HOUSTON, May 13, 2022
/PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the
"Company") (NASDAQ: NUTX), a physician-led, technology-enabled
healthcare services company comprised of a hospital division with
21 facilities in 8 states and a primary care-centric, risk-bearing
population health management division, today announced fiscal year
2022 1st Quarter financial results for the three months
ended March 31, 2022 for the
pre-merger Company.
On April 1, 2022, subsequent to
the fiscal quarter ended March 31,
2022, Clinigence Holdings, Inc. (now known as Nutex Health
Inc.), consummated the previously announced merger (the "Merger")
with Nutex Health Holdco LLC ("Nutex Holdco"), which survived the
Merger as a subsidiary of the Company. Year-end 2021 audited
historical financial results for pre-merger Nutex Holdco and
unaudited pro forma financial information for the combined company
will be disclosed, as required, within 71 days of the due date of
the Company's Form 8-K originally filed on April 4, 2022.
NOTE: The 2022 1st QUARTER FINANCIAL RESULTS
DESCRIBED HEREIN REFLECT THE PRE-MERGER COMPANY AND THEREFORE ONLY
INCLUDE THE FINANCIAL RESULTS OF CLINIGENCE HOLDINGS, INC., PRIOR
TO 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 revenue of $6.2 million as
compared to net revenue of $2.0
million in the comparable period of 2021. This revenue
only reflects the revenue of pre-merger Clinigence Holdings, Inc.
and does not reflect the Q1 revenue of pre-merger Nutex
Health.
- profit of $1.7 million as
compared to gross profit of $426,872
in the comparable period of 2021. This gross profit only
reflects the gross profit of pre-merger Clinigence Holdings, Inc.
and does not reflect the Q1 revenue of pre-merger Nutex
Health.
- Net income (loss) attributable to Clinigence Holdings, Inc. of
($16.8 million) as compared to net
income (loss) of ($4.5 million) in
the comparable period of 2021. This net income (loss) only
reflects the net income (loss) of pre-merger Clinigence Holdings,
Inc. and does not reflect the Q1 net income of pre-merger Nutex
Health. Of the $16.8 million
loss, $14.2 million was due to
non-cash stock-based compensation expense and $1.2 million was due to non-recurring legal and
accounting fees related to the merger with Nutex Health.
- As of March 31, 2022, the Company
had total assets of $83.3 million,
including cash and cash equivalents of $12.7
million. These total assets and cash figures only
reflect the total assets and cash figures of pre-merger Clinigence
Holdings, Inc. and do not reflect the total assets and cash figures
of pre-merger Nutex Health.
Notes to the Financial Highlights for the Three Months Ended
March 31, 2022:
- Clinigence Holdings, Inc. and Nutex Holdco completed their
merger on April 1, 2022.
Therefore, the 2022 Q1 financial results reflect only the Q1
financial results of pre-merger Clinigence Holdings, Inc.
- The Company commenced trading on the NASDAQ Capital Market on
April 4, 2022.
- As disclosed in Clinigence's proxy statement relating to the
Merger filed with the Securities and Exchange Commission on
February 14, 2022, the number of
shares issued in the Merger in exchange for membership interests in
Nutex Holdco were calculated based on trailing twelve months
("TTM") of earnings before interest, taxes, depreciation and
amortization ("EBITDA") attributable to the contributed ownership
interests in Nutex-affiliated hospitals 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 is to be viewed
solely as the basis for calculation of the Merger
consideration.
"Our management team is focused on integrating our two companies
post-merger," stated Mike Bowen,
Chief Financial Officer of Nutex Health. "We believe this
integration will be substantially completed by the end of our
2nd quarter in June."
"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," stated Tom Vo, M.D., MBA, Chairman and Chief Executive
Officer of Nutex Health.
"We believe that the combination of our micro hospitals which
provide a superior patient experience, our proprietary cloud-based
data analytics technology platform, and our primary-care centric,
risk-bearing provider networks uniquely position us to benefit from
key economic and demographic factors in the U.S.," stated
Warren Hosseinion, M.D., President
of Nutex Health. "Our team is energized and committed to
creating long-term value for our shareholders."
For more details on the Company's March
31, 2022 quarter end results, please refer to our Quarterly
Report on Form 10-Q filed with the U.S. Securities & Exchange
Commission and accessible at www.sec.gov.
About Nutex Health Inc. (Combined post-merger
company)
Headquartered in Houston, Texas
and founded in 2011, Nutex Health Inc. is a physician-led,
technology-enabled healthcare services company with approximately
1500 employees nationwide and is partnered with over 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 different
innovative health care models, including micro hospitals, specialty
hospitals and hospital outpatient departments
(HOPDs). The Population Health Management division owns
and operates provider networks such as Independent Physician
Associations (IPAs). Through our Management Services
Organizations (MSOs), we provide management, administrative and
other support services to our affiliated hospitals and physician
groups. Our cloud-based proprietary technology platform
aggregates clinical and claims data across multiple settings,
information systems and sources to create a holistic view of
patients and providers, allowing us to deliver greater quality care
more efficiently.
Safe Harbor:
Certain statements and information included 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 or phrases "will", "will likely
result," "expected to," "will continue," "anticipated," "estimate,"
"projected," "intend," "goal," or similar expressions are intended
to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks, known and unknown, and uncertainties,
many of which are beyond the control of the Company. Such
uncertainties and risks include the ability to realize the
anticipated benefits of the transaction, significant transaction
costs and unknown liabilities and litigation and regulatory risks
related to the transaction. In addition,
forward-looking statements are subject to additional uncertainties
and risks facing the Company, including but not limited to,
economic conditions, dependence on management, dilution to
stockholders, lack of capital, changes in laws or regulations, the
effects of rapid growth upon the Company and the ability of
management to effectively respond to the growth and demand for
products and services of the Company, newly developing
technologies, the Company's ability to compete, conflicts of
interest in related party transactions, regulatory matters,
protection of technology, lack of industry standards, the effects
of competition and the ability of the Company to obtain future
financing. Such factors could materially adversely affect the
Company's financial performance and could cause the Company's
actual results for future periods to differ materially from any
opinions or statements expressed within this press release.
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SOURCE Nutex Health, Inc.