National Healthcare Corp (NHC) Reports 6. ...
Net operating revenues and grant income for Q3 2023 totaled $288.5M, up 6.5% from Q3 2022.
GAAP net income attributable to NHC was $10.4M for Q3 2023, compared to a net loss of $2.4M for the same period in 2022.
Adjusted net income for Q3 2023 was $13.25M, compared to $7.78M for the same period in 2022.
GAAP diluted earnings per share was $0.68 for Q3 2023, compared to a loss per share of $(0.16) for Q3 2022.
On November 3, 2023, National Healthcare Corp (NHC) announced its earnings for the third quarter of 2023. The company reported a significant increase in net operating revenues and a return to profitability, marking a strong performance for the quarter.
Financial Performance
NHC's net operating revenues and grant income for the quarter ended September 30, 2023, totaled $288,485,000, marking a 6.5% increase from $270,843,000 for the same quarter in 2022. The company attributed this growth to the continued occupancy increase in its skilled nursing and assisted living facilities, skilled nursing per diem increases from some of its government payors, and the continued reduction of nurse agency staffing expenses within its operations.
Net Income and Earnings Per Share
For the quarter ended September 30, 2023, the reported GAAP net income attributable to NHC was $10,388,000, a significant turnaround from a net loss of $2,429,000 for the same period in 2022. The GAAP diluted earnings per share was $0.68 for Q3 2023, compared to a loss per share of $(0.16) for Q3 2022.
Adjusted Net Income and Earnings Per Share
Excluding the unrealized gains or losses in NHC's marketable equity securities portfolio and other non-GAAP adjustments, the adjusted net income for Q3 2023 was $13,250,000, compared to $7,783,000 for the same period in 2022. Adjusted diluted earnings per share were $0.86 and $0.50 for the quarters ended September 30, 2023, and 2022, respectively.
Balance Sheet Data
As of September 30, 2023, NHC reported cash, cash equivalents, and marketable securities of $210,494,000, up from $182,589,000 as of December 31, 2022. The company's total assets stood at $1,281,907,000, while its stockholders' equity was $887,340,000.
Operating Statistics
NHC reported an increase in skilled nursing per diems across all categories, with Medicare per diems rising to $551.82 in Q3 2023 from $535.60 in Q3 2022. The total skilled nursing patient days for Q3 2023 were 598,938, slightly lower than 606,464 in Q3 2022.
Despite the challenges posed by the ongoing pandemic, NHC's Q3 2023 results demonstrate the company's resilience and its ability to deliver strong financial performance. The company's return to profitability and the growth in its net operating revenues are positive indicators for its future prospects.
Explore the complete 8-K earnings release (here) from National Healthcare Corp for further details.
This article first appeared on GuruFocus.
