PACS Group, Inc. (PACS) has filed to raise $100 million in an IPO of its common stock, per an SEC S-1 registration statement. While topline revenue has increased, operating income has fallen materially, indicating volatility in the firm's financial results. Farmington, Utah-based PACS Group, Inc. was founded to develop, acquire, and operate primarily skilled nursing centers and currently is active in nine U.S. states.