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PACS Group
IPOPACS.NYSEPast

PACS Group

Healthcare

Foundation year: 2012
Market capitalization
$3103.17mil
Employees
32000
IPO date
10/04/2024

About

 

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.

 

Headquarters

262 N. University Ave. Farmington, Utah 84025 (801) 447-9829

Team

Founders Jason Murray and Mark Hancock

Financial information

Year Ended December 31,
 
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   

Underwriters

Citi/ JPMorgan/ Truist Securities/ RBC Capital Markets