Nutex Health (NUTX) - 2023 Q4 - Annual Results

Financial Performance - Total revenue for the year ended December 31, 2023, was $247.6 million, an increase of 13% compared to $219.3 million in 2022[6] - Total revenue for the fourth quarter of 2023 was $69.7 million, representing a 30% increase from $53.7 million in the same period of 2022[6] - Net loss attributable to Nutex Health Inc. for the year ended December 31, 2023, was $45.8 million, significantly improved from a net loss of $424.8 million in 2022[6] - The company reported a net loss attributable to Nutex Health Inc. of $31.6 million for the fourth quarter of 2023, compared to a net loss of $14.8 million in the fourth quarter of 2022[6] - Net income for 2023 was a loss of $43,423,715, compared to a loss of $432,739,618 in 2022, indicating a significant improvement[13] Operating Income and Expenses - Hospital division operating income increased by 142% to $36.3 million for the year ended December 31, 2023, compared to $15.0 million in 2022[6] - Adjusted EBITDA for the year ended December 31, 2023, was $10.8 million, down from $12.6 million in 2022[6] - Adjusted EBITDA for 2023 was $10,827,681, a decrease from $12,547,923 in 2022, reflecting ongoing operational challenges[16] - Cash flows from operating activities generated $1,256,452 in 2023, a substantial decline from $50,607,108 in 2022[13] - Net cash from operating activities for the year ended December 31, 2023, was $1.3 million[6] Assets and Cash Position - As of December 31, 2023, total assets were $398.2 million, down from $431.8 million in 2022[6] - Total cash and cash equivalents at the end of 2023 were $22,002,056, down from $34,255,264 at the end of 2022[13] - Net cash from investing activities was a negative $11,239,882 in 2023, compared to a negative $4,337,398 in 2022, indicating increased investment outflows[13] Strategic Initiatives - The management team initiated a strategic plan in January 2024 aimed at reducing annual cash operating expenses and optimizing resource allocation[6] - The company aims to deliver profitability on a net income basis to its investors in the medium and long term[7] - The company anticipates challenges in executing its growth strategy due to economic conditions and regulatory changes[20] Divisional Highlights - The Hospital Division operates 20 facilities across 8 states, focusing on innovative healthcare models[17] - The Population Health Management division utilizes a cloud-based technology platform to enhance patient care efficiency[18] Impairments and Financing - The company reported an impairment of assets totaling $29,082,203 in 2023, compared to no impairments in 2022[16] - Proceeds from notes payable in 2023 amounted to $16,952,905, a significant increase from $815,881 in 2022[13]