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PACS Group, Inc. - PACS STOCK NEWS

Welcome to our dedicated page for PACS Group news (Ticker: PACS), a resource for investors and traders seeking the latest updates and insights on PACS Group stock.

PACS Group, Inc. (symbol: PACS) is a leading post-acute healthcare company in the United States, dedicated to delivering high-quality skilled nursing care through a portfolio of independently operated facilities. With a presence across nine states, PACS Group operates over 200 post-acute care facilities, serving more than 20,000 patients daily. This extensive network makes PACS Group one of the largest nursing providers in the country.

PACS Group's services extend beyond skilled nursing care to include senior care, assisted living, and independent living options, catering to a broad spectrum of patient needs. The company is committed to providing personalized care and improving the quality of life for its residents.

Recent Achievements:

  • Expansion of facility network to 200+ locations.
  • Introduction of innovative care models to enhance patient outcomes.
  • Partnerships with leading healthcare providers to ensure comprehensive patient care.

Current Projects:

  • Development of new assisted living communities.
  • Implementation of advanced healthcare technologies to improve service delivery.
  • Continuous training programs for staff to maintain high standards of care.

PACS Group's robust financial performance and strategic initiatives underscore its commitment to growth and excellence in the healthcare sector. The company's focus on quality care and operational efficiency positions it as a significant player in the post-acute care market.

For the latest updates, performance insights, and detailed information about PACS Group, visit our news section regularly.

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PACS Group has postponed its Q3 2024 financial results release amid an ongoing Audit Committee investigation into third-party allegations regarding reimbursement and referral practices. The company reports strong preliminary Q3 operational metrics, including 90.5% total facilities occupancy versus 77% industry average. Notable achievements include 183 facilities (76%) achieving 4-5 star CMS QM ratings, and significant expansion with 56 new facilities across six states, adding 2,889 skilled nursing beds and 1,334 assisted living units. The company expects to end Q3 with over $600 million in cash and available liquidity.

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PACS Group (NYSE: PACS) has announced the acquisition of 8 skilled nursing facilities in western Pennsylvania through its independently operated subsidiaries. The facilities, located in Pittsburgh, Bedford, Bethel Park, Monroeville, and McMurray, comprise 1,199 skilled nursing beds. Four facilities will be leased from CareTrust REIT (NYSE: CTRE), while PACS subsidiaries acquired the real estate of the remaining four. This expansion marks PACS's entry into Pennsylvania, its 17th state of operation, with a focus on bringing their post-acute care model to the Greater Pittsburgh area.

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PACS Group has scheduled its third quarter 2024 financial results announcement for Thursday, November 7, 2024, after market close. The company will host a conference call at 5:00 p.m. Eastern Time on the same day to discuss the results. Investors can access the call via webcast through the company's website or by dialing in. A recording will be available for 30 days following the call on the company's website.

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CareTrust REIT has announced a binding agreement to acquire a $500 million portfolio of 31 skilled nursing facilities through a joint venture. The portfolio includes 3,290 licensed beds, with 30 facilities in Tennessee and 1 in Alabama. The transaction is expected to close in Q4 2024. PACS Group will operate 12 facilities, Ensign Group 9 facilities, Links Healthcare 7 facilities, and a new regional operator 3 facilities. CareTrust's investment in the joint venture will be approximately $442 million with an initial yield of 9.0%. The company's updated investment pipeline stands at $700 million.

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PACS Group (NYSE: PACS) has announced plans to acquire operations of 12 skilled nursing facilities in Tennessee, totaling 1,310 skilled nursing beds. The facilities will be leased from CareTrust REIT through a long-term, triple net lease agreement. The lease includes purchase options for six facilities between years four and seven. The acquisition marks PACS's entry into Tennessee and is expected to close in Q4 2024, subject to customary closing conditions.

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PACS Group (NYSE: PACS) has completed the acquisition of 53 skilled nursing, assisted and independent living facilities from Prestige Care, expanding its footprint to the Pacific Northwest and five new states. The acquisition includes 2,511 skilled nursing beds and 1,334 assisted living and independent living units across eight western states. This move significantly enhances PACS's presence in the post-acute care sector and establishes its Senior Living vertical, increasing its senior living portfolio from 16 to 37 communities.

The acquisition aligns with PACS's commitment to growth and operational excellence in post-acute care. The company aims to integrate Prestige's four-decade legacy with its own proven model, focusing on empowering local leaders and supporting them with resources to elevate healthcare.

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PACS Group, Inc. (NYSE: PACS) has successfully closed its upsized public offering, selling a total of 19,034,482 shares of common stock at $36.25 per share. The offering included 2,777,778 shares sold by the company and 16,256,704 shares sold by selling stockholders. The underwriters fully exercised their option to purchase an additional 2,482,758 shares from the selling stockholders. The gross proceeds amounted to approximately $101 million for PACS and $589 million for the selling stockholders. Citigroup, J.P. Morgan, and Truist Securities led the offering as book-running managers, with several other firms participating. The offering was made through a prospectus filed with the SEC.

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PACS Group, Inc. (NYSE: PACS) has announced the pricing of its upsized public offering of 16,551,724 shares of common stock at $36.25 per share. The offering includes 2,777,778 shares sold by the company and 13,773,946 shares sold by selling stockholders. The gross proceeds are approximately $101 million for PACS and $499 million for the selling stockholders. Additionally, selling stockholders granted underwriters a 30-day option to purchase up to 2,482,758 additional shares. The offering is expected to close on September 9, 2024. Lead book-running managers include Citigroup, J.P. Morgan, and Truist Securities, with other firms acting as joint book-running managers and co-managers.

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PACS Group, Inc. (NYSE: PACS) has announced an underwritten public offering of 13,888,890 shares of its common stock. The offering includes 2,777,778 shares sold by the company and 11,111,112 shares sold by certain selling stockholders. The selling stockholders may grant underwriters a 30-day option to purchase up to an additional 2,083,332 shares. PACS will not receive proceeds from the sale of shares by selling stockholders.

The offering is subject to market conditions, with no guarantee of completion or final terms. Citigroup, J.P. Morgan, and Truist Securities are lead book-running managers, while RBC Capital Markets, Goldman Sachs & Co. , and UBS Investment Bank are joint book-running managers. Stephens Inc. and Oppenheimer & Co. are co-managers.

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PACS Group, Inc. (NYSE: PACS), a major post-acute healthcare company in the US, reported its Q2 2024 results. Key highlights include:

- Consolidated GAAP revenue for H1 2024 was $1.9 billion, up 31% year-over-year

- Q2 2024 revenue was $981.8 million, a 29% increase from Q2 2023

- Adjusted EBITDA for H1 2024 and Q2 2024 were $188.2 million and $99.7 million respectively

- Total Facilities occupancy was 91.0% in Q2 2024

- The company increased its 2024 full-year guidance, expecting revenue between $3.85-$3.95 billion and Adjusted EBITDA of $370-$380 million

PACS added 32 facilities and made 12 real estate acquisitions in the 12 months ending June 30, 2024, expanding its portfolio to 248 healthcare operations across 13 states.

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FAQ

What is the current stock price of PACS Group (PACS)?

The current stock price of PACS Group (PACS) is $18.09 as of November 6, 2024.

What is the market cap of PACS Group (PACS)?

The market cap of PACS Group (PACS) is approximately 2.8B.

What services does PACS Group, Inc. offer?

PACS Group, Inc. provides skilled nursing care, senior care, assisted living, and independent living options.

How many facilities does PACS Group, Inc. operate?

PACS Group, Inc. operates over 200 post-acute care facilities across nine states.

How many patients does PACS Group, Inc. serve daily?

PACS Group, Inc. serves over 20,000 patients daily.

In which states does PACS Group, Inc. have facilities?

PACS Group, Inc. operates facilities in nine states across the United States.

What recent achievements has PACS Group, Inc. made?

Recent achievements include expanding the facility network, introducing innovative care models, and partnering with leading healthcare providers.

What are PACS Group, Inc.'s current projects?

Current projects include developing new assisted living communities, implementing advanced healthcare technologies, and continuous staff training programs.

How does PACS Group, Inc. ensure high-quality care?

PACS Group, Inc. ensures high-quality care through personalized services, innovative care models, and continuous staff training.

What distinguishes PACS Group, Inc. from other nursing care providers?

PACS Group, Inc. distinguishes itself through its extensive network, comprehensive care services, and commitment to quality and innovation.

How can I stay updated with PACS Group, Inc.'s latest news?

Visit the news section on our website for the latest updates, performance insights, and detailed information about PACS Group, Inc.

Does PACS Group, Inc. partner with other healthcare providers?

Yes, PACS Group, Inc. partners with leading healthcare providers to ensure comprehensive patient care.

PACS Group, Inc.

NYSE:PACS

PACS Rankings

PACS Stock Data

2.79B
155.18M
82.76%
22.26%
1.87%
Medical Care Facilities
Services-skilled Nursing Care Facilities
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United States of America
FARMINGTON