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.
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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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
