Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $267.8 million, a 240% increase from $78.8 million in Q3 2024 [29] - Adjusted EBITDA grew to $98.5 million from $9.7 million in the same period last year [56] - Net income was $55.4 million compared to a net loss of $8.8 million in Q3 2024 [54] - Cash increased to $166 million from $40.6 million at year-end 2024 [60] Business Line Data and Key Metrics Changes - Hospital division revenue increased by 262.8% to $260.2 million in Q3 2025 from $71.1 million in Q3 2024 [38] - Mature hospitals saw a revenue increase of 208.9% in Q3 2025 compared to the same quarter in 2024 [39] - Population health division revenue increased to $7.6 million from $7.1 million in Q3 2024 [50] Market Data and Key Metrics Changes - Total patient visits in Q3 2025 reached 46,232, an 11% increase from 41,668 in Q3 2024 [50] - Hospital division visits increased by 11% in Q3 2025 compared to the same period last year [50] Company Strategy and Development Direction - The company plans to open three new hospitals in 2025, with a pipeline for three to four additional hospitals in 2026 [5] - The strategy focuses on building an integrated healthcare delivery system combining hospitals and medical groups to enhance patient care and reduce costs [64][65] - The company aims to leverage its operational model to achieve superior patient outcomes and satisfaction [67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate industry challenges and expand market share [68] - The positive reimbursement environment and economic growth in areas like Sherman are seen as favorable for future operations [71] Other Important Information - The company completed the restatement of 2024 and Q1 2025 financials with minor adjustments that did not materially impact key metrics [4] - The balance sheet remains strong, with a significant increase in cash and a low long-term debt of $25.6 million [5][60] Q&A Session Summary Question: What happened at Red River Micro Hospital, and why was it closed? - Red River was closed due to a 35% revenue reduction from the No Surprises Act in 2020, but it has since reopened due to improved reimbursement and local economic growth [71] Question: How does the company contract with physicians at the facilities? - The company owns 70% of the hospitals, while the physician group owns 30%, and a staffing service contract is in place for operations [73] Question: What are the incentives for physicians regarding profitability? - The structure is similar across micro-hospitals, with equity stakes tied to performance metrics, although specifics may vary slightly by state [74]