TOTAL REVENUE OF $67.5 MILLION FOR FIRST QUARTER 2024 VS $56.3 MILLION IN 2023, AN INCREASE OF 20% HOSPITAL DIVISION VISITS OF 40,068 FOR THE FIRST QUARTER 2024 VS VISITS OF 33,085 IN 2023, AN INCREASE OF 21.1% HOSPITAL DIVISION OPERATING INCOME OF $10.5 MILLION FOR FIRST QUARTER 2024 VS $4.8 MILLION IN 2023, AN INCREASE OF 119% NET CASH FROM OPERATING ACTIVITIES OF $3.1 MILLION FOR FIRST QUARTER 2024 CONTINUED FOCUS ON INCREASED CASH FLOW THROUGH REDUCTION IN OPERATING EXPENSES AND PORTFOLIO OPTIMIZATION HOUSTON, May 8, 2024 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ:NUTX), a physician-led, technology-enabled integrated healthcare delivery system comprised of 21 state-of-the-art micro hospitals in nine states and primary care-centric, risk-bearing physician networks, today announced first quarter 2024 financial results for the three months ended March 31, 2024. Financial Highlights for the Three Months Ended March 31, 2024: Total revenue of $67.5 million as compared to total revenue of $56.3 million for the three months ended March 31, 2023, an increase of approximately 20%. Of this revenue growth, mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 6.7% in 2024 compared to 2023. Total visits from the Hospital Division were 40,068 for the first quarter 2024 as compared to 33,085 for the first quarter 2023, an increase of 6,983 or 21.1%. Of this visit growth, mature hospitals increased by 5.3% in 2024 compared to 2023. Net loss attributable to Nutex Health Inc. of $0.4 million as compared to net loss attributable to Nutex Health Inc. of $5.1 million for the three months ended March 31, 2023. EBITDA of $7.1 million as compared to EBITDA of $0.3 million for the three months ended March 31, 2023. Adjusted EBITDA of $4.6 million as compared to Adjusted EBITDA of $2.4 million for the three months ended March 31, 2023, an increase of 92%. Net cash from operating activities of $3.1 million. As of March 31, 2024, the Company had total assets of $404.3 million, including cash and cash equivalents of $30.0 million and long-term debt of $26.3 million. Note:  EBITDA and Adjusted EBITDA are non-GAAP financial metrics.  A reconciliation of non-GAAP to GAAP measures is included below in this earnings release. "We are pleased to report 20% revenue growth, Adjusted EBITDA of $4.6 million and a 119% increase in hospital division operating income to $10.5 million in 2024, with overall Nutex operating income of $1.5 million as opposed to an operating loss of $4.5 million in the same period last year," stated Jon Bates, Chief Financial Officer of Nutex Health. "We had a solid First Quarter with strong year over year growth. Volume continues to increase at both our mature hospitals as well as the four hospitals that we opened in 2023. Our average payment by insurers of patient claims increased, a trend we are optimistic will persist as we continue to work the NSA claims through the Independent Dispute Resolution process," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health. "Nutex Health has generated net cash from operations and has had positive Adjusted EBITDA for multiple consecutive quarters while growing organically with the opening of five new micro hospitals and growing our population health division in the past 18 months. We believe our balance sheet is strong, with $30.0 million in cash and only $26.3 million in long-term debt," stated Warren Hosseinion, M.D., President of Nutex Health. For more details on the Company's First Quarter 2024 financial 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. NUTEX HEALTH INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 30,006,419 $ 22,002,056 Accounts receivable 61,533,245 58,624,301 Accounts receivable - related parties 4,213,847 4,152,068 Inventories 2,975,486 3,390,584 Prepaid expenses and other current assets 1,629,346 2,679,394 Total current assets 100,358,343 90,848,403 Property and equipment, net 80,570,705 81,387,649 Operating right-of-use assets 11,580,253 11,853,082 Finance right-of-use assets 173,920,659 176,146,329 Intangible assets, net 20,102,371 20,512,636 Goodwill, net 17,066,263 17,066,263 Other assets 685,260 431,135 Total assets $ 404,283,854 $ 398,245,497 Liabilities and Equity Current liabilities: Accounts payable $ 17,217,905 $ 18,899,196 Accounts payable - related parties 6,856,962 6,382,197 Lines of credit 2,777,128 3,371,676 Current portion of long-term debt 9,388,455 10,808,721 Operating lease liabilities, current portion 1,586,904 1,579,987 Finance lease liabilities, current portion 4,366,696 4,315,979 Accrued expenses and other current liabilities 17,694,134 12,955,296 Total current liabilities 59,888,184 58,313,052 Long-term debt, net 26,308,017 26,314,733 Warrant liability 5,060,810 - Operating lease liabilities, net 15,097,284 15,479,639 Finance lease liabilities, net 212,867,062 213,886,213 Deferred tax liabilities 5,050,347 5,145,754 Total liabilities 324,271,704 319,139,391 Commitments and contingencies