Cardiff Lexington Announces Third Quarter 2024 Financial Results
Cardiff Lexington (CDIX) reported Q3 2024 financial results, with total revenue of $1.36M, impacted by a one-time non-cash adjustment of $1.65M to align with claim settlement realization rates. Non-GAAP adjusted revenue was $3.01M. The company opened its 12th Nova Ortho and Spine location in Orlando, Florida, though severe weather delayed many procedures. The quarter saw increased costs, with cost of sales at $1M and SG&A expenses at $937K. Loss from continuing operations was $585K. Balance sheet highlights include a 125% increase in cash to $1.95M and a 410% increase in shareholders' equity to $3.73M.
Cardiff Lexington (CDIX) ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato totale di $1,36 milioni, influenzato da un aggiustamento non monetario una tantum di $1,65 milioni per allinearsi con i tassi di realizzazione dei risarcimenti. Il fatturato rettificato secondo i principi contabili non GAAP è stato di $3,01 milioni. L'azienda ha aperto la sua dodicesima sede di Nova Ortho and Spine a Orlando, Florida, anche se condizioni atmosferiche avverse hanno ritardato molte procedure. Durante il trimestre si sono registrati costi aumentati, con il costo delle vendite a $1 milione e le spese SG&A a $937.000. La perdita dalle operazioni continuative è stata di $585.000. I punti salienti del bilancio includono un aumento del 125% della liquidità a $1,95 milioni e un aumento del 410% del capitale degli azionisti a $3,73 milioni.
Cardiff Lexington (CDIX) reportó los resultados financieros del tercer trimestre de 2024, con ingresos totales de $1.36 millones, impactados por un ajuste no monetario único de $1.65 millones para alinearse con las tasas de realización de liquidación de reclamaciones. Los ingresos ajustados según las normas contables no GAAP fueron de $3.01 millones. La empresa abrió su duodécima ubicación de Nova Ortho and Spine en Orlando, Florida, aunque el mal tiempo retrasó muchos procedimientos. El trimestre vio un aumento en los costos, con un costo de ventas de $1 millón y gastos de SG&A de $937,000. La pérdida de operaciones continuas fue de $585,000. Los aspectos destacados del balance incluyen un aumento del 125% en efectivo a $1.95 millones y un aumento del 410% en el patrimonio de los accionistas a $3.73 millones.
카디프 렉싱턴 (CDIX)는 2024년 3분기 재무 결과를 보고했으며, 총 수익은 $1.36백만 달러로, 청구 정산 실현율에 맞추기 위해 $1.65백만 달러의 일회성 비현금 조정이 영향을 미쳤습니다. 비 GAAP 조정 수익은 $3.01백만 달러였습니다. 회사는 플로리다주 올랜도에 12번째 Nova Ortho and Spine 지점을 열었으나, 악천후로 인해 많은 절차가 지연되었습니다. 이번 분기에는 매출원가가 $1백만 달러, SG&A 비용이 $937,000 달러에 이르는 등 비용이 증가하였습니다. 지속적인 운영에서의 손실은 $585,000 달러였습니다. 재무상태표의 주요 사항으로는 현금이 $1.95백만 달러로 125% 증가하였고, 주주 자본이 $3.73백만 달러로 410% 증가한 것이 포함됩니다.
Cardiff Lexington (CDIX) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires total de 1,36 million de dollars, impacté par un ajustement exceptionnel non monétaire de 1,65 million de dollars pour s'aligner sur les taux de réalisation des règlements de réclamations. Le chiffre d'affaires ajusté non-GAAP était de 3,01 millions de dollars. L'entreprise a ouvert son 12ème site Nova Ortho and Spine à Orlando, Floride, bien que des conditions météorologiques extrêmes aient retardé de nombreuses procédures. Au cours de ce trimestre, les coûts ont augmenté, avec un coût des ventes de 1 million de dollars et des dépenses SG&A de 937 000 dollars. La perte des opérations continues s'élevait à 585 000 dollars. Les points saillants du bilan incluent une augmentation de 125 % de la liquidité à 1,95 million de dollars et une augmentation de 410 % des capitaux propres des actionnaires à 3,73 millions de dollars.
Cardiff Lexington (CDIX) berichtete über die finanziellen Ergebnisse des dritten Quartals 2024, mit Gesamteinnahmen von 1,36 Mio. USD, die durch eine einmalige nicht liquide Anpassung von 1,65 Mio. USD beeinflusst wurden, um sich an den Realisierungsraten der Schadensregulierung auszurichten. Die non-GAAP bereinigten Einnahmen beliefen sich auf 3,01 Mio. USD. Das Unternehmen eröffnete seinen 12. Standort von Nova Ortho and Spine in Orlando, Florida, obwohl schweres Wetter viele Verfahren verzögerte. Im Quartal stiegen die Kosten, wobei die Kosten der Verkäufe bei 1 Mio. USD und die SG&A-Ausgaben bei 937.000 USD lagen. Der Verlust aus fortlaufenden Betrieben betrug 585.000 USD. Zu den Highlights der Bilanz gehören ein Anstieg der Liquidität um 125% auf 1,95 Mio. USD und ein Anstieg des Eigenkapitals der Aktionäre um 410% auf 3,73 Mio. USD.
- 125% increase in cash position to $1.95M
- 410% increase in shareholders' equity to $3.73M
- 13% increase in total assets to $23.51M
- Expansion with 12th Nova Ortho and Spine location in Orlando
- Non-GAAP adjusted EBITDA of $1.06M for Q3
- Q3 revenue declined to $1.36M due to $1.65M adjustment
- Loss from continuing operations of $585K
- Increased cost of sales to $1M
- Higher SG&A expenses at $937K
- Weather-related procedure delays affecting revenue
LEXINGTON, KY / ACCESSWIRE / November 21, 2024 / Cardiff Lexington Corporation (OTC PINK:CDIX) announced today financial results for its third quarter and nine months ended September 30, 2024.
Alex Cunningham, Chief Executive Officer of Cardiff Lexington, commented, "Operationally, our business performed well during the quarter. We opened our 12th Nova Ortho and Spine location in Orlando, Florida, establishing Nova Ortho and Spine in a major metropolitan area with greater population density and higher traffic, and saw an increase in booked procedures which generally bodes well for future revenues. That said, the severe weather across Florida during the quarter has delayed many procedures. Also, our GAAP revenue was negatively impacted in the quarter due to a change in estimate related to our claim settlement realization rate that better aligns third quarter revenue with 2024 annualized rates. Adjusted revenue for the quarter, excluding this one-time change in estimate, was
"Demand is strong, and we continue to identify strategic locations to establish new Nova Ortho and Spine offices and expand our network of healthcare services. Our shareholders' equity has grown
Third Quarter 2024 Financial Results
Total revenue was
$1,355,641. Revenue in the third quarter included a one-time non-cash adjustment of$1,650,474 t o better align third quarter revenue with 2024 annualized claim settlement realization rates. Non-GAAP adjusted revenue, excluding the one-time non-cash adjustment, was$3,006,115 Cost of sales in the quarter increased to
$1,000,601 primarily related to laboratory feesSelling, general, and administrative expenses of
$936,835 primarily related to increased salaries and wages as the Company continues to invest in its growthLoss from continuing operations was
$585,160 Non-GAAP adjusted EBITDA was
$1,061,912
Nine Months 2024 Financial Results
Total revenue was
$5,149,416. Revenue for the nine months ended September 30, 2024, included a one-time non-cash adjustment of$1,650,474 t o better align third quarter 2024 revenue with 2024 annualized claim settlement realization rates. Non-GAAP adjusted revenue, excluding this one-time non-cash adjustment, was$6,799,890 Cost of sales for the nine-month period was
$2,741,765 Selling, general, and administrative expenses of
$2,622,981 primarily related to increased salaries and wages as the Company continues to invest in its growthLoss from continuing operations was
$525,651. Included in operating expenses for the nine months ended September 30, 2024 were Non-GAAP increased expenses associated with the anticipated growth of the business of$596,225 Non-GAAP Adjusted EBITDA was
$1,507,928
Balance Sheet Highlights (September 30, 2024, compared to December 31, 2023)
125% increase in cash to$1,949,600 13% increase in total assets to$23,514,762 410% increase in shareholders' equity to$3,729,120
-----
About Cardiff Lexington Corporation:
Cardiff Lexington Corporation is a unique targeted healthcare holding company focused on locating, acquiring, and building middle market, niche companies, primarily in Orthopedics, Spine Care, and Pain Management. Fundamental to the Cardiff Lexington strategy is the service-based partnership culture which emphasizes core values, teamwork, accountability, and performance.
A substantial majority of the Company's revenue is derived from Nova Ortho and Spine, LLC, which operates a group of regional primary specialty and ancillary care facilities throughout Florida that provide traumatic injury victims with a full range of diagnostic and surgical services, primary care evaluations, interventional pain management, and specialty consultation services.
For more information on Cardiff Lexington Corporation, you may access the company's website at https://cardifflexington.com/
FORWARD LOOKING STATEMENT: This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. These risks include the failure to meet schedule or performance requirements of the Company's business, the Company's liquidity position, the Company's ability to obtain new business, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.
Use of Non-GAAP Financial Measures
Cardiff Lexington Corporation prepares its consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP"). In addition to GAAP disclosures, this document contains financial information and measures considered to be "non-GAAP". These non-GAAP measures can be used in order to gain a more complete and accurate understanding of the Company's financial condition and results. Non-GAAP financial measures should be considered in conjunction with, and not as a substitute to GAAP financial measures.
Cardiff Lexington Investor Relations
investorsrelations@cardifflexington.com
(800) 628-2100 ext. 705
or
IMS Investor Relations
cardifflexington@imsinvestorrelations.com
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(UNAUDITED)
|
| Unaudited |
|
| Unaudited |
| ||||||||||
|
| For the Three Months Ended |
|
| For the Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| ||||
| 2024 |
|
| 2023 (Restated) |
|
| 2024 |
|
| 2023 (Restated) |
| |||||
Total revenue |
| $ | 1,355,641 |
|
| $ | 3,405,859 |
|
| $ | 5,149,416 |
|
| $ | 9,476,764 |
|
Total cost of sales |
|
| 1,000,601 |
|
|
| 551,423 |
|
|
| 2,741,765 |
|
|
| 2,589,407 |
|
Gross profit |
|
| 355,040 |
|
|
| 2,854,436 |
|
|
| 2,407,651 |
|
|
| 6,887,357 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense |
|
| 3,365 |
|
|
| 3,365 |
|
|
| 10,096 |
|
|
| 11,365 |
|
Selling, general and administrative |
|
| 936,835 |
|
|
| 577,677 |
|
|
| 2,622,981 |
|
|
| 2,095,611 |
|
Stock compensation expense |
|
| 0 |
|
|
| 0 |
|
|
| 300,225 |
|
|
| 0 |
|
Total operating expenses |
|
| 940,200 |
|
|
| 581,042 |
|
|
| 2,933,302 |
|
|
| 2,106,976 |
|
(Loss) income from continuing operations |
|
| (585,160 | ) |
|
| 2,273,394 |
|
|
| (525,651 | ) |
|
| 4,780,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income |
|
| (6,767 | ) |
|
| (1 | ) |
|
| (4,720 | ) |
|
| 204 |
|
Gain on debt refinance, forgiveness and settlement |
|
| 0 |
|
|
| 0 |
|
|
| 78,834 |
|
|
| 390 |
|
Penalties and fees |
|
| 0 |
|
|
| (16,000 | ) |
|
| (1,330 | ) |
|
| (48,000 | ) |
Interest expense |
|
| (1,386,041 | ) |
|
| (226,119 | ) |
|
| (1,803,657 | ) |
|
| (1,763,698 | ) |
Amortization of debt discounts |
|
| 0 |
|
|
| (46,048 | ) |
|
| (24,821 | ) |
|
| (94,664 | ) |
Total other (expense) income |
|
| (1,392,808 | ) |
|
| (288,168 | ) |
|
| (1,755,694 | ) |
|
| (1,905,768 | ) |
Net (loss) income before discontinued operations |
|
| (1,977,968 | ) |
|
| 1,985,226 |
|
|
| (2,281,345 | ) |
|
| 2,874,613 |
|
Loss from discontinued operations |
|
| 0 |
|
|
| (3,705 | ) |
|
| (111,312 | ) |
|
| (93,005 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
| $ | (1,977,968 | ) |
| $ | 1,981,521 |
|
| $ | (2,392,657 | ) |
| $ | 2,781,608 |
|
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023
(UNAUDITED)
|
| September 30, |
|
| December 31, |
| ||
|
| 2024 |
|
| 2023 (Restated) |
| ||
ASSETS |
|
|
|
|
|
| ||
Current assets |
|
|
|
|
|
| ||
Cash |
| $ | 1,949,600 |
|
| $ | 866,943 |
|
Accounts receivable-net |
|
| 14,798,220 |
|
|
| 13,305,254 |
|
Prepaid and other current assets |
|
| 5,000 |
|
|
| 5,000 |
|
Total current assets |
|
| 16,752,820 |
|
|
| 14,177,197 |
|
|
|
|
|
|
|
|
| |
Property and equipment, net |
|
| 24,563 |
|
|
| 34,661 |
|
Land |
|
| 540,000 |
|
|
| 540,000 |
|
Goodwill |
|
| 5,666,608 |
|
|
| 5,666,608 |
|
Right of use - assets, net |
|
| 465,389 |
|
|
| 289,062 |
|
Due from related party |
|
| 4,979 |
|
|
| 4,979 |
|
Other assets |
|
| 60,403 |
|
|
| 33,304 |
|
Total assets |
| $ | 23,514,762 |
|
| $ | 20,745,811 |
|
|
|
|
|
|
|
|
| |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued expense |
| $ | 1,386,412 |
|
| $ | 2,047,131 |
|
Accrued expenses - related parties |
|
| 4,353,056 |
|
|
| 4,733,057 |
|
Accrued interest |
|
| 361,172 |
|
|
| 620,963 |
|
Right of use - lease liabilities |
|
| 227,606 |
|
|
| 157,669 |
|
Due to director and officer |
|
| 0 |
|
|
| 120,997 |
|
Notes payable - current portion |
|
| 500,826 |
|
|
| 15,977 |
|
Line of credit |
|
| 7,468,971 |
|
|
| 2,120,100 |
|
Convertible notes payable, net of debt discounts of |
|
| 105,000 |
|
|
| 3,807,030 |
|
Net liabilities of discontinued operations |
|
| 237,643 |
|
|
| 237,643 |
|
Total current liabilities |
|
| 14,640,686 |
|
|
| 13,860,567 |
|
|
|
|
|
|
|
|
| |
Other liabilities |
|
|
|
|
|
|
|
|
Notes payable |
|
| 140,272 |
|
|
| 144,666 |
|
Operating lease liability - long term |
|
| 236,853 |
|
|
| 119,056 |
|
Total liabilities |
|
| 15,017,811 |
|
|
| 14,124,289 |
|
|
|
|
|
|
|
|
| |
Mezzanine equity |
|
|
|
|
|
|
|
|
Redeemable Series N Senior Convertible Preferred Stock - 3,000,000 shares authorized, |
|
| 3,230,023 |
|
|
| 3,891,439 |
|
Redeemable Series R Senior Convertible Preferred Stock - 5,000 shares authorized, |
|
| 0 |
|
|
| 307,980 |
|
Redeemable Series X Senior Convertible Preferred Stock - 5,000,000 shares authorized, |
|
| 1,537,808 |
|
|
| 1,690,685 |
|
Total Mezzanine Equity |
|
| 4,767,831 |
|
|
| 5,890,104 |
|
|
|
|
|
|
|
|
| |
Stockholders' equity |
|
|
|
|
|
|
|
|
Series B Preferred Stock - 3,000,000 shares authorized, |
|
| 3,015,716 |
|
|
| 8,557,912 |
|
Series C Preferred Stock - 500 shares authorized, |
|
| 172 |
|
|
| 492 |
|
Series E Preferred Stock - 1,000,000 shares authorized, |
|
| 301,500 |
|
|
| 623,000 |
|
Series F-1 Preferred Stock - 50,000 shares authorized, |
|
| 38,000 |
|
|
| 143,008 |
|
Series I Preferred Stock - 15,000,000 shares authorized, |
|
| 46,162,200 |
|
|
| 59,540,000 |
|
Series J Preferred Stock - 2,000,000 shares authorized, |
|
| - |
|
|
| 6,854,336 |
|
Series L Preferred Stock - 400,000 shares authorized, |
|
| 1,277,972 |
|
|
| 1,277,972 |
|
Series Y Senior Preferred Stock - 1,000,000 shares authorized, |
|
| 3,820,456 |
|
|
| - |
|
Common Stock - 300,000,000 shares authorized, |
|
| 14,556 |
|
|
| 25 |
|
Additional paid-in capital |
|
| 20,891,337 |
|
|
| (7,581,212 | ) |
Accumulated deficit |
|
| (71,792,589 | ) |
|
| (68,684,115 | ) |
Total stockholders' equity |
|
| 3,729,120 |
|
|
| 731,418 |
|
Total liabilities, mezzanine equity and stockholders' equity |
| $ | 23,514,762 |
|
| $ | 20,745,811 |
|
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(UNAUDITED)
The following table reconciles Net (loss) income before discontinued operations (a GAAP measure) to EBITDA (a non-GAAP measure)
| Unaudited |
|
| Unaudited |
| |||||||||||
| For the Three Months Ended |
|
| For the Nine Months Ended |
| |||||||||||
| September 30, |
|
| September 30, |
| |||||||||||
| 2024 |
|
| 2023 (Restated) |
|
| 2024 |
|
| 2023 (Restated) |
| |||||
EBITDA (1) |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net (loss) income before discontinued operations |
| $ | (1,977,968 | ) |
| $ | 1,985,226 |
|
| $ | (2,281,345 | ) |
| $ | 2,874,613 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
| 1,386,041 |
|
|
| 226,119 |
|
|
| 1,803,657 |
|
|
| 1,763,698 |
|
Taxes |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Depreciation |
|
| 3,365 |
|
|
| 3,365 |
|
|
| 10,096 |
|
|
| 11,365 |
|
Amortization |
|
| 0 |
|
|
| 46,048 |
|
|
| 24,821 |
|
|
| 94,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBITDA (1) |
| $ | (588,562 | ) |
| $ | 2,260,758 |
|
| $ | (442,771 | ) |
| $ | 4,744,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted EBITDA (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
| $ | (588,562 | ) |
| $ | 2,260,758 |
|
| $ | (442,771 | ) |
| $ | 4,744,340 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in estimate for settlement realization rate |
|
| 1,650,474 |
|
|
| 0 |
|
|
| 1,650,474 |
|
|
| 0 |
|
Stock compensation expense for shares issued |
|
| 0 |
|
|
| 0 |
|
|
| 300,225 |
|
|
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (2) |
| $ | 1,061,912 |
|
| $ | 2,260,758 |
|
| $ | 1,507,928 |
|
| $ | 4,744,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) EBITDA is a non-GAAP financial measure defined as Earnings Before Interest, Income Tax, Depreciation and Amortization. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(2) Adjusted EBITDA is a non-GAAP financial measure that is the sum of EBITDA plus non-recurring and non-cash charges. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF REVENUE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
(UNAUDITED)
|
| Unaudited |
|
| Unaudited |
| ||
|
| For the Three Months Ended |
|
| For the Nine Months Ended |
| ||
|
| September 30, 2024 |
|
| September 30, 2024 |
| ||
|
|
|
|
|
|
| ||
GAAP Revenue |
| $ | 1,355,641 |
|
| $ | 5,149,416 |
|
Adjustment to Claim Settlement Realization Rate |
|
| 1,650,474 |
|
|
| 1,650,474 |
|
Non-GAAP Adjusted Revenue |
|
| 3,006,115 |
|
|
| 6,799,890 |
|
Contact Information
Walter Frank
Investor Relations
cardifflexington@imsinvestorrelations.com
2039729200
SOURCE: Cardiff Lexington Corporation
View the original press release on accesswire.com
FAQ
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