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NHC Reports Second Quarter 2025 Earnings

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MURFREESBORO, Tenn.--(BUSINESS WIRE)-- (NYSE American: ), 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 .

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.

Ìý
Ìý
Ìý
Consolidated Statements of Operations
(in thousands, except share and per share amounts)

Three Months Ended

Ìý

Six Months Ended

June 30

Ìý

June 30

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

(unaudited)

Ìý

(unaudited)

Revenues:
Net patient revenues

$

363,349

Ìý

$

279,918

Ìý

$

724,956

Ìý

$

565,741

Ìý

Other revenues

Ìý

11,561

Ìý

Ìý

11,295

Ìý

Ìý

23,651

Ìý

Ìý

22,648

Ìý

Government stimulus income

Ìý

-

Ìý

Ìý

9,445

Ìý

Ìý

-

Ìý

Ìý

9,445

Ìý

Net operating revenues and grant income

Ìý

374,910

Ìý

Ìý

300,658

Ìý

Ìý

748,607

Ìý

Ìý

597,834

Ìý

Ìý
Costs and expenses:
Salaries, wages and benefits

Ìý

226,534

Ìý

Ìý

180,076

Ìý

Ìý

454,664

Ìý

Ìý

363,214

Ìý

Other operating

Ìý

91,943

Ìý

Ìý

78,154

Ìý

Ìý

184,400

Ìý

Ìý

155,583

Ìý

Facility rent

Ìý

11,328

Ìý

Ìý

10,570

Ìý

Ìý

22,693

Ìý

Ìý

20,918

Ìý

Depreciation and amortization

Ìý

11,015

Ìý

Ìý

9,338

Ìý

Ìý

21,993

Ìý

Ìý

19,924

Ìý

Total costs and expenses

Ìý

340,820

Ìý

Ìý

278,138

Ìý

Ìý

683,750

Ìý

Ìý

559,639

Ìý

Ìý
Income from operations

Ìý

34,090

Ìý

Ìý

22,520

Ìý

Ìý

64,857

Ìý

Ìý

38,195

Ìý

Ìý
Non-operating income

Ìý

5,132

Ìý

Ìý

4,956

Ìý

Ìý

9,211

Ìý

Ìý

10,641

Ìý

Interest expense

Ìý

(1,993

)

Ìý

-

Ìý

Ìý

(4,099

)

Ìý

(46

)

Unrealized gains/(losses) on marketable equity securities

Ìý

(5,061

)

Ìý

9,124

Ìý

Ìý

5,921

Ìý

Ìý

23,523

Ìý

Ìý
Income before income taxes

Ìý

32,168

Ìý

Ìý

36,600

Ìý

Ìý

75,890

Ìý

Ìý

72,313

Ìý

Income tax provision

Ìý

(8,055

)

Ìý

(9,494

)

Ìý

(19,487

)

Ìý

(18,956

)

Net income

Ìý

24,113

Ìý

Ìý

27,106

Ìý

Ìý

56,403

Ìý

Ìý

53,357

Ìý

Ìý
Net income attributable to noncontrolling interest

Ìý

(391

)

Ìý

(262

)

Ìý

(476

)

Ìý

(300

)

Ìý
Net income attributable to National HealthCare Corporation

$

23,722

Ìý

$

26,844

Ìý

$

55,927

Ìý

$

53,057

Ìý

Ìý
Net income per common share
Basic

$

1.53

Ìý

$

1.74

Ìý

$

3.62

Ìý

$

3.45

Ìý

Diluted

$

1.52

Ìý

$

1.73

Ìý

$

3.59

Ìý

$

3.42

Ìý

Ìý
Weighted average common shares outstanding
Basic

Ìý

15,462,135

Ìý

Ìý

15,391,535

Ìý

Ìý

15,450,286

Ìý

Ìý

15,371,150

Ìý

Diluted

Ìý

15,599,638

Ìý

Ìý

15,555,612

Ìý

Ìý

15,587,783

Ìý

Ìý

15,530,624

Ìý

Ìý
Dividends declared per common share

$

0.64

Ìý

$

0.61

Ìý

$

1.25

Ìý

$

1.20

Ìý

Ìý
Ìý
Balance Sheet Data

June 30

Ìý

December 31

(in thousands)

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

(unaudited)

Ìý

Ìý

Ìý
Cash, cash equivalents and marketable securities

$

257,628

Ìý

$

216,185

Ìý

Restricted cash, cash equivalents and marketable securities

Ìý

169,340

Ìý

Ìý

163,795

Ìý

Current assets

Ìý

463,227

Ìý

Ìý

424,408

Ìý

Property and equipment, net

Ìý

676,619

Ìý

Ìý

684,289

Ìý

Total assets

Ìý

1,562,220

Ìý

Ìý

1,524,429

Ìý

Current liabilities, excluding current long-term debt

Ìý

261,245

Ìý

Ìý

227,297

Ìý

Current and long-term debt

Ìý

110,000

Ìý

Ìý

137,000

Ìý

NHC stockholders' equity

Ìý

1,021,905

Ìý

Ìý

980,161

Ìý

Ìý
Ìý
Ìý
Ìý
Selected Operating Statistics

Three Months Ended

Ìý

Six Months Ended

June 30

Ìý

June 30

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

(unaudited)

Ìý

(unaudited)

Skilled Nursing Per Diems: Ìý
Medicare

$

614.85

Ìý

$

577.71

Ìý

$

613.47

Ìý

Ìý

$

579.81

Ìý

Managed Care

Ìý

486.17

Ìý

Ìý

447.96

Ìý

Ìý

489.30

Ìý

Ìý

Ìý

459.48

Ìý

Medicaid

Ìý

286.43

Ìý

Ìý

264.49

Ìý

Ìý

284.07

Ìý

Ìý

Ìý

264.88

Ìý

Private Pay and Other

Ìý

341.34

Ìý

Ìý

312.91

Ìý

Ìý

339.24

Ìý

Ìý

Ìý

310.31

Ìý

Ìý
Average Skilled Nursing Per Diem

$

361.42

Ìý

$

338.86

Ìý

$

360.78

(1)

Ìý

$

341.21

(1)

Ìý
Skilled Nursing Patient Days: Ìý
Medicare

Ìý

83,615

Ìý

Ìý

74,602

Ìý

Ìý

169,869

Ìý

Ìý

Ìý

155,758

Ìý

Managed Care

Ìý

83,015

Ìý

Ìý

62,957

Ìý

Ìý

166,661

Ìý

Ìý

Ìý

128,388

Ìý

Medicaid

Ìý

368,687

Ìý

Ìý

279,504

Ìý

Ìý

732,329

Ìý

Ìý

Ìý

561,325

Ìý

Private Pay and Other

Ìý

194,202

Ìý

Ìý

150,234

Ìý

Ìý

378,796

Ìý

Ìý

Ìý

307,677

Ìý

Ìý
Total Skilled Nursing Patient Days

Ìý

729,519

Ìý

Ìý

567,297

Ìý

Ìý

1,447,655

(1)

Ìý

Ìý

1,153,148

(1)

Ìý
(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.
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The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):

Three Months Ended

Ìý

Six Months Ended

June 30

Ìý

June 30

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

(unaudited)

Ìý

(unaudited)

Ìý
Net income attributable to National Healthcare Corporation

$

23,722

Ìý

$

26,844

Ìý

$

55,927

Ìý

Ìý

$

53,057

Ìý

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

Ìý

5,061

Ìý

Ìý

(9,124

)

Ìý

(5,921

)

Ìý

Ìý

(23,523

)

Operating losses for newly-opened operations not at full capacity

Ìý

-

Ìý

Ìý

20

Ìý

Ìý

-

Ìý

Ìý

Ìý

20

Ìý

Gain on sale of property and equipment

Ìý

(3,606

)

Ìý

-

Ìý

Ìý

(3,606

)

Ìý

Ìý

-

Ìý

Gain on sale of unconsolidated company

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

Ìý

(1,024

)

Stock-based compensation expense

Ìý

1,232

Ìý

Ìý

1,176

Ìý

Ìý

2,260

Ìý

Ìý

Ìý

1,969

Ìý

Acquisition-related expenses

Ìý

-

Ìý

Ìý

2,194

Ìý

Ìý

-

Ìý

Ìý

Ìý

2,194

Ìý

Employee retention credit

Ìý

-

Ìý

Ìý

(9,445

)

Ìý

-

Ìý

Ìý

Ìý

(9,445

)

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

Ìý

(699

)

Ìý

3,947

Ìý

Ìý

1,889

Ìý

Ìý

Ìý

7,750

Ìý

Non-GAAP Net income

$

25,710

Ìý

$

15,612

Ìý

$

50,549

Ìý

Ìý

$

30,998

Ìý

Ìý
GAAP diluted earnings per share

$

1.52

Ìý

$

1.73

Ìý

$

3.59

Ìý

Ìý

$

3.42

Ìý

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

Ìý

0.32

Ìý

Ìý

(0.59

)

Ìý

(0.38

)

Ìý

Ìý

(1.51

)

Gain on sale of property and equipment

Ìý

(0.23

)

Ìý

-

Ìý

Ìý

(0.23

)

Ìý

Ìý

-

Ìý

Gain on sale of unconsolidated company

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

Ìý

(0.07

)

Stock-based compensation expense

Ìý

0.08

Ìý

Ìý

0.08

Ìý

Ìý

0.14

Ìý

Ìý

Ìý

0.13

Ìý

Acquisition-related expenses

Ìý

-

Ìý

Ìý

0.14

Ìý

Ìý

-

Ìý

Ìý

Ìý

0.14

Ìý

Employee retention credit

Ìý

-

Ìý

Ìý

(0.61

)

Ìý

-

Ìý

Ìý

Ìý

(0.61

)

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

Ìý

(0.04

)

Ìý

0.25

Ìý

Ìý

0.12

Ìý

Ìý

Ìý

0.50

Ìý

Non-GAAP diluted earnings per share

$

1.65

Ìý

$

1.00

Ìý

$

3.24

Ìý

Ìý

$

2.00

Ìý

Ìý
Ìý

Ìý

Brian F. Kidd, SVP/CFO

Phone: (615) 890-2020

Source: National HealthCare Corporation

National Health

NYSE:NHC

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1.50B
12.53M
18.84%
60.1%
1.61%
Medical Care Facilities
Services-skilled Nursing Care Facilities
United States
MURFREESBORO