COMPANY IS ADVANCING ITS ONGOING STRATEGIC PLAN DESIGNED TO SIGNIFICANTLY REDUCE COSTS, REACH POSITIVE NET INCOME AND IMPROVE CASH FLOW
- As of
April 11, 2024 , the Company had cash and cash equivalents of approximately$25 million (unaudited). - As disclosed in our 10-K filed on
March 29, 2024 , for the year endedDecember 31, 2023 , the Company had total revenue of$247.6 million , hospital division operating income of$36.3 million , net cash from operating activities of$1.3 million , Adjusted EBITDA of$10.8 million and total assets of$398.2 million . - Nutex Health fully intends to consider all available options to resolve the deficiency in the NASDAQ minimum bid price with every intention to regain compliance with NASDAQ listing requirements.
- Nutex Health has placed a moratorium on the opening of any further new hospitals in 2024 until certain financial metrics have been achieved.
- Management is advancing its previously announced strategic plan designed to significantly reduce costs, reach positive net income and improve cash flow.
- The Company continues to monitor underperforming facilities and may decide to close or sell more underperforming facilities in the near future.
- The Company believes that it has a strong balance sheet, expects to continue to improve cash flow and believes it is in a position to continue to achieve positive Adjusted EBIDTA.
For the rationale and reconciliation of Adjusted EBITDA, a non-GAAP measure, to the nearest GAAP measure, please read "Item 7. Management's Discussion and Analysis of Financial Condition and Results pf Operations “ Non-GAAP Financial Measures" on page 50 of our Annual Report on Form 10-K for the year ended
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 21 facilities in 9 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 the Annual Report on Form 10-K for the year ended