Cardiff Lexington Corp (OTC: CDIX) is a healthcare holding company that acquires and operates orthopedic and related specialty medical practices. Revenue is generated entirely through Nova Ortho and Spine, LLC, a subsidiary acquired on May 31, 2021, which recorded healthcare revenue, net of $11.5 million for the year ended December 31, 2025. Nova operates a group of regional primary specialty and ancillary care facilities across Florida and Georgia, serving uninsured plaintiff patients who have typically been injured in accidents and filed personal injury lawsuits. Services include primary care evaluations, interventional pain management, emergency medical condition assessments, and a full range of diagnostic and surgical services for injuries and disorders of the skeletal system. Cardiff also owns Edge View Properties, Inc., a real estate subsidiary. The company is structured as a holding company with no independent means of generating revenue, relying on distributions from its operating subsidiaries. Its stated acquisition strategy targets orthopedic and related modality practices in the small to middle market healthcare sector.

Revenue model

Transactional fee-for-service healthcare revenue, net of variable consideration adjustments including settlement discounts relative to gross billings and price concessions. Revenue is billed using Current Procedural Terminology (CPT) codes and collected through settlement processes involving attorneys and third-party medical billing vendors. Accounts receivable are partially financed through a revolving purchase and security agreement with DML HC Series, LLC, with a maximum advance amount of $23.0 million as of October 1, 2025.

Products and services

Orthopedic and spine care, interventional pain management, primary care evaluations, emergency medical condition (EMC) assessments, specialty consultation services, diagnostic and surgical services for skeletal injuries and disorders. Real estate ownership through Edge View Properties, Inc.

Customers and end markets

Uninsured plaintiff patients involved in personal injury accidents who have filed lawsuits against allegedly responsible defendants. End market is plaintiff-related personal injury healthcare, with payor settlements facilitated through attorneys and third-party billing vendors.

Value-chain role

Operator of specialty and ancillary healthcare facilities providing direct patient care and medical documentation supporting personal injury litigation settlements.

Geographic exposure

Florida and Georgia, as of the 10-K filed 2026-03-10.

Source: SEC 10-K, filed 2026-03-10

Industry: Services-Offices & Clinics of Doctors of Medicine