Cardiff Lexington Corporation
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsCardiff Lexington Corp is a healthcare holding company owning orthopedic and pain management clinics serving personal injury plaintiffs, primarily through its Nova Ortho and Spine subsidiary.
What they do
Cardiff Lexington operates as a targeted healthcare holding company focused on acquiring and building middle-market niche healthcare clinics in orthopedics, spine care, and pain management. All current revenue is derived from Nova Ortho and Spine, LLC, which operates regional primary specialty and ancillary care facilities across Florida and Georgia, providing care to traumatic injury victims, including interventional pain management and specialty consultations. The company also owns Edge View Properties, a real estate holding with residential and agricultural land in Idaho, but has no plans to develop it.
Revenue drivers
- Nova Ortho and Spine, LLC — Sole operating revenue generator; provides primary care evaluations, interventional pain management, and specialty consultations for traumatic injury victims, focusing on plaintiff-related care.
Recent performance
Annual revenue declined from $11.9M in 2023 to $8.3M in 2024, then rose to $11.5M in 2025. Net income was negative $3.3M in 2024 and negative $5.5M in 2025. Operating cash flow was negative $2.8M in 2024 and negative $2.9M in 2025. Quarterly revenue fell from $3.1M in Q3 2025 to $2.2M in Q2 2026. As of June 30, 2026, total assets were $30.7M, total liabilities $27.1M, and cash was just $217,654.
Strategy
The company's strategy is to acquire undervalued and undercapitalized healthcare companies, particularly orthopedic and related modality practices with strong organic growth and cash generation. It pursues three pillars: core cash flow (managing physician practices), asset acquisition (owning real estate like ambulatory surgery centers), and finance (retaining personal injury accounts receivable for long-term income). Management aims to expand its footprint and diversify risk through acquisitions, though no specific new targets have been disclosed.
Risks
- Going concern — The independent auditor's report included a going concern explanatory paragraph, citing an accumulated deficit of $79.5M and negative operating cash flow for 2025.
- Liquidity — Cash and equivalents were only $217,654 as of June 30, 2026, against long-term debt of $22.7M, raising substantial doubt about funding operations.
- Dependence on single subsidiary — All revenue comes from Nova Ortho and Spine; any disruption in its operations or patient base would directly impact the entire company.
- Reliance on external financing — Management states additional financing or equity raises are required for continued operations and to execute its acquisition strategy; the amount depends on seller terms.
Outlook
Management believes current working capital and expected additional financing should be sufficient for at least one year, but this depends on raising new funds. The company intends to continue pursuing acquisitions in the healthcare sector, focusing on cash-generative practices. No specific financial guidance is provided.