National Research Corporation (NRC Health) reported a decline in financial performance for the fiscal year ending December 31, 2025, with total revenue of $137.4 million, down 4% from $143.1 million in 2024. The company's operating income also fell significantly, decreasing 36% to $22.6 million from $35.2 million in the previous year. The decline in revenue was attributed to lower new sales and retention rates, which were impacted by changes in the sales force and reduced product innovation prior to 2025. The effective tax rate increased to 35% from 24% in 2024, contributing to a net income of $11.6 million, a decrease of 53% compared to $24.8 million in 2024.
In terms of operational metrics, NRC Health's Total Recurring Contract Value (TRCV) increased by 8% to $144.1 million in 2025, indicating improved retention and sales to existing customers. The company reported a total of 357 employees as of December 31, 2025, a slight reduction from the previous year, reflecting ongoing efficiency measures. The company also made significant changes to its senior management team, including the appointment of Trent Green as CEO and Helen Hrdy as COO, which were part of a broader strategy to enhance leadership and drive growth.
NRC Health's strategic initiatives included the acquisition of Nobl, a provider of rounding solutions for healthcare organizations, for $6 million, aimed at expanding its portfolio of solutions. The acquisition was accounted for as a business combination and included contingent consideration based on customer contract metrics. The company also focused on enhancing its product offerings, particularly in AI-enabled solutions, to better meet the evolving needs of healthcare providers.
Looking ahead, NRC Health expressed optimism about its financial trajectory, citing the growth in TRCV and the implementation of efficiency measures that are expected to improve revenue and operating margins in 2026. The company plans to continue investing in product development and strategic acquisitions to bolster its market position. However, it remains cautious about potential risks, including economic downturns, regulatory changes, and competitive pressures that could impact its operations and financial results.
About NATIONAL RESEARCH CORP
NRC Health specializes in human-centered healthcare experience management, offering AI-enabled solutions across patient, consumer, employee, and market insights. Its services include feedback collection, performance analysis, reputation management, and strategic consulting for healthcare providers and organizations. Focused exclusively on healthcare, NRC Health leverages long-term client relationships, subscription-based models, and industry expertise to enhance care quality, loyalty, and operational efficiency.
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