Arizona Tribune - Cardiff Lexington Announces Fourth Quarter and Full Year 2024 Financial Results

LEXINGTON, KY / ACCESS Newswire / March 17, 2025 / Cardiff Lexington Corporation (OTC PINK:CDIX) announced today financial results for its fourth quarter and full year ended December 31, 2024.

Alex Cunningham, Chief Executive Officer of Cardiff Lexington, commented, "In the fourth quarter we reported 31% revenue growth with 65% gross margins and strong adjusted EBITDA, capping off a year of solid execution delivering world class care to our patients. We opened two new Nova Ortho and Spine locations during the year: Our Valdosta, Georgia location, opened in February 2024, is our first location outside the state of Florida, and our Orlando location, opened in July, establishes Nova Ortho and Spine in a major metropolitan area with greater population density and higher patient traffic. Our patient volume improved throughout the year, and we expect to continue growing our patient network as we expand into new locations.

"That said, this year was not without its challenges," Mr. Cunningham continued. "Hurricane Helene forced us to halt operations across all Nova Ortho and Spine locations in Florida for multiple weeks in September. Additionally, we recognized one-time, non-cash adjustments in the first three quarters of 2024 totaling $2.8 million to better align revenue with 2024 annualized claim settlement realization rates. It is important to note that our 2024 non-GAAP adjusted revenue, which excludes these non-cash adjustments, was $11.1 million.

"Looking forward, demand is as strong as it has ever been at our clinics, and we continue to explore acquisition opportunities to further broaden our footprint. Our balance sheet is significantly improved with shareholders' equity increasing 267% compared to 2023, and we are well positioned to capitalize on the many opportunities that we're seeing in the market to drive growth and value in fiscal 2025," Mr. Cunningham concluded.

Fourth Quarter 2024 Financial Highlights (Compared to Fourth Quarter 2023)

• Total revenue increased 31% to $3,120,710

• Gross profit increased to $2,020,847, or 65% of total revenue

• Income from continuing operations decreased 20% to $332,147

• Non-GAAP adjusted EBITDA increased 20% to $579,370

• Non-GAAP adjusted EBITDA excluding other non-recurring costs increased 85% to $894,202

Balance Sheet Highlights (December 31, 2024, compared to December 31, 2023)

• 37% increase in cash to $1,188,185

• 15% increase in total assets to $23,925,679

• 267% increase in shareholders' equity to $2,685,169

-----

About Cardiff Lexington Corporation:

Cardiff Lexington Corporation is a unique targeted healthcare holding company focused on locating, acquiring, and building middle market, niche companies, primarily in Orthopedics, Spine Care, and Pain Management. Fundamental to the Cardiff Lexington strategy is the service-based partnership culture which emphasizes core values, teamwork, accountability, and performance.

A substantial majority of the Company's revenue is derived from Nova Ortho and Spine, LLC, which operates a group of regional primary specialty and ancillary care facilities throughout Florida and Georgia that provide traumatic injury victims with a full range of diagnostic and surgical services, primary care evaluations, interventional pain management, and specialty consultation services.

For more information on Cardiff Lexington Corporation, you may access the company's website at https://cardifflexington.com/

FORWARD LOOKING STATEMENT: This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. These risks include the failure to meet schedule or performance requirements of the Company's business, the Company's liquidity position, the Company's ability to obtain new business, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.

Use of Non-GAAP Financial Measures

Cardiff Lexington Corporation prepares its consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP"). In addition to GAAP disclosures, this document contains financial information and measures considered to be "non-GAAP". These non-GAAP measures can be used in order to gain a more complete and accurate understanding of the Company's financial condition and results. Non-GAAP financial measures should be considered in conjunction with, and not as a substitute to GAAP financial measures.

Cardiff Lexington Investor Relations
[email protected]
(800) 628-2100 ext. 705

or

IMS Investor Relations
[email protected]
(203) 972-9200

CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2024 AND 2023

CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND DECEMBER 31, 2023

CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2024 AND 2023

The following table reconciles Net (loss) income before discontinued operations (a GAAP measure) to EBITDA (a non-GAAP measure)

CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF REVENUE FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2024
(UNAUDITED)

View the original press release on ACCESS Newswire

H.Romero--AT