PACS Group (PACS) Reports Prelim Q3 Results

PACS Group, Inc. (NYSE: PACS) (“PACS” or the “Company”), today provided select preliminary key operating metrics for the third quarter and announced the postponement of the release of its third quarter 2024 financial results. PACS expects to release its third quarter 2024 financial results as soon as practicable.

“PACS Group operates in a highly regulated industry where compliance is of the utmost importance,” said Jason Murray, PACS’s Chief Executive Officer. “We believe recent third-party allegations are misleading. However, in line with our commitment to holding ourselves to a high standard – in how we serve our patients, operate our business, and engage with stakeholders – the Company’s Audit Committee, with assistance from external counsel, is conducting an investigation of the allegations. Given the industry we operate in, we’re subject to various governmental surveys and payment audits in the ordinary course of business and are proud of our compliance track record. We’ve received civil investigative demands from the federal government regarding the Company’s reimbursement and referral practices that may or may not be related to this week’s third-party report. We take these types of allegations seriously and will continue to cooperate with the government. We have confidence in our systems and controls, and we believe our strong operating metrics in the quarter and significant liquidity underscore the fundamental strength of our business and balance sheet. We remain focused on our mission to revolutionize the delivery, leadership, and quality of post-acute care.”

Preliminary Third Quarter 2024 Select KPIs

• PACS had 183 facilities, or 76%, of its skilled nursing portfolio achieve a 4 or 5 star CMS QM rating.
• The Company’s ramping and mature facilities saw 93.9% and 94.5% occupancy, respectively. Total Facilities occupancy was 90.5%, compared to an industry average of 77%.
• The Company’s ramping and mature facilities saw 31.2% and 32.1% skilled mix, respectively.
• PACS acquired 56 facilities located throughout six new states, expanding the Company’s operations to 15 states and adding 2,889 skilled nursing beds and 1,334 assisted living and independent living units to its portfolio.
• The Company expects to have ended the quarter with more than $600 million of cash and available liquidity.

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