NUTEX HEALTH REPORTS RESTATED FIRST QUARTER 2025 FINANCIAL RESULTS

Rhea-AI Summary

NUTEX HEALTH (NASDAQ: NUTX) reported restated Q1 2025 results for the quarter ended March 31, 2025, including a 214.0% increase in total revenue to $211.8M and net income attributable to Nutex of $21.2M versus a $0.4M loss in Q1 2024. EBITDA was $51.5M and Adjusted EBITDA was $72.8M. The company recorded $27.6M of stock-based compensation (≈99% related to under-construction and ramping hospitals).

The restatement corrected non-cash classifications (stock-based compensation reclassified from equity to liabilities, related-party payables reclassified to equity, $2.9M moved to short-term investments, and accrued income tax expense increased $2.4M). Total liabilities rose by $19.6M (4.0%), total equity declined $19.6M (7.1%), and net income for the period increased by $6.6M (14.9%) on the restated basis. Cash and cash equivalents were $84.7M and net cash from operating activities was $51.0M.

Positive

• Total revenue +214.0% to $211.8M
• Net income attributable to Nutex $21.2M vs $(0.4)M
• EBITDA $51.5M (+624.7%) and Adjusted EBITDA $72.8M
• Net cash from operations $51.0M and cash balance $84.7M

Negative

• Restatement increased total liabilities by $19.6M (4.0%) and reduced equity by $19.6M (7.1%)
• One-time stock-based compensation expense of $27.6M (99% related to under-construction hospitals) increases non-cash expense and potential dilution

Insights

Senior Financial Analyst

Strong quarter: large revenue and cashflow gains, restatement is accounting reclassification not an operational reversal.

Revenue grew to $211.8 million in Q1 2025 — a 214.0% increase year‑over‑year — driven by the Hospital Division and higher visits. The company reported $21.2 million net income attributable to Nutex and $50.965 million net cash from operating activities, while EBITDA and Adjusted EBITDA rose to $51.5 million and $72.8 million, respectively. These figures show material operating cash generation and meaningful margin expansion (gross profit noted at 55.9).

The restatement reflects non‑cash classification changes: $20.7 million of stock‑based compensation moved from equity to liabilities, related‑party payables reclassified, restricted cash moved to short‑term investments, and accrued tax increased by $2.4 million. Total liabilities rose by $19.6 million (4.0%) and equity fell by the same amount. The company states these are non‑cash and did not materially affect revenue, liquidity, debt, operating cash flow, adjusted EBITDA or patient volumes. Key dependencies and risks include the durability of arbitration payments described as improving insurance payments and the one‑time nature of most stock‑based charges (~99% tied to under‑construction/ramping hospitals), which affect comparability.

Watch the amended Form 10‑Q/A filing for full restatement disclosures and the company’s commentary on arbitration outcomes; monitor subsequent quarterly results for sustained cash conversion and consistency of Adjusted EBITDA excluding the one‑time stock compensation. Near term (next quarter) focus: operating cash, arbitration receipts, and whether mature hospital visit growth (>5% at mature sites) continues.

• Total revenue of $211.8 million for Q1 2025 versus $67.5 million for Q1 2024, an increase of 214.0%
• Net income attributable to Nutex Health Inc. of $21.2 million for Q1 2025 versus net loss of $0.4 million for Q1 2024, an increase of $21.6 million.
• Diluted income per share of $3.33 for Q1 2025 versus a loss per share of $0.08 for Q1 2024
• EBITDA of $51.5 million for Q1 2025 versus $7.1 million for Q1 2024, an increase of 624.7%
• Adjusted EBITDA of $72.8 million for Q1 2025 versus $(0.4) million for Q1 2024, an increase of $73.2 million
• Net cash from operating activities of $51.0 million for Q1 2025
• The Company believes its arbitration efforts through the Independent Dispute Resolution (IDR) process have resulted in an increase in fair and reasonable payments from insurance companies

HOUSTON, Nov. 18, 2025 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced restated first quarter financial results for the three months ended March 31, 2025. Nutex Health is a physician-led, integrated healthcare delivery system comprised of 24 state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks.

First Quarter 2025 Restatement Background

As previously disclosed in Form 8-K filed on August 21, 2025, the Audit Committee of the Board of Directors of Nutex Health, after consultation with the Chief Financial Officer, concluded that the Company's previously issued condensed consolidated unaudited financial statements as of and for the three months ended March 31, 2025 contained in the originally filed Form 10-Q should be restated for the items described below. The major balance sheet accounts affected by these non-cash adjustments are as follows:

• Corrected the classification of non-cash, stock-based compensation obligations totaling $20.7 million related to under construction and ramping hospitals from equity to liabilities.
• Reclassified related-party accounts payable balances of $3.5 million from liabilities to equity.
• Reclassified $2.9 million of restricted balances out of cash and cash equivalents and into short-term investments.
• Increased accrued income tax expense by $2.4 million.

These adjustments as of March 31, 2025, when compared to the previously issued financial statements, result in an overall net increase to liabilities, a similar decrease to equity and an increase in net income. Total liabilities as of March 31, 2025 increased by $19.6 million (4.0%) while total equity correspondingly decreased by $19.6 million (7.1%). Net income for the period ended March 31, 2025 increased by $6.6 million (14.9%). As restated, earnings per share, diluted by unvested restricted stock and contingently issuable stock compensation increased by $0.77 to $3.33 from $2.56, while earnings per share, basic increased $1.09 to $3.74 from $2.65 for the three months ended March 31, 2025. These adjustments are non-cash in nature, had no material effect on key metrics including revenue, liquidity, short-term and long-term debt, operating cash flow, adjusted EBITDA or number of patient visits as of and for the periods presented therein.

Financial highlights for the three months ended March 31, 2025  (as restated):

• Total revenue increased $144.3 million to $211.8 million for the three months ended March 31, 2025 as compared to total revenue of $67.5 million for the same period in 2024, an increase of 214.0%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 186.5% in 2025 compared to 2024.
• Total stock-based compensation expense for the three months ended March 31, 2025 was $27.6 million compared to less than $0.1 million for the same period in 2024. Approximately 99% of total stock-based compensation expense of $27.6 million is due to the one-time obligations for under-construction and ramping hospitals.
• Operating income for the three months ended March 31, 2025 was $80.7 million compared to $1.5 million for the same period in 2024, representing a $79.2 million improvement year over year.
• Net income attributable to Nutex Health for the three months ended March 31, 2025 of $21.2 million as compared to net loss attributable to Nutex Health of $0.4 million for the same period in 2024. The $21.2 million in net income includes non-cash stock-based compensation expense of $27.6 million, while the $0.4 million net loss includes no non-cash stock-based compensation expense.
• EBITDA attributable to Nutex Health of $51.5 million, as compared to EBITDA attributable to Nutex Health of $7.1 million for the three months ended March 31, 2024, an increase of 624.7%.
• Adjusted EBITDA attributable to Nutex Health of $72.8 million, as compared to Adjusted EBITDA attributable to Nutex Health of $(0.4) million for the three months ended March 31, 2024.
• Total visits at the Hospital Division were 48,269 for the three months ended March 31, 2025, as compared to 40,068 for the same period in 2024, an increase of 8,201 or 20.5%. Visits at mature hospitals increased by 5.3% in the three months ended March 31, 2025 as compared to the same period in 2024.
• Net cash from operating activities of $51.0 million for the three months ended March 31, 2025.
• As of March 31, 2025, the Company had total assets of $761.9 million, including cash and cash equivalents of $84.7 million, and long-term debt, net of $21.7 million.

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 excited to provide yet another solid quarter with $21.2 million in net income attributable to Nutex, a record high gross profit of 55.9%, a record high $51.0 million in net cash from operating activities and a record high cash balance of $84.7 million, all on a restated basis and materially the same as originally reported, highlighting the Company's continued financial strength and solid fundamentals as we execute on our growth plan for 2025," stated Jon Bates, Chief Financial Officer of Nutex Health.

"The great momentum that we started in 2024 is continuing into the first quarter of 2025. We are now seeing more consistent financial results stemming from a combination of volume growth and operational efficiency, with more fair and reasonable payments from the arbitration process. We would like to thank our team of physicians and team members nationwide for working in alignment to get us to where we are this quarter," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

For more details on the Company's restated financial results for the three months ended March 31, 2025, please refer to our Amended Quarterly Report on Form 10-Q/A filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

 

NUTEX HEALTH INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share and per share amounts)		March 31, 2025		December 31, 2024
Assets		(As Restated)
Current assets:
Cash and cash equivalents		$           84,729		$           40,640
Restricted short-term investment		2,941		2,941
Accounts receivable		295,082		232,449
Accounts receivable - related parties		4,258		3,602
Inventories		3,118		2,850
Prepaid expenses and other current assets		11,389		9,997
Total current assets		401,517		292,479
Property and equipment, net		76,431		77,933
Operating right-of-use assets		27,466		27,872
Financing right-of-use assets		216,193		218,889
Intangible assets, net		15,205		15,530
Goodwill, net		13,919		13,919
Deferred tax assets		10,487		7,987
Other assets		698		711
Total assets		$         761,916		$         655,320
Liabilities and Equity
Current liabilities:
Accounts payable		$           19,836		$              9,614
Accounts payable - related parties		2,141		806
Lines of credit		7,126		3,554
Current portion of long-term debt		13,635		14,395
Operating lease liabilities, current portion		2,103		2,080
Financing lease liabilities, current portion		8,027		7,705
Accrued arbitration expenses		51,803		47,742
Accrued income tax expense		46,130		26,533
Accrued stock-based compensation		20,739		16,356
Accrued expenses and other current liabilities		24,639		25,440
Total current liabilities		196,179		154,225
Long-term debt, net		21,733		22,466
Operating lease liabilities, net		30,350		30,617
Financing lease liabilities, net		258,387		259,479
Total liabilities		506,649		466,787
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.001 par value; 950,000,000 shares authorized; 5,950,539 and 5,511,452 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		6		6
Additional paid-in capital		512,701		489,409
Accumulated deficit		(335,759)		(356,976)
Nutex Health Inc. equity		176,948		132,439
Noncontrolling interests		78,319		56,094
Total equity		255,267		188,533
Total liabilities and equity		$         761,916		$         655,320

 

NUTEX HEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		Three Months Ended March 31,
(In thousands, except share and per share amounts)		2025		2024
		(As Restated)
Revenue:
Hospital division		$               203,947		$                 60,029
Population health management division		7,842		7,424
Total revenue		211,789		67,453
Operating costs and expenses:
Payroll		34,860		27,003
Contract services		38,655		11,319
Medical supplies		3,801		5,322
Depreciation and amortization		5,092		4,186
Other		11,043		9,466
Total operating costs and expenses		93,451		57,296
Gross profit		118,338		10,157
Corporate and other costs:
Stock-based compensation		27,642		49
General and administrative expenses		10,035		8,658
Total corporate and other costs		37,677		8,707
Operating income (loss)		80,661		1,450
Interest expense, net		6,120		4,444
Gain on warrant liability		—		(2,601)
Other (income) expense		3,325		(241)
Income (loss) before taxes		71,216		(152)
Income tax expense		20,410		390
Net income (loss)		50,806		(542)
Less: net income (loss) attributable to noncontrolling interests		29,589		(178)
Net income (loss) attributable to Nutex Health Inc.		$                 21,217		$                     (364)
Earnings (loss) per common share
Basic		$                      3.74		$                    (0.08)
Diluted		$                      3.33		$                    (0.08)

 

NUTEX HEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
		Three Months Ended March 31,
(In thousands)		2025		2024
Cash flows from operating activities:		(As Restated)
Net income (loss)		$                   50,806		$                      (542)
Adjustment to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization		5,092		4,186
Gain on warrant liability		—		(2,601)
Stock-based compensation expense		27,642		49
Changes to deferred taxes		(2,500)		(95)
Debt accretion expense		253		365
Changes in operating assets and liabilities:
Accounts receivable		(62,633)		(2,909)
Accounts receivable - related party		(656)		(62)
Inventories		(268)		415
Prepaid expenses and other current assets		(1,378)		796
Operating right-of-use assets		406		273
Accounts payable		10,222		(1,681)
Accounts payable - related party		1,334		475
Operating lease liabilities		(245)		(376)
Accrued arbitration expenses		4,061		—
Accrued income tax expense		19,598		—
Accrued expenses and other current liabilities		(769)		4,758
Net cash from operating activities		50,965		3,051
Cash flows from investing activities:
Acquisitions of property and equipment		(64)		(733)
Net cash from investing activities		(64)		(733)
Cash flows from financing activities:
Proceeds from lines of credit		3,864		—
Proceeds from long-term debt		157		2,915
Repayments of lines of credit		(292)		(595)
Repayments of long-term debt		(1,810)		(4,388)
Repayments of finance leases		(1,367)		(968)
Proceeds from common stock issuance, net issuance costs		—		9,203
Members' distributions		(7,364)		(481)
Net cash from financing activities		(6,812)		5,686
Net change in cash and cash equivalents		44,089		8,004
Cash and cash equivalents - beginning of the period		40,640		22,002
Cash and cash equivalents - end of the period		$                   84,729		$                   30,006

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 have 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 U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Adjusted EBITDA follows (in thousands):

	Three Months Ended March 31,
	2025				2024
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA:	(As restated, updated)		(As restated, prior)		(Updated)		(Prior)
Net income (loss) attributable to Nutex Health Inc.	$           21,217		$           21,217		$               (364)		$               (364)
Depreciation and amortization	5,092		5,092		4,186		4,186
Interest expense, net	6,120		6,120		4,444		4,444
Income tax expense	20,410		20,410		390		390
Allocation to noncontrolling interests	(1,297)		(1,297)		(1,544)		(1,544)
EBITDA	51,542		51,542		7,112		7,112
Gain on warrant liability	—		—		(2,601)		(2,601)
Finance lease payments(1)	(6,363)		—		(4,972)		—
Stock-based compensation	27,642		27,642		49		49
Adjusted EBITDA	$           72,821		$           79,184		$               (412)		$              4,560

(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 Houston, Texas and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a healthcare management and operations company with two divisions: a Hospital Division and a Population Health Management Division.

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/A for the three months ended March 31, 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.

View original content:https://www.prnewswire.com/news-releases/nutex-health-reports-restated-first-quarter-2025-financial-results-302619372.html

SOURCE Nutex Health, Inc.

FAQ

What did Nutex Health (NUTX) restate in its Q1 2025 results on Nov 18, 2025?

The restatement reclassified $20.7M of non-cash stock-based compensation from equity to liabilities, moved $2.9M to short-term investments, reclassified $3.5M related-party payables to equity, and increased accrued income tax by $2.4M.

How much revenue did NUTX report for Q1 2025 after the restatement?

Nutex reported $211.8M total revenue for Q1 2025, a 214.0% increase versus Q1 2024.

What were Nutex Health's Q1 2025 EBITDA and Adjusted EBITDA (NUTX)?

EBITDA was $51.5M and Adjusted EBITDA was $72.8M for Q1 2025 (restated).

Did the restatement change Nutex's cash or operating cash flow for Q1 2025?

No material effect on operating cash flow; net cash from operating activities was $51.0M and cash and cash equivalents were $84.7M as of March 31, 2025.

How large was the stock-based compensation reported in Nutex's Q1 2025 results (NUTX)?

Total stock-based compensation was $27.6M for Q1 2025, with approximately 99% attributable to one-time obligations for under-construction and ramping hospitals.

How did the restatement affect Nutex Health's liabilities and equity (NUTX)?

Total liabilities increased by $19.6M (4.0%) and total equity decreased by $19.6M (7.1%) as of March 31, 2025 on the restated basis.