NUTEX HEALTH REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS
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
