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NHC Reports Second Quarter 2025 Earnings

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 June 30, 2025 totaled $374,910,000 compared to $300,658,000 for the quarter ended June 30, 2024, an increase of 24.7%. The increase in net operating revenues for the second quarter of 2025 compared to the second quarter of 2024 was due to an 9.6% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Management, Inc. (“White Oak”).

For the quarter ended June 30, 2025, the reported GAAP net income attributable to NHC was $23,722,000 compared to $26,844,000 for the same period in 2024. Excluding the unrealized gains and losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended June 30, 2025 was $25,710,000 compared to $15,612,000 for the same period in 2024, an increase of 64.7% (*). The GAAP diluted earnings per share were $1.52 and $1.73 for the quarters ending June 30, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.65 and $1.00 for the quarters ending June 30, 2025 and 2024, respectively (*).

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

About NHC

As of August 1, 2025, 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

 

Six Months Ended

June 30

 

June 30

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

(unaudited)

 

(unaudited)

Revenues:
Net patient revenues

$

363,349

 

$

279,918

 

$

724,956

 

$

565,741

 

Other revenues

 

11,561

 

 

11,295

 

 

23,651

 

 

22,648

 

Government stimulus income

 

-

 

 

9,445

 

 

-

 

 

9,445

 

Net operating revenues and grant income

 

374,910

 

 

300,658

 

 

748,607

 

 

597,834

 

 
Costs and expenses:
Salaries, wages and benefits

 

226,534

 

 

180,076

 

 

454,664

 

 

363,214

 

Other operating

 

91,943

 

 

78,154

 

 

184,400

 

 

155,583

 

Facility rent

 

11,328

 

 

10,570

 

 

22,693

 

 

20,918

 

Depreciation and amortization

 

11,015

 

 

9,338

 

 

21,993

 

 

19,924

 

Total costs and expenses

 

340,820

 

 

278,138

 

 

683,750

 

 

559,639

 

 
Income from operations

 

34,090

 

 

22,520

 

 

64,857

 

 

38,195

 

 
Non-operating income

 

5,132

 

 

4,956

 

 

9,211

 

 

10,641

 

Interest expense

 

(1,993

)

 

-

 

 

(4,099

)

 

(46

)

Unrealized gains/(losses) on marketable equity securities

 

(5,061

)

 

9,124

 

 

5,921

 

 

23,523

 

 
Income before income taxes

 

32,168

 

 

36,600

 

 

75,890

 

 

72,313

 

Income tax provision

 

(8,055

)

 

(9,494

)

 

(19,487

)

 

(18,956

)

Net income

 

24,113

 

 

27,106

 

 

56,403

 

 

53,357

 

 
Net income attributable to noncontrolling interest

 

(391

)

 

(262

)

 

(476

)

 

(300

)

 
Net income attributable to National HealthCare Corporation

$

23,722

 

$

26,844

 

$

55,927

 

$

53,057

 

 
Net income per common share
Basic

$

1.53

 

$

1.74

 

$

3.62

 

$

3.45

 

Diluted

$

1.52

 

$

1.73

 

$

3.59

 

$

3.42

 

 
Weighted average common shares outstanding
Basic

 

15,462,135

 

 

15,391,535

 

 

15,450,286

 

 

15,371,150

 

Diluted

 

15,599,638

 

 

15,555,612

 

 

15,587,783

 

 

15,530,624

 

 
Dividends declared per common share

$

0.64

 

$

0.61

 

$

1.25

 

$

1.20

 

 
 
Balance Sheet Data

June 30

 

December 31

(in thousands)

 

2025

 

 

 

2024

 

(unaudited)

 

 

 
Cash, cash equivalents and marketable securities

$

257,628

 

$

216,185

 

Restricted cash, cash equivalents and marketable securities

 

169,340

 

 

163,795

 

Current assets

 

463,227

 

 

424,408

 

Property and equipment, net

 

676,619

 

 

684,289

 

Total assets

 

1,562,220

 

 

1,524,429

 

Current liabilities, excluding current long-term debt

 

261,245

 

 

227,297

 

Current and long-term debt

 

110,000

 

 

137,000

 

NHC stockholders' equity

 

1,021,905

 

 

980,161

 

 
 
 
 
Selected Operating Statistics

Three Months Ended

 

Six Months Ended

June 30

 

June 30

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

(unaudited)

 

(unaudited)

Skilled Nursing Per Diems:  
Medicare

$

614.85

 

$

577.71

 

$

613.47

 

 

$

579.81

 

Managed Care

 

486.17

 

 

447.96

 

 

489.30

 

 

 

459.48

 

Medicaid

 

286.43

 

 

264.49

 

 

284.07

 

 

 

264.88

 

Private Pay and Other

 

341.34

 

 

312.91

 

 

339.24

 

 

 

310.31

 

 
Average Skilled Nursing Per Diem

$

361.42

 

$

338.86

 

$

360.78

(1)

 

$

341.21

(1)

 
Skilled Nursing Patient Days:  
Medicare

 

83,615

 

 

74,602

 

 

169,869

 

 

 

155,758

 

Managed Care

 

83,015

 

 

62,957

 

 

166,661

 

 

 

128,388

 

Medicaid

 

368,687

 

 

279,504

 

 

732,329

 

 

 

561,325

 

Private Pay and Other

 

194,202

 

 

150,234

 

 

378,796

 

 

 

307,677

 

 
Total Skilled Nursing Patient Days

 

729,519

 

 

567,297

 

 

1,447,655

(1)

 

 

1,153,148

(1)

 
(1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the six months ended June 30, 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

 

Six Months Ended

June 30

 

June 30

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

(unaudited)

 

(unaudited)

 
Net income attributable to National Healthcare Corporation

$

23,722

 

$

26,844

 

$

55,927

 

 

$

53,057

 

Non-GAAP adjustments  
Unrealized (gains)/losses on marketable equity securities

 

5,061

 

 

(9,124

)

 

(5,921

)

 

 

(23,523

)

Operating losses for newly-opened operations not at full capacity

 

-

 

 

20

 

 

-

 

 

 

20

 

Gain on sale of property and equipment

 

(3,606

)

 

-

 

 

(3,606

)

 

 

-

 

Gain on sale of unconsolidated company

 

-

 

 

-

 

 

-

 

 

 

(1,024

)

Stock-based compensation expense

 

1,232

 

 

1,176

 

 

2,260

 

 

 

1,969

 

Acquisition-related expenses

 

-

 

 

2,194

 

 

-

 

 

 

2,194

 

Employee retention credit

 

-

 

 

(9,445

)

 

-

 

 

 

(9,445

)

Income tax provision/(benefit) on non-GAAP adjustments

 

(699

)

 

3,947

 

 

1,889

 

 

 

7,750

 

Non-GAAP Net income

$

25,710

 

$

15,612

 

$

50,549

 

 

$

30,998

 

 
GAAP diluted earnings per share

$

1.52

 

$

1.73

 

$

3.59

 

 

$

3.42

 

Non-GAAP adjustments  
Unrealized (gains)/losses on marketable equity securities

 

0.32

 

 

(0.59

)

 

(0.38

)

 

 

(1.51

)

Gain on sale of property and equipment

 

(0.23

)

 

-

 

 

(0.23

)

 

 

-

 

Gain on sale of unconsolidated company

 

-

 

 

-

 

 

-

 

 

 

(0.07

)

Stock-based compensation expense

 

0.08

 

 

0.08

 

 

0.14

 

 

 

0.13

 

Acquisition-related expenses

 

-

 

 

0.14

 

 

-

 

 

 

0.14

 

Employee retention credit

 

-

 

 

(0.61

)

 

-

 

 

 

(0.61

)

Income tax provision/(benefit) on non-GAAP adjustments

 

(0.04

)

 

0.25

 

 

0.12

 

 

 

0.50

 

Non-GAAP diluted earnings per share

$

1.65

 

$

1.00

 

$

3.24

 

 

$

2.00

 

 
 

 

Contacts

Brian F. Kidd, SVP/CFO

Phone: (615) 890-2020

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