NUTEX HEALTH REPORTS THIRD QUARTER AND YEAR TO DATE SEPTEMBER 30, 2024 FINANCIAL RESULTS
TOTAL REVENUE OF $222.3 MILLION FOR THE FIRST NINE MONTHS OF 2024 VS. $178.0 MILLION FOR THE SAME PERIOD IN 2023, AN INCREASE OF 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 FOR THE FIRST NINE MONTHS OF 2024 VS. $21.1 MILLION FOR THE SAME PERIOD IN 2023, AN INCREASE OF 159%
NET CASH FROM OPERATING ACTIVITIES OF $23.1 MILLION FOR THE FIRST NINE MONTHS OF 2024
COMPANY CONTINUES ITS FOCUS ON INCREASING CASH FLOW
HOUSTON, Nov. 7, 2024 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ:NUTX), a physician-led, integrated healthcare delivery system comprised of 22 state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in ten states and primary care-centric, risk-bearing physician networks, today announced third quarter 2024 financial results for the three and nine months ended September 30, 2024.
Financial Highlights for the Three Months Ended September 30, 2024:
Total revenue of $78.8 million as compared to total revenue of $62.7 million for the three months ended September 30, 2023, an increase of 26%. Of this revenue growth, mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 20.7% in 2024 compared to the same period in 2023.
Operating income (including the negative impact of a $2.0 million non-cash stock-based compensation expense) for the three months ended September 30, 2024 was $9.7 million, compared to an operating loss of approximately $0.8 million for the three months ended September 30, 2023, representing a $10.5 million improvement quarter over quarter.
Net loss attributable to Nutex Health of $8.8 million in the three months ended September 30, 2024 as compared to a net loss attributable to Nutex Health of $5.5 million for the three months ended September 30, 2023. This $8.8 million amount includes a $6.7 million non-cash loss on warrant liability as well as the $2.0 million non-cash stock-based compensation expense noted above.
EBITDA attributable to Nutex Health of $4.3 million, as compared to EBITDA attributable to Nutex Health of $1.2 million for the three months ended September 30, 2023.
Adjusted EBITDA attributable to Nutex Health of $13.5 million, as compared to Adjusted EBITDA attributable to Nutex Health of $1.3 million for the three months ended September 30, 2023, an increase of 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 by 3.8% 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 as compared to total revenue of $178.0 million for the nine months ended September 30, 2023, an increase of approximately 25%. Of this revenue growth, mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 13.5% in 2024 compared to 2023.
Operating income for the nine months ended September 30, 2024 was $16.4 million compared to an operating loss of $5.6 million for the nine months ended September 30, 2023, representing a $22.0 million improvement year over year.
Net loss attributable to Nutex Health of $9.5 million as compared to net loss attributable to Nutex Health of $14.2 million for the nine months ended September 30, 2023. This $9.5 million amount includes non-cash items of $10.2 million (non-cash stock-based compensation expense of $2.0 million, non-cash impairment of assets of $3.9 million, non-cash impairment of goodwill of $3.2 million and $1.1 million non-cash loss on warrant liability) in the first nine months of 2024, while the $14.2 million amount includes non-cash stock-based compensation expense of $2.2 million in the first nine months of 2023.
EBITDA attributable to Nutex Health of $19.9 million, as compared to EBITDA attributable to Nutex Health of $5.3 million for the nine months ended September 30, 2023.
Adjusted EBITDA attributable to Nutex Health of $30.1 million, as compared to Adjusted EBITDA attributable to Nutex Health of $7.7 million for the nine months ended September 30, 2023, an increase of 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 by 7.7% in the nine months ended September 30, 2024 compared to the same period in 2023.
Net cash from operating activities of $23.1 million for the nine months ended September 30, 2024.
As of September 30, 2024, the Company had total assets of $438.5 million, including cash and cash equivalents of $46.9 million and long-term debt of $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 25% revenue growth, Adjusted EBITDA attributable to Nutex Health of $13.5 million and a 209% increase in gross profit to $21.9 million in the third quarter ended September 30, 2024, showing our continued focus on top line growth, increasing cash flow as well as improving profitability," stated Jon Bates, Chief Financial Officer of Nutex Health.
"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 U.S. Securities & Exchange Commission and accessible at www.sec.gov.
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, $0.001 par value; 950,000,000 shares authorized; 5,215,709 and 4,511,199 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
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)
