Nutex Well being losses enhance in This autumn 2023
Nutex Well being reported an attributable internet lack of $31.6 million for the fourth quarter (This autumn) of 2023, in comparison with a lack of $14.7 million in This autumn 2022.
This fourth quarter 2023 attributable internet loss features a $29.1 million non-cash impairment cost and a $1.1 million goodwill impairment cost for hospital closures.
The corporate's complete income for the quarter ended December 31, 2023 was $69.6 million, up 30% from $53.7 million in the identical quarter of 2022.
Nutex Well being's hospital division contributed considerably to this progress, with income rising to $62.5 million from $46.5 million within the corresponding quarter of 2022.
Income generated by the corporate's Inhabitants Well being Administration division was $7 million within the fourth quarter of 2023, in comparison with $7.1 million within the fourth quarter of 2022.
Regardless of the rise in income, Nutex Well being's working loss widened to $26.1 million within the fourth quarter of 2023, in comparison with $5.7 million within the fourth quarter final yr.
Achieve entry to essentially the most complete firm profiles available on the market, powered by GlobalData. Save hours of analysis. Achieve aggressive benefit.
Firm Profile – Free Pattern
Your obtain e-mail will arrive shortly
We have now confidence within the distinctive high quality of our firm profiles. Nonetheless, we would like you to take advantage of helpful choice for your corporation. That's why we give you a free pattern which you could obtain by submitting the shape beneath.
By GlobalData
The corporate's adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) within the fourth quarter of 2023 was $3.1 million, a restoration from adverse $5.9 million within the fourth quarter of final yr.
For the complete yr ended December 31, 2023, internet loss attributable to Nutex Well being was $45.7 million, in comparison with a lack of $424.7 million in 2022.
Adjusted EBITDA in 2023 decreased to $10.8 million from $12.5 million within the prior yr, whereas
Whole income elevated from $219.2 million to $247.6 million through the interval.
As of December 31, 2023, Nutex Well being reported complete property of $398.2 million, with money and money equivalents of $22.0 million.
Internet money move from working actions for the yr was $1.3 million.
Nutex Well being Chief Monetary Officer Jon Bates stated: “We’re happy to report 13% income progress, adjusted EBITDA of $10.8 million and a 142% enhance in hospital division working revenue to $36.3 million by 2023.”
Tom Vo, Chairman and CEO of Nutex Well being, added: “Our purpose for 2024 is to stay the chief and innovator in our trade and supply a really distinctive platform for choose progress alternatives.”
In August 2023, Nutex Well being acquired two Florida-based unbiased follow associations, Inhabitants Well being Associates and Managed Care Insurance coverage Consultants.