National HealthCare Corporation (NHC) reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased patient revenues and strategic acquisitions. For the three months ended September 30, 2024, net patient revenues reached $328.7 million, a substantial increase of 18.7% from $277.0 million in the same period of 2023. Net operating revenues and grant income also rose to $340.2 million, up from $288.5 million year-over-year.

The company's total costs and expenses for Q3 2024 were $319.2 million, reflecting a 15.9% increase from $275.5 million in Q3 2023. This rise in expenses was attributed to the acquisition of White Oak Senior Living, which added $24.5 million in salaries, wages, and benefits. Despite the increase in costs, NHC reported income from operations of $21.0 million, up from $13.0 million in the prior year. Net income for the quarter surged to $42.7 million, compared to $10.1 million in Q3 2023, resulting in basic earnings per share of $2.78, significantly higher than $0.68 a year earlier.

For the nine months ended September 30, 2024, NHC's net patient revenues totaled $894.4 million, an 11.2% increase from $804.6 million in the same period of 2023. Net operating revenues and grant income for this period were $938.0 million, compared to $840.6 million in 2023. The company reported net income of $96.1 million for the nine months, up from $37.3 million in the previous year, with basic earnings per share rising to $6.23 from $2.51.

The acquisition of the White Oak portfolio on August 1, 2024, for $221.4 million, significantly contributed to NHC's revenue growth, adding $37.3 million in net patient revenues for Q3 2024. However, the exit from operations of two skilled nursing facilities and one memory care facility resulted in a revenue decrease of $7.9 million for the same quarter.

NHC's financial position remains robust, with total assets increasing to $1.56 billion as of September 30, 2024, up from $1.31 billion at the end of 2023. The company reported cash and cash equivalents of $84.8 million, down from $107.1 million at the end of 2023, while marketable equity securities rose to $164.8 million from $111.1 million.

Overall, NHC's strategic acquisitions and operational efficiencies have led to substantial revenue growth and improved profitability, positioning the company favorably in the senior healthcare services market.