Cardiff Lexington (CDIX) Q2 2025 earnings summary

Executive summary

• Revenue grew 90% year-over-year in Q2 2025 to $2.8 million, driven by higher patient volume and more high-revenue surgical procedures across 12 Nova Ortho & Spine clinics in Florida and Georgia.

• Adjusted EBITDA reached $708,000 in Q2 2025, a turnaround from a $76,000 loss in Q2 2024.

• Operating income improved to $610,000 in Q2 2025 from a $159,000 loss in Q2 2024, reflecting enhanced profitability as the business scales.

• Net loss for Q2 2025 was $1.2 million, impacted by $1.8 million in interest expense, compared to a $132,000 net loss in Q2 2024.

• The company is executing an M&A strategy to complement organic growth, with several opportunities under consideration.

Financial highlights

• Q2 2025 revenue was $2.8 million, up from $1.5 million in Q2 2024; gross margin increased to 60.8% from 46.1%.

• Year-to-date revenue grew 50.4% to $5.7 million, with gross margin at 62.0%.

• Adjusted EBITDA for the first six months was $1.25 million, up from $446,000 in the prior year period.

• Net loss for Q2 2025 was $1.23 million, compared to a net loss of $303,000 in Q2 2024.

• Total assets rose to $26.5 million as of June 30, 2025, a 10.8% increase from year-end 2024.

Outlook and guidance

• Plans to expand Nova Ortho & Spine locations into the broader Southeast US through organic growth and strategic acquisitions, targeting complementary verticals such as MRI clinics and ambulatory surgery centers.

• Increased working capital is expected to significantly enhance operational capacity, with current locations operating at only 35% capacity.

• Management expects continued growth, citing strong demand and increased patient volume.

• Confident in long-term strategy to capitalize on market fragmentation and favorable industry trends.