PACS Group postpones Q3 earnings; discloses federal investigation and preliminary metrics

PACS Group, Inc.

Audit Committee investigating third-party allegations; company received civil investigative demands from federal government.
Preliminary Q3 2024: 76% of skilled nursing facilities (183) earned 4 or 5 star CMS QM rating.
Total facility occupancy 90.5% vs industry avg 77%; ramping facilities 93.9% occupancy.
Acquired 56 facilities across 6 new states, adding 2,889 skilled nursing beds and 1,334 assisted living units.
Expects over $600M cash and available liquidity at quarter end; earnings call postponed indefinitely.

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