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    NHC Reports First Quarter 2025 Earnings

    5/9/25 7:00:00 AM ET
    $NHC
    Hospital/Nursing Management
    Health Care
    Get the next $NHC alert in real time by email

    National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended March 31, 2025 totaled $373,697,000 compared to $297,176,000 for the quarter ended March 31, 2024, an increase of 25.7%. The increase in net operating revenues for the first quarter of 2025 compared to the first quarter of 2024 was due to an 8.5% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Management, Inc. ("White Oak"). The White Oak operations consist of 22 healthcare operations, which include 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy.

    For the quarter ended March 31, 2025, the reported GAAP net income attributable to NHC was $32,205,000 compared to $26,213,000 for the same period in 2024. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2025 was $24,838,000 compared to $15,386,000 for the same period in 2024, an increase of 61.4% (*). The GAAP diluted earnings per share were $2.07 and $1.69 for the quarters ending March 31, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.59 and $0.99 for the quarters ending March 31, 2025 and 2024, respectively (*).

    (*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.

    About NHC

    NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,329 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC's other services include Alzheimer's and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com.

    Non-GAAP Financial Presentation

    The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Forward-Looking Statements

    Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q, and 10-K. All forward-looking statements represent NHC's best judgment as of the date of this release.

    Consolidated Statements of Operations  
    (in thousands, except share and per share amounts)  
    Three Months Ended
    March 31

     

    2025

     

     

     

    2024

     

    (unaudited)
    Revenues:  
    Net patient revenues

    $

    361,607

     

     

    $

    285,823

     

    Other revenues

     

    12,090

     

     

     

    11,353

     

    Net operating revenues

     

    373,697

     

     

     

    297,176

     

       
    Costs and expenses:  
    Salaries, wages and benefits

     

    228,130

     

     

     

    183,138

     

    Other operating

     

    92,457

     

     

     

    77,429

     

    Facility rent

     

    11,365

     

     

     

    10,348

     

    Depreciation and amortization

     

    10,978

     

     

     

    10,586

     

    Total costs and expenses

     

    342,930

     

     

     

    281,501

     

       
    Income from operations

     

    30,767

     

     

     

    15,675

     

       
    Non-operating income

     

    4,079

     

     

     

    5,685

     

    Interest expense

     

    (2,106

    )

     

     

    (46

    )

    Unrealized gains on marketable equity securities

     

    10,982

     

     

     

    14,399

     

       
    Income before income taxes

     

    43,722

     

     

     

    35,713

     

    Income tax provision

     

    (11,432

    )

     

     

    (9,462

    )

    Net income

     

    32,290

     

     

     

    26,251

     

       
    Net income attributable to noncontrolling interest

     

    (85

    )

     

     

    (38

    )

       
    Net income attributable to National HealthCare Corporation

    $

    32,205

     

     

    $

    26,213

     

       
    Net income per common share  
    Basic

    $

    2.09

     

     

    $

    1.71

     

    Diluted

    $

    2.07

     

     

    $

    1.69

     

       
    Weighted average common shares outstanding  
    Basic

     

    15,438,306

     

     

     

    15,350,240

     

    Diluted

     

    15,575,752

     

     

     

    15,505,096

     

       
    Dividends declared per common share

    $

    0.61

     

     

    $

    0.59

     

       
       
    Balance Sheet Data March 31   December 31
    (in thousands)

     

    2025

     

     

     

    2024

     

    (unaudited)  
       
    Cash, cash equivalents and marketable securities

    $

    243,171

     

     

    $

    216,185

     

    Restricted cash, cash equivalents and marketable securities

     

    167,639

     

     

     

    163,795

     

    Current assets

     

    455,204

     

     

     

    424,408

     

    Property and equipment, net

     

    679,448

     

     

     

    684,289

     

    Total assets

     

    1,548,821

     

     

     

    1,524,429

     

    Current liabilities, excluding long-term debt due within one year

     

    231,725

     

     

     

    227,297

     

    Current and long-term debt

     

    134,000

     

     

     

    137,000

     

    NHC stockholders' equity

     

    1,004,895

     

     

     

    980,161

     

    Selected Operating Statistics
    Three Months Ended
    March 31

     

    2025

     

     

    2024

     

    (unaudited)
    Skilled Nursing Per Diems:
    Medicare

    $

    612.13

     

    $

    581.75

     

    Managed Care

     

    492.40

     

     

    470.56

     

    Medicaid

     

    281.67

     

     

    265.27

     

    Private Pay and Other

     

    337.04

     

     

    307.84

     

    Average Skilled Nursing Per Diem

    $

    360.14

     

    $

    343.48

     

    (1)

     
    Skilled Nursing Patient Days:
    Medicare

     

    86,254

     

     

    81,156

     

    Managed Care

     

    83,646

     

     

    65,431

     

    Medicaid

     

    363,642

     

     

    281,821

     

    Private Pay and Other

     

    184,594

     

     

    157,443

     

    Total Skilled Nursing Patient Days

     

    718,136

     

     

    585,851

     

    (1)

     
    (1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the first quarter of 2024, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $275.64 and 20,267 patient days.
     
    The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):
    Three Months Ended
    March 31

     

    2025

     

     

    2024

     

    (unaudited)
     
    Net income attributable to National Healthcare Corporation

    $

    32,205

     

    $

    26,213

     

    Non-GAAP adjustments
    Unrealized gains on marketable equity securities

     

    (10,982

    )

     

    (14,399

    )

    Gain on sale of unconsolidated company

     

    -

     

     

    (1,025

    )

    Stock-based compensation expense

     

    1,027

     

     

    793

     

    Income tax provision on non-GAAP adjustments

     

    2,588

     

     

    3,804

     

    Non-GAAP Net income

    $

    24,838

     

    $

    15,386

     

     
    GAAP diluted earnings per share

    $

    2.07

     

    $

    1.69

     

    Non-GAAP adjustments
    Unrealized gains on marketable equity securities

     

    (0.71

    )

     

    (0.93

    )

    Gain on sale of unconsolidated company

     

    -

     

     

    (0.07

    )

    Stock-based compensation expense

     

    0.06

     

     

    0.05

     

    Income tax provision on non-GAAP adjustments

     

    0.17

     

     

    0.25

     

    Non-GAAP diluted earnings per share

    $

    1.59

     

    $

    0.99

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250509983241/en/

    Brian F. Kidd, SVP/CFO

    (615) 890-2020

    Get the next $NHC alert in real time by email

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