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National Healthcare Corp

NHC Reports First Quarter 2025 Earnings

MURFREESBORO, Tenn.--(BUSINESS WIRE)--May 9, 2025-- 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

 

 

Brian F. Kidd, SVP/CFO
(615) 890-2020

Source: National HealthCare Corporation