SBC Medical Group Holdings Incorporated(SBC) - 2024 Q3 - Quarterly Results

Revenue Growth - Total revenues for Q3 2024 were $53 million, a 12% increase from$ 47 million in Q3 2023[2] - Total revenues for the nine months ended September 30, 2024 were $160 million, representing a 23% increase from$ 131 million in the same period of 2023[10] - Total revenues for the three months ended September 30, 2024, were $53,084,883, an increase of 12% compared to$ 47,278,685 for the same period in 2023[26] Net Income and Profitability - Net income for Q3 2024 was $2 million, down from$ 8 million in Q3 2023, while net income for the nine months was $40 million, a 60% increase from$ 25 million in the same period of 2023[4][5] - Net income attributable to SBC Medical Group Holdings Incorporated for the three months ended September 30, 2024, was $2,832,894, down from$ 8,356,414 in the same period last year[26] - Comprehensive income attributable to SBC Medical Group Holdings Incorporated for the nine months ended September 30, 2024, was $41,575,160, compared to$ 5,626,457 in the prior year[26] - Basic and diluted net income per share for the three months ended September 30, 2024, was $0.03, a decrease from$ 0.09 in the same period of 2023[26] - Net income for September 2024 was $40,142,008, a 64.5% increase from$ 24,330,964 in September 2023[27] EBITDA and Operating Performance - EBITDA for the nine months ended September 30, 2024 was $68 million, a 21% increase from the same period in 2023, with an EBITDA margin of 42%[4] - EBITDA for the three months ended September 2024 was$ 14,852,962, with an EBITDA margin of 28%, compared to $23,311,051 and 49% in the same period of 2023[29] - Income from operations for the three months ended September 30, 2024, was$ 13,834,603, down from $20,023,242 in the same period last year[26] Operating Expenses - Operating expenses for the three months ended September 30, 2024, totaled$ 29,404,487, significantly higher than $13,475,134 for the same period in 2023[26] - Total operating expenses for the nine months ended September 30, 2024, were$ 56,592,092, compared to $47,265,904 in the previous year[26] Customer and Clinic Growth - The number of partner clinics increased to 224 as of September 30, 2024, up by 24 from the previous year[5] - The number of customers in the last twelve months reached 4.3 million, reflecting a year-over-year increase of 13.5%[6] Cash and Liquidity - Cash and cash equivalents totaled$ 137.4 million as of September 30, 2024, up from $103 million at the end of 2023[13] - Net cash provided by operating activities was$ 27 million for the nine months ended September 30, 2024, a 23% increase from $22 million in the same period of 2023[14] - Cash and cash equivalents at the end of the period reached$ 137,393,070, up from $77,430,969 a year earlier, indicating a 77.4% increase[28] - Net cash provided by operating activities increased to$ 27,886,231 in September 2024 from $22,753,983 in September 2023, representing a 22.5% growth[27] Balance Sheet and Assets - Total assets increased to$ 296,478,592 as of September 30, 2024, up from $258,805,271 on December 31, 2023, representing a growth of approximately 14.5%[23] - Current assets rose to$ 202,099,828, compared to $165,905,926, reflecting an increase of about 21.7%[23] - Total stockholders' equity reached$ 205,520,424, a significant increase from $143,810,249, marking an increase of approximately 43%[24] - Retained earnings improved to$ 182,923,786, up from $142,848,732, indicating a growth of around 28%[24] - Current liabilities decreased to$ 72,420,534 from $92,451,270, a reduction of about 21.7%[23] - Non-current liabilities fell to$ 18,537,634, down from $22,543,752, representing a decrease of approximately 17.7%[23] Investments and Other Financial Metrics - Long-term investments increased significantly to$ 4,905,115 from $849,434, marking a growth of approximately 478%[23] - The company reported a realized gain on short-term investments of$ 1,682,282 in September 2024, compared to a loss of $223,164 in September 2023[27] - The company made a significant investment in customer loans receivable, totaling$ 12,860,220 in September 2024[27] - Cash paid for income taxes was $31,332,123 in September 2024, compared to$ 12,608,072 in September 2023, reflecting a substantial increase in tax obligations[28] - The company reported a net cash used in investing activities of $(5,554,039) in September 2024, contrasting with a net cash provided of$ 8,659,196 in September 2023[28] - Proceeds from reverse recapitalization amounted to $11,707,417 in September 2024, indicating a strategic move to enhance capital structure[28] Return on Equity - Return on equity for the nine months ended September 30, 2024 was 31%, a year-over-year increase of one percentage point[7]