NUTEX HEALTH ANNOUNCES PRELIMINARY 2023 HEADLINE FINANCIALS AND PROVIDES UPDATE ON THE TIMING OF ITS 10-K FILING
HOUSTON, March 15, 2024 — 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 8 states and primary care-centric, risk-bearing physician networks, today announced preliminary FY 2023 headline financials and provides an update on the anticipated timing for the filing of its 10-K for the year ended December 31, 2023.
The Company is finalizing its FY 2023 10-K and expects to file it with the SEC next week within the extension deadline allowed under the SEC rules.
Preliminary financial information for FY 2023 is as follows:
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 $44.2 million (including a non-cash asset impairment charge of $29.1 million and a $1.1. million impairment charge for hospital closures) as compared to net loss attributable to Nutex Health of $424.8 for the year ended December 31, 2022.
- Adjusted EBITDA of $13.6 million as compared to Adjusted EBITDA of $12.6 million for the year ended December 31, 2022.
- Net cash from operating activities of $1.8 million.
- As of December 31, 2023, the Company had total assets of $398.5 million, including cash and cash equivalents of $22.3 million.
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.
- Net loss attributable to Nutex Health of $30.0 million as compared to net loss attributable to Nutex Health of $14.8 million for the three months ended December 31, 2022.
- Adjusted EBITDA of $5.9 million as compared to Adjusted EBITDA of negative $5.9 million for the three months ended December 31, 2022.
Note: These are preliminary financial results for fiscal year 2023 which may change when the Company’s final FY 2023 financial information is filed on Form 10-K with the SEC. However, the Company’s actual results are not expected to differ materially from those reflected in the preliminary results.
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.
Non-GAAP Financial Measures
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.
|
Year ended December 31, |
|||||||||
|
2023 |
2022 |
2021 |
|||||||
|
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA: |
|||||||||
|
Net income (loss) attributable to Nutex Health Inc. |
$ |
(44,206,237) |
$ |
(424,780,446) |
$ |
132,593,328 |
|||
|
Depreciation and amortization |
17,821,872 |
13,131,374 |
7,662,464 |
||||||
|
Interest expense, net |
16,087,569 |
12,490,260 |
6,196,026 |
||||||
|
Income tax expense |
(5,456,436) |
13,090,905 |
965,731 |
||||||
|
Allocation to noncontrolling interests |
(3,978,392) |
(4,837,514) |
(5,751,066) |
||||||
|
EBITDA |
(19,731,624) |
(390,905,421) |
141,666,483 |
||||||
|
Facility closing costs |
217,266 |
– |
– |
||||||
|
Acquisition costs |
43,464 |
3,885,666 |
3,553,716 |
||||||
|
Stock-based compensation |
2,835,971 |
189,581 |
– |
||||||
|
Rescission of warrant exercise |
– |
1,243,059 |
– |
||||||
|
Impairment of assets |
29,082,203 |
– |
– |
||||||
|
Impairment of goodwill |
1,139,297 |
398,135,038 |
– |
||||||
|
Adjusted EBITDA |
$ |
13,586,577 |
$ |
12,547,923 |
$ |
145,220,199 |
|||
|
Three months Ended |
Three months Ended |
|||||
|
December 31, 2023 |
December 31, 2022 |
|||||
|
Unaudited |
Unaudited |
|||||
|
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA: |
||||||
|
Net loss attributable to Nutex Health Inc. |
$ |
(30,037,520) |
$ |
(14,752,177) |
||
|
Depreciation and amortization |
4,913,024 |
3,271,861 |
||||
|
Interest expense, net |
4,006,253 |
2,862,071 |
||||
|
Income tax expense |
(3,387,906) |
1,805,176 |
||||
|
Allocation to noncontrolling interests |
(477,519) |
(392,290) |
||||
|
EBITDA |
(24,983,668) |
(7,205,359) |
||||
|
Facility closing costs |
– |
– |
||||
|
Acquisition costs |
– |
– |
||||
|
Stock-based compensation |
637,159 |
54,166 |
||||
|
Rescission of warrant exercise |
– |
1,243,059 |
||||
|
Impairment of assets |
29,082,203 |
– |
||||
|
Impairment of goodwill |
1,139,297 |
– |
||||
|
Adjusted EBITDA |
$ |
5,874,991 |
$ |
(5,908,134) |
||
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 our Annual Report on Form 10-K for the year ended December 31, 2022 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 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.