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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.Q2 2024 earnings summary12 Aug, 2024
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.
Internal M&A pacing governors?
Quality scores' impact on payer relationships?
Future embedded EBITDA from new acquisitions?
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Next PACS Group earnings date
Q3 20247 Nov, 2025
Next PACS Group earnings date
Q3 20247 Nov, 2025
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Frequently asked questions
PACS Group Inc. is a holding company that invests in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS Group operates one of the largest post-acute care platforms in the United States. The company's subsidiaries manage over 220 post-acute care facilities across nine states, serving more than 20,000 patients daily. PACS Group focuses on skilled nursing, assisted living, and independent living facilities, also engaging in the acquisition, ownership, and leasing of healthcare-related properties. The company is headquartered in Farmington, Utah, and its shares are listed on the NYSE.
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