Cardiff Lexington, a publicly traded healthcare services holding company focused on orthopedic, spine and pain management platforms, filed its quarterly report for the period ended June 30 with the Securities and Exchange Commission Aug. 12.
Here are six things to know:
1. Revenue fell 23%. Revenue dropped to $4.4 million for the six months ended June 30, down from $5.7 million a year earlier. Second-quarter revenue fell to $2.2 million from $2.8 million.
2. Adjusted EBITDA turned negative. Cardiff Lexington reported an adjusted non-GAAP EBITDA loss of $14,000 for the first half of 2026, compared with adjusted non-GAAP EBITDA of $1.3 million a year earlier.
3. Net loss more than tripled. Net loss widened to $5.6 million from $1.7 million. Net loss attributable to common shareholders was $6.1 million, or 41 cents per share.
4. Interest expense climbed. Interest expense rose to $4 million from $2.8 million in the first half of 2025, exceeding the company’s $4.4 million in revenue for the period.
5. Patient volumes rose as realization declined. Cardiff Lexington reported increases in new patients and billed surgical procedures during the first half but recognized a lower implicit realization rate on patient case claim settlements. Gross margin was 57%, while gross profit fell to $2.5 million from $3.5 million.
6. Nova expanded amid capital constraints. Cardiff Lexington operates Fort Pierce, Fla.-based Nova Ortho and Spine, an orthopedic, spine and pain management network with locations in Florida and Georgia. Nova opened its 12th location in Tallahassee, Fla., during the second quarter.
Working capital constraints have limited Cardiff Lexington’s ability to capitalize on opportunities and required it to access capital at high costs, according to the release. The company is evaluating debt restructuring and equity infusions to offset its current cost of capital.
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