Nutex Health, a physician-led, healthcare management and operations company comprised of 21 micro hospitals in 8 states and primary care-centric, risk-bearing physician networks, provided a corporate update.
- The company reiterates that it expects to open 20 new facilities by the end of 2024, resulting in expansion into four new states: Florida, Wisconsin, Ohio and Idaho. These facilities are either under construction or in advanced planning stages.
- The company has formed two new independent practice associations (“IPAs”), one in Houston and one in South Florida, and is actively working on contracting with primary care physicians and specialists. Once this phase is completed, the Company expects to contract with health insurance plans and start enrolling patients in 2023. Nutex also anticipates forming one more IPA in 2022 in Phoenix, Arizona, where it already operates two micro hospitals. The Company currently operates one IPA in Los Angeles, California with over 22,000 patients.
- In addition, the company is actively exploring building additional micro hospitals and anticipates launching 1-3 additional IPAs per year around its existing micro hospitals.
- As of September 30, 2022, the company had cash and cash equivalents of approximately $35 million. This estimate is preliminary only and may change prior to the release of the company’s next quarterly financial information.
- As disclosed in the company’s 10-Q for the second quarter of 2022, for the six months ended June 30, 2022, the Company had net revenue of $137.2 million, net income attributable to Nutex Health of $2.1 million, EBITDA of $29.7 million and Adjusted EBITDA of $33.6 million.
