Press release
NUTEX HEALTH REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS
NET REVENUE OF $56.3 MILLIONNET CASH FROM OPERATING ACTIVITIES OF $1.1 MILLION COMPANY EXPECTS TO OPEN 4-5 MORE HOSPITALS IN 2023 AND ANOTHER 14 BY END OF
About this update from Nutex Health Inc.
[{"type":"text","content":"NET REVENUE OF $56.3 MILLIONNET CASH FROM OPERATING ACTIVITIES OF $1.1 MILLION COMPANY EXPECTS TO OPEN 4-5 MORE HOSPITALS IN 2023 AND ANOTHER 14 BY END OF 2025HOUSTON, May 15, 2023 /PRNewswire/ -- Nutex Health Inc. (\"Nutex Health\" or the \"Company\") (NASDAQ: NUTX), a physician-led, technology-enabled integrated healthcare delivery system comprised of 19 state-of-the-art micro hospitals in 8 states and primary care-centric, risk-bearing physician networks, today announced first quarter 2023 financial results for the three months ended March 31, 2023.\nFinancial Highlights for the Three Months Ended March 31, 2023:\nNet revenue of $56.3 million.Net loss attributable to Nutex Health of $5.1 million.Net cash from operating activities of $1.1 million.Adjusted EBITDA of $2.4 million.As of March 31, 2023, the Company had total assets of $430.1 million, including cash and cash equivalents of $32.8 million, not including $12.6 million, net of expenses, advanced to the Company from an affiliate of Yorkville Advisors Global on April 11, 2023.Note: Adjusted EBITDA is a non-GAAP financial metric. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.\nYear-to-Date 2023 Highlights:\nOn February 6, 2023, Nutex Health opened its second micro hospital in Arkansas. The facility is already performing above expectations.Nutex Health expects to open 4-5 more micro hospitals in 2023 and another 14 by end of-2025.The Company's three new independent practice associations (\"IPAs\") are signing up primary care physicians (\"PCPs\") and specialists, as well as signing contracts with national and regional managed care organizations. As of today, South Florida Physicians IPA has signed contracts with 78 primary care physicians, Houston Physicians IPA has signed contracts with over 60 primary care physicians and our newest IPA, Phoenix Physicians IPA, has signed up 12 primary care physicians. The Company anticipates starting 2-3 new IPAs per year in the vicinity of its micro hospitals.On March 17, 2023, the Centers for Medicare & Medicaid Services (\"CMS\") issued new guidelines related to the independent dispute resolution process of the No Surprises Act. Nutex Health believes that these new guidelines will result in higher reimbursements. Any future higher reimbursements are not reflected in our First Quarter financia...