NUTEX HEALTH REPORTS THIRD QUARTER AND YEAR TO DATE SEPTEMBER 30, 2024 FINANCIAL RESULTS
Nutex Health reported strong financial results for Q3 2024, with total revenue reaching $78.8 million, up 26% from Q3 2023. For the first nine months of 2024, revenue grew 25% to $222.3 million compared to the same period in 2023. The Hospital Division saw significant growth with visits increasing 20% to 122,944 for the first nine months. Operating income improved to $16.4 million for the nine months, compared to a $5.6 million loss in 2023. The company generated $23.1 million in operating cash flow and reported $46.9 million in cash and cash equivalents. However, the company still recorded a net loss of $9.5 million for the nine-month period, though improved from $14.2 million loss in 2023.
Nutex Health ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato totale che ha raggiunto i 78,8 milioni di dollari, con un incremento del 26% rispetto al terzo trimestre del 2023. Nei primi nove mesi del 2024, il fatturato è cresciuto del 25% a 222,3 milioni di dollari rispetto allo stesso periodo del 2023. La Divisione Ospedaliera ha registrato una crescita significativa, con un aumento delle visite del 20%, arrivando a 122.944 nei primi nove mesi. L'utile operativo è migliorato a 16,4 milioni di dollari per i nove mesi, rispetto a una perdita di 5,6 milioni di dollari nel 2023. L'azienda ha generato 23,1 milioni di dollari di flusso di cassa operativo e ha riportato 46,9 milioni di dollari in cassa e equivalenti di cassa. Tuttavia, l'azienda ha comunque registrato una perdita netta di 9,5 milioni di dollari per il periodo di nove mesi, sebbene migliorata rispetto a una perdita di 14,2 milioni di dollari nel 2023.
Nutex Health reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos totales alcanzando los 78,8 millones de dólares, un aumento del 26% en comparación con el tercer trimestre de 2023. Durante los primeros nueve meses de 2024, los ingresos crecieron un 25% a 222,3 millones de dólares en comparación con el mismo período de 2023. La División Hospitalaria experimentó un crecimiento significativo, con un aumento en las visitas del 20%, alcanzando las 122,944 durante los primeros nueve meses. La utilidad operativa mejoró a 16,4 millones de dólares para los nueve meses, en comparación con una pérdida de 5,6 millones de dólares en 2023. La empresa generó 23,1 millones de dólares en flujo de efectivo operativo y reportó 46,9 millones de dólares en efectivo y equivalentes de efectivo. Sin embargo, la compañía aún registró una pérdida neta de 9,5 millones de dólares para el período de nueve meses, aunque mejoró desde una pérdida de 14,2 millones de dólares en 2023.
Nutex Health는 2024년 3분기에 강력한 재무 결과를 보고했으며, 총 수익은 7,880만 달러에 달하며, 이는 2023년 3분기 대비 26% 증가한 수치입니다. 2024년 첫 9개월 동안 수익은 2023년 같은 기간 대비 25% 증가한 2억 2,230만 달러에 달했습니다. 병원 부문은 첫 9개월 동안 방문이 20% 증가하여 122,944건에 달하는 상당한 성장을 보였습니다. 운영 수익은 9개월 동안 1,640만 달러로 개선되었으며, 2023년에는 560만 달러의 손실을 기록했습니다. 회사는 운영 현금 흐름으로 2,310만 달러를 생성했으며, 현금 및 현금성 자산으로 4,690만 달러를 보고했습니다. 그러나 회사는 여전히 9개월 기간 동안 950만 달러의 순손실을 기록했지만, 이는 2023년 1,420만 달러 손실보다 개선된 수치입니다.
Nutex Health a rapporté de solides résultats financiers pour le troisième trimestre de 2024, avec un chiffre d'affaires total atteignant 78,8 millions de dollars, en hausse de 26 % par rapport au troisième trimestre de 2023. Pour les neuf premiers mois de 2024, le chiffre d'affaires a augmenté de 25 % pour atteindre 222,3 millions de dollars par rapport à la même période en 2023. La Division Hôpital a connu une croissance significative avec une augmentation de 20 % des visites, atteignant 122 944 pour les neuf premiers mois. Le résultat d'exploitation s'est amélioré à 16,4 millions de dollars pour les neuf mois, contre une perte de 5,6 millions de dollars en 2023. L'entreprise a généré 23,1 millions de dollars de flux de trésorerie opérationnel et a rapporté 46,9 millions de dollars en liquidités et équivalents de liquidités. Cependant, l'entreprise a tout de même enregistré une perte nette de 9,5 millions de dollars pour la période de neuf mois, bien que ce chiffre soit une amélioration par rapport à une perte de 14,2 millions de dollars en 2023.
Nutex Health hat starke finanzielle Ergebnisse für das 3. Quartal 2024 gemeldet, wobei der Gesamtumsatz 78,8 Millionen Dollar erreichte, was einem Anstieg von 26% im Vergleich zum 3. Quartal 2023 entspricht. In den ersten neun Monaten des Jahres 2024 wuchs der Umsatz um 25% auf 222,3 Millionen Dollar im Vergleich zum gleichen Zeitraum im Jahr 2023. Die Krankenhausabteilung verzeichnete ein signifikantes Wachstum, da die Besuche in den ersten neun Monaten um 20% auf 122.944 stiegen. Das Betriebsergebnis verbesserte sich auf 16,4 Millionen Dollar für die neun Monate, gegenüber einem Verlust von 5,6 Millionen Dollar im Jahr 2023. Das Unternehmen generierte 23,1 Millionen Dollar an operativem Cashflow und meldete 46,9 Millionen Dollar an liquiden Mitteln und Zahlungsmitteläquivalenten. Dennoch verzeichnete das Unternehmen für den neunjährigen Zeitraum einen Nettoverlust von 9,5 Millionen Dollar, was jedoch eine Verbesserung gegenüber dem Verlust von 14,2 Millionen Dollar im Jahr 2023 darstellt.
- Revenue increased 26% to $78.8M in Q3 2024 vs Q3 2023
- Hospital Division visits up 20% to 122,944 in first nine months
- Operating income improved by $22M year-over-year to $16.4M
- Generated $23.1M in operating cash flow
- Adjusted EBITDA grew 938% to $13.5M in Q3 2024
- Net loss of $8.8M in Q3 2024, increased from $5.5M loss in Q3 2023
- Recorded $6.7M non-cash loss on warrant liability
- Impairment charges of $7.1M ($3.9M assets, $3.2M goodwill) in 2024
Insights
- TOTAL REVENUE OF
$222.3 MILLION $178.0 MILLION 25% - HOSPITAL DIVISION VISITS OF 122,944 FOR THE FIRST NINE MONTHS OF 2024 VS. VISITS OF 102,798 FOR THE SAME PERIOD IN 2023, AN INCREASE OF
20% - HOSPITAL DIVISION OPERATING INCOME OF
$54.7 MILLION $21.1 MILLION 159% - NET CASH FROM OPERATING ACTIVITIES OF
$23.1 MILLION - COMPANY CONTINUES ITS FOCUS ON INCREASING CASH FLOW
Financial Highlights for the Three Months Ended September 30, 2024:
- Total revenue of
$78.8 million $62.7 million 26% . Of this revenue growth, mature hospitals, which are hospitals opened prior to December 31, 2021, increased by20.7% in 2024 compared to the same period in 2023. - Operating income (including the negative impact of a
$2.0 million $9.7 million $0.8 million $10.5 million - Net loss attributable to Nutex Health of
$8.8 million $5 $8.8 million $6.7 million $2.0 million - EBITDA attributable to Nutex Health of
$4.3 million $1 - Adjusted EBITDA attributable to Nutex Health of
$13.5 million $1.3 million 938% . - Total visits from the Hospital Division were 41,668 for the third quarter 2024, as compared to 37,443 for the third quarter 2023, an increase of 4,225 or
11.3% . Of this visit growth, mature hospitals increased by3.8% in 2024 compared to the same period in 2023.
Financial Highlights for the Nine Months Ended September 30, 2024:
- Total revenue of
$222.3 million $178.0 million 25% . Of this revenue growth, mature hospitals, which are hospitals opened prior to December 31, 2021, increased by13.5% in 2024 compared to 2023. - Operating income for the nine months ended September 30, 2024 was
$16.4 million $5 $22.0 million - Net loss attributable to Nutex Health of
$9.5 million $14 $9.5 million $10.2 million $2.0 million $3.9 million $3.2 million $1.1 million $14.2 million $2.2 million - EBITDA attributable to Nutex Health of
$19.9 million $5 - Adjusted EBITDA attributable to Nutex Health of
$30.1 million $7.7 million 290% . - Total visits from the Hospital Division were 122,944 for the nine months ended September 30, 2024, as compared to 102,798 for the same period in 2023, an increase of 20,146 or
19.6% . Of this visit growth, mature hospitals increased by7.7% in the nine months ended September 30, 2024 compared to the same period in 2023. - Net cash from operating activities of
$23.1 million - As of September 30, 2024, the Company had total assets of
$438.5 million $46.9 million $26.8 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
"Nutex Health had another outstanding quarter. The strategic and operational decisions we have made over the last nine months are driving this strong performance, as demonstrated by another quarter of year-over-year growth in revenue, EBITDA and Adjusted EBITDA as well as incremental growth in cash flow. We are confident that our momentum will continue and plan on growing our hospital and population health divisions responsibly as we drive value for our shareholders," stated Warren Hosseinion, M.D., President of Nutex Health.
"The four de-novo hospitals that we opened in 2023 are ramping up nicely, resulting in strong year-over-year growth in both revenue and patient volume. Volumes and revenue continue to increase among our mature hospitals, both on the outpatient side as well as the inpatient side, which still have excess capacity. Our average payment by insurers of patient claims also increased, a trend we are optimistic will persist as we continue to work the NSA (No Surprises Act) claims through the Independent Dispute Resolution process," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.
For more details on the Company's Third Quarter 2024 financial results, please refer to our Quarterly Report on Form 10-Q filed with the
NUTEX HEALTH INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||
September 30, 2024 | December 31, 2023 | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 46,909,281 | $ | 22,002,056 | ||
Accounts receivable | 62,745,336 | 58,624,301 | ||||
Accounts receivable - related parties | 3,602,189 | 4,152,068 | ||||
Inventories | 2,259,168 | 3,390,584 | ||||
Prepaid expenses and other current assets | 4,279,360 | 2,679,394 | ||||
Total current assets | 119,795,334 | 90,848,403 | ||||
Property and equipment, net | 78,246,467 | 81,387,649 | ||||
Operating right-of-use assets | 11,442,369 | 11,853,082 | ||||
Finance right-of-use assets | 198,462,381 | 176,146,329 | ||||
Intangible assets, net | 15,855,392 | 20,512,636 | ||||
Goodwill, net | 13,918,719 | 17,066,263 | ||||
Other assets | 767,942 | 431,135 | ||||
Total assets | $ | 438,488,604 | $ | 398,245,497 | ||
Liabilities and Equity | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 10,320,933 | $ | 18,899,196 | ||
Accounts payable - related parties | 6,342,883 | 6,382,197 | ||||
Lines of credit | 3,384,517 | 3,371,676 | ||||
Current portion of long-term debt | 10,499,532 | 10,808,721 | ||||
Operating lease liabilities, current portion | 2,060,758 | 1,579,987 | ||||
Finance lease liabilities, current portion | 5,261,458 | 4,315,979 | ||||
Accrued expenses and other current liabilities | 29,688,665 | 12,955,296 | ||||
Total current liabilities | 67,558,746 | 58,313,052 | ||||
Long-term debt, net | 26,801,811 | 26,314,733 | ||||
Warrant liability | 5,715,143 | - | ||||
Operating lease liabilities, net | 14,307,320 | 15,479,639 | ||||
Finance lease liabilities, net | 240,924,194 | 213,886,213 | ||||
Deferred tax liabilities | 3,402,965 | 5,145,754 | ||||
Total liabilities | 358,710,179 | 319,139,391 | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Common stock, | 5,216 | 4,511 | ||||
Additional paid-in capital | 479,024,452 | 470,521,218 | ||||
Accumulated deficit | (418,588,975) | (409,072,539) | ||||
Nutex Health Inc. equity | 60,440,693 | 61,453,190 | ||||
Noncontrolling interests | 19,337,732 | 17,652,916 | ||||
Total equity | 79,778,425 | 79,106,106 | ||||
Total liabilities and equity | $ | 438,488,604 | $ | 398,245,497 | ||
NUTEX HEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
| ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Revenue: | ||||||||||||
Hospital division | $ | 71,732,529 | $ | 54,585,263 | $ | 199,366,776 | $ | 155,485,230 | ||||
Population health management division | 7,062,340 | 8,137,709 | 22,964,141 | 22,491,613 | ||||||||
Total revenue | 78,794,869 | 62,722,972 | 222,330,917 | 177,976,843 | ||||||||
Operating costs and expenses: | ||||||||||||
Payroll and benefits | 29,848,083 | 28,873,144 | 85,249,302 | 79,570,519 | ||||||||
Contract services | 11,657,010 | 9,035,650 | 32,481,686 | 27,972,854 | ||||||||
Medical supplies | 3,982,598 | 3,460,130 | 12,892,904 | 10,748,214 | ||||||||
Depreciation and amortization | 4,972,478 | 4,745,941 | 13,691,484 | 12,908,848 | ||||||||
Other | 6,417,886 | 9,541,894 | 23,380,318 | 25,215,549 | ||||||||
Total operating costs and expenses | 56,878,055 | 55,656,759 | 167,695,694 | 156,415,984 | ||||||||
Gross profit | 21,916,814 | 7,066,213 | 54,635,223 | 21,560,859 | ||||||||
Corporate and other costs: | ||||||||||||
Facilities closing costs | - | - | - | 217,266 | ||||||||
Acquisition costs | - | 43,464 | - | 43,464 | ||||||||
Stock-based compensation expense | 1,963,518 | 49,167 | 1,951,444 | 2,198,812 | ||||||||
Impairment of assets | 425,221 | - | 3,898,856 | - | ||||||||
Impairment of goodwill | - | - | 3,197,391 | - | ||||||||
General and administrative expenses | 9,865,330 | 7,794,808 | 29,176,130 | 24,730,168 | ||||||||
Total corporate and other costs | 12,254,069 | 7,887,439 | 38,223,821 | 27,189,710 | ||||||||
Operating income (loss) | 9,662,745 | (821,226) | 16,411,402 | (5,628,851) | ||||||||
Interest expense, net | 5,381,040 | 4,098,179 | 14,879,934 | 12,081,316 | ||||||||
Loss on warrant liability | 6,733,552 | - | 1,072,709 | - | ||||||||
Other (income) expense | 128,645 | (53,206) | (712,049) | 70,721 | ||||||||
Income (loss) before taxes | (2,580,492) | (4,866,199) | 1,170,808 | (17,780,888) | ||||||||
Income tax expense (benefit) | 4,584,518 | (342,259) | 5,868,075 | (2,068,530) | ||||||||
Net loss | (7,165,010) | (4,523,940) | (4,697,267) | (15,712,358) | ||||||||
Less: net income (loss) attributable to | 1,623,303 | 1,018,451 | 4,819,169 | (1,543,641) | ||||||||
Net loss attributable to Nutex Health Inc. | $ | (8,788,313) | $ | (5,542,391) | $ | (9,516,436) | $ | (14,168,717) | ||||
Loss per common share: | ||||||||||||
Basic | $ | (1.72) | $ | (1.25) | $ | (1.91) | $ | (3.23) | ||||
Diluted | $ | (1.72) | $ | (1.25) | $ | (1.91) | $ | (3.23) | ||||
NUTEX HEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||
Nine Months Ended September 30, | ||||||
2024 | 2023 | |||||
Cash flows from operating activities: | ||||||
Net income (loss) | $ | (4,697,267) | $ | (15,712,358) | ||
Adjustments to reconcile net loss to net cash from operating activities: | ||||||
Depreciation and amortization | 13,691,484 | 12,908,848 | ||||
Loss on warrant liability | 1,072,709 | - | ||||
Impairment of goodwill | 3,197,391 | - | ||||
Impairment of assets | 3,898,856 | - | ||||
Derecognition of goodwill | 453,017 | - | ||||
Stock-based compensation expense | 1,951,444 | 2,198,812 | ||||
Deferred tax benefit | (1,742,789) | (2,068,530) | ||||
Debt accretion expense | 804,760 | 1,251,867 | ||||
Loss on lease termination | - | 58,210 | ||||
Non-cash lease expense (income) | (280,835) | 89,338 | ||||
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||||||
Accounts receivable | (4,253,034) | 4,444,706 | ||||
Accounts receivable - related party | 549,879 | (949,408) | ||||
Inventories | 1,131,416 | 850,569 | ||||
Prepaid expenses and other current assets | (1,360,721) | (3,771,946) | ||||
Accounts payable | (7,975,067) | (6,015,250) | ||||
Accounts payable - related party | (39,314) | 2,228,527 | ||||
Accrued expenses and other current liabilities | 16,698,416 | 7,519,285 | ||||
Net cash from operating activities | 23,100,345 | 3,032,670 | ||||
Cash flows from investing activities: | ||||||
Acquisitions of property and equipment | (1,908,651) | (10,322,487) | ||||
Cash related to sale of business | (361,325) | - | ||||
Payments for acquisitions of businesses, net of cash acquired | - | (743,837) | ||||
Cash related to deconsolidation of Real Estate Entities | - | (1,039,157) | ||||
Net cash from investing activities | (2,269,976) | (12,105,481) | ||||
Cash flows from financing activities: | ||||||
Proceeds from lines of credit | 1,132,168 | 2,340,911 | ||||
Proceeds from notes payable | 7,014,999 | 16,952,905 | ||||
Proceeds from convertible notes | - | 891,000 | ||||
Repayments of lines of credit | (1,119,327) | (1,592,714) | ||||
Repayments of notes payable | (8,332,482) | (10,557,758) | ||||
Repayments of finance leases | (1,923,687) | (2,704,082) | ||||
Proceeds from common stock issuance, net issuance costs | 9,202,500 | - | ||||
Proceeds from exercise of warrants | 801,000 | - | ||||
Members' contributions | 960,913 | 649,550 | ||||
Members' distributions | (3,659,228) | (4,335,532) | ||||
Net cash from financing activities | 4,076,856 | 1,644,280 | ||||
Net change in cash and cash equivalents | 24,907,225 | (7,428,531) | ||||
Cash and cash equivalents - beginning of the period | 22,002,056 | 34,255,264 | ||||
Cash and cash equivalents - end of the period | $ | 46,909,281 | $ | 26,826,733 | ||
Non-GAAP Financial Measures (Unaudited)
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are 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 EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.
We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.
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 an allocation to noncontrolling interests, (gain)/loss on warrant liability, stock-based compensation, certain defined items of expense, and any acquisition-related costs and impairments. A reconciliation of net income to EBITDA and Adjusted EBITDA is included below. EBITDA and Adjusted EBITDA are not intended to serve as an alternative to
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Reconciliation of net loss attributable to Nutex Health | ||||||||||||
Net loss attributable to Nutex Health Inc. | $ | (8,788,313) | $ | (5,542,391) | $ | (9,516,436) | $ | (14,168,717) | ||||
Depreciation and amortization | 4,972,478 | 4,745,941 | 13,691,484 | 12,908,848 | ||||||||
Interest expense, net | 5,381,040 | 4,098,179 | 14,879,934 | 12,081,316 | ||||||||
Income tax expense (benefit) | 4,584,518 | (342,259) | 5,868,075 | (2,068,530) | ||||||||
Allocation to noncontrolling interests | (1,808,422) | (1,772,908) | (4,980,424) | (3,500,873) | ||||||||
EBITDA attributable to Nutex Health Inc. | 4,341,301 | 1,186,562 | 19,942,633 | 5,252,044 | ||||||||
Facilities closing costs | - | - | - | 217,266 | ||||||||
Loss on warrant liability | 6,733,552 | - | 1,072,709 | - | ||||||||
Impairment of assets | 425,221 | 3,898,856 | ||||||||||
Impairment of goodwill | - | - | 3,197,391 | - | ||||||||
Acquisition costs | - | 43,464 | - | 43,464 | ||||||||
Stock-based compensation expense | 1,963,518 | 49,167 | 1,951,444 | 2,198,812 | ||||||||
Adjusted EBITDA attributable to Nutex Health Inc. | $ | 13,463,592 | $ | 1,279,193 | $ | 30,063,033 | $ | 7,711,586 | ||||
About Nutex Health Inc.
Headquartered in
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 22 facilities in ten 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.
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 and in the Quarterly Reports on Form 10-Q for the periods ending March 31, 2024 and June 30, 2024 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.
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SOURCE Nutex Health, Inc.
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