Nutex Health, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $78.8 million for the three months ended September 30, 2024, marking a 25.6% increase from $62.7 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $222.3 million, up 25.0% from $178.0 million year-over-year. The hospital division was a key driver of this growth, generating $71.7 million in revenue for Q3 2024, a 31.3% increase from $54.6 million in Q3 2023.
Despite the revenue growth, Nutex Health reported a net loss of $8.8 million for the third quarter of 2024, compared to a loss of $5.5 million in the same quarter of 2023. The net loss attributable to common stockholders for the nine months ended September 30, 2024, was $9.5 million, a notable improvement from a loss of $14.2 million in the prior year. The company’s adjusted EBITDA for Q3 2024 was $13.5 million, a significant increase from $1.3 million in Q3 2023.
The company’s cash and cash equivalents increased to $46.9 million as of September 30, 2024, up from $22.0 million at the end of 2023. Total current assets also rose to $119.8 million, compared to $90.8 million at the end of the previous fiscal year. However, total liabilities increased to $358.7 million from $319.1 million, with current liabilities rising to $67.6 million.
Strategically, Nutex Health has undergone several changes, including the sale of Procare Health, Inc. for $0.6 million and Clinigence Health, Inc. for $1.4 million, both completed in 2024. These divestitures resulted in impairment losses of $3.9 million and $1.4 million, respectively. The company has also implemented two reverse stock splits in 2024 to comply with Nasdaq listing requirements, reducing the number of shares outstanding to 5.2 million as of September 30, 2024.
Operationally, Nutex Health has focused on expanding its hospital facilities, with 22 locations across ten states and plans for further growth through new hospital developments and independent physician associations. The company has also faced challenges, including increased corporate costs and a higher interest expense of $5.4 million for Q3 2024, up from $4.1 million in the same period last year.
Overall, while Nutex Health has shown revenue growth and improved adjusted EBITDA, it continues to navigate significant net losses and strategic transitions in its business model.
About Nutex Health, Inc.
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