Cardiff Lexington is a holding company that operates orthopedic, spine, and pain management clinics through its primary subsidiary, Nova Ortho and Spine. Nova runs 11 outpatient clinics in Florida and Georgia, serving uninsured accident victims — typically auto accident or slip-and-fall plaintiffs — who are pursuing personal injury lawsuits. Services include diagnostic imaging, interventional pain management, fracture care, joint replacement, spinal surgery, and emergency medical condition assessments, which document injury severity early in a patient's case to support attorney-led settlement negotiations. Patients are referred to Nova primarily by personal injury attorneys, chiropractors, and physical therapists rather than through traditional insurance or Medicare/Medicaid networks. Nova collects revenue on a lien basis, deferring payment until a patient's lawsuit settles — a cycle that typically takes 12 to 24 months — with revenue sourced from bodily injury, general liability, and PIP insurance policies. Key revenue drivers are patient volume, settlement outcomes, and capacity utilization; management estimates Nova's clinics currently operate at roughly 35% capacity. Cardiff's growth strategy combines filling existing clinic capacity by expanding its referral network with acquiring additional outpatient surgery centers and clinics across 18 target states. Cardiff also owns Edge View Properties, a small real estate holding company with undeveloped land in Idaho that generates no revenue and which management intends to sell.
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