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PACS Group (PACS) investor relations material
PACS Group Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2024 revenue grew 29% year-over-year to $981.8M, with adjusted EBITDA up 77% to $99.7M, reflecting strong operational execution and expansion.
Net loss for Q2 2024 was $10.9M, primarily due to $90.9M in IPO-related stock-based compensation; six-month net income was $38.2M.
Operates 220 facilities across 9 states as of June 30, 2024, serving over 22,000 patients daily, supported by ~35,000 employees.
Major acquisitions, including the Prestige transaction and 3 Kansas facilities, expanded the footprint to 276 facilities in 15 states.
Mature facilities achieved 94.2% occupancy and a 4.3 average QM star rating, outperforming industry averages.
Financial highlights
Q2 2024 revenue: $981.8M, up 29.1% year-over-year; six-month revenue: $1.92B, up 30.5%.
Q2 2024 adjusted EBITDA: $99.7M, up from $56.4M in Q2 2023; six-month adjusted EBITDA: $188.2M.
Q2 2024 GAAP net loss: $10.9M, compared to net income of $21.2M in Q2 2023, due to IPO-related stock compensation.
Facility occupancy was 91% in Q2 2024, with 165 facilities rated 4 or 5 stars by CMS.
Cash and available liquidity as of June 30, 2024: $413.8M; cash and cash equivalents: $73.4M.
Outlook and guidance
2024 annual revenue guidance: $3.85B–$3.95B, representing ~25% growth over 2023.
2024 adjusted EBITDA guidance: $370M–$380M.
Management expects continued revenue growth through acquisitions and operational improvements.
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