536 Kennedy Road, Greenmeadows, Napier

Third Age Health Services Limited Analysis


Third Age Health is a provider of primary care services to the aged residential care ("ARC") sector and, through Hawkes Bay Wellness Centre, the general population. Third Age Health provides these services by way of both physical attendances and offsite service provision.

Third Age Health primarily generates revenue through its services under contracts for service with ARC providers, who pay fees to Third Age Health according to those contracts. Third Age Health also generates revenue when we enrol a patient into our practice, or when we provide services through our primary care medical centre. In order to generate revenue, Third Age Health must have two things: patients who want us to provide them services, and suitably qualified healthcare personnel willing to provide services to these patients.


The following information was extracted from Third Age Health Services Limited's full year results, released 27 May 2024:

Financial Performance

  • Revenue of $ 15.151m (+$3.9m up 35%): Revenue growth was significant across ARC and General Practice. There were no new acquisitions of practices during the year however General Practice revenue grew from a combination of the full year impact from last year's acquisitions, fee increases and higher patient growth. Price review increases across ARC contributed to Revenue growth alongside growth in the number of ARC facilities serviced.
  • Underlying NPATA1 of $1,677k up 164% from FY23: underlying NPATA is adjusted for noncash amortisation charges arising from purchase accounting rules and a non-recurring provision relating to the impairment of the TADH loan (in the prior year).
  • Cashflow: Cash and cash equivalents increased to $1,695k in FY24 (FY23: $1,355k). This signifies an improved liquidity position, attributed to positive cash flows from operating activities of $2,676k for FY24 (FY23: $788k).
  • Debt: Repayment of debt amounted to $919k in FY24 (FY23: $37k)

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