Home Health and Long-Term Care Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

Read the report

SlidesScroll

1 of 7

←→Full screen

BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HOME HEALTH AND LONG-TERM CARE

Operators Keep Buying Density While the Market Marks the Sector Down

This update covers the two-week period of September 14–28, 2026 in Home Health and Long-Term Care: the movers, the companies' own announcements, and what changed in the transaction record.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Home Health and Long-Term Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 7 · HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HOME HEALTH AND LONG-TERM CARE

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HOME HEALTH AND LONG-TERM CARE

   Cover slide introducing the Home Health and Long-Term Care bi-weekly industry events and M&A update for September 14–28, 2026.

   This is our bi-weekly read on Home Health and Long-Term Care, covering September 14–28, 2026. We built it to answer four questions clients ask every two weeks: what changed, who moved and most likely why, what transacted, and what it means. That framing is what lets you use the next few pages as a working brief rather than a news recap.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HOME HEALTH AND LONG-TERM CARE Operators Keep Buying Density While the Market Marks the Sector Down This update covers the two-week period of September 14–28, 2026 in Home Health and Long-Term Care: the movers, the companies' own announcements, and what changed in the transaction record. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Home Health and Long-Term Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Buyers Added Local Density While Equity Supply and Legal Items Weighed on Prices

   A one-page summary stating that buyers added local density while equity supply and legal items pressured prices across the two-week period.

   Across the ten names we track, the median move was -4.6% while the S&P 500 returned +0.8% over the same two weeks, so the group underperformed the broad market on a close-to-close basis. The two clearest storylines were a supply-driven repricing at one name and a run of density-adding acquisitions elsewhere, not a broad re-rating of the sector. That split matters: it tells us the market is pricing specific events, not the group's earnings outlook, which is the lens we carry into the rest of this update.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Buyers Added Local Density While Equity Supply and Legal Items Weighed on Prices The two-week period in one page · 10 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Home Health and Long-Term Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Sector Gave Ground While the Broad Index Held 7 of 10 covered names fell; the median move was -4.6%. The S&P 500 returned +0.8% over the same two-week period. 2 New Stock for Sale Reset InnovAge's Clearing Price Innovage Holding Corp. (INNV) announced the launch and then the pricing of a secondary offering by selling stockholders on Sep 22. The stock's worst day, -15.6%, came on Sep 23, and it closed the period at -17.5%. 3 Operators Kept Paying for Local Density and Owned Real Estate Addus HomeCare Corporation (ADUS) announced a definitive agreement to acquire the personal care division of AccentCare, The Pennant Group, Inc. (PNTG) bought the real estate under a senior living community, and Chemed Corporation (CHE) acquired its largest independent Roto-Rooter franchise. 4 The Standing View Still Splits the Field on Earnings Durability NeuraCap's standing sector view frames the group on CY2027E EV / EBITDA at a 13.0x median, with the Premium tier at 15.3x and the Discount tier at 9.6x. The period's moves clustered around supply and legal items rather than a re-rating of the group. +2.0% Best mover — The Pennant Group, Inc. (PNTG) worst: INNV -17.5% · 3 up / 7 down of 10 covered -4.6% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Supply Event, One Acquisition, and Two Moves the Record Does Not Explain

   A summary of the two-week period's stock moves, isolating one supply event, one acquisition, and two moves without a recorded driver.

   We set the materiality bar at ±6.9% sector-relative, and against a -4.6% sector median and a +0.8% S&P 500 return, only a handful of names cleared that bar in either direction. Innovage Holding Corp. (INNV) was the sharpest mover, closing the period down 17.5% after a secondary offering was launched and priced by selling stockholders. Two other moves in the window are not explained by any filing or headline we could attribute, and we say so plainly rather than force a narrative. For clients, that means treating the unexplained moves as open questions, not confirmed signals, until the record catches up.'

   Everything on this page

   PUBLIC MARKET MOVERS One Supply Event, One Acquisition, and Two Moves the Record Does Not Explain Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.6% · S&P 500 +0.8% · materiality bar ±6.9% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Home Health and Long-Term Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -4.6% Innovage Holding Corp. (INNV) -17.5% Shares moved following the Sep 22 launch and same-day pricing of a proposed secondary offering of common stock by selling stockholders. The stock's worst day, -15.6%, landed on Sep 23, and the two-week move was -17.5%. Adding stock to the float can reprice a Core-tier name faster than any census or rate update. COMPANY-SPECIFIC Aveanna Healthcare Holdings Inc. (AVAH) -11.8% No notable in-window news was identified that clearly explains the move. At -11.8%, Aveanna Healthcare Holdings Inc. (AVAH) finished well below the sector median of -4.6%, with its largest single-day move of -3.3% on Sep 23. Home-based care equities can swing on positioning as much as on visit volumes and payer mix. UNEXPLAINED Brookdale Senior Living Inc. (BKD) -7.3% No notable in-window news was identified that clearly explains the move. At -7.3%, Brookdale Senior Living Inc. (BKD) finished below the sector median of -4.6%, with its largest single-day move of -1.9% on Sep 23. A NeuraCap read: senior living names still travel with the group through a down stretch. UNEXPLAINED The Pennant Group, Inc. (PNTG) +2.0% Shares moved following the Sep 16 announcement that Pennant acquired the real estate of Mainplace Senior Living in Orange, California; the period's best day, +6.3%, came in the same stretch. A rating upgrade published Sep 14 preceded it. Owning the building under a senior living community is an asset-structure decision the market appears willing to reward. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Operators Bought Density; Governance and Legal Items Filled the Rest of the Docket

   A list of the two-week period's highest-impact company announcements, spanning acquisitions, real estate purchases and legal notices.

   The highest-impact items in this window were operational: Addus HomeCare Corporation (ADUS) announced a definitive agreement to acquire the personal care division of AccentCare, The Pennant Group, Inc. (PNTG) bought the real estate under a senior living community, and Chemed Corporation (CHE) acquired its largest independent Roto-Rooter franchise. Alongside those moves, governance and legal notices filled out the rest of the docket. The pattern across the buying is consistent: operators are paying for assets and density in markets they already serve, which is the kind of evidence we weight most heavily when judging deal logic.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Operators Bought Density; Governance and Legal Items Filled the Rest of the Docket The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Home Health and Long-Term Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · GlobeNewsWire Chemed's Roto-Rooter acquired its largest independent franchise territory A Core-tier name put cash into bringing a large franchised territory in-house. It shows capital allocation toward owning operations rather than licensing them. Converting franchised or affiliated volume into owned operations is a repeatable way to add earnings without new licences. Sep 16 · NEWS · GlobeNewsWire Pennant acquired the real estate of Mainplace Senior Living in Orange, California Buying the property under an operation changes the fixed-charge profile and moves the name away from lease-coverage constraints. Asset structure is one of the period's live valuation forks. Owned versus leased is a pricing question, not a housekeeping one, for anyone comparing operators. Sep 14 · NEWS · Business Wire Addus agreed to acquire the personal care division of AccentCare A definitive agreement for a personal care business is the clearest statement of buyer appetite in the period. It puts a Discount-tier name's capital behind billable hours and caregiver capacity rather than facilities. Personal care assets remain a live target for operators building hours and referral density in markets they already serve. Sep 14 · NEWS · Business Wire PACS Group presented at the 2026 Jefferies Healthcare Services and Technology Conference Sending the chief executive to an investor conference signals a company intent on re-establishing its story with the buy side. Visibility with investors is part of how operators defend their standing against comparable names. Sep 21 · NEWS · PRNewsWire Rosen Law Firm continued a securities investigation into The Ensign Group Investigation notices keep a compliance question in front of investors in a Premium-tier name. Billing audits and cost-report exposure are recognised value detractors in this sector. Premium valuations carry a lower tolerance for unresolved legal questions. Sep 21 · NEWS · Business Wire PACS Group announced a Chief Legal Officer transition following the officer's retirement Legal leadership sits at the centre of licensure, change-of-ownership approvals and cost-report exposure in this sector. Continuity in that seat matters to anyone underwriting compliance tail risk. In a licence-gated sector, the legal function is an operating function, not a back-office one.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Precedents Landed; The Trailing Record Still Sets the Reference Price

   A statement that no new precedent transactions were recorded in the window, leaving the trailing 40-deal set as the reference for multiples.

   No new precedent transactions landed in this two-week period, so the reference set stays at 40 recorded deals with a median of 12.3x EV/LTM EBITDA. That stability is itself useful: it means underwriting assumptions built on the trailing record don't need to move this cycle. For acquirers and advisors, the message is to keep using this multiple as the anchor until a new transaction actually prints.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Precedents Landed; The Trailing Record Still Sets the Reference Price September 14–28, 2026 · precedent transactions: 40 recorded deals · median 12.3x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Home Health and Long-Term Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The precedent record added no new entries, leaving the trailing set of 40 transactions at a median of 12.3x EV / EBITDA as the reference point. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 12.3x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Operators, Buyers and Advisors

   A translation of the two-week period's events into implications for operators, acquirers and advisors.

   For owners and operators, the announcements that landed well were about adding census, hours and owned assets in markets already served, which is where the market rewarded density. For acquirers, the trailing 40-deal set at 12.3x EV/EBITDA remains the underwriting anchor since no new precedent arrived this period. For advisors, the period's evidence argues for leading with earnings durability and asset structure, since a supply event repriced one name while legal notices kept a compliance question open at another. Taken together, this is a period to act on density and asset logic, not on repricing noise.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Home Health and Long-Term Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 13.0x 10 companies in the study 3 valuation tiers Standing thesis: Home Health and Long-Term Care Prices Growth, but Earnings Durability Still Separates the Field FOR OWNERS & OPERATORS Density and Mix Carried the Good News The announcements that landed well were about adding hours, census and owned assets in markets the buyer already serves. Average daily census, occupancy, payer and skilled mix, revenue per patient day and hours per patient day are the levers behind that logic. FOR ACQUIRERS The Reference Set Held Steady No new precedent entries arrived, so the trailing set of 40 transactions at a median of 12.3x EV / EBITDA remains the anchor for underwriting. FOR ADVISORS Lead with Earnings Durability and Asset Structure The period's evidence is specific: an equity supply event repriced a Core-tier name, three law-firm notices kept a compliance question open at a Premium-tier name, and the buying that happened was about local density.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   A methodology page explaining how the update is built and what each type of statement in the deck rests on.

   Every figure in this update links back to the record it was taken from, and every driver attribution is a calibrated NeuraCap read of that recorded evidence, not an assertion of cause. We rely on SEC filings, company press releases and established outlets in that order of reliability, and we never draw on video or social platforms. This page is here so you can trace any number or claim in the deck back to its source before you act on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Home Health and Long-Term Care Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T171221Z_540_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com · newsfilecorp.com

More coverage in Health Care

• Sector Report · Sep 28, 2026Home Health and Long-Term Care Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Neurology and CNS Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Sector Report · Sep 28, 2026Neurology and CNS Therapeutics Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Oncology Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026