PACS Group Overstated 1Q, 2Q Revenue

Dow Jones

Jun 17

By Katherine Hamilton

PACS Group said it overstated its revenue for the three months ended on March 31, 2024, and the three and six months ended on June 30, 2024, and will be restating results from those periods.

The holding company, which invests in post-acute healthcare facilities, said Monday it overstated its total revenue by $15 million to $17 million in the quarter ended March 31, 2024, and by $46 million to $48 million in the quarter ended June 30, 2024.

The prior financial statements for those periods should not be relied upon, PACS said.

Revenue from respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the two quarters, PACS said.

PACS said in November of last year an independent audit committee and external counsel were conducting an investigation of third-party allegations. The audit committee is nearing completion of the investigation and has found no basis to question the integrity of PACS's executive team, it said Monday.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

June 16, 2025 16:40 ET (20:40 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

At the request of the copyright holder, you need to log in to view this content

LOGIN / SIGN UP

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www-web.itiger.com/news/2544845983"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2544845983\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2544845983?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-06-17 04:40","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2544845983","market":"us","top_or_hot":-1,"title":"PACS Group Overstated 1Q, 2Q Revenue","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Katherine Hamilton \n</p>\n<p>\n  <a href=\"https://laohu8.com/S/PACS\">PACS Group</a> said it overstated its revenue for the three months ended on March 31, 2024, and the three and six months ended on June 30, 2024, and will be restating results from those periods. \n</p>\n<p>\n  The holding company, which invests in post-acute healthcare facilities, said Monday it overstated its total revenue by $15 million to $17 million in the quarter ended March 31, 2024, and by $46 million to $48 million in the quarter ended June 30, 2024. \n</p>\n<p>\n  The prior financial statements for those periods should not be relied upon, PACS said. \n</p>\n<p>\n  Revenue from respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the two quarters, PACS said. \n</p>\n<p>\n  PACS said in November of last year an independent audit committee and external counsel were conducting an investigation of third-party allegations. The audit committee is nearing completion of the investigation and has found no basis to question the integrity of PACS's executive team, it said Monday. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 16, 2025 16:40 ET (20:40 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PACS Group Overstated 1Q, 2Q Revenue</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPACS Group Overstated 1Q, 2Q Revenue\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-06-17 04:40</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Katherine Hamilton \n</p>\n<p>\n  <a href=\"https://laohu8.com/S/PACS\">PACS Group</a> said it overstated its revenue for the three months ended on March 31, 2024, and the three and six months ended on June 30, 2024, and will be restating results from those periods. \n</p>\n<p>\n  The holding company, which invests in post-acute healthcare facilities, said Monday it overstated its total revenue by $15 million to $17 million in the quarter ended March 31, 2024, and by $46 million to $48 million in the quarter ended June 30, 2024. \n</p>\n<p>\n  The prior financial statements for those periods should not be relied upon, PACS said. \n</p>\n<p>\n  Revenue from respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the two quarters, PACS said. \n</p>\n<p>\n  PACS said in November of last year an independent audit committee and external counsel were conducting an investigation of third-party allegations. The audit committee is nearing completion of the investigation and has found no basis to question the integrity of PACS's executive team, it said Monday. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 16, 2025 16:40 ET (20:40 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PACS","symbol_name":"PACS Group","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2544845983","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2544845983","pubTimestamp":1750106400,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"PACS Group said it overstated its revenue for the three months ended on March 31, 2024, and the three and six months ended on June 30, 2024, and will be restating results from those periods.The holding company, which invests in post-acute healthcare facilities, said Monday it overstated its total revenue by $15 million to $17 million in the quarter ended March 31, 2024, and by $46 million to $48 million in the quarter ended June 30, 2024.Revenue from respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the two quarters, PACS said.PACS said in November of last year an independent audit committee and external counsel were conducting an investigation of third-party allegations. The audit committee is nearing completion of the investigation and has found no basis to question the integrity of PACS's executive team, it said Monday.","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"PACS":"PACS Group"},"translate_title":"PACS集团夸大了第一季度和第二季度的收入","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PACS":1},"content_text":"By Katherine Hamilton \n\n\nPACS Group said it overstated its revenue for the three months ended on March 31, 2024, and the three and six months ended on June 30, 2024, and will be restating results from those periods. \n\n\n  The holding company, which invests in post-acute healthcare facilities, said Monday it overstated its total revenue by $15 million to $17 million in the quarter ended March 31, 2024, and by $46 million to $48 million in the quarter ended June 30, 2024. \n\n\n  The prior financial statements for those periods should not be relied upon, PACS said. \n\n\n  Revenue from respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the two quarters, PACS said. \n\n\n  PACS said in November of last year an independent audit committee and external counsel were conducting an investigation of third-party allegations. The audit committee is nearing completion of the investigation and has found no basis to question the integrity of PACS's executive team, it said Monday. \n\n\n \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  June 16, 2025 16:40 ET (20:40 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}