First-quarter 2022 net operating revenues and grant income totaled almost $2.8 million, compared with more than $2.5 million for the first quarter of 2021, for a year-over-year increase of 11.2%, Murfreesboro, TN-based National HealthCare Corp. reported Friday in a press release.
Skilled nursing occupancy, as well as the June 2021 acquisition of hospice provider Caris Healthcare, primarily drove the increase, the company said.
Net income for the first quarter was more than $15.3 million, compared with almost $21.3 million for the same period in 2021. Adjusted net income for the quarter was $14 million, compared with almost $16.6 million for the same period in 2021.
The company attributed the decrease in adjusted net income for the first quarter of this year compared with the first quarter of last year primarily to less government stimulus income as well as higher inflationary pressures on labor costs.
Earnings per share for the quarter were $0.99, compared with $1.38 for the same quarter in 2021. Adjusted diluted earnings per share were $0.91 in the first quarter of 2022 compared with $1.08 for the first quarter of 2021.
National HealthCare Corp. operates 75 skilled nursing facilities with 9,456 beds, 24 assisted living communities, five retirement communities, 34 homecare agencies, 29 hospice agencies and a behavioral health hospital, according to a May 6 filing with the Securities and Exchange Commission. Other services, according to the filing, include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and management and accounting services provided to third party post-acute operators.
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May 09, 2022 at 11:06AM
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Revenues up, net income down this year: National HealthCare Corp. - McKnight's Senior Living
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