Business
National Research Corporation Announces Fourth Quarter and Year-to-Date 2020 Results
LINCOLN, Neb., Feb. 09, 2021 (GLOBE NEWSWIRE) -- National Research Corporation (NASDAQ:NRC) (the “Company,” “we,” or “our”) today announced 2020 fourth
About this update from Nrc Health
[{"type":"text","content":"LINCOLN, Neb., Feb. 09, 2021 (GLOBE NEWSWIRE) -- National Research Corporation (NASDAQ:NRC) (the “Company,” “we,” or “our”) today announced 2020 fourth quarter and year-end results. Fourth quarter 2020 compared to the fourth quarter 2019: Net New Sales decreased to $4.6 millionRevenue increased 7% to $34.8 millionOperating Income decreased 15% to $10.2 millionNet Income decreased 6% to $8.2 million 2020 calendar year results compared to 2019: Net New Sales increased to $28.1 millionTotal Recurring Contract Value increased 6% to $145.1 millionVoice of the Customer platform recurring contract value grew to $116.4 million, a 19% increaseRevenue increased 4% to $133.3 millionNet Income increased 15% to $37.3 million We continue to be inspired by the courageous efforts of our clients to provide care to their patients during the pandemic and are extremely proud of the work our associates are doing to support our clients. During a very challenging year, the strong demand for our Voice of the Customer (VoC) platform offerings in 2020 enabled our net new sales to increase over 2019 to $28.1 million. We believe our offerings are highly differentiated in our clients’ eyes against competitive offerings from firms outside of the healthcare industry and legacy vendors within. This differentiation drove the decision of several more of the nation’s largest and most prestigious healthcare systems to partner with NRC Health during 2020. We believe every added client deepens our moat and brings additive value to all current partners through the network effect as we continue our journey to enable human understanding. Total Recurring Contract Value increased by 6% at the end of the fourth quarter 2020 compared to the end of fourth quarter 2019, a subset of which is our VoC platform. Our VoC platform now comprises $116.4 million of Recurring Contract Value, an increase of 19% year-over-year. The increase in VoC platform revenue moved our overall revenue growth in a positive direction in the fourth quarter. We believe the efficiencies inherent in our digital platform have led to long-term margin improvements, a hallmark of our financial performance. At the same time, decisions supporting our distributed workforce environment, accelerated improvement in our VoC platform offerings and shift in our Canadian business resulted in additional expenses that c...