Sign in

David McDonald

Managing Director and Senior Equity Research Analyst at Truist

David S. Macdonald is a Managing Director and Senior Equity Research Analyst at Truist Securities, specializing in the healthcare sector with extensive coverage of 48 stocks, including major companies such as Encompass Health. Recognized for his impressive analytical performance, he holds a 4.68-star rating on TipRanks, reflecting a high level of success and credibility in stock recommendations and target setting within the healthcare industry. Macdonald began his analyst career prior to joining Truist, where he has established himself as a leading figure in healthcare equity research over several years and has played an integral role in the firm's investment strategies. He holds key professional credentials including FINRA securities licenses, underpinning his expertise and regulatory compliance as an equity research analyst.

David McDonald's questions to PACS Group (PACS) leadership

Question · Q3 2025

David McDonald inquired about the business momentum, specifically the occupancy and skilled mix opportunities in new and ramping facilities, and any disproportionate investment areas for 2026. He also asked about the most impactful changes to controls post-audit, the drivers behind strong year-to-date cash flow, and the future M&A pipeline and strategy.

Answer

Josh Jergensen (President and COO) explained that mature facilities maintain strong occupancy and skilled mix, while new and ramping facilities are expected to improve as PACS's model and clinical capabilities are implemented. Mark Hancock (Interim CFO) noted the significant organic growth potential from the large number of facilities acquired in 2024. Josh Jergensen highlighted strengthened compliance as the most notable post-audit change, supporting local decision-making. Mark Hancock detailed strong year-to-date cash flow from operations ($407 million) and cash on hand ($350+ million). Josh Jergensen stated that while 2024 saw heavy acquisitions, 2025 focused on integration, and future M&A will be disciplined, aiming for historical averages (around 20 facilities per year) to serve underserved communities.

Ask follow-up questions

Fintool

Fintool can predict PACS Group logo PACS's earnings beat/miss a week before the call