NUTEX HEALTH ANNOUNCES Q1 2022 FINANCIAL RESULTS FOR CLINIGENCE HOLDINGS, INC.
HOUSTON, May 13, 2022 /PRNewswire/ — Nutex Health Inc. (“Nutex Health” or the “Company”) (NASDAQ: NUTX), a physician-led, technology-based healthcare services company comprised of a hospital division with 21 facilities in 8 states and an at-risk population health management division, focused on primary care, announced today for fiscal year 2022 1st Quarterly financial results for the three months ended March 31, 2022 for the company before the merger.
On April 1, 2022after the fiscal quarter ended March 31, 2022, Clinigence Holdings, Inc. (now known as Nutex Health Inc.), completed the previously announced merger (the “Merger”) with Nutex Health Holdco LLC (“Nutex Holdco”), which survived the Merger in as a subsidiary of the Company. Nutex Holdco’s audited historical year-end 2021 pre-merger financial results and unaudited pro forma financial information of the combined company will be disclosed, as required, within 71 days of the Form 8-K due date. of the company initially filed on April 4, 2022.
NOTE: The 2022 1st THE FINANCIAL RESULTS FOR THE QUARTER DESCRIBED HEREIN REFLECT THE COMPANY BEFORE THE MERGER AND THEREFORE INCLUDE ONLY THE FINANCIAL RESULTS OF CLINIGENCE HOLDINGS, INC. BEFORE THE MERGER WITH NUTEX HOLDCO ON APRIL 1, 2022.
Financial Highlights for the Three Months Ended March 31, 2022 Compared to the three months ended March 31, 2021:
- Net income of $6.2 million compared to the net turnover of $2.0 million for the comparable period of 2021. This revenue only reflects Clinigence Holdings, Inc. revenue pre-merger and does not reflect Nutex Health’s first quarter revenue pre-merger.
- profit from $1.7 million compared to the gross profit of $426,872 for the comparable period of 2021. This gross profit only reflects Clinigence Holdings, Inc.’s gross profit before the merger and does not reflect Nutex Health’s first quarter revenue before the merger.
- Net income (loss) attributable to Clinigence Holdings, Inc. of ($16.8 million) to net profit (loss) of ($4.5 million) in the comparable period of 2021. This net income (loss) only reflects the net income (loss) of Clinigence Holdings, Inc. before the merger and does not reflect the net income of the first quarter of Nutex Health before fusion. Of $16.8 million loss, $14.2 million was due to a non-cash stock-based compensation expense and $1.2 million was due to one-time legal and accounting fees related to the merger with Nutex Health.
- From March 31, 2022the Company had total assets of $83.3 millionincluding cash and cash equivalents $12.7 million. This total assets and liquidity only reflects the total assets and liquidity of Clinigence Holdings, Inc. prior to the merger and does not reflect the total assets and liquidity of Nutex Health prior to the merger.
Notes on financial highlights for the three months ended March 31, 2022:
- Clinigence Holdings, Inc. and Nutex Holdco completed their merger on April 12022. Accordingly, the first quarter 2022 financial results reflect only the first quarter financial results of Clinigence Holdings, Inc. prior to the merger.
- The Company began trading on the NASDAQ Capital Market on April 4, 2022.
- As set forth in Clinigence’s proxy statement relating to the merger filed with the Securities and Exchange Commission on February 14, 2022the number of shares issued in connection with the merger in exchange for interests in Nutex Holdco was calculated on the basis of the last twelve months (“TTM”) of earnings before interest, taxes, depreciation and amortization (“EBITDA”) attributable the stakes contributed in hospitals affiliated to Nutex at September 30, 2021 of $163.9 million. This EBITDA figure is an unaudited, non-GAAP financial measure and is not intended to be used as a measure of financial performance, but rather should be considered only as the basis for calculating the merger consideration.
“Our management team is focused on integrating our two companies post-merger,” said mike bowen, CFO of Nutex Health. “We believe this integration will be substantially complete by the end of our 2n/a June term.”
“We are very pleased with the progress of our long-term growth initiatives. We are confident in our future and believe we are well positioned for continued growth,” said Tom VoMD, MBA, Chairman and CEO of Nutex Health.
“We believe that the combination of our micro-hospitals that deliver a superior patient experience, our proprietary cloud-based data analytics technology platform, and our primary care-focused risk provider networks uniquely positions us. to benefit from key economic and demographic factors in the United States,” said Warren Hosseinion, MD, president of Nutex Health. “Our team is dynamic and committed to creating long-term value for our shareholders.”
For more details about the Company March 31, 2022 quarter-end results, please see our Quarterly Report on Form 10-Q filed with the United States Securities & Exchange Commission and available at www.sec.gov.
About Nutex Health Inc. (post-merger merged company)
Based at Houston, TX and founded in 2011, Nutex Health Inc. is a physician-led, technology-based healthcare services company with approximately 1,500 employees nationwide and is associated with more than 800 physicians. The company has two divisions, a hospital division and a population health management division. The hospital division owns and operates 21 facilities in eight different states. The division implements and operates various innovative healthcare models, including micro-hospitals, specialty hospitals and hospital outpatient services (HOPD). The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Service Organizations (MSOs), we provide management, administration and other support services to our affiliated hospitals and physician groups. Our proprietary, cloud-based technology platform aggregates clinical and claims data across multiple settings, information systems, and sources to create a holistic view of patients and providers, enabling us to deliver higher quality care more effectively.
Certain statements and information in this press release constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Act of 1995. When used in this press release, the words “will result”, “will likely result “, “should”, “will continue”, “anticipate”, “estimate”, “project”, “intend”, “goal” or similar expressions are intended to identify “forward-looking statements” within the meaning of the headings Private Litigation Reform Act 1995. Such statements are subject to certain known and unknown risks and uncertainties, many of which are beyond the control of the Company. These uncertainties and risks include the ability to realize the anticipated benefits of the transaction, significant transaction costs and unknown liabilities as well as litigation and regulatory risks related to the transaction. In addition, forward-looking statements are subject to additional uncertainties and risks that the Company faces, including, but not limited to, economic conditions, dependence on management, shareholder dilution , lack of capital, changes in laws or regulations, the effects of rapid growth on the Company and management’s ability to respond effectively to growth and demand for the Company’s products and services, new developing technologies, the Company’s ability to compete, conflicts of interest in related party transactions, regulatory issues, technology protection, lack of industry standards, the effects of competition and the Company’s ability to obtain future financing. Such factors could have a material adverse effect on the financial performance of the Company and could cause the actual results of the Company for future periods to differ materially from the opinions or statements expressed in this press release.
SOURCE Nutex Health, Inc.