PACS Group Stock Price, News & Analysis

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.

PACS Group (NYSE: PACS) announces that 17 of its post acute communities have been recognized in Newsweek Magazine's Best Nursing Homes for 2025. The rankings were based on performance data, medical professional recommendations, accreditations, and resident satisfaction. The honored facilities span across multiple states including Arizona, California, Colorado, Kentucky, and Ohio, with rankings in different bed-capacity categories. Notable mentions include Boulder Post Acute in Colorado ranking second and Sunnyvale Gardens Post Acute in California ranking third in their respective categories.

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.