- 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 www.sec.gov.
NUTEX HEALTH INC.
| CONSOLIDATED BALANCE SHEETS
| (Unaudited)
|
|
| December 31,
|
|
| 2023
|
| 2022
| Assets
|
|
|
|
|
|
| Current assets:
|
|
|
|
|
|
| Cash and cash equivalents
|
| $
| 22,002,056
|
| $
| 34,255,264
| Accounts receivable
|
|
| 58,624,301
|
|
| 57,777,386
| Accounts receivable - related parties
|
|
| 4,152,068
|
|
| 538,183
| Inventories
|
|
| 3,390,584
|
|
| 3,533,285
| Prepaid expenses and other current assets
|
|
| 2,679,394
|
|
| 1,869,806
| Total current assets
|
|
| 90,848,403
|
|
| 97,973,924
| Property and equipment, net
|
|
| 81,387,649
|
|
| 82,094,352
| Operating right-of-use assets
|
|
| 11,853,082
|
|
| 20,466,632
| Financing right-of-use assets
|
|
| 176,146,329
|
|
| 192,591,624
| Intangible assets, net
|
|
| 20,512,636
|
|
| 21,191,390
| Goodwill, net
|
|
| 17,066,263
|
|
| 17,010,637
| Other assets
|
|
| 431,135
|
|
| 423,426
|
|
|
|
|
|
|
| Total assets
|
| $
| 398,245,497
|
| $
| 431,751,985
|
|
|
|
|
|
|
| Liabilities and Equity
|
|
|
|
|
|
| Current liabilities:
|
|
|
|
|
|
| Accounts payable
|
| $
| 18,899,196
|
| $
| 23,614,387
| Accounts payable - related parties
|
|
| 6,382,197
|
|
| 3,915,661
| Lines of credit
|
|
| 3,371,676
|
|
| 2,623,479
| Current portion of long-term debt
|
|
| 10,808,721
|
|
| 12,546,097
| Operating lease liabilities, current portion
|
|
| 1,579,987
|
|
| 1,703,014
| Financing lease liabilities, current portion
|
|
| 4,315,979
|
|
| 4,219,518
| Accrued expenses and other current liabilities
|
|
| 12,955,296
|
|
| 6,240,813
| Total current liabilities
|
|
| 58,313,052
|
|
| 54,862,969
| Long-term debt, net
|
|
| 26,314,733
|
|
| 23,051,152
| Operating lease liabilities, net
|
|
| 15,479,639
|
|
| 19,438,497
| Financing lease liabilities, net
|
|
| 213,886,213
|
|
| 203,619,756
| Deferred tax liabilities
|
|
| 5,145,754
|
|
| 10,452,211
| Total liabilities
|
|
| 319,139,391
|
|
| 311,424,585
|
|
|
|
|
|
|
| Commitments and contingencies (Note 10)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity:
|
|
|
|
|
|
| Common stock, $0.001 par value; 950,000,000 shares authorized; 676,679,911 and
650,223,840 shares issued and outstanding as of December 31, 2023 and December 31, 2022,
respectively
|
|
| 676,680
|
|
| 650,224
| Additional paid-in capital
|
|
| 469,849,049
|
|
| 458,498,402
| Accumulated deficit
|
|
| (409,072,539)
|
|
| (363,285,925)
| Nutex Health Inc. equity
|
|
| 61,453,190
|
|
| 95,862,701
| Noncontrolling interests
|
|
| 17,652,916
|
|
| 24,464,699
| Total equity
|
|
| 79,106,106
|
|
| 120,327,400
|
|
|
|
|
|
|
| Total liabilities and equity
|
| $
| 398,245,497
|
| $
| 431,751,985
|
NUTEX HEALTH INC.
| CONSOLIDATED STATEMENTS OF OPERATIONS
| (Unaudited)
|
|
|
| Three months ended December 31
|
| Year ended December 31
|
|
| 2023
|
| 2022
|
| 2023
|
| 2022
| Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
| Hospital division
|
| $
| 62,585,167
|
| $
| 46,532,019
|
| $
| 218,070,397
|
| $
| 198,508,245
| Population health management division
|
|
| 7,084,306
|
|
| 7,192,054
|
|
| 29,575,919
|
|
| 20,786,061
| Total revenue
|
|
| 69,669,473
|
|
| 53,724,073
|
|
| 247,646,316
|
|
| 219,294,306
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
| Payroll
|
|
| 28,807,419
|
|
| 26,466,650
|
|
| 108,377,938
|
|
| 111,785,110
| Contract services
|
|
| 14,377,128
|
|
| 9,809,286
|
|
| 42,349,982
|
|
| 35,913,441
| Medical supplies
|
|
| 3,402,926
|
|
| 2,791,779
|
|
| 14,151,140
|
|
| 12,118,893
| Insurance expense
|
|
| -
|
|
| 2,284,377
|
|
| -
|
|
| -
| Depreciation and amortization
|
|
| 4,682,724
|
|
| 3,271,861
|
|
| 17,591,572
|
|
| 13,131,374
| Other
|
|
| 5,185,964
|
|
| 8,569,796
|
|
| 30,401,513
|
|
| 30,923,750
| Total operating costs and expenses
|
|
| 56,456,161
|
|
| 53,193,749
|
|
| 212,872,145
|
|
| 203,872,568
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit
|
|
| 13,213,312
|
|
| 530,324
|
|
| 34,774,171
|
|
| 15,421,738
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate and other costs:
|
|
|
|
|
|
|
|
|
|
|
|
| Facilities closing costs
|
|
| -
|
|
| -
|
|
| 217,266
|
|
| -
| Acquisition costs
|
|
| -
|
|
| -
|
|
| 43,464
|
|
| 3,885,666
| Stock-based compensation
|
|
| 637,159
|
|
| -
|
|
| 2,835,971
|
|
| 189,581
| Impairment of assets
|
|
| 29,082,203
|
|
| -
|
|
| 29,082,203
|
|
| -
| Impairment of goodwill
|
|
| 1,139,297
|
|
| -
|
|
|
|
|
|
