(RTTNews) - PACS Group, Inc. (PACS) reported robust earnings and revenue for the third quarter and nine months ended September 30, 2025, significantly surpassing its 2024 performance.
The Farmington, Utah-based post-acute healthcare operators run 320 facilities across 17 states, serving more than 31,000 patients daily. The company offers services like senior care, assisted living, and independent living options.
Net income attributable to PACS for the third quarter of 2025 rose to $52.4 million or $0.32 per diluted share, compared to $15.6 million or $0.10 per share in the third quarter of 2024.
Total revenue for Q3 2025 climbed to $1.34 billion, an increase of 30% from $1.03 billion in Q3 2024.
Skilled nursing services revenue reached $1.31 billion, up nearly 29.8% from $1.01 billion in the prior year.
Mature facilities contributed strongly, with occupancy at 94.8%, well above the industry average of 79%.
For the nine months ended September 30, 2025, PACS reported total revenue $3.93 billion, up 36.4% from $2.87 billion in the same period of 2024.
Net income for the nine months surged to $131.7 million, compared to $19.1 million a year earlier.
Cash and cash equivalents stood at $355.7 million as of September 30, 2025, more than doubling from $157.7 million at year-end 2024. Total assets rose to $5.63 billion in 2025 from $5.24 billion at the end of 2024.
Importantly, the company has completed the previously announced restatement of its financial statements for the three months ended March 31, 2024, and for the three and six months ended June 30, 2024, and is now current with its SEC filing obligations.
PACS also concluded an independent audit committee investigation, reinforcing governance and transparency.
Looking ahead, PACS expects full-year 2025 revenue to range between $5.25 billion and $5.35 billion. Revenue was $4.1 billion last year.
The company highlighted its balanced strategy of leasing and acquiring facilities, with 51 owned properties and 38 purchase options on leased facilities and 21 purchase options through partnerships.
PACS continues to evaluate opportunities to acquire both high-performing and underperforming operations across multiple states, aiming to unlock long-term value.
PACS has traded in the range of $7.50 to $17.47 over the past year. The stock closed yesterday's trading at $16.83, up 13.09%, and is up nearly 44% at $24.39 in premarket trading today.
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