Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Mobile-Network Solutions (MNDR) is up 96% at $3.26 - PACS Group, Inc. (PACS) is up 44% at $24.37 - Cerence Inc. (CRNC) is up 28% at $10.16 - Magnera Corporation (MAGN) is up 26% at $10.07 - Oddity Tech Ltd. (ODD) is up 17% at $43.75 - Allot Ltd. (ALLT) is up 14% at $9.80 - Artiva Biotherapeutics, Inc. (ARTV) is up 14% at $3.88 - Kulicke and Soffa Industries, Inc. (KLIC) is up 13% at $40.22 - Fossil Group, Inc. (FOSL) is up 12% at $2.29 - NVIDIA Corporation (NVDA) is up 5% at $195.84 [3] Premarket Losers - Brera Holdings PLC (SLMT) is down 33% at $3.84 - Bath & Body Works, Inc. (BBWI) is down 14% at $18.04 - Cemtrex, Inc. (CETX) is down 11% at $3.20 - Atkore Inc. (ATKR) is down 9% at $60.00 - Gloo Holdings, Inc. (GLOO) is down 9% at $7.30 - SMX (Security Matters) Public Limited Company (SMX) is down 9% at $4.60 - Sonim Technologies, Inc. (SONM) is down 8% at $7.31 - Psyence Biomedical Ltd. (PBM) is down 7% at $2.56 - MMTec, Inc. (MTC) is down 6% at $2.00 - Ridgetech, Inc. (RDGT) is down 5% at $4.78 [4]

Core Insights - PACS Group, Inc. (NYSE:PACS) achieved a new 52-week high following strong third-quarter earnings performance [1][3] - The company reported a 235% increase in attributable net income to $52.4 million, up from $15.6 million, and a 27% growth in total revenues to $1.3 billion from $1.02 billion year-on-year [2] - PACS Group anticipates full-year revenues to be between $5.25 billion and $5.35 billion [2] Financial Performance - Attributable net income rose by 235% to $52.4 million from $15.6 million [2] - Total revenues increased by 27% to $1.3 billion from $1.02 billion year-on-year [2] Strategic Outlook - The Interim Chief Finance Officer highlighted operational excellence as a key driver of revenue growth [3] - The company emphasizes a locally-led, centrally-supported model aimed at enhancing care quality and community strength [4]

Core Insights - Several stocks experienced significant movements in after-hours trading, influenced by earnings announcements and financing updates, particularly in the healthcare and biotech sectors [1] Company Summaries - **PACS Group Inc. (PACS)**: The stock surged 45.48% to $24.48 after a 16.63% increase during regular trading, closing at $16.83. The company reported Q3 net income of $52.4 million ($0.32 per share), up from $15.6 million ($0.10 per share) a year ago. Revenue increased to $1.345 billion from $1.026 billion. For fiscal 2025, PACS expects revenue between $5.25 billion and $5.35 billion, with adjusted EBITDA projected at $480 million to $490 million [2] - **Zynex, Inc. (ZYXI)**: The stock rose 4.49% after hours to $0.58, following a 32.14% gain during regular trading. The company reported a net loss of $42.9 million ($1.42 per share) for the quarter ended September 30, 2025, compared to a net income of $2.3 million ($0.07 per share) in the same period last year. Net revenue fell to $13.4 million from $50.0 million [3] - **Genenta Science S.p.A. (GNTA)**: The stock increased 7.34% after hours to $1.90, recovering from an 11.06% decline to $1.77. Last month, the company announced a securities purchase agreement for 4,285,715 American Depositary Shares at $3.50 per ADS, raising approximately $15.0 million before fees and expenses [4] - **Ekso Bionics Holdings, Inc. (EKSO)**: The stock gained 4.22% in after-hours trading to $4.20, after closing at $4.03, down 3.47% earlier in the day. In late October, the company disclosed a registered direct offering of 769,490 shares priced at $4.81 per share [5] - **Nutex Health Inc. (NUTX)**: The stock advanced 9.64% after hours to $123.00, following a 13.09% rise during regular trading to $112.19. The company reported Q3 net income of $55.4 million, reversing a net loss of $8.8 million in the same period last year. Revenue climbed to $267.8 million, up from $78.8 million, marking a 239.9% increase [6]

Core Insights - Informa is hosting its 2025 Capital Markets Day in Dubai, emphasizing the city's vibrancy and the company's deep roots in the region [1][2] Group 1 - The event is attended by a few hundred participants, indicating strong interest and engagement from investors and stakeholders [1] - The choice of Dubai as the venue aims to provide attendees with a better understanding of Informa's presence and operations in the area [2]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenue of $1.3 billion, a 31% increase year-over-year [24] - Year-to-date revenue for 2025 reached $3.9 billion, representing a 36% increase compared to the same period in 2024 [25] - Adjusted EBITDA for Q3 was $131.5 million, while adjusted EBITDAR was $226.6 million [24] - Net income for Q3 was $52.3 million, with diluted earnings per share at $0.32 [24] - Year-to-date net income for 2025 was $131.7 million, with diluted earnings per share of $0.80 [25] Business Line Data and Key Metrics Changes - Total occupancy across the portfolio was 89%, with mature facilities achieving 95% occupancy, up from 94% the previous year [25] - New facilities had an occupancy rate of 81%, down from 83% in the prior year, reflecting the onboarding process [19][26] - Skilled mix in mature facilities increased from 32% to 34% in 2025, while ramping facilities reported 23% skilled mix [25] Market Data and Key Metrics Changes - The skilled nursing industry is projected to grow, with total expenditures expected to reach $337.4 billion by 2032 [11] - The demographic shift indicates that nearly 20% of the U.S. population will be aged 65 or older by 2030, increasing demand for post-acute care services [11] Company Strategy and Development Direction - The company aims to be the leading provider of post-acute clinical care, focusing on high-quality skilled nursing care through locally operated facilities [9] - The strategy includes a locally led, centrally supported model that empowers local leaders while maintaining robust oversight [10] - The company plans to capitalize on demographic trends and drive growth through both organic means and acquisitions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's renewed commitment to transparency and operational excellence following a recent restatement [5][6] - The company anticipates record revenue and adjusted EBITDA for the full year 2025, with guidance indicating annual revenue between $5.25 billion and $5.35 billion [29][31] - Management highlighted the importance of strong leadership and operational discipline in navigating challenges and driving growth [21][22] Other Important Information - The company completed 106 facility acquisitions in 2024, significantly expanding its geographic footprint [18] - As of Q3 2025, the company owned or had purchase options for nearly half of the properties it operates, strengthening its balance sheet [28] Q&A Session Summary Question: Can you discuss the momentum in occupancy and skilled mix opportunities? - Management noted that mature facilities have strong occupancy and skilled mix, while new and ramping facilities have potential for improvement as systems are deployed [33][34] Question: What changes have been made regarding controls? - Management highlighted improvements in compliance as a key area of focus, enhancing support for local administrators [36][37] Question: Can you provide insights on cash flow generation? - Cash provided by operations for the first nine months was $407 million, with cash and cash equivalents at over $350 million [39] Question: What is the outlook for M&A activity? - Management indicated a selective approach to M&A, with a historical average of around 20 acquisitions per year, but noted the potential for increased activity as the company feels stronger [40][42] Question: How are local market relationships holding up post-audit? - Management reported strong relationships with local markets, indicating that the locally led model has proven effective during challenging times [60][61] Question: Are there any changes in M&A target strategy? - Management confirmed that the evaluation process for M&A targets remains disciplined, with a focus on both turnaround opportunities and well-performing facilities [62][63]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenue of $1.3 billion, a 31% increase year-over-year [24] - Year-to-date revenue for 2025 reached $3.9 billion, representing a 36% increase compared to the same period in 2024 [25] - Adjusted EBITDA for Q3 was $226.6 million, while year-to-date adjusted EBITDA was $646.2 million [24][25] - Net income for Q3 was $52.3 million, with diluted earnings per share of $0.32 [24] - Total facility occupancy across the portfolio was 89%, with mature facilities achieving 95% occupancy [25] Business Line Data and Key Metrics Changes - The company operates 320 facilities, with a total of 35,202 operating beds, including 32,677 skilled nursing beds and 2,525 assisted living beds [18] - Occupancy in new facilities was 81%, down from 83% the previous year, while skilled mix improved to 25% from 22% [26] - Mature facilities reported a skilled mix increase from 32% to 34% in 2025 [25] Market Data and Key Metrics Changes - The skilled nursing industry is projected to grow, with total expenditures expected to reach $337.4 billion by 2032 [11] - The demographic shift indicates that nearly 20% of the U.S. population will be aged 65 or older by 2030, increasing demand for post-acute care services [11] Company Strategy and Development Direction - The company aims to be the leading provider of post-acute clinical care, focusing on high-quality skilled nursing care [9] - The operational model is locally led and centrally supported, allowing for tailored care while maintaining compliance and oversight [10] - The company plans to continue executing its growth strategy through both organic growth and acquisitions, with a disciplined approach to capital allocation [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's renewed commitment to transparency and operational excellence following recent challenges [5][6] - The company anticipates record revenue and adjusted EBITDA for the full year 2025, with guidance indicating annual revenue between $5.25 billion and $5.35 billion [29][31] Other Important Information - The company has strengthened its internal controls and compliance measures following an independent investigation [7][23] - The company has acquired the underlying real estate of five facilities, enhancing its ownership position [28] Q&A Session Summary Question: Can you discuss the momentum in occupancy and skilled mix? - Management noted strong occupancy in mature facilities and emphasized the need for time to implement systems in new and ramping facilities [33][34] Question: What impactful changes have been made regarding controls? - Management highlighted improvements in compliance as a key area of focus, enhancing support for local administrators [36][37] Question: Can you provide insights on cash flow generation and M&A activity? - Cash provided by operations for the first nine months was $407 million, with a strong cash position at the end of Q3 [39] - Management indicated a selective approach to M&A, with a focus on supporting newly acquired facilities [40][42] Question: How should long-term growth be modeled? - Management confirmed that historical growth models remain applicable, with a focus on maintaining a disciplined approach to acquisitions [47][49] Question: What is the embedded EBITDA opportunity across new and ramping cohorts? - Management indicated that new facilities typically operate at a 2-3% margin, improving as they mature [50][51] Question: How is Medicaid rate development being modeled? - Management emphasized the importance of evaluating state Medicaid programs during acquisitions to ensure appropriate reimbursement [52][54] Question: How have local market relationships fared through the audit process? - Management reported strong relationships with local markets, indicating that the operational model has proven effective [59][61] Question: Are there changes in M&A target strategy post-audit? - Management confirmed that the evaluation process for M&A targets remains disciplined, focusing on both turnaround opportunities and well-performing facilities [62][63]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of $1.3 billion, a 31% increase year-over-year [22] - Year-to-date revenue for the first nine months of 2025 reached $3.9 billion, representing a 36% increase compared to the same period in 2024 [22] - Adjusted EBITDA for Q3 was $226.6 million, while year-to-date adjusted EBITDA was $646.2 million [22] - Net income for Q3 was $52.3 million, with diluted earnings per share of $0.32 [22] - Total occupancy across the portfolio was 89%, with mature facilities achieving 95% occupancy, up from 94% the previous year [23] Business Line Data and Key Metrics Changes - The company operates 320 facilities across the country, providing care to over 30,000 residents daily [8] - The skilled mix in mature facilities increased from 32% to 34% in 2025 [23] - New facilities ended Q3 2025 with 81% occupancy, down from 83% in 2024, while skilled mix improved to 25% from 22% [24] Market Data and Key Metrics Changes - The skilled nursing industry is projected to grow, with total expenditures expected to reach $337.4 billion by 2032 [10] - The demographic shift indicates that nearly 20% of the U.S. population will be aged 65 or older by 2030, increasing demand for post-acute care services [10] Company Strategy and Development Direction - The company aims to be the leading provider of post-acute clinical care, focusing on high-quality skilled nursing care [8] - The operational model is locally led and centrally supported, allowing local leaders to make decisions while maintaining compliance and oversight [9] - The company plans to continue executing its growth strategy through both organic growth and acquisitions, having completed 106 acquisitions in 2024 [16][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver exceptional value and improve clinical outcomes, emphasizing a renewed commitment to transparency and governance [6][11] - The company expects record revenue and adjusted EBITDA for the full year 2025, with guidance indicating annual revenue between $5.25 billion and $5.35 billion [26] Other Important Information - The company has strengthened its compliance and internal controls following an independent investigation, enhancing its operational framework [6][21] - The company has invested in leadership development through its Administrator in Training program, with a retention rate of approximately 78% [19] Q&A Session Summary Question: Can you discuss the momentum in the business regarding occupancy and skilled mix? - Management noted strong occupancy in mature facilities and expressed confidence in improving occupancy and skilled mix in new and ramping facilities as they integrate into the company's operational model [31][32] Question: What are the most impactful changes made regarding controls? - The focus has been on strengthening compliance within the organization, which supports the locally led and centrally supported model [34][35] Question: Can you provide insights on cash flow generation and M&A activity? - Cash provided by operations for the first nine months was $407 million, with a significant increase in cash and cash equivalents compared to the previous year [38] - The company plans to continue being selective in M&A, focusing on supporting and integrating newly acquired facilities [40][41] Question: How should long-term growth be viewed in light of recent changes? - Management indicated that the previous growth models remain applicable, with expectations of continued strong performance and opportunistic acquisitions [45][46] Question: What is the current embedded EBITDA opportunity across new and ramping cohorts? - New facilities typically operate at a 2-3% margin, which can increase to low double digits as they mature [48][49] Question: How is the company modeling growth for Medicaid rates? - The company closely evaluates state Medicaid programs during acquisitions, targeting states with favorable reimbursement structures for higher acuity patients [50][51]

Financial Performance & Growth - PACS Group's 2025 revenue guidance is between $525 billion and $535 billion[10] - The company anticipates approximately 30% revenue growth compared to 2024 at the midpoint of the guidance[12] - Adjusted EBITDA for 2025 is projected to be between $480 million and $490 million[10] - For the nine months ended September 30, 2025, total revenue reached $39310 million[125], and Adjusted EBITDA was $3630 million[125] - Q3 2025 revenue was $13446 million, reflecting a year-over-year increase of approximately 310%[62,82] - Q3 2025 Adjusted EBITDA was $1315 million, a year-over-year increase of approximately 168%[62,82] - Last Twelve Months (LTM) revenue reached $514 billion, with LTM Adjusted EBITDA of $4569 million[81] Operational Metrics - The company operates 320 facilities across 17 states[15] - Mature facilities have an occupancy rate of 948%[22] - Mature facilities have an average skilled mix of 330%[22] - Mature facilities have an average CMS Quality Measure Star Rating of 43[22]

Core Insights - PACS announced its operating results for the third quarter of 2025, indicating a significant update in its financial performance [1] - The company has completed its restatement of financials, ensuring compliance with SEC obligations, which reflects a commitment to transparency and regulatory adherence [1] Financial Performance - The announcement includes the operating results for Q3 2025, although specific financial metrics are not detailed in the provided content [1] - The completion of the financial restatement suggests that previous financial statements may have been adjusted, which could impact investor perception and future financial reporting [1]

Revenue Performance - Revenue for Q3 2025 was $1.34 billion, an increase of 31.0% year-over-year[6] - Year-to-date revenue for 2025 reached $3.93 billion, reflecting a 36.4% increase compared to the prior year period[6] - Full-year 2024 revenue was $4.09 billion, up 31.4% from full year 2023[6] - Total revenue for Q3 2025 reached $1,344,567, a 31.1% increase from $1,026,305 in Q3 2024[24] - Patient and resident service revenue increased to $1,344,302 in Q3 2025, up 31.3% from $1,024,276 in Q3 2024[24] - Skilled nursing services revenue for the nine months ended September 30, 2025, was $3,843,153, a 34.9% increase from $2,849,806 in 2024[30] Net Income and Profitability - Net income for Q3 2025 was $52.3 million, with year-to-date net income of $131.7 million[6] - Net income attributable to PACS Group, Inc. for the nine months ended September 30, 2025, was $131,841, compared to $18,559 for the same period in 2024, representing a 610.5% increase[24] - Operating income for the nine months ended September 30, 2025, was $214,908, compared to $51,094 in 2024, reflecting a 320.5% increase[24] - Net income for the three months ended September 30, 2025, was $52,330,000, a significant increase from $16,210,000 in the same period of 2024, representing a year-over-year growth of 223%[40] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $131.5 million, while year-to-date adjusted EBITDA was $363.0 million[6] - Adjusted EBITDA for the three months ended September 30, 2025, reached $131,515,000, compared to $49,082,000 in the same period of 2024, indicating a growth of 168%[40] - Adjusted EBITDAR for the nine months ended September 30, 2025, was $646,216,000, up from $200,954,000 in the same period of 2024, reflecting a substantial increase of 221%[40] - Adjusted EBITDA for full-year 2025 is projected to be between $480 million and $490 million[14] Cash and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $355.7 million, up from $157.7 million as of December 31, 2024[6] - Net cash at the end of the period was $359,056, significantly up from $62,012 at the end of September 2024[25] - Cash provided by operating activities for the nine months ended September 30, 2025, was $407,614, compared to $302,751 in 2024[25] Occupancy and Facilities - Mature facilities occupancy was 94.8%, significantly higher than the industry average of 79%[6] - The occupancy rate for skilled nursing services was 88.9% for the nine months ended September 30, 2025, down from 90.8% in 2024[30] - The occupancy rate for skilled nursing services decreased to 86.2% in 2025 from 94.4% in 2024, reflecting an 8.2% decline[31] - The number of facilities at period end increased to 290 in Q3 2025, up 16.5% from 249 in Q3 2024[28] - The number of operational beds at period end increased to 32,677 in Q3 2025, a 19.0% increase from 27,467 in Q3 2024[30] - The total number of facilities at period end increased by 3 to 79 in new facilities, representing a 3.9% growth[31] - The number of facilities decreased by 31 to 62 in ramping facilities, a decline of 33.3% compared to 93 in 2024[31] Costs and Expenses - The company reported a total rent-cost of services of $95,107,000 for the three months ended September 30, 2025, compared to $72,632,000 in the same period of 2024, which is an increase of 31%[40] - Interest expense for the three months ended September 30, 2025, was $8,529,000, slightly down from $9,029,000 in the same period of 2024, showing a decrease of 6%[40] - Provision for income taxes for the three months ended September 30, 2025, was $23,966,000, compared to $17,446,000 in the same period of 2024, marking an increase of 37%[40] - Depreciation and amortization expenses for the three months ended September 30, 2025, totaled $14,401,000, up from $10,523,000 in the same period of 2024, which is an increase of 37%[40] - The company incurred acquisition-related costs of $101,000 for the three months ended September 30, 2025, compared to $845,000 in the same period of 2024, indicating a decrease of 88%[40] - Stock-based compensation expense for the three months ended September 30, 2025, was $12,516,000, slightly up from $12,304,000 in the same period of 2024, reflecting an increase of 2%[40] - Legal and other costs for the three months ended September 30, 2025, amounted to $19,596,000, with no comparable costs reported in the same period of 2024, indicating new expenditures in this area[40] Patient Acuity and Rates - The average daily rate for Medicare patients increased to $988.41 in mature facilities for the three months ended September 30, 2025, compared to $947.82 in 2024[35] - The skilled mix by revenue for mature facilities increased to 56.4% in 2025 from 55.0% in 2024, indicating a shift towards higher acuity patients[34] - The average daily rate for total skilled patient payors increased to $824.34 in 2025 from $805.90 in 2024[35] - The skilled mix by nursing patient days for new facilities increased to 24.7% in 2025 from 22.3% in 2024, indicating improved patient acuity[34] - Skilled nursing services revenue for new facilities increased by $143,808 or 19.3% to $887,886 in 2025 from $744,078 in 2024[31]