PACS Group Inc. (NYSE:PACS) shares jumped 45.48% in after-hours trading Wednesday, closing at $24.48, after the company released its third-quarter results and completed financial restatements.
Check out the current price of PACS stock here.
The stock closed Wednesday's regular session at $16.83, up 16.63%, according to Benzinga Pro data.
Q3 Revenue Climbs 31%
The Utah-based post-acute healthcare company reported third-quarter revenue of $1.34 billion, a 31% increase from a year earlier. Net income was $52.3 million, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $131.5 million.
SEC Filings Current
PACS completed a restatement of its financial statements for the three months ended March 31, 2024, and the three- and six-month periods ended June 30, 2024.
The restatement reduced revenue by $14.9 million for the first quarter of 2024 and $46.1 million for the second quarter.
The company has also filed its 2024 Form 10-K and quarterly reports through the third quarter of 2025, bringing it current with SEC filing requirements.
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Audit Committee Probe Complete
PACS Group's independent Audit Committee, with support from outside counsel and forensic accountants, has completed its investigation into the allegations raised in a short-seller report.
Jason Murray, CEO, said in the company's Wednesday announcement, "With the restatement and Audit Committee investigation now complete, we are moving forward with a strong financial foundation."
Operational Metrics
PACS reported that 192 facilities, or 68.6% of its skilled nursing portfolio, earned 4- or 5-star Centers for Medicare & Medicaid Services (CMS) Quality Measure ratings.
Occupancy at mature facilities was 94.8%, compared with an industry average of 79%, with a skilled mix of 33%.
Cash and cash equivalents totaled $355.7 million as of Sept. 30.
2025 Outlook
PACS projected full-year revenue of $5.25 billion to $5.35 billion, with adjusted EBITDA between $480 million and $490 million, as it continues to operate 320 healthcare facilities across 17 states.
Stock Performance
Although PACS shares have decreased 1.58% over the last year, the stock has increased 30.16% so far this year and 58.03% in the last six months.
The stock has traded in a 52-week range of $7.50 to $17.70 and carries a market capitalization of $2.61 billion.
Benzinga Edge Stock Rankings indicate that PACS has a positive price trend across all time frames. Track the performance of other players in this segment.
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