Full Press Release Details
Medical Announces Fourth Quarter and Full
Year 2025 Financial Results
EPS more than doubles to $0.14 as profitability improves significantly year over year
IRVINE, Calif. --SBC Medical Group
Holdings Incorporated (Nasdaq: SBC) ("SBC Medical" or the "Company"), a Management Services Organization operating
a wide range of franchise businesses across diverse medical fields, today announced its financial results for the fourth quarter
of fiscal year 2025 (three months ended December 31, 2025) and for the full fiscal year 2025 (twelve months ended December 31, 2025)
Quarter 2025 Highlights
| Total revenues were $40 million, representing an 11% year-over-year decrease. | ||
| Net Income attributable to SBC Medical Group was $14 million, representing a 117% year-over-year increase. | ||
| Earnings per share , which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.14 for the three months ended December 31, 2025, representing 133% year-over-year increase. | ||
| EBITDA 1 , which is calculated by adding depreciation and amortization expense and impairment loss on intangible assets to income from operations was $14 million, representing a 35% year-over-year decrease. EBITDA margin 1 was 34% for the fourth quarter of 2025, representing a year-over-year decrease of 12 percentage points. | ||
| Return on equity , which is defined as net income attributable to the Company divided by the average shareholder's equity as of December 31, 2025, was 23% representing a year-over-year increase of 9.8 percentage points. | ||
| Number of Franchise Locations 2 was 283 as of December 31, 2025, representing an increase of 34 locations from December 31, 2024. | ||
| Number of customers 3 in the last twelve months ended December 31, 2025, was 6.6 million, representing a 12% year-over-year increase. | ||
| Repeat rate for customers 4 who visited franchisee's clinics twice or more was 72%. |
EBITDA and EBITDA Margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section
"Use of Non-GAAP Financial Measures" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results."
The figures take into accounts of the franchising of SBC brand clinics, Rize Clinic, Gorilla Clinic, AHH, JUN CLINIC
The customer count includes customers of SBC brand clinics, Rize Clinic, Gorilla Clinic, AHH Clinic, and JUN CLINIC. The applicable
periods are from January 1, 2025, to December 31, 2025.
The figures include franchising of SBC brand clinics, Rize Clinic, and Gorilla Clinic, but does not take account of customers of AHH
clinics and JUN CLINIC excluding free counseling. The percentage of customers who visited our franchisee's clinics twice or
Year 2025 Highlights
| Total revenues were $174 million, representing a 15% year-over-year decrease. | ||
| Net Income attributable to SBC Medical Group was $51 million, representing a 9% year-over-year increase. | ||
| Earnings per share , which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.50 for the year ended December 31, 2025, representing a 4% year-over-year increase. | ||
| EBITDA 1 , which is calculated by adding depreciation and amortization expense and impairment loss on intangible assets to income from operations was $70 million, representing a 21% year-over-year decrease. EBITDA margin was 40% for the full year 2025, representing a year-over-year decrease of 3 percentage points. |
Aikawa, Chairman and Chief Executive Officer of SBC Medical, commented: "Our full-year 2025 results reflect a business in transition.
Revenue declined 15% to $174 million, primarily due to two structural changes: the business restructuring undertaken in 2024, and the
revision of franchise fee arrangements implemented in April 2025. These were deliberate steps to build a more sustainable business foundation,
and their financial impact is now largely behind us.
the revenue decline, our underlying profitability strengthened considerably. Full-year net income attributable to SBC Medical Group grew
9% to $51 million, with earnings per share of $0.50. Our net income margin expanded from 23% to 29%, as the IPO-related stock-based compensation
and impairment losses that weighed on our prior-year results did not recur. EBITDA margin normalized modestly from 43% to 40%, which
we view as a more sustainable run-rate going forward.
the fourth quarter specifically, we saw encouraging operational momentum. Average revenue per customer recovered to $316, an 11% increase
year over year - a meaningful inflection after a period of gradual decline, and one that we believe reflects the early impact of
our pricing and customer engagement initiatives. We closed the year with 283 clinic locations and 6.63 million annual customer visits.
we enter 2026, we are focused on three priorities: advancing our multi-brand strategy in the dermatology segment, expanding our non-aesthetic
healthcare portfolio, and building a stronger foundation in international markets. With the structural headwinds of the past two years
now largely behind us, we are well-positioned to return to sustainable top-line growth."
Company will hold a conference call on Friday, March 27, 2026 at 8:30 am Eastern Time (or Friday, March 27, 2026 at 10:30 pm Japan Time)
to discuss the financial results and take questions live.
register in advance of the conference using the link provided below.
will automatically direct you to the registration page of "Q4 2025 and Full Year Financial Results". Please follow the steps
to enter your registration details, then click "Submit.".
the earnings release, accompanying slides, and an archived webcast of this conference call will be available at the Company's Investor
Relations website at https://ir.sbc-holdings.com/
Medical Group Holdings Incorporated is a Management Services Organization operating a wide range of franchise businesses across diverse
medical fields, including advanced aesthetic healthcare, dermatology, orthopedics, fertility treatment, gynecology, dentistry, alopecia
treatment (AGA), and ophthalmology. The Company manages a diverse portfolio of clinic brands and is actively expanding its global presence,
particularly in the United States and Asia, through both direct operations and medical tourism initiatives. In September 2024, the Company
was listed on Nasdaq, and in June 2025, it was selected for inclusion in the Russell 3000 Index, a broad benchmark of the U.S. equity
market. Guided by its Group Purpose "Contributing to the well-being of people around the world through medical innovation,"
SBC Medical Group Holdings Incorporated continues to provide safe, trusted, and high-quality medical services while further strengthening
its international reputation for quality and trust in medical care.
more information, visit https://sbc-holdings.com/
of Non-GAAP Financial Measures
Company uses non-GAAP measures, such as EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational
decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business.
The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations,
enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with
respect to key metrics used by the Company's management in its financial and operational decision-making.
non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial
measures have limitations as analytical tools, and when assessing the Company's operating performance, cash flows or liquidity,
investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other
consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.
Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures,
all of which should be considered when evaluating the Company's performance.
more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP
press release contains forward-looking statements. Forward-looking statements are not historical facts or statements of current conditions,
but instead represent only the Company's beliefs regarding future events and performance, many of which, by their nature, are inherently
uncertain and outside of the Company's control. These forward-looking statements reflect the Company's current views with
respect to, among other things, the Company's financial performance; growth in revenue and earnings; business prospects and opportunities;
and capital deployment plans and liquidity. In some cases, forward-looking statements can be identified by the use of words such as "may,"
"should," "expects," "anticipates," "contemplates," "estimates," "believes,"
"plans," "projected," "predicts," "potential," or "hopes" or the negative
of these or similar terms. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current
only as of the date of this release and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are
difficult to predict or quantify. The forward-looking statements are based on management's current expectations and are not guarantees
of future performance. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement
is based, except as required by law. Factors that may cause actual results to differ materially from current expectations may emerge
from time to time, and it is not possible for the Company to predict all of them; such factors include, among other things, changes in
global, regional, or local economic, business, competitive, market and regulatory conditions, and those listed under the heading "Risk
Factors" and elsewhere in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"),
which are accessible on the SEC's website at www.sec.gov.
MEDICAL GROUP HOLDINGS INCORPORATED
CONSOLIDATED BALANCE SHEETS
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 163,773,838 | $ | 125,044,092 | ||||
| Accounts receivable | 2,388,021 | 1,413,433 | ||||||
| Accounts receivable - related parties | 27,511,730 | 28,846,680 | ||||||
| Inventories | 2,792,617 | 1,494,891 | ||||||
| Short-term investments - related parties | 319,193 | - | ||||||
| Finance lease receivables, current - related parties | 12,832,355 | 5,992,585 | ||||||
| Income tax recoverable | 1,175,510 | - | ||||||
| Customer loans receivable, current | 8,705,999 | 10,382,537 | ||||||
| Prepaid expenses and other current assets | 11,724,852 | 11,276,802 | ||||||
| Total current assets | 231,224,115 | 184,451,020 | ||||||
| Non-current assets: | ||||||||
| Property and equipment, net | 7,539,392 | 8,771,902 | ||||||
| Intangible assets, net | 47,742,888 | 1,590,052 | ||||||
| Long-term investments, net | 1,299,366 | 3,049,972 | ||||||
| Equity method investments | 20,312,642 | - | ||||||
| Goodwill, net | 15,432,061 | 4,613,784 | ||||||
| Finance lease receivables, non-current - related parties | 13,746,513 | 8,397,582 | ||||||
| Operating lease right-of-use assets | 8,366,569 | 5,267,056 | ||||||
| Finance lease right-of-use assets | 450,874 | - | ||||||
| Deferred tax assets | 4,014,294 | 9,798,071 | ||||||
| Customer loans receivable, non-current | 4,824,977 | 5,023,551 | ||||||
| Long-term prepayments | 393,270 | 1,745,801 | ||||||
| Long-term investments in MCs - related parties | 17,837,293 | 17,820,910 | ||||||
| Other assets | 7,263,692 | 15,553,453 | ||||||
| Total non-current assets | 149,223,831 | 81,632,134 | ||||||
| Total assets | $ | 380,447,946 | $ | 266,083,154 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 16,988,384 | $ | 13,875,179 | ||||
| Accounts payable - related parties | 651,463 | 659,044 | ||||||
| Bank and other borrowings, current | 9,099,046 | 96,824 | ||||||
| Notes payables, current - related parties | - | 26,255 | ||||||
| Advances from customers | 1,415,762 | 820,898 | ||||||
| Advances from customers - related parties | 5,357,221 | 11,739,533 | ||||||
| Income tax payable | 8,821,853 | 18,705,851 | ||||||
| Operating lease liabilities, current | 4,416,960 | 4,341,522 | ||||||
| Finance lease liabilities, current | 132,946 | - | ||||||
| Accrued liabilities and other current liabilities | 11,544,695 | 8,103,194 | ||||||
| Due to related party | 2,692,673 | 2,823,590 | ||||||
| Total current liabilities | 61,121,003 | 61,191,890 | ||||||
| Non-current liabilities: | ||||||||
| Bank and other borrowings, non-current | 33,734,438 | 6,502,682 | ||||||
| Notes payables, non-current - related parties | - | 5,334 | ||||||
| Deferred tax liabilities | 16,374,832 | 926,023 | ||||||
| Operating lease liabilities, non-current | 4,136,257 | 1,241,526 | ||||||
| Finance lease liabilities, non-current | 116,527 | - | ||||||
| Other liabilities | 1,660,183 | 1,193,541 | ||||||
| Total non-current liabilities | 56,022,237 | 9,869,106 | ||||||
| Total liabilities | 117,143,240 | 71,060,996 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock ($0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024) | - | - | ||||||
| Common stock ($0.0001 par value, 400,000,000 shares authorized, 103,881,251 and 103,020,816 shares issued, 102,576,943 and 102,750,816 shares outstanding as of December 31, 2025 and 2024, respectively) | 10,388 | 10,302 | ||||||
| Additional paid-in capital | 72,867,424 | 62,513,923 | ||||||
| Treasury stock (at cost, 1,304,308 and 270,000 shares as of December 31, 2025 and December 31, 2024, respectively) | (7,749,997 | ) | (2,700,000 | ) | ||||
| Retained earnings | 240,448,620 | 189,463,007 | ||||||
| Accumulated other comprehensive loss | (57,294,239 | ) | (54,178,075 | ) | ||||
| Total SBC Medical Group Holdings Incorporated stockholders' equity | 248,282,196 | 195,109,157 | ||||||
| Non-controlling interests | 15,022,510 | (86,999 | ) | |||||
| Total stockholders' equity | 263,304,706 | 195,022,158 | ||||||
| Total liabilities and stockholders' equity | $ | 380,447,946 | $ | 266,083,154 |
MEDICAL GROUP HOLDINGS INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
| For the Three Months Ended December 31, (Unaudited) | For the Years Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues, net - related parties | $ | 35,041,379 | $ | 42,455,401 | $ | 158,860,970 | $ | 195,173,889 | ||||||||
| Revenues, net | 4,525,327 | 1,965,136 | 14,746,519 | 10,241,653 | ||||||||||||
| Total revenues, net | 39,566,706 | 44,420,537 | 173,607,489 | 205,415,542 | ||||||||||||
| Cost of revenues | 10,638,132 | 10,548,170 | 46,323,767 | 49,365,035 | ||||||||||||
| Gross profit | 28,928,574 | 33,872,367 | 127,283,722 | 156,050,507 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative expenses | 16,079,682 | 13,880,503 | 59,797,324 | 57,665,140 | ||||||||||||
| Stock-based compensation | - | 215,237 | - | 13,022,692 | ||||||||||||
| Impairment loss on intangible asset | - | 15,058,965 | - | 15,058,965 | ||||||||||||
| Total operating expenses | 16,079,682 | 29,154,705 | 59,797,324 | 85,746,797 | ||||||||||||
| Income from operations | 12,848,892 | 4,717,662 | 67,486,398 | 70,303,710 | ||||||||||||
| Other income (expenses): | ||||||||||||||||
| Interest income | (284 | ) | (17,340 | ) | 198,315 | 19,943 | ||||||||||
| Interest expense | (56,090 | ) | (12,402 | ) | (160,583 | ) | (28,300 | ) | ||||||||
| Foreign currency exchange gain, net | 2,907,364 | 800,643 | 2,002,789 | 895,711 | ||||||||||||
| Other income | 3,184,379 | 3,287,471 | 5,113,637 | 3,914,297 | ||||||||||||
| Other expenses | (317,263 | ) | (2,716,703 | ) | (1,321,064 | ) | (5,463,153 | ) | ||||||||
| Gain on redemption of life insurance policies | - | - | 8,746,138 | - | ||||||||||||
| Gain on disposal of subsidiary | - | - | - | 3,813,609 | ||||||||||||
| Total other income | 5,718,106 | 1,341,669 | 14,579,232 | 3,152,107 | ||||||||||||
| Income before income taxes | 18,566,998 | 6,059,331 | 82,065,630 | 73,455,817 | ||||||||||||
| Income tax expense (benefit) | 4,287,103 | (488,553 | ) | 31,020,607 | 26,765,925 | |||||||||||
| Net income | 14,279,895 | 6,547,884 | 51,045,023 | 46,689,892 | ||||||||||||
| Less: net income attributable to non-controlling interests | 79,604 | 8,663 | 59,410 | 75,617 | ||||||||||||
| Net income attributable to SBC Medical Group Holdings Incorporated | $ | 14,200,291 | $ | 6,539,221 | $ | 50,985,613 | $ | 46,614,275 | ||||||||
| Other comprehensive loss: | ||||||||||||||||
| Foreign currency translation adjustment | $ | (14,589,478 | ) | $ | (18,100,852 | ) | $ | (2,949,843 | ) | $ | (16,557,607 | ) | ||||
| Total comprehensive income (loss) | (309,583 | ) | (11,552,968 | ) | 48,095,180 | 30,132,285 | ||||||||||
| Less: comprehensive income attributable to non-controlling interests | 67,823 | 7,737 | 225,731 | 117,830 | ||||||||||||
| Comprehensive income (loss) attributable to SBC Medical Group Holdings Incorporated | $ | (377,406 | ) | $ | (11,560,705 | ) | $ | 47,869,449 | $ | 30,014,455 | ||||||
| Net income per share attributable to SBC Medical Group Holdings Incorporated | ||||||||||||||||
| Basic and diluted | $ | 0.14 | $ | 0.06 | $ | 0.50 | $ | 0.48 | ||||||||
| Weighted average shares outstanding | ||||||||||||||||
| Basic and diluted | 102,576,943 | 102,750,816 | 102,997,967 | 96,561,041 |
MEDICAL GROUP HOLDINGS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income | $ | 51,045,023 | $ | 46,689,892 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization expense | 2,684,300 | 3,799,377 | ||||||
| Non-cash lease expense | 4,698,731 | 3,870,198 | ||||||
| Provision for (reversal of) credit losses | 302,949 | (402,196 | ) | |||||
| Stock-based compensation | - | 13,022,692 | ||||||
| Impairment loss on intangible asset | - | 15,058,965 | ||||||
| Impairment loss on long-term investments | 133,513 | 529,596 | ||||||
| Fair value change of long-term investments | (247,514 | ) | 2,617,435 | |||||
| Gain on disposal of subsidiary | - | (3,813,609 | ) | |||||
| Gain on redemption of life insurance policies | (8,746,138 | ) | - | |||||
| Loss (gain) on disposal of property and equipment and intangible assets | (3,179,200 | ) | 511,947 | |||||
| Gain on previously held equity interest | (815,328 | ) | - | |||||
| Deferred income taxes | 5,326,982 | (14,417,087 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (160,963 | ) | (733,219 | ) | ||||
| Accounts receivable - related parties | 1,552,477 | 1,350,413 | ||||||
| Inventories | (170,174 | ) | 1,124,805 | |||||
| Finance lease receivables - related parties | (12,746,857 | ) | (5,991,486 | ) | ||||
| Customer loans receivable | 15,821,375 | 18,477,327 | ||||||
| Prepaid expenses and other current assets | 332,264 | (2,268,209 | ) | |||||
| Long-term prepayments | 318,470 | 1,910,274 | ||||||
| Other assets | (195,846 | ) | (1,692,642 | ) | ||||
| Accounts payable | 2,675,066 | (9,588,067 | ) | |||||
| Accounts payable - related parties | (8,571 | ) | 682,320 | |||||
| Notes payables - related parties | (14,252,502 | ) | (34,756,754 | ) | ||||
| Advances from customers | 604,072 | (1,476,240 | ) | |||||
| Advances from customers - related parties | (6,693,127 | ) | (9,144,031 | ) | ||||
| Income tax payable | (11,662,531 | ) | 11,228,429 | |||||
| Operating lease liabilities | (4,927,460 | ) | (3,950,587 | ) | ||||
| Accrued liabilities and other current liabilities | 2,968,513 | (12,096,825 | ) | |||||
| Other liabilities | 10,972 | 40,215 | ||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 24,668,496 | 20,582,933 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Purchase of property and equipment | (1,401,012 | ) | (2,564,643 | ) | ||||
| Purchase of convertible note | - | (1,700,000 | ) | |||||
| Prepayments for property and equipment | (968,848 | ) | (843,740 | ) | ||||
| Advances to related parties | - | (622,804 | ) | |||||
| Payments made on behalf of related parties | (1,840,801 | ) | (5,572,564 | ) | ||||
| Purchase of short-term investments - related parties | (334,173 | ) | - | |||||
| Purchase of long-term investments | (654,070 | ) | (331,496 | ) | ||||
| Purchase of cryptocurrencies | (424,250 | ) | - | |||||
| Proceeds from disposal of cryptocurrencies | 457,828 | - | ||||||
| Purchase of equity method investments | (20,062,642 | ) | - | |||||
| Cash paid for acquisition of subsidiaries, net of cash acquired | (22,941,701 | ) | (4,236,009 | ) | ||||
| Long-term loans to others | (14,514 | ) | (172,411 | ) | ||||
| Repayments from related parties | 1,914,454 | 6,597,564 | ||||||
| Repayment from others | 83,677 | 176,109 | ||||||
| Proceeds from redemption of life insurance policies | 17,735,717 | - | ||||||
| Disposal of subsidiaries, net of cash disposed of | - | (832,416 | ) | |||||
| Proceeds from disposal of property and equipment | 7,478,783 | - | ||||||
| NET CASH PROVIDED USED IN INVESTING ACTIVITIES | (20,971,552 | ) | (10,102,410 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Borrowings from bank and others | 34,753,946 | 6,603,253 | ||||||
| Borrowings from related parties | 15,000 | 5,481,787 | ||||||
| Proceeds from reverse recapitalization, net of transaction costs | - | 11,707,417 | ||||||
| Proceeds from exercise of stock warrants | - | 31,374 | ||||||
| Repayments of bank and other borrowings | (1,353,071 | ) | (119,017 | ) | ||||
| Repayments of finance lease liabilities | (331,365 | ) | - | |||||
| Repayments to related parties | (145,917 | ) | (739,414 | ) | ||||
| Repurchase of common stock | (4,999,997 | ) | - | |||||
| Deemed contribution in connection with price modification on disposal of property and equipment | 10,353,587 | - | ||||||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 38,292,183 | 22,965,400 | ||||||
| Effect of exchange rate changes | (3,259,381 | ) | (11,424,763 | ) | ||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 38,729,746 | 22,021,160 | ||||||
| CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE YEAR | 125,044,092 | 103,022,932 | ||||||
| CASH AND CASH EQUIVALENTS AS OF THE END OF THE YEAR | $ | 163,773,838 | $ | 125,044,092 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
| Cash paid for interest expense | $ | 160,583 | $ | 28,300 | ||||
| Cash paid for income taxes, net | $ | 37,190,188 | $ | 30,239,002 | ||||
| NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
| Property and equipment transferred from long-term prepayments | $ | 1,493,450 | $ | 597,602 | ||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 1,322,455 | $ | - | ||||
| Finance lease right-of-use assets obtained in exchange for finance lease liabilities | $ | 612,466 | $ | - | ||||
| Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications | $ | 5,302,043 | $ | 2,908,554 | ||||
| Payables to related parties in connection with loan services provided | $ | 14,219,401 | $ | 20,524,499 | ||||
| Issuance of common stock as incentive shares | $ | 86 | $ | - | ||||
| Issuance of common stock from conversion of convertible note | $ | - | $ | 2,700,000 | ||||
| Deemed contribution in connection with disposal of subsidiaries | $ | - | $ | 1,473,571 |
OF GAAP TO NON-GAAP FINANCIAL MEASURES
MEDICAL GROUP HOLDINGS INCORPORATED
Reconciliations of GAAP and Non-GAAP Results
| For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total Revenues, net | $ | 39,566,706 | $ | 44,420,537 | $ | 173,607,489 | $ | 205,415,542 | ||||||||
| Income from operations | 12,848,892 | 4,717,662 | 67,486,398 | 70,303,710 | ||||||||||||
| Depreciation and amortization expense | 673,684 | 931,596 | 2,684,300 | 3,799,377 | ||||||||||||
| Impairment loss | - | 15,058,965 | - | 15,058,965 | ||||||||||||
| EBITDA | 13,522,576 | 20,708,223 | 70,170,698 | 89,162,052 | ||||||||||||
| EBITDA margin | 34 | % | 47 | % | 40 | % | 43 | % | ||||||||
| Net income margin | 36 | % | 15 | % | 29 | % | 23 | % |
Medical Group Holdings Incorporated
Fukui / Head of IR Department E-mail: ir@sbc-holdings.com