TOTAL REVENUE OF $247.6 MILLION FOR THE YEAR ENDED 2023 VS $219.3 MILLION IN 2022, AN INCREASE OF 13%
HOSPITAL DIVISION OPERATING INCOME OF $36.3 MILLION FOR YEAR ENDED 2023 VS $15.0 MILLION IN 2022, AN INCREASE OF 142%
NET CASH FROM OPERATING ACTIVITIES OF $1.3 MILLION FOR THE YEAR ENDED 2023
CONTINUED FOCUS ON INCREASED CASH FLOW THROUGH REDUCTION IN OPERATING EXPENSES AND PORTFOLIO OPTIMIZATION
HOUSTON, March 28, 2024 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), a physician-led, technology-enabled integrated healthcare delivery system comprised of 20 state-of-the-art micro hospitals in eight states and primary care-centric, risk-bearing physician networks, today announced fourth quarter and fiscal year 2023 financial results for the twelve months ended December 31, 2023.
Financial Highlights for the Three Months Ended December 31, 2023:
Total revenue of $69.7 million as compared to total revenue of $53.7 million for the three months ended December 31, 2022, an increase of approximately 30%.
Net loss attributable to Nutex Health Inc. of $31.6 million (including a non-cash asset impairment charge of $29.1 million and a $1.1 million goodwill impairment charge for hospital closures) as compared to net loss attributable to Nutex Health Inc. of $14.8 million for the three months ended December 31, 2022.
Adjusted EBITDA of $3.1 million as compared to Adjusted EBITDA of negative $5.9 million for the three months ended December 31, 2022.
Financial Highlights for the Year Ended December 31, 2023:
Total revenue of $247.6 million as compared to total revenue of $219.3 million for the year ended December 31, 2022.
Net loss attributable to Nutex Health Inc. of $45.8 million (including a non-cash asset impairment charge of $29.1 million and a $1.1 million goodwill impairment charge for hospital closures) as compared to net loss attributable to Nutex Health Inc. of $424.8 million (including a non-cash goodwill impairment charge of $398.1 million) for the year ended December 31, 2022.
Adjusted EBITDA of $10.8 million as compared to Adjusted EBITDA of $12.6 million for the year ended December 31, 2022.
Net cash from operating activities of $1.3 million.
As of December 31, 2023, the Company had total assets of $398.2 million, including cash and cash equivalents of $22.0 million.
Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.
"We are pleased to report 13% revenue growth, $10.8 million of Adjusted EBITDA and a 142% increase in hospital division operating income to $36.3 million in 2023," stated Jon Bates, Chief Financial Officer of Nutex Health.
"We had a solid 4th Quarter in 2023. In January of 2024, our management team and Board of Directors initiated a streamlined strategic plan that included a targeted reduction in annual cash operating expenses as well as a more focused allocation of resources and portfolio optimization. Some of these initiatives have already been executed while others are in the process of being implemented. Our goal for 2024 is to continue to be the leader and innovator in our industry, and to provide a very unique platform for selected growth opportunities," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.
"We are intensely focused on our goal to deliver profitability on a net income basis to our investors. We believe that we are well positioned to improve our financial performance over the medium and long-term," stated Warren Hosseinion, M.D., President of Nutex Health.
For more details on the Company's Fourth Quarter and Fiscal Year 2023 financial results, please refer to our Annual Report on Form 10-K filed with the U.S. Securities & Exchange Commission and accessible at .
Non-GAAP Financial Measures (Unaudited)
Adjusted EBITDA. Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.
We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense, any acquisition-related costs and impairments. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
About Nutex Health Inc.
Headquartered in Houston, Texas and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a healthcare management and operations company with two divisions: a Hospital Division and a Population Health Management Division.
The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments (HOPDs). This division owns and operates 20 facilities in 8 states.
The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), we provide management, administrative and other support services to our affiliated hospitals and physician groups. Our cloud-based proprietary technology platform aggregates clinical and claims data across multiple settings, information systems and sources to create a holistic view of patients and providers, allowing us to deliver greater quality care more efficiently.
Forward-Looking Statements
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act , economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December 31, 2023 under the heading "Risk Factors" in Part I, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.
SOURCE Nutex Health, Inc.