Third Age Health Services Limited Analysis

Overview

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.

Performance

The following information was extracted from Third Age Health Services Limited's half year results, released 7 November 2025:

Primary care provider, Third Age Health Services (NZX: TAH), has today reported its unaudited results for the six months to 30 September 2025 (1H26).

During the first half, NPAT increased by 31.7%* YoY to $1,520k, while underlying NPATA** rose 28.0% YoY to $1,742k.

We also completed the acquisitions of ARC Health and Cicada Health which provide medical services to aged residential care (“ARC”) facilities. ARC Health operates in Canterbury, and Cicada Health in the Bay of Plenty. Their integration further strengthens our national network, and we’re pleased that the founders of both businesses remain co-owners and continue to play an active role.

Financial Performance

Our ARC-related business continues to grow with 7,159 enrolled patients at period end. Excluding the two new acquisitions, organic enrolled patients grew 3.7% YoY to 5,475, and ARC total revenue grew 20% to $6,840k. We continue to attract interest for our services from additional ARC facilities, however growth during the period was constrained by the sector-wide shortage of clinical workforce. This has required ongoing discipline and trade-offs. We are spending more on workforce recruitment, development and digital enablement to support sustainable growth over time.