NUTEX HEALTH REPORTS JUNE 30, 2025 SECOND QUARTER AND YEAR-TO-DATE FINANCIAL RESULTS
Rhea-AI Summary
Nutex Health (NASDAQ: NUTX) reported strong first-half 2025 results: total revenue $455.8M versus $143.5M (+217.5%), net income attributable $3.5M vs a $0.7M loss, and diluted EPS $0.55. Adjusted EBITDA $144.4M (vs $6.4M), and EBITDA $51.1M. Cash balance was a record $96.7M and net cash from operations was $78.2M. Hospital division visits reached 93,842 (+15.5% YTD). The board authorized an opportunistic $25.0M share repurchase program on August 14, 2025. Total stock-based compensation was $106.4M for H1 2025, primarily for under-construction and ramping hospitals. Total assets were $841.0M as of June 30, 2025.
Positive
- Total revenue +217.5% to $455.8M (six months)
- Adjusted EBITDA increased to $144.4M
- Net cash from operations $78.2M (six months)
- Cash and cash equivalents $96.7M at June 30, 2025
- Hospital visits 93,842 (+15.5% YTD)
Negative
- Stock-based compensation $106.4M for six months
- Accounts receivable $349.2M, up $116.8M YTD
- Accrued arbitration expenses $68.8M current liability
News Market Reaction
On the day this news was published, NUTX declined 4.57%, reflecting a moderate negative market reaction. Argus tracked a peak move of +30.4% during that session. Argus tracked a trough of -2.6% from its starting point during tracking. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $34M from the company's valuation, bringing the market cap to $705M at that time. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
-
Total revenue of
$455.8 million $143.5 million 217.5% -
Net income attributable to Nutex Health Inc. of
$3.5 million $0.7 million $4.2 million -
Diluted income per share of
$0.55 $0.15 -
EBITDA of
$51.1 million $15.6 million 227.4% -
Adjusted EBITDA of
$144.4 million $6.4 million 2144.2% -
Net cash from operating activities of
$78.2 million -
On August 14, 2025
,
the Board of Directors authorized a stock repurchase program of up to
$25.0 million
Financial highlights for the three months ended June 30, 2025:
- Total revenue increased
$167.9 million $244.0 million $76.1 million 220.7% . Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by203.2% in 2025 compared to 2024. - Total stock-based compensation expense for the three months ended June 30, 2025 was
$78.7 million $78.8 million 99% of total stock-based compensation expense of$78.7 million - Operating income for the three months ended June 30, 2025 was
$33.7 million $5.3 million $28.4 million - Net loss attributable to Nutex Health for the three months ended June 30, 2025 of
$17.7 million $0.4 million $17.7 million $78.7 million $0.4 million - EBITDA attributable to Nutex Health of
$(0.5) million $8.5 million 105.4% . - Adjusted EBITDA attributable to Nutex Health of
$71.6 million $6.8 million - Total visits at the Hospital Division were 45,573 for the three months ended June 30, 2025, as compared to 41,208 for the same period in 2024, an increase of 4,365 or
10.6% . Visits at mature hospitals increased by0.6% in the three months ended June 30, 2025 as compared to the same period in 2024. - Net cash from operating activities of
$27.3 million - As of June 30, 2025, the Company had total assets of
$841.0 million $96.7 million $20.5 million
Financial highlights for the six months ended June 30, 2025:
- Total revenue increased
$312.2 million $455.8 million $143.5 million 217.5% . Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by195.2% in 2025 compared to 2024. - Total stock-based compensation expense for the six months ended June 30, 2025 was
$106.4 million $106.4 million 99% of total stock-based compensation expense of$106.4 million - Operating income for the six months ended June 30, 2025 was
$114.3 million $6.7 million $107.6 million - Net income attributable to Nutex Health for the six months ended June 30, 2025 of
$3.5 million $0.7 million $3.5 million $106.4 million $0.7 million - EBITDA attributable to Nutex Health of
$51.1 million $15.6 million 227.4% . - Adjusted EBITDA attributable to Nutex Health of
$144.4 million $6.4 million - Total visits at the Hospital Division were 93,842 for the six months ended June 30, 2025, as compared to 81,276 for the same period in 2024, an increase of 12,566 or
15.5% . Visits at mature hospitals increased by3.0% in the six months ended June 30, 2025 as compared to the same period in 2024. - Net cash from operating activities of
$78.2 million
Share Repurchase Program
On August 14, 2025, the Board of Directors authorized a stock repurchase program of up to
The purpose of the share repurchase program is to increase shareholder value and offset dilution from the issuance of additional shares related to stock compensation obligations for under-construction and ramping hospitals. Pursuant to the stock repurchase program, the Company may repurchase, from time to time, up to an aggregate of
The timing of any repurchases and the number of shares repurchased are subject to the discretion of the Company and may be affected by various factors, including general market and economic conditions, the market price of the Company's common stock, the Company's earnings, financial condition, capital requirements and levels of indebtedness, legal requirements, and other factors that management may deem relevant. The share repurchase program authorization does not obligate the Company to acquire any shares of its common stock and may be amended, suspended or discontinued at any time.
Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.
"We are pleased to report
"The arbitration process that we started in 2024 is now an ongoing part of our revenue cycle management process. In addition, the Company believes its shares are currently undervalued, and our share repurchase program underscores our confidence in the long-term prospects of Nutex Health. We anticipate executing this program opportunistically over the next several months with the goal of driving increased earnings per share and total shareholder return," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.
For more details on the Company's financial results for the three and six months ended June 30, 2025, please refer to our Quarterly Report on Form 10-Q filed with the
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NUTEX HEALTH INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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(In thousands, except share and per share amounts) |
|
June 30, 2025 |
|
December 31, |
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Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ 96,733 |
|
$ 40,640 |
|
Restricted short-term investments |
|
— |
|
2,941 |
|
Accounts receivable |
|
349,220 |
|
232,449 |
|
Accounts receivable - related parties |
|
5,737 |
|
3,602 |
|
Inventories |
|
2,275 |
|
2,850 |
|
Prepaid expenses and other current assets |
|
19,060 |
|
9,997 |
|
Total current assets |
|
473,025 |
|
292,479 |
|
Property and equipment, net |
|
82,915 |
|
77,933 |
|
Operating lease right-of-use assets |
|
27,751 |
|
27,872 |
|
Financing lease right-of-use assets |
|
215,398 |
|
218,889 |
|
Intangible assets, net |
|
14,880 |
|
15,530 |
|
Goodwill, net |
|
13,919 |
|
13,919 |
|
Deferred tax assets |
|
12,852 |
|
7,987 |
|
Other assets |
|
288 |
|
711 |
|
Total assets |
|
$ 841,028 |
|
$ 655,320 |
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ 28,076 |
|
$ 9,614 |
|
Accounts payable - related parties |
|
1,975 |
|
806 |
|
Lines of credit |
|
7,859 |
|
3,554 |
|
Current portion of long-term debt |
|
18,951 |
|
14,395 |
|
Operating lease liabilities, current portion |
|
2,087 |
|
2,080 |
|
Financing lease liabilities, current portion |
|
7,072 |
|
7,705 |
|
Accrued arbitration expenses |
|
68,785 |
|
47,742 |
|
Accrued income tax expense |
|
8,364 |
|
26,533 |
|
Accrued stock-based compensation |
|
24,173 |
|
16,356 |
|
Accrued expenses and other current liabilities |
|
27,532 |
|
25,440 |
|
Total current liabilities |
|
194,874 |
|
154,225 |
|
Long-term debt, net |
|
20,463 |
|
22,466 |
|
Operating lease liabilities, net |
|
30,805 |
|
30,617 |
|
Financing lease liabilities, net |
|
258,009 |
|
259,479 |
|
Total liabilities |
|
504,151 |
|
466,787 |
|
|
|
|
|
|
|
Commitments and contingencies (Note 10) |
|
|
|
|
|
|
|
|
|
|
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Equity: |
|
|
|
|
|
Common stock, |
|
7 |
|
6 |
|
Additional paid-in capital |
|
588,699 |
|
489,409 |
|
Accumulated deficit |
|
(353,456) |
|
(356,976) |
|
Nutex Health Inc. equity |
|
235,250 |
|
132,439 |
|
Noncontrolling interests |
|
101,627 |
|
56,094 |
|
Total equity |
|
336,877 |
|
188,533 |
|
Total liabilities and equity |
|
$ 841,028 |
|
$ 655,320 |
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NUTEX HEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(In thousands, except share and per share amounts) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
Hospital division |
|
$ 236,302 |
|
$ 67,605 |
|
$ 440,249 |
|
$ 127,634 |
|
Population health management division |
|
7,683 |
|
8,477 |
|
15,525 |
|
15,902 |
|
Total revenue |
|
243,985 |
|
76,082 |
|
455,774 |
|
143,536 |
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
Payroll |
|
36,284 |
|
28,398 |
|
71,144 |
|
55,401 |
|
Contract services |
|
61,109 |
|
9,505 |
|
99,764 |
|
20,825 |
|
Medical supplies |
|
4,812 |
|
3,589 |
|
8,613 |
|
8,911 |
|
Depreciation and amortization |
|
5,248 |
|
4,533 |
|
10,340 |
|
8,719 |
|
Other |
|
11,608 |
|
7,496 |
|
22,651 |
|
16,962 |
|
Total operating costs and expenses |
|
119,061 |
|
53,521 |
|
212,512 |
|
110,818 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
124,924 |
|
22,561 |
|
243,262 |
|
32,718 |
|
|
|
|
|
|
|
|
|
|
|
Corporate and other costs: |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
78,747 |
|
(61) |
|
106,389 |
|
(12) |
|
Impairment of assets |
|
— |
|
3,474 |
|
— |
|
3,474 |
|
Impairment of goodwill |
|
— |
|
3,197 |
|
— |
|
3,197 |
|
General and administrative expenses |
|
12,498 |
|
10,652 |
|
22,533 |
|
19,310 |
|
Total corporate and other costs |
|
91,245 |
|
17,262 |
|
128,922 |
|
25,969 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
33,679 |
|
5,299 |
|
114,340 |
|
6,749 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
5,678 |
|
5,054 |
|
11,798 |
|
9,499 |
|
Gain on warrant liability |
|
— |
|
(3,060) |
|
— |
|
(5,661) |
|
Other (income) expense |
|
4,269 |
|
(599) |
|
7,594 |
|
(840) |
|
Income before taxes |
|
23,732 |
|
3,904 |
|
94,948 |
|
3,751 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
7,588 |
|
894 |
|
27,998 |
|
1,283 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
16,144 |
|
3,010 |
|
66,950 |
|
2,468 |
|
|
|
|
|
|
|
|
|
|
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Less: net income attributable to noncontrolling interests |
|
33,841 |
|
3,374 |
|
63,430 |
|
3,196 |
|
|
|
|
|
|
|
|
|
|
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Net income (loss) attributable to Nutex Health Inc. |
|
$ (17,697) |
|
$ (364) |
|
$ 3,520 |
|
$ (728) |
|
|
|
|
|
|
|
|
|
|
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Income (loss) per common share |
|
|
|
|
|
|
|
|
|
Basic |
|
$ (2.95) |
|
$ (0.07) |
|
$ 0.60 |
|
$ (0.15) |
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Diluted |
|
$ (2.95) |
|
$ (0.07) |
|
$ 0.55 |
|
$ (0.15) |
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NUTEX HEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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Six Months Ended June 30, |
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(In thousands) |
|
2025 |
|
2024 |
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Cash flows from operating activities: |
|
|
|
|
|
Net income |
|
$ 66,950 |
|
$ 2,468 |
|
Adjustment to reconcile net income to net cash from operating activities: |
|
|
|
|
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Depreciation and amortization |
|
10,340 |
|
8,719 |
|
Gain on warrant liability |
|
— |
|
(5,661) |
|
Impairment of assets |
|
— |
|
3,474 |
|
Impairment of goodwill |
|
— |
|
3,197 |
|
Derecognition of goodwill |
|
— |
|
453 |
|
Stock-based compensation expense |
|
106,389 |
|
(12) |
|
Changes to deferred taxes |
|
(4,865) |
|
(2,341) |
|
Debt accretion expense |
|
504 |
|
579 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
(Increase)/Decrease in Accounts receivable |
|
(116,768) |
|
(2,149) |
|
(Increase)/Decrease in Accounts receivable - related party |
|
(2,135) |
|
(425) |
|
(Increase)/Decrease in Inventories |
|
575 |
|
631 |
|
(Increase)/Decrease in Prepaid expenses and other current assets |
|
(8,640) |
|
(1,693) |
|
(Increase)/Decrease in Operating right-of-use assets |
|
121 |
|
162 |
|
Increase/(Decrease) in Accounts payable |
|
19,334 |
|
(1,617) |
|
Increase/(Decrease) in Accounts payable - related party |
|
1,169 |
|
414 |
|
Increase/(Decrease) in Operating lease liabilities |
|
194 |
|
(370) |
|
Increase/(Decrease) in Accrued arbitration expenses |
|
21,043 |
|
— |
|
Increase/(Decrease) in Accrued income tax expense |
|
(18,169) |
|
— |
|
Increase/(Decrease) in Accrued expenses and other current liabilities |
|
2,180 |
|
10,482 |
|
Net cash provided by operating activities |
|
78,222 |
|
16,311 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Acquisitions of property and equipment |
|
(815) |
|
(1,292) |
|
Proceeds from restricted short-term investment |
|
2,941 |
|
— |
|
Cash related to sale of business |
|
— |
|
(711) |
|
Cash related to asset acquisition |
|
(1,994) |
|
— |
|
Net cash used in investing activities |
|
132 |
|
(2,003) |
|
|
|
|
|
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Cash flows from financing activities: |
|
|
|
|
|
Proceeds from lines of credit |
|
4,606 |
|
132 |
|
Proceeds from notes payable |
|
258 |
|
4,915 |
|
Repayments of lines of credit |
|
(301) |
|
(594) |
|
Repayments of notes payable |
|
(5,697) |
|
(6,157) |
|
Repayments of finance leases |
|
(2,593) |
|
(1,440) |
|
Proceeds from common stock issuance, net issuance costs |
|
— |
|
9,203 |
|
Members' contributions |
|
242 |
|
301 |
|
Members' distributions |
|
(18,776) |
|
(1,862) |
|
Net cash provided by (used in) financing activities |
|
(22,261) |
|
4,498 |
|
Net increase in cash and cash equivalents |
|
56,093 |
|
18,806 |
|
Cash and cash equivalents - beginning of the period |
|
40,640 |
|
22,002 |
|
Cash and cash equivalents - end of the period |
|
$ 96,733 |
|
$ 40,808 |
Non-GAAP Financial Measures (Unaudited)
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.
We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.
We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense and any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. A reconciliation of net income (loss) to Adjusted EBITDA is included below.
Beginning in the first quarter of 2025, we updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.
Adjusted EBITDA is not intended to serve as an alternative to
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Three Months Ended June 30, |
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|
2025 |
|
2024 |
||||
|
Reconciliation of net loss attributable to Nutex Health Inc. to |
(Updated) |
|
(Prior) |
|
(Updated) |
|
(Prior) |
|
Net loss attributable to Nutex Health Inc. |
$ (17,697) |
|
$ (17,697) |
|
$ (364) |
|
$ (364) |
|
Depreciation and amortization |
5,248 |
|
5,248 |
|
4,533 |
|
4,533 |
|
Interest expense, net |
5,678 |
|
5,678 |
|
5,055 |
|
5,055 |
|
Income tax expense |
7,588 |
|
7,588 |
|
893 |
|
893 |
|
Allocation to noncontrolling interests |
(1,275) |
|
(1,275) |
|
(1,628) |
|
(1,628) |
|
EBITDA |
(458) |
|
(458) |
|
8,489 |
|
8,489 |
|
Gain on warrant liability |
— |
|
— |
|
(3,060) |
|
(3,060) |
|
Impairment of assets |
— |
|
— |
|
3,474 |
|
3,474 |
|
Impairments of goodwill |
— |
|
— |
|
3,197 |
|
3,197 |
|
Finance lease payments(1) |
(6,675) |
|
— |
|
(5,191) |
|
— |
|
Stock-based compensation |
78,747 |
|
78,747 |
|
(61) |
|
(61) |
|
Adjusted EBITDA |
$ 71,614 |
|
$ 78,289 |
|
$ 6,848 |
|
$ 12,039 |
|
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Six Months Ended June 30, |
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|
|
2025 |
|
2024 |
||||
|
Reconciliation of net income (loss) attributable to Nutex |
(Updated) |
|
(Prior) |
|
(Updated) |
|
(Prior) |
|
Net income (loss) attributable to Nutex Health Inc. |
$ 3,520 |
|
$ 3,520 |
|
$ (728) |
|
$ (728) |
|
Depreciation and amortization |
10,340 |
|
10,340 |
|
8,719 |
|
8,719 |
|
Interest expense, net |
11,798 |
|
11,798 |
|
9,499 |
|
9,499 |
|
Income tax expense |
27,998 |
|
27,998 |
|
1,283 |
|
1,283 |
|
Allocation to noncontrolling interests |
(2,572) |
|
(2,572) |
|
(3,172) |
|
(3,172) |
|
EBITDA |
51,084 |
|
51,084 |
|
15,601 |
|
15,601 |
|
Gain on warrant liability |
— |
|
— |
|
(5,661) |
|
(5,661) |
|
Impairment of assets |
— |
|
— |
|
3,474 |
|
3,474 |
|
Impairment of goodwill |
— |
|
— |
|
3,197 |
|
3,197 |
|
Finance lease payments(1) |
(13,038) |
|
— |
|
(10,163) |
|
— |
|
Stock-based compensation |
106,389 |
|
106,389 |
|
(12) |
|
(12) |
|
Adjusted EBITDA |
$ 144,435 |
|
$ 157,473 |
|
$ 6,436 |
|
$ 16,599 |
|
|
|
|
(1) |
Finance lease payments consist of cash payments for financing leases under ASC 842, which should be deducted from EBITDA. We believe this change is useful to investors to evaluate the ongoing operating performance of our business. |
About Nutex Health Inc.
Headquartered in
The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments (HOPDs). This division owns and operates 24 facilities in 11 states.
The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), we provide management, administrative and other support services to our affiliated hospitals and physician groups.
Forward-Looking Statements
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Report on Form 10-Q for the three and six months ended June 30, 2025 under the heading "Risk Factors" in Part II, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.
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SOURCE Nutex Health, Inc.
FAQ
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