PACS Group Stock Price, News & Analysis

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.

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.

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.

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.

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.

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.

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.

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.

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.