
Healthcare
A leading post-acute healthcare company, primarily focused on delivering high-quality skilled nursing care, operates through a portfolio of independently managed facilities. Established in 2013, it ranks as one of the largest skilled nursing providers in the United States by the number of facilities. With over 200 post-acute care facilities across nine states, it serves more than 20,000 patients daily. The company also offers senior care, assisted living, and independent living options in some of its communities. Its significant historical growth has been primarily driven by expertise in acquiring underperforming long-term custodial care skilled nursing facilities and transforming them into higher acuity, high value-add short-term transitional care skilled nursing facilities. The company attributes its success to a decentralized, local operating model, empowering local leaders at each facility to operate autonomously, delivering excellence in clinical quality and superior patient experiences. These independently operated facilities are supported with a comprehensive suite of technology, support, and back-office services, allowing local leadership teams to focus more on providing quality care to patients. The operating model is believed to deliver value to all healthcare stakeholders, including patients and families, referring providers, payors, administrators, and clinicians.
262 N. University Ave. Farmington, Utah 84025 (801) 447-9829
Founders Jason Murray and Mark Hancock
| Year Ended December 31, | |||||||||||||||||
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2023 | 2022 | 2021 | ||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||||
| Revenue | |||||||||||||||||
| Patient and resident service revenue | $ | 3,110,114 | $ | 2,399,155 | $ | 1,135,909 | |||||||||||
| Additional funding | $ | 375 | $ | 21,482 | $ | 28,563 | |||||||||||
| Other revenues | $ | 1,003 | $ | 1,357 | $ | 2,091 | |||||||||||
| Total Revenue | $ | 3,111,492 | $ | 2,421,994 | $ | 1,166,563 | |||||||||||
| Expenses | |||||||||||||||||
| Cost of services | $ | 2,447,713 | $ | 1,861,314 | $ | 901,095 | |||||||||||
| Rent-cost of services | $ | 216,711 | $ | 160,003 | $ | 78,122 | |||||||||||
| General and administrative expense | $ | 213,664 | $ | 149,006 | $ | 96,834 | |||||||||||
| Depreciation and amortization | $ | 25,632 | $ | 22,311 | $ | 7,153 | |||||||||||
| Total Operating Expenses | $ | 2,903,720 | $ | 2,192,634 | $ | 1,083,204 | |||||||||||
| Operating Income | $ | 207,772 | $ | 229,360 | $ | 83,359 | |||||||||||
| Other (expense) income | |||||||||||||||||
| Interest expense | $ | (49,919) | $ | (25,538) | $ | (5,278) | |||||||||||
| Other income, net | $ | (536) | $ | 3,223 | $ | 3,345 | |||||||||||
| Total Other Expense, net | $ | (50,455) | $ | (22,315) | $ | (1,933) | |||||||||||
| Income before provision for income taxes | $ | 157,317 | $ | 207,045 | $ | 81,426 | |||||||||||
| Provision for income taxes | $ | (44,435) | $ | (56,549) | $ | (33,479) | |||||||||||
| Net income | $ | 112,882 | $ | 150,496 | $ | 47,947 | |||||||||||
| Less: | |||||||||||||||||
| Net income attributable to noncontrolling interest | $ | 8 | $ | — | $ | — | |||||||||||
| Net income attributable to PACS Group, Inc. | $ | 112,874 | $ | 150,496 | $ | 47,947 | |||||||||||
| Net income per share - basic and diluted | $ | 0.88 | $ | 1.17 | $ | 0.37 | |||||||||||
| Shares used in computing net income per share - basic and diluted | 128,723,386 | 128,723,386 | 128,723,386 | ||||||||||||||
Citi/ JPMorgan/ Truist Securities/ RBC Capital Markets