NUTEX HEALTH REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS
PR Newswire
HOUSTON, March 31, 2025
FULL YEAR 2024 HIGHLIGHTS:
-- TOTAL REVENUE OF $479.9 MILLION VERSUS $247.6 MILLION IN 2023, AN
INCREASE OF 93.8%
-- NET INCOME OF $52.2 MILLION VERSUS NET LOSS OF $45.8 MILLION IN 2023
-- DILUTED EPS OF $9.71 PER SHARE VERSUS $(10.39) PER SHARE IN 2023
-- EBITDA OF $98.4 MILLION VERSUS $(22.5) MILLION IN EBITDA IN 2023
-- ADJUSTED EBITDA OF $123.7 MILLION VERSUS $10.8 MILLION IN 2023, AN
INCREASE OF 1,045.4%
-- NET CASH FROM OPERATING ACTIVITIES OF $23.2 MILLION
-- COMPANY BELIEVES ITS ARBITRATION EFFORTS, THROUGH THE INDEPENDENT DISPUTE
RESOLUTION $(IDR)$ PROCESS, HAS RESULTED IN MORE EQUITABLE PAYMENTS
HOUSTON, March 31, 2025 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), a physician-led, integrated healthcare delivery system comprised of 24 state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks, today announced fourth quarter 2024 and fiscal year 2024 financial results for the twelve months ended December 31, 2024.
Financial highlights for the year ended December 31, 2024:
-- Total revenue increased $232.3 million to $479.9 million for the year
ended December 31, 2024 as compared to total revenue of $247.6 million
for the same period in 2023, an increase of 93.8%. Of this revenue growth,
revenue from mature hospitals, which are hospitals opened prior to
December 31, 2021, increased by 56.6% in 2024 compared to 2023.
-- The arbitration process resulted in approximately $169.7 million more in
revenue in 2024 than in 2023, which amounted to approximately 73.1% of
the $232.3 million revenue increase. Of the $169.7 million in arbitration
revenue, $68.9 million, $70.5 million and $30.3 million related to dates
of services for the fourth quarter 2024, third quarter 2024 and pre-third
quarter 2024, respectively.
-- Operating income for the year ended December 31, 2024 was $130.6 million
compared to an operating loss of $31.8 million for the year ended
December 31, 2023, representing a $162.4 million improvement year over
year.
-- Net income attributable to Nutex Health of $52.2 million as compared to
net loss attributable to Nutex Health of $45.8 million for the year ended
December 31, 2023. This $52.2 million amount includes non-cash items of
$25.3 million (non-cash stock-based compensation expense of $16.6 million,
non-cash impairment of assets of $3.9 million, non-cash impairment of
goodwill of $3.2 million and $1.6 million non-cash loss on warrant
liability) in the year ended December 31, 2024, while the $45.8 million
amount includes non-cash items of $33 million (non-cash stock-based
compensation expense of $2.8 million, non-cash impairment of assets of
$29.1 million and non-cash impairment of goodwill of $1.1 million) in the
year ended December 31, 2023.
-- EBITDA attributable to Nutex Health of $98.4 million, as compared to
EBITDA attributable to Nutex Health of $(22.5) million for the year ended
December 31, 2023.
-- Adjusted EBITDA attributable to Nutex Health of $123.7 million, as
compared to Adjusted EBITDA attributable to Nutex Health of $10.8 million
for the year ended December 31, 2023, an increase of 1,045.4%.
-- Total visits at the Hospital Division were 168,388 for the year ended
December 31, 2024, as compared to 144,058 for the same period in 2023, an
increase of 24,330 or 16.9%. Of this visit growth, visits at mature
hospitals increased by 6.5% in the year ended December 31, 2024 compared
to the same period in 2023.
-- Net cash from operating activities of $23.2 million for the year ended
December 31, 2024.
-- As of December 31, 2024, the Company had total assets of $655.3 million,
including cash and cash equivalents of $43.6 million and long-term debt
of $22.5 million.
Financial highlights for the three months ended December 31, 2024:
-- Total revenue of $257.6 million for the three months ended December 31,
2024 as compared to total revenue of $69.7 million for the three months
ended December 31, 2023, an increase of $187.9 million (or 269.6%). Of
this revenue growth, revenue from mature hospitals, which are hospitals
opened prior to December 31, 2021, increased by 175.6% in 2024 compared
to the same period in 2023.
-- The arbitration process resulted in approximately $169.7 million more in
revenue in the fourth quarter 2024 compared to the fourth quarter 2023,
which amounted to approximately 90.3% of the $187.9 million increase in
overall revenue. Of the $169.7 million in arbitration revenue, $68.9
million, $70.5 million and $30.3 million related to dates of services for
the fourth quarter 2024, third quarter 2024 and pre-third quarter 2024,
respectively.
-- Operating income (including the negative impact of a $14.7 million
non-cash stock-based compensation expense) for the three months ended
December 31, 2024 was $114.2 million, compared to an operating loss of
approximately $26.1 million for the three months ended December 31, 2023,
representing a $140.3 million improvement quarter over quarter.
-- Net income attributable to Nutex Health of $61.7 million in the three
months ended December 31, 2024 as compared to a net loss attributable to
Nutex Health of $31.7 million for the three months ended December 31,
2023. This $61.7 million amount includes a $0.5 million non-cash loss on
warrant liability as well as the $14.7 million non-cash stock-based
compensation expense noted above.
-- EBITDA attributable to Nutex Health of $78.4 million for the three months
ended December 31, 2024, as compared to EBITDA attributable to Nutex
Health of $(27.7) million for the three months ended December 31, 2023.
-- Adjusted EBITDA attributable to Nutex Health of $93.6 million for the
three months ended December 31, 2024, as compared to Adjusted EBITDA
attributable to Nutex Health of $3.1 million for the three months ended
December 31, 2024, an increase of 2,919.4%.
-- Total visits at the Hospital Division were 45,444 for the fourth quarter
2024, as compared to 41,381 for the fourth quarter 2023, an increase of
4,063 or 9.8%. Of this visit growth, visits at mature hospitals increased
by 3.1% in 2024 compared to the same period in 2023.
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 record annual revenues, net income and solid free cash flows, as well as impressive margin expansion as a result of our continued focus on revenue growth while controlling our costs and still opening four hospitals in 2024," stated Jon Bates, Chief Financial Officer of Nutex Health.
"In 2024, Nutex Health achieved significant operational improvements across all key metrics. Total hospital division visits increased by 16.9%, driven by higher ER acuity and an enhanced service mix, with greater focus on observation patients and inpatients. In 2025, we will continue optimizing operations and maintaining a lean cost structure to support sustained growth," said Josh DeTillio, Chief Operating Officer of Nutex Health.
"Nutex Health delivered healthy year-end and fourth quarter financial and operational results last year. The arbitration initiative that we began in July 2024 is generating higher reimbursement amounts per visit this year and is more in line with a fair market rate. We would like to thank our dedicated teams of physicians, nurses and all our other team members for continuing to deliver for our patients. We enter 2025 with great momentum and look forward to continuing our strong financial and operational performance," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.
For more details on the Company's Fourth Quarter 2024 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,
------------------------------
2024 2023
-------------- --------------
Assets
Current assets:
Cash and cash equivalents $ 43,581,412 $ 22,002,056
Accounts receivable 232,449,226 58,624,301
Accounts receivable - related parties 3,602,189 4,152,068
Inventories 2,849,814 3,390,584
Prepaid expenses and other current
assets 9,996,244 2,679,394
------------- -------------
Total current assets 292,478,885 90,848,403
Property and equipment, net 77,932,744 81,387,649
Operating right-of-use assets 27,871,830 11,853,082
Financing right-of-use assets 218,889,351 176,146,329
Intangible assets, net 15,530,281 20,512,636
Goodwill, net 13,918,719 17,066,263
Deferred tax assets 7,987,236 -
Other assets 711,347 431,135
------------- -------------
Total assets $ 655,320,393 $ 398,245,497
============= =============
Liabilities and Equity
Current liabilities:
Accounts payable $ 9,613,821 $ 18,899,196
Accounts payable - related parties 4,345,138 6,382,197
Lines of credit 3,554,029 3,371,676
Current portion of long-term debt 14,395,457 10,808,721
Operating lease liabilities, current
portion 2,079,940 1,579,987
Financing lease liabilities, current
portion 7,704,873 4,315,979
Accrued arbitration expenses 47,741,815 -
Accrued income tax expense 25,989,262 -
Accrued expenses and other current
liabilities 25,441,790 12,955,296
------------- -------------
Total current liabilities 140,866,125 58,313,052
Long-term debt, net 22,465,896 26,314,733
Operating lease liabilities, net 30,617,399 15,479,639
Financing lease liabilities, net 259,479,096 213,886,213
Deferred tax liabilities - 5,145,754
------------- -------------
Total liabilities 453,428,516 319,139,391
------------- -------------
Commitments and contingencies (Note
10)
Equity:
Common stock, $0.001 par value;
950,000,000 shares authorized;
5,511,452 and 4,511,199 shares
issued and outstanding as of
December 31, 2024 and December 31,
2023, respectively 5,511 4,511
Additional paid-in capital 503,232,609 470,521,218
Accumulated deficit (356,893,371) (409,072,539)
------------- -------------
Nutex Health Inc. equity 146,344,749 61,453,190
Noncontrolling interests 55,547,128 17,652,916
------------- -------------
Total equity 201,891,877 79,106,106
------------- -------------
Total liabilities and equity $ 655,320,393 $ 398,245,497
============= =============
NUTEX HEALTH INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
December 31 Year ended December 31
--------------------------- ---------------------------
2024 2023 2024 2023
------------ ------------- ------------ -------------
Revenue:
Hospital
division $249,696,907 $ 62,585,167 $449,063,683 $ 218,070,397
Population
health
management
division 7,920,809 7,084,306 30,884,950 29,575,919
----------- ------------ ----------- ------------
Total revenue 257,617,716 69,669,473 479,948,633 247,646,316
----------- ------------ ----------- ------------
Operating costs
and expenses:
Payroll 32,277,720 28,807,419 117,527,022 108,377,938
Contract
services 68,275,505 14,377,128 100,757,191 42,349,982
Medical supplies 2,392,577 3,402,926 15,285,481 14,151,140
Depreciation and
amortization 5,280,488 4,682,724 18,971,972 17,591,572
Other 7,765,372 5,185,964 31,145,690 30,401,513
----------- ------------ ----------- ------------
Total operating
costs and
expenses 115,991,662 56,456,161 283,687,356 212,872,145
----------- ------------ ----------- ------------
Gross profit 141,626,054 13,213,312 196,261,277 34,774,171
----------- ------------ ----------- ------------
Corporate and
other costs:
Facilities
closing costs - - - 217,266
Acquisition
costs - - - 43,464
Stock-based
compensation 14,680,454 637,159 16,631,898 2,835,971
Impairment of
assets (11,640) 29,082,203 3,887,216 29,082,203
Impairment of
goodwill - 1,139,297 3,197,391 1,139,297
General and
administrative
expenses 12,747,842 8,499,550 41,923,972 33,229,718
----------- ------------ ----------- ------------
Total corporate
and other
costs 27,416,656 39,358,209 65,640,477 66,547,919
----------- ------------ ----------- ------------
Operating income
(loss) 114,209,398 (26,144,897) 130,620,800 (31,773,748)
Interest expense,
net 5,052,081 4,236,553 19,932,015 16,317,869
Loss on warrant
liability 536,264 - 1,608,973 -
Other expense
(income) 43,119 328,461 (668,930) 399,182
----------- ------------ ----------- ------------
Income (loss)
before taxes 108,577,934 (30,709,911) 109,748,742 (48,490,799)
Income tax
expense
(benefit) 8,608,746 (2,998,554) 14,476,821 (5,067,084)
----------- ------------ ----------- ------------
Net income (loss) 99,969,188 (27,711,357) 95,271,921 (43,423,715)
Less: net income
attributable to
noncontrolling
interests 38,273,584 3,906,540 43,092,753 2,362,899
----------- ------------ ----------- ------------
Net income (loss)
attributable to
Nutex Health
Inc. $ 61,695,604 $(31,617,897) $ 52,179,168 $(45,786,614)
=========== ============ =========== ============
Earnings (loss)
per common
share
Basic $ 11.83 $ (7.47) $ 10.25 $ (10.39)
Diluted $ 11.12 $ (7.47) $ 9.71 $ (10.39)
NUTEX HEALTH INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Year ended December 31,
---------------------------------------------
2024 2023 2022
-------------- ------------- --------------
Cash flows from
operating
activities:
Net income (loss) $ 95,271,921 $(43,423,715) $(432,739,618)
Adjustment to
reconcile net
income (loss) to
net cash from
operating
activities:
Depreciation and
amortization 18,971,972 17,591,572 13,131,374
Impairment of
assets 3,887,216 29,082,203 -
Impairment of
goodwill 3,197,391 1,139,297 398,135,038
Derecognition of
goodwill 453,017 - -
Loss on warrant
liability 1,608,973 - -
Stock-based
compensation
expense 16,631,898 2,835,971 189,581
Rescission of
warrant exercise
expense - - 561,651
Deferred tax
(benefit)
expense (13,132,990) (5,707,323) 4,996,209
Debt accretion
expense 1,042,663 1,209,981 1,952,829
Loss on lease
termination - 58,210 -
Non-cash lease
expense (381,035) 131,582 64,143
Changes in
operating assets
and liabilities:
Accounts
receivable (173,956,924) (969,761) 56,622,133
Accounts
receivable -
related party 549,879 (3,613,885) 1,454,934
Inventories 540,770 142,701 (719,107)
Prepaid expenses
and other current
assets (7,021,010) (817,297) (1,419,139)
Accounts payable (8,682,179) (4,715,101) 10,018,100
Accounts payable -
related party (2,037,059) 2,466,536 (329,155)
Accrued
arbitration
expenses 47,741,815 - -
Accrued income tax
expense 25,989,262 - -
Accrued expenses
and other current
liabilities 12,478,227 5,845,481 (1,311,865)
------------- ------------ -------------
Net cash from
operating
activities 23,153,807 1,256,452 50,607,108
------------- ------------ -------------
Cash flows from
investing
activities:
Acquisitions of
property and
equipment (2,303,897) (9,496,832) (14,632,414)
Acquired cash in
reverse
acquisition with
Clinigence - - 12,716,228
Cash related to
sale of business (361,325) - -
Payments for
acquisitions of
businesses, net
of cash acquired - (703,893) -
Cash related to
deconsolidation
of Real Estate
Entities - (1,039,157) (2,421,212)
------------- ------------ -------------
Net cash from
investing
activities (2,665,222) (11,239,882) (4,337,398)
------------- ------------ -------------
Cash flows from
financing
activities:
Proceeds from
lines of credit 2,261,743 2,340,911 2,623,479
Proceeds from
notes payable 7,014,999 16,952,905 815,881
Proceeds from
convertible
notes - 4,909,864 -
Repayments of
lines of credit (2,079,390) (1,592,714) (72,055)
Repayments of
notes payable (9,969,391) (16,479,512) (7,237,094)
Repayments of
finance leases (4,628,083) (3,484,683) (1,721,224)
Proceeds from
common stock
issuance, net
issuance costs 9,202,500 - -
Rescission of
warrant exercise - - (588,042)
Proceeds from
exercise of
warrants 2,373,336 - 4,119,141
Proceeds from
exercise of
options - - 644,974
Members'
contributions 3,353,023 298,032 4,513,867
Members'
distributions (6,437,966) (5,214,581) (51,231,657)
------------- ------------ -------------
Net cash from
financing
activities 1,090,771 (2,269,778) (48,132,730)
------------- ------------ -------------
Net change in cash
and cash
equivalents 21,579,356 (12,253,208) (1,863,020)
Cash and cash
equivalents -
beginning of the
year 22,002,056 34,255,264 36,118,284
------------- ------------ -------------
Cash and cash
equivalents - end
of the year $ 43,581,412 $ 22,002,056 $ 34,255,264
============= ============ =============
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 stock-based compensation, certain defined items of expense, any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. 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,
-------------------------------------------
2024 2023 2022
------------ ------------- --------------
Reconciliation of
net income (loss)
attributable to
Nutex Health Inc. to
Adjusted EBITDA:
Net income (loss)
attributable to
Nutex Health Inc. $ 52,179,168 $(45,786,614) $(424,780,446)
Depreciation and
amortization 18,971,972 17,591,572 13,131,374
Interest expense,
net 19,932,015 16,317,869 12,490,260
Income tax expense
(benefit) 14,476,821 (5,067,084) 13,090,905
Allocation to
noncontrolling
interests (7,176,312) (5,546,263) (4,837,514)
----------- ------------ -------------
EBITDA 98,383,664 (22,490,520) (390,905,421)
Facility closing
costs - 217,266 -
Acquisition costs - 43,464 3,885,666
Loss on warrant
liability 1,608,973 - -
Stock-based
compensation 16,631,898 2,835,971 189,581
Rescission of
warrant exercise - - 1,243,059
Impairment of assets 3,887,216 29,082,203 -
Impairment of
goodwill 3,197,391 1,139,297 398,135,038
----------- ------------ -------------
Adjusted EBITDA $123,709,142 $ 10,827,681 $ 12,547,923
=========== ============ =============
Three months ended Three months ended
December 31, 2024 December 31, 2023
-------------------- --------------------
Unaudited Unaudited
-------------------- --------------------
Reconciliation of net income
(loss) attributable to Nutex
Health Inc. to Adjusted
EBITDA:
Net income (loss)
attributable to Nutex Health
Inc. $ 61,695,604 $ (31,617,897)
Depreciation and amortization 5,280,488 4,682,724
Interest expense, net 5,052,081 4,236,553
Income tax expense (benefit) 8,608,746 (2,998,554)
Allocation to noncontrolling
interests (2,195,888) (2,045,390)
---------------- ----------------
EBITDA 78,441,031 (27,742,564)
Loss on warrant liability 536,264 -
Stock-based compensation 14,680,454 637,159
Impairment of assets (11,640) 29,082,203
Impairment of goodwill - 1,139,297
---------------- ----------------
Adjusted EBITDA $ 93,646,109 $ 3,116,095
================ ================
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 24 facilities in 11 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 year ended December 31, 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.
View original content:https://www.prnewswire.com/news-releases/nutex-health-reports-fourth-quarter-and-full-year-2024-financial-results-302416172.html
SOURCE Nutex Health, Inc.
/CONTACT: Nutex Health, Inc., Jennifer Rodriguez - Investor Relations, investors@nutexhealth.com; Media Contact, jrodriguez@nutexhealth.com
(END) Dow Jones Newswires
March 31, 2025 16:30 ET (20:30 GMT)
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