income was $52.3M; Adjusted EBITDA was $131.5M. YTD revenue was $3.93B (+36.4%); YTD adjusted EBITDA was $363.0M. Cash provided by operations was $407.6M for the nine months ended Sept 30, 2025, and cash and equivalents were $355.7M at Sept 30, 2025.

The company completed a restatement that reduced revenue by $14.9M for Q1 2024 and $46.1M for Q2 2024, and the Audit Committee investigation into a short-seller report has concluded. Full-year 2025 guidance: revenue $5.25B–$5.35B; Adjusted EBITDA $480M–$490M.

PACS Group (NYSE:PACS) said it intends to release its third quarter 2025 financial results and file outstanding SEC reports for the period ended September 30, 2025 on Wednesday, November 19, 2025. Management will host an investor call on November 19, 2025 at 5:30 p.m. ET to discuss results. The company filed a Form 12b-25 notifying the SEC of a late Form 10-Q, and expects the 10-Q to be filed within the five-day extension under Rule 12b-25.

Investors can join the live webcast via the PACS investor website or by dialing the provided numbers; a recording will be available for 30 days after the call.

PACS Group (NYSE:PACS) has received an extension from NYSE for continued listing through November 19, 2025, providing additional time to complete financial restatements for Q1 and Q2 2024. The company has expanded significantly, operating 316 healthcare facilities across 17 states, with the addition of 96 facilities since Q2 2024.

The company reports strong operational metrics, including 88.9% total facility occupancy (vs. 78.0% industry average) and $294.2 million in cash and equivalents as of June 30, 2025. Additionally, 64.6% of its skilled nursing portfolio achieved 4 or 5-star CMS QM ratings.

PACS has appointed Mark Hancock as interim CFO, replacing Derick Apt, and has retained a new interim Chief Compliance Officer to enhance regulatory compliance processes.

Land & Buildings Investment Management issued a critical analysis of National Healthcare Corp's (NHC) lease negotiation with National Health Investors (NHI), which expires in 2026. The investment firm, which holds a short position in NHC, outlines three potential scenarios for NHC, all potentially negative. The best-case scenario could see NHC losing 19% of EBITDA with fair market rent negotiations, while the worst case could result in a 38% EBITDA loss if NHI leases to another operator. The analysis criticizes the historically below-market lease terms orchestrated by the Adams brothers, who ran both companies. Recent developments, including Robert Adams' narrow board reelection victory, suggest NHI now has leverage in negotiations. Land & Buildings warns that aggressive negotiation tactics by NHC could risk regulatory scrutiny and significant shareholder value destruction.

PACS Group (NYSE: PACS) announced it will restate financial statements for Q1 and Q2 2024 due to revenue recognition issues. The company overstated revenue by $15-17 million in Q1 2024 and $46-48 million in Q2 2024 related to Medicare Part B billings for respiratory and therapy services. The Audit Committee's investigation found no wrongdoing by top executives but identified compliance and billing uncertainties. PACS has missed filing deadlines for Q3 2024, FY 2024, and Q1 2025 reports. The NYSE granted an extension until September 2, 2025, to file delinquent reports and regain compliance. The company has appointed an Interim Chief Compliance Officer and is implementing enhanced compliance controls.

PACS Group (NYSE: PACS) has completed the acquisition of 11 skilled nursing facilities in Tennessee, adding 1,310 skilled nursing beds to its portfolio. A 12th facility is expected to close in Q1 2025. Since October 31, 2024, PACS has acquired 38 facilities totaling 4,700 skilled nursing beds, expanding its presence to 17 states.

The company reports strong operational performance with a 4.0 average Quality Measure star rating across its skilled nursing portfolio and above-industry-average facility occupancy. PACS maintains a robust balance sheet with ample liquidity to support continued growth and value creation.

PACS Group (NYSE: PACS) received a Filing Delinquency Notification from NYSE on November 20, 2024, indicating non-compliance with Section 802.01E of the NYSE Listed Company Manual due to delayed filing of its Q3 2024 Form 10-Q. The delay stems from an ongoing Audit Committee investigation of third-party allegations. The company has a six-month period from November 19, 2024, to file the Form 10-Q and regain compliance, which it expects to achieve within this timeframe.

PACS Group (NYSE: PACS) announces that 36 of its post-acute communities have been recognized on U.S. News & World Report's Best Nursing Homes list for 2025. The honored facilities span across multiple states including California, South Carolina, Nevada, Colorado, Missouri, and Texas.

Josh Jergensen, PACS President and COO, emphasizes that this recognition validates their company-wide efforts and their healthcare model focusing on local empowerment and resident-centered care. The U.S. News ratings are based on comprehensive analysis of skilled nursing facilities, evaluating both short-term rehabilitation and long-term care services.