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

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Brian F. Kidd, SVP/CFO

Phone: (615) 890-2020