Nutex Health has reported attributable net loss of $31.6m for the fourth quarter (Q4) of 2023, as against a loss of $14.7m in Q4 2022.
This attributable net loss in Q4 2023 includes a $29.1m non-cash impairment charges and a $1.1m goodwill impairments charge to hospital closures.
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The company’s total revenue for the quarter ending 31 December 2023 reached $69.6m, marking a 30% increase from $53.7m recorded in the same quarter of 2022.
Nutex Health’s Hospital division contributed significantly to this growth, with its revenue rising to $62.5m from $46.5m in the corresponding quarter of 2022.
Revenue generated by the company’s Population Health Management division was $7m in Q4 2023 versus $7.1m in Q4 2022.
Despite the revenue uptick, Nutex Health’s operating loss widened to $26.1m in Q4 2023 from $5.7m in Q4 last year.
The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in Q4 2023 totalled $3.1m, a recovery from the negative $5.9m in the previous year’s Q4.
For the full year ended 31 December 2023, net loss attributable to Nutex Health was $45.7m, compared with a loss of $424.7m in 2022.
Adjusted EBITDA in 2023 decreased to $10.8m from $12.5m in the previous year, while
total revenue rose to $247.6m from $219.2m over this period.
As of 31 December 2023, Nutex Health reported total assets of $398.2m, with cash and cash equivalents standing at $22.0m.
Net cash from operating activities for the year amounted to $1.3m.
Nutex Health chief financial officer Jon Bates said: “We are pleased to report 13% revenue growth, $10.8m of adjusted EBITDA and a 142% increase in hospital division operating income to $36.3m in 2023.”
Nutex Health Chairman and CEO Tom Vo added: “Our goal for 2024 is to continue to be the leader and innovator in our industry, and to provide a very unique platform for selected growth opportunities.”
In August 2023, Nutex Health acquired two Florida-based independent practice associations, Population Health Associates and Managed Care Insurance Consultants.
