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Cardiff Lexington Corporation reports operating and capital-market developments for a healthcare services holding company focused on orthopedic, spine and pain-management platforms. Its current revenue is derived from Nova Ortho and Spine, which operates regional specialty and ancillary orthopedic care centers in Florida and Georgia that provide diagnostic services, surgical services, primary care evaluations, interventional pain management and specialty consultations for traumatic injury patients.
Recurring updates include financial results, patient-volume and procedure mix, facility and clinician additions, activity at Nova Ortho and Spine locations, acquisition strategy for orthopedic practices and related healthcare assets, OTC market status, reverse stock split actions, registration-statement activity and board governance changes.
Cardiff Lexington (CDIX) reported strong Q4 2024 financial results, with revenue increasing 31% to $3.1 million and gross profit reaching $2.0 million (65% margin). The company expanded its Nova Ortho and Spine footprint with two new locations in 2024: Valdosta, Georgia and Orlando, Florida.
Key financial highlights include a 37% increase in cash to $1.2 million, 15% increase in total assets to $23.9 million, and a significant 267% increase in shareholders' equity to $2.7 million. However, income from continuing operations decreased 20% to $332,147.
The company faced challenges in 2024, including Hurricane Helene disrupting Florida operations and $2.8 million in one-time non-cash adjustments. Non-GAAP adjusted revenue for 2024 was $11.1 million, with Q4 adjusted EBITDA increasing 20% to $579,370.
Cardiff Lexington (CDIX) reported Q3 2024 financial results, with total revenue of $1.36M, impacted by a one-time non-cash adjustment of $1.65M to align with claim settlement realization rates. Non-GAAP adjusted revenue was $3.01M. The company opened its 12th Nova Ortho and Spine location in Orlando, Florida, though severe weather delayed many procedures. The quarter saw increased costs, with cost of sales at $1M and SG&A expenses at $937K. Loss from continuing operations was $585K. Balance sheet highlights include a 125% increase in cash to $1.95M and a 410% increase in shareholders' equity to $3.73M.
Cardiff Lexington (OTC PINK:CDIX) has announced its financial results for Q2 and H1 2024. Key highlights include:
- Q2 revenue of $2,330,964 with a 66% gross profit margin
- H1 revenue of $4,992,930 with a 65% gross profit margin
- Shareholders' equity increased by 698% to $5,837,412
- Cash increased by 269% to $3,196,795
- Total assets increased by 19% to $24,659,020
The company reported a loss from continuing operations of $202,345 in Q2, partly due to increased bad debt expense. However, for H1, income from continuing operations was $16,647. Cardiff Lexington is focusing on expanding its healthcare locations, having opened its 12th Nova Ortho and Spine location in Orlando, Florida.
Cardiff Lexington (OTC Pink:CDIX) has announced the opening of its 12th Nova Ortho and Spine location in Orlando, Florida, set to open on August 5, 2024. This new 1,600 square foot facility marks the company's 11th location in Florida and establishes a presence in the state's fourth-largest city. Nova Ortho and Spine specializes in providing diagnostic and surgical services for traumatic injury victims, with revenue primarily derived from various insurance policies.
CEO Alex Cunningham emphasized that this expansion aligns with the company's growth strategy, enhancing visibility and patient access in larger metropolitan areas. Dr. Kevin Fitzgerald, Managing Director of Nova Ortho and Spine, highlighted the company's strong referral source and high patient satisfaction ratings as key factors in choosing Orlando for their newest location.
Cardiff Lexington (OTC PINK: CDIX) announced the cancellation of its Senior Secured Convertible Promissory Note, 8% Convertible Secured Redeemable Note, and series R preferred stock through an agreement with GHS Investments. In exchange, a new fixed amount settlement promissory note of $535,000 was issued, which bears no interest and requires fixed payments. CEO Alex Cunningham highlighted the elimination of convertible debt as a significant step towards simplifying and strengthening the company's capital structure. The company reported sequential revenue growth, a strong gross margin of 64% in Q1 2024, and a net income of $3 million for the full year 2023.
Cardiff Lexington (OTC Pink: CDIX) announced on June 11, 2024, the appointment of Shannon Vitale as controller and LaTanga Hickman as staff accountant to enhance its financial operations and support anticipated growth. Vitale brings over 15 years of experience in accounting and compliance, previously holding roles at Energy Focus and The NRP Group. Hickman, with over a decade of experience, has worked in various sectors including real estate and healthcare, most recently at Gas Xpress Development. The company aims to strengthen its finance team and drive strategic initiatives with these new additions. The role of chief accounting officer has been eliminated, and Zia Choe has left the company.
Cardiff Lexington (CDIX) reported a 12% sequential revenue growth in the first quarter of 2024, with a 64% gross profit margin. The operating income decreased due to scaling expenses and stock compensation, but excluding these, it showed a 48% sequential increase. The company is focused on strategic investments to support future growth and aims to uplist to a major U.S. exchange. With improved balance sheet metrics, Cardiff Lexington aims to expand its market presence and drive long-term growth.
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