National Research Corporation (NRC) Bundle
An Overview of National Research Corporation (NRC)
General Summary of National Research Corporation (NRC)
National Research Corporation (NRC) has been a prominent player in the healthcare market research industry since its inception in 1981. The company specializes in providing insights and analytics to the healthcare sector, focusing on improving patient engagement and operational efficiencies. NRC's offerings include a range of products and services such as market research, patient experience measurement, and employee engagement solutions. As of 2024, NRC has reported annual sales of approximately $142 million, reflecting its established role in the industry.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reporting period, NRC has shown a revenue of $35.8 million for the three months ended September 30, 2024, a decrease from $37.9 million in the same period of 2023, marking a 6% decline. For the nine months ended September 30, 2024, the revenue was $106.2 million, down from $110.6 million, representing a 4% decrease.
The company's operating income for the three months ended September 30, 2024, stood at $8.0 million, compared to $10.0 million in 2023, indicating a 20% decline. In the nine-month period, operating income decreased to $25.6 million from $28.3 million, reflecting a 10% drop. The effective tax rate for the nine-month period increased slightly to 23% from 22% in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenue | $35.8 million | $37.9 million | $106.2 million | $110.6 million |
| Operating Income | $8.0 million | $10.0 million | $25.6 million | $28.3 million |
| Effective Tax Rate | 22% | 22% | 23% | 22% |
Introduction to NRC as a Leader in the Industry
National Research Corporation is recognized as a leader in the healthcare market research sector. The company has established a strong reputation for its innovative solutions that leverage data analytics to drive patient engagement and organizational performance. NRC's commitment to enhancing healthcare experiences has positioned it as a trusted partner among healthcare providers and organizations.
With a focus on continuous improvement and a robust portfolio of services, NRC remains at the forefront of the industry. The company's strategic investments in technology and human understanding solutions are expected to further solidify its leadership position in the coming years.
Mission Statement of National Research Corporation (NRC)
Company's Mission Statement
The mission statement of National Research Corporation (NRC) focuses on enhancing healthcare by providing comprehensive insights into the experiences of patients and healthcare organizations. NRC aims to humanize healthcare by helping providers understand the unique needs of each individual they serve. This mission is critical as it guides the company's long-term strategic goals and operational focus, emphasizing the importance of patient-centered care in a rapidly evolving healthcare landscape.
Core Component 1: Understanding Human Experience
NRC's mission underscores the significance of understanding the human experience in healthcare. This involves collecting and analyzing data related to patient experiences, preferences, and outcomes. For example, NRC's subscription-based solutions allow healthcare organizations to gather real-time feedback from patients, enabling them to tailor services to better meet patient needs. In 2023, NRC reported a recurring contract value of $131.6 million, indicating strong demand for their services .
Core Component 2: Delivering Actionable Insights
Another essential element of NRC's mission is the delivery of actionable insights derived from data analysis. By transforming complex data into understandable and usable information, NRC empowers healthcare providers to make informed decisions. As of September 30, 2024, NRC's revenue from subscription services recognized ratably over time was $99.6 million, illustrating the effectiveness of their insights in driving value for clients .
Core Component 3: Building Long-Term Relationships
The mission statement emphasizes the importance of fostering long-term relationships between healthcare providers and patients. NRC's approach facilitates ongoing engagement, allowing providers to maintain a continuous dialogue with patients throughout their healthcare journey. The company's retention rate for existing clients remained stable, reflecting the effectiveness of their relationship-building initiatives .
| Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Revenue | $106.2 million | $110.6 million | -4% |
| Operating Income | $25.6 million | $28.3 million | -10% |
| Recurring Contract Value | $131.6 million | $144.3 million | -9% |
| Net Income | $18.2 million | $22.1 million | -18% |
This data supports NRC's commitment to providing high-quality products and services, reflecting their ongoing efforts to adapt to changes in the healthcare market while maintaining a focus on human understanding and patient experience.
Vision Statement of National Research Corporation (NRC)
Vision Statement Overview
The vision statement of National Research Corporation (NRC) emphasizes the commitment to enhancing the human experience within the healthcare sector. NRC aims to leverage innovative solutions to deliver meaningful insights that drive improvements in patient care and satisfaction.
Commitment to Innovation
NRC's vision is deeply rooted in its dedication to innovation. The company invests significantly in technological advancements to enhance its service offerings. In 2024, NRC allocated approximately $11 million towards capital expenditures primarily focused on software development for its Human Understanding® solutions.
Focus on Human Understanding
NRC's vision includes a specific focus on understanding the human experience in healthcare. The company reported a recurring contract value of $131.6 million in September 2024, down from $144.3 million in 2023, highlighting the challenges in maintaining growth amidst a competitive landscape. This focus underscores NRC's commitment to gathering real-time feedback from both employees and patients to inform decision-making.
Enhancing Patient Care
The enhancement of patient care is a pivotal aspect of NRC's vision. The company aims to provide healthcare organizations with the tools necessary to measure and improve patient satisfaction. As of September 2024, NRC's total revenue was $106.2 million, reflecting a slight decrease from $110.6 million in the previous year, driven primarily by a reduction in US recurring revenue.
Market Leadership and Growth
NRC aspires to maintain its position as a market leader in healthcare insights. In 2024, the company reported an operating income of $25.6 million, a decrease from $28.3 million in 2023, indicating the need for strategic adjustments to sustain growth. This goal is supported by ongoing investments in strategic leadership and product development, with selling, general, and administrative expenses totaling $33.5 million for the nine months ended September 30, 2024.
| Financial Metric | 2024 Amount | 2023 Amount | Percentage Change |
|---|---|---|---|
| Total Revenue | $106.2 million | $110.6 million | -4% |
| Operating Income | $25.6 million | $28.3 million | -10% |
| Recurring Contract Value | $131.6 million | $144.3 million | -9% |
| Capital Expenditures | $11 million | Not disclosed | N/A |
| Selling, General and Administrative Expenses | $33.5 million | $35.6 million | -6% |
Strategic Partnerships
NRC's vision also encompasses the establishment of strategic partnerships within the healthcare sector. The company actively seeks collaborations that enhance its service offerings and expand its market reach. NRC's acquisition of Nobl Health in July 2024 for $6 million is indicative of this strategy, aimed at bolstering its capabilities in delivering innovative solutions.
Commitment to Equity and Inclusion
Equity and inclusion are integral to NRC's vision. The company is dedicated to ensuring that its services are accessible and beneficial to a diverse range of healthcare organizations. This commitment is reflected in NRC's operational strategies and community engagement initiatives aimed at fostering inclusivity within the healthcare landscape.
Core Values of National Research Corporation (NRC)
Integrity
The core value of Integrity at National Research Corporation (NRC) emphasizes the importance of honesty and ethical conduct in all business dealings. This value underpins the trust NRC builds with clients, employees, and stakeholders.
NRC has demonstrated its commitment to integrity through transparency in its financial reporting and adherence to regulatory standards. For instance, in the nine months ended September 30, 2024, NRC reported a net income of $18.2 million, reflecting a commitment to accurate and honest financial practices.
Innovation
Innovation is a pivotal core value for NRC, driving the company to develop cutting-edge solutions for healthcare organizations. In 2024, NRC invested significantly in technology, particularly in its Human Understanding® solutions, which aim to enhance client service delivery.
In the nine months ended September 30, 2024, NRC allocated $11 million for capital expenditures, primarily for software development and building renovations, to support its innovative initiatives.
Collaboration
Collaboration at NRC fosters teamwork among employees and partners to achieve common goals. NRC promotes a collaborative culture through various programs and initiatives designed to enhance communication and teamwork.
During the nine-month period ending September 30, 2024, NRC reported a 9% decrease in recurring contract value at $131.6 million, indicating a focus on improving client relationships through collaborative efforts. The company’s recent acquisition of Nobl Health for $6.3 million reflects strategic collaboration to enhance service offerings.
Excellence
The core value of Excellence drives NRC to achieve the highest standards in its services and operations. NRC is committed to continuous improvement and quality assurance in its offerings.
NRC's operating margin for the nine months ended September 30, 2024, was 24%, demonstrating its pursuit of operational excellence. The company also emphasizes excellence through rigorous training programs for employees, aiming to enhance service delivery and client satisfaction.
Accountability
Accountability is a fundamental value at NRC, ensuring that employees take responsibility for their actions and decisions. This value promotes a culture of ownership and trust within the organization.
NRC’s effective tax rate remained consistent at 23% for the nine-month period ending September 30, 2024, reflecting accountability in financial operations and compliance with tax regulations. The company’s commitment to accountability is further evidenced by its proactive approach to managing its debt, with long-term debt totaling $48.7 million.
| Core Value | Description | Recent Actions |
|---|---|---|
| Integrity | Commitment to honesty and ethical conduct | Transparent financial reporting; Net income of $18.2 million |
| Innovation | Investment in cutting-edge solutions | $11 million invested in technology and renovations |
| Collaboration | Fostering teamwork to achieve common goals | Acquisition of Nobl Health for $6.3 million |
| Excellence | Pursuit of high standards in services | Operating margin of 24% |
| Accountability | Ownership of actions and decisions | Long-term debt of $48.7 million; Consistent tax rate of 23% |
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Updated on 16 Nov 2024
Resources:
- National Research Corporation (NRC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of National Research Corporation (NRC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View National Research Corporation (NRC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.