NHC Reports Third Quarter 2024 Earnings

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MURFREESBORO, Tenn., November 08, 2024--(BUSINESS WIRE)--National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and grant income for the quarter ended September 30, 2024 totaled $340,198,000 compared to $288,485,000 for the quarter ended September 30, 2023, an increase of 17.9%. The increase in net operating revenues for the third quarter of 2024 compared to the same period last year was primarily related to the August 1, 2024 acquisition of White Oak Manor ("White Oak"). The White Oak operations consist of 21 healthcare operations, which includes 15 skilled nursing facilities, two assisted living facilities, and four independent living facilities.

For the quarter ended September 30, 2024, the reported GAAP net income attributable to NHC was $42,789,000 compared to $10,388,000 for the same period in 2023. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2024 was $19,910,000 compared to $13,250,000 for the same period in 2023, an increase of 50.3% (*). The GAAP diluted earnings per share were $2.73 for the quarter ended September 30, 2024 compared to $0.68 for the quarter ended September 30, 2023. Adjusted diluted earnings per share were $1.27 and $0.86 for the quarters ended September 30, 2024 and 2023, 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 10,349 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 32 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.

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