Nutex Health Q3 earnings fall to $5.71 per share
Hospital Division visits increased, while third-quarter revenue, attributable net income and operating cash flow were below their 2025 comparisons.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Nutex Health Inc. reported results for the three and nine months ended September 30, 2026. Third-quarter revenue was $217.613 million versus $267.804 million in 2025; net income attributable to Nutex Health was $40.229 million versus $55.435 million, and diluted EPS was $5.71 versus $7.76. Third-quarter EBITDA and Adjusted EBITDA attributable to Nutex Health were $63.345 million and $63.877 million, compared with $91.787 million and $98.530 million.
Hospital Division visits increased 18.1% to 54,622; visits at same hospitals increased 12.4%. Quarterly net cash provided by operating activities was $78.3 million versus $99.5 million. For the nine months, revenue was $644.850 million versus $723.578 million, while net income attributable to Nutex Health increased to $152.878 million from $58.955 million; diluted EPS was $21.50 versus $8.87. Nine-month EBITDA and Adjusted EBITDA attributable to Nutex Health were $225.796 million and $211.426 million, compared with $142.871 million and $242.965 million. The 2026 Adjusted EBITDA figure includes a $52.3 million non-cash reduction to contract services expense resulting from a change in estimate. Nine-month net cash provided by operating activities was $188.065 million versus $177.736 million.
2 points · 0 major0 major · 4 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointHospital Division visits: 54,622 in the quarter, up 18.1% year over year.
- Minor pointNine-month attributable income: $152.878 million versus $58.955 million in 2025.
Negative
- Moderate pointThird-quarter revenue: $217.613 million versus $267.804 million in 2025.
- Moderate pointThird-quarter attributable net income: $40.229 million versus $55.435 million in 2025.
- Moderate pointNine-month Adjusted EBITDA: $211.426 million versus $242.965 million in 2025.
- Minor pointNine-month revenue: $644.850 million versus $723.578 million in 2025.
Filing Explained
This 8-K furnishes Nutex Health's third-quarter results; the release is not deemed filed under Section 18. It reports
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $217.613 million
Third-quarter net income attributable to Nutex Health: $40.229 million
Third-quarter diluted EPS: $5.71 per share
+5 more
8 metrics
Third-quarter revenue
$217.613 million
Three months ended September 30, 2026; $267.804 million in 2025
Third-quarter net income attributable to Nutex Health
$40.229 million
Three months ended September 30, 2026; $55.435 million in 2025
Third-quarter diluted EPS
$5.71 per share
Three months ended September 30, 2026; $7.76 per share in 2025
Hospital Division visits
54,622 visits; 18.1% increase
Three months ended September 30, 2026, year over year
Nine-month revenue
$644.850 million
Nine months ended September 30, 2026; $723.578 million in 2025
Nine-month net income attributable to Nutex Health
$152.878 million
Nine months ended September 30, 2026; $58.955 million in 2025
Nine-month Adjusted EBITDA attributable to Nutex Health
$211.426 million
Nine months ended September 30, 2026; $242.965 million in 2025
Nine-month net cash provided by operating activities
$188.065 million
Nine months ended September 30, 2026; $177.736 million in 2025
Key Terms
non-GAAP financial measures, Adjusted EBITDA, noncontrolling interests, ASC 842
4 terms
non-GAAP financial measures financial
"supplemental non-GAAP financial measures by management and external users"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Adjusted EBITDA financial
"We define Adjusted EBITDA as net income attributable to Nutex Health Inc. plus"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
noncontrolling interests financial
"Less: net income attributable to noncontrolling interests"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
ASC 842 technical
"finance lease payments related to leases under ASC 842"
ASC 842 is the U.S. accounting rule that requires most lease agreements to be recorded on a company’s balance sheet as right-of-use assets and corresponding lease liabilities, rather than being hidden as off‑balance-sheet rent. For investors, this brings clearer visibility into a firm’s true obligations and asset base—like converting a long-term apartment rental into a visible mortgage-like entry—helping compare companies, assess leverage, and judge cash flow risks more accurately.
Earnings Snapshot
Third-quarter revenue: $217.613 million
Three and nine months ended September 30, 2026
Third-quarter revenue
$217.613 million
$267.804 million in 2025
Third-quarter net income attributable to Nutex Health
$40.229 million
$55.435 million in 2025
Third-quarter diluted EPS
$5.71 per share
$7.76 per share in 2025
Third-quarter Adjusted EBITDA attributable to Nutex Health
$63.877 million
$98.530 million in 2025
Nine-month revenue
$644.850 million
$723.578 million in 2025
Nine-month net income attributable to Nutex Health
$152.878 million
$58.955 million in 2025
Nine-month Adjusted EBITDA attributable to Nutex Health
$211.426 million
$242.965 million in 2025
Nine-month net cash provided by operating activities
$188.065 million
$177.736 million in 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Nutex Health's third-quarter 2026 results?
For the three months ended September 30, 2026, revenue was $217.613 million, net income attributable to Nutex Health was $40.229 million, diluted EPS was $5.71, and Adjusted EBITDA attributable to Nutex Health was $63.877 million. The corresponding 2025 figures were $267.804 million, $55.435 million, $7.76 and $98.530 million.
How did NUTX's nine-month earnings compare with 2025?
For the nine months ended September 30, 2026, net income attributable to Nutex Health was $152.878 million and diluted EPS was $21.50, compared with $58.955 million and $8.87 in 2025. Adjusted EBITDA attributable to Nutex Health was $211.426 million versus $242.965 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 5, 2026
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices) (zip code)
(713 ) 660-0557
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition
On November 5, 2026 , Nutex Health Inc. (the “Company”) announced its financial and operating results for the third quarter ending September 30, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits
| Exhibit No. | Description of Exhibit | ||||
| 99.1 | Press Release dated November 5, 2026 | ||||
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
THE INFORMATION CONTAINED IN ITEM 2.02 OF THIS CURRENT REPORT, INCLUDING EXHIBIT 99.1 ATTACHED HERETO, SHALL NOT BE DEEMED “FILED” FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, EXCEPT AS OTHERWISE EXPRESSLY STATED IN SUCH FILING.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: | |||||
| Nutex Health Inc. | |||||
By: /s/ Jon C. Bates | |||||
| Jon C. Bates | |||||
| Chief Financial Officer | |||||
NUTEX HEALTH REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
HOUSTON, TX − (PRNewswire) – NOVEMBER 5, 2026 – Nutex Health Inc. (“Nutex Health” or the “Company”) (NASDAQ and Nasdaq Texas: NUTX), today announced financial results for the three and nine months ended September 30, 2026. Nutex Health is a physician-led, healthcare services and operations company with 28 hospital facilities in 12 states (hospital division), and a primary care-centric, risk-bearing population health management division.
Financial review for the three months ended September 30, 2026:
•Net income attributable to Nutex Health was $40.2 million, or diluted EPS of $5.71, compared to $55.4 million, or diluted EPS of $7.76, for the three months ended September 30, 2025.
•EBITDA attributable to Nutex Health was $63.3 million and Adjusted EBITDA attributable to Nutex Health was $63.9 million, compared to $91.8 million and $98.5 million, respectively, for the three months ended September 30, 2025.
•Total visits at the Hospital Division increased 18.1% year over year to 54,622, while visits at same hospitals, which are hospitals that were opened by December 31, 2024, increased 12.4%.
•Net cash provided by operating activities was $78.3 million for the three months ended September 30, 2026, as compared to $99.5 million for the same period in 2025.
Financial review for the nine months ended September 30, 2026:
•Net income attributable to Nutex Health increased to $152.9 million, or diluted EPS of $21.50, compared to $59.0 million, or diluted EPS of $8.87, for the nine months ended September 30, 2025.
•EBITDA attributable to Nutex Health was $225.8 million and Adjusted EBITDA attributable to Nutex Health was $211.4 million (including the $52.3 million non-cash reduction to contract services expense resulting from the change in estimate described below), compared to $142.9 million and $243.0 million, respectively, for the nine months ended September 30, 2025.
•Total visits at the Hospital Division increased 10.2% year over year to 154,326, while visits at same hospitals increased 6.3%.
•Net cash provided by operating activities was $188.1 million for the nine months ended September 30, 2026, as compared to $177.7 million for the same period in 2025; and as of September 30, 2026, the Company had long-term debt, net of $34.2 million, compared to $29.2 million as of December 31, 2025.
•As of September 30, 2026, the Company had total assets of $1.0 billion, including cash and cash equivalents of $249.9 million, as compared to $918.5 million in total assets and $185.6 million in cash and cash equivalents as of December 31, 2025.
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.
Total revenue decreased 10.9% to $644.9 million for the nine months ended September 30, 2026, compared to $723.6 million for the same period in 2025, while hospital division revenue at same hospitals decreased 11.2%. Total revenue decreased 18.7% to $217.6 million for the three months ended September 30, 2026, compared to $267.8 million for the same period in 2025, while hospital division revenue at same hospitals decreased 20.1%. The decrease was primarily driven by factors that favorably impacted revenue recognized in 2025, including the availability of additional collection data that supported higher estimates for services rendered in 2024, and the reconciliation of certain ineligible charts during the fourth quarter of 2025 that had been included from mid-2024 through the first nine months of 2025.
Of the Company's billable visits, approximately 50-60% are submitted through the IDR process, with 40-50% of all billable visits resulting in an award determination. When an award determination is made, Nutex Health prevailed in over 80% of those determinations over the last nine months and collects, on average, over 80% of the award amounts as calculated on awards from inception through March of 2026.
For the three and nine months ended September 30, 2026, total cost of arbitration was $27.8 million and $61.4 million, respectively, compared to $41.9 million and $116.2 million for the same periods in 2025. Results for the nine months ended September 30, 2026 include a $52.3 million reduction to contract services expense resulting from a change in estimate related to the June 30, 2026 amendment to the Company’s agreement with HaloMD and the reduction in the CMS administrative fee, which increased net income attributable to Nutex Health by $25.0 million, or $4.83 per diluted share.
Total stock-based compensation expense for the nine months ended September 30, 2026 was $6.4 million, compared to $119.6 million for the same period in 2025. Net income attributable to Nutex Health increased 159% in the first nine months of 2026 as
1
compared to the same period in 2025, primarily due to lower stock-based compensation related to obligations for under-construction and ramping hospitals.
“2026 is continuing to be a solid financial year, including total revenue of $644.9 million, net income attributable to Nutex of $152.9 million, diluted EPS of $21.50 per share, and $188.1 million of operating cash flow in the first nine months of 2026. We also delivered meaningful operating income improvement, with operating income increasing to $280.1 million for the first nine months of 2026 from $244.7 million in the same period of 2025. Our balance sheet remains strong with a cash balance of $249.9 million and long-term debt of $34.2 million. We believe that we are well positioned to finish the year strong as we continue to grow with the expected opening of two new hospitals in the fourth quarter,” stated Jon Bates, Chief Financial Officer of Nutex Health.
“We’re very pleased with our progress in the first nine months of 2026. Patient volumes are growing across both existing hospitals and the overall network, while cash collections remain strong. Our de novo hospital development pipeline remains robust, with exciting growth opportunities ahead,” 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 nine months ended September 30, 2026, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.
Conference Call on Third Quarter 2026 Results
The Company will host a conference call on Friday, November 6, 2026 at 9:30 a.m. CT to discuss its results for the first three quarters of 2026.
Participant Listening: 1-877-407-9208 or 1-201-493-6784
Participant Link: https://callme.viavid.com/viavid/?callme=true&passcode=13746493&h=true&info=company&r=true&B=6
To access the call, please dial in approximately five minutes before the start time. Those who are unable to attend the live conference call may access the recording on the Company's website.
2
NUTEX HEALTH INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| (In thousands, except share and per share amounts) | September 30, 2026 | December 31, 2025 | ||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 249,911 | $ | 185,574 | ||||||||||
| Restricted cash and short-term investments | 3,649 | 297 | ||||||||||||
| Accounts receivable | 356,061 | 319,440 | ||||||||||||
| Accounts receivable - related parties | 4,777 | 5,978 | ||||||||||||
| Inventories | 5,144 | 2,866 | ||||||||||||
| Prepaid expenses and other current assets | 13,700 | 24,656 | ||||||||||||
| Total current assets | 633,242 | 538,811 | ||||||||||||
Property and equipment, net (accumulated depreciation of 36,565 and 31,696 as of September 30, 2026 and December 31, 2025, respectively) | 103,241 | 94,581 | ||||||||||||
| Operating lease right-of-use assets | 22,897 | 26,955 | ||||||||||||
| Financing lease right-of-use assets | 235,077 | 222,367 | ||||||||||||
| Intangible assets, net | 20,255 | 21,230 | ||||||||||||
| Goodwill, net | 13,919 | 13,919 | ||||||||||||
| Other assets | 3,745 | 662 | ||||||||||||
| Total assets | $ | 1,032,376 | $ | 918,525 | ||||||||||
| Liabilities and Equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 10,181 | $ | 45,863 | ||||||||||
| Accounts payable - related parties | 5,220 | 3,104 | ||||||||||||
| Lines of credit | 66 | 740 | ||||||||||||
| Current portion of long-term debt | 8,104 | 13,336 | ||||||||||||
| Operating lease liabilities, current portion | 1,998 | 2,152 | ||||||||||||
| Financing lease liabilities, current portion | 7,092 | 7,077 | ||||||||||||
| Accrued arbitration expenses | 51,276 | 49,743 | ||||||||||||
| Accrued income tax expense | 3,965 | 867 | ||||||||||||
| Accrued stock-based compensation | 11,549 | 8,256 | ||||||||||||
| Accrued expenses and other current liabilities | 33,494 | 26,773 | ||||||||||||
| Total current liabilities | 132,945 | 157,911 | ||||||||||||
| Long-term debt, net | 34,200 | 29,174 | ||||||||||||
| Non-current operating lease liabilities, net | 25,887 | 30,037 | ||||||||||||
| Non-current financing lease liabilities, net | 287,635 | 268,877 | ||||||||||||
| Deferred tax liabilities | 10,799 | 9,089 | ||||||||||||
| Total liabilities | 491,466 | 495,088 | ||||||||||||
Commitments and contingencies (Note 10) | ||||||||||||||
| Equity: | ||||||||||||||
Common stock, $0.001 par value; 950,000,000 shares authorized; 6,857,504 and 7,086,670 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 7 | 7 | ||||||||||||
| Additional paid-in capital | 568,870 | 615,627 | ||||||||||||
| Accumulated deficit | (133,309) | (286,187) | ||||||||||||
| Nutex Health Inc. equity | 435,568 | 329,447 | ||||||||||||
| Noncontrolling interests | 105,342 | 93,990 | ||||||||||||
| Total equity | 540,910 | 423,437 | ||||||||||||
| Total liabilities and equity | $ | 1,032,376 | $ | 918,525 | ||||||||||
3
NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (In thousands, except per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||
| Hospital division | $ | 209,097 | $ | 260,239 | $ | 618,519 | $ | 700,488 | ||||||||||||||||||
| Population health management division | 8,516 | 7,565 | 26,331 | 23,090 | ||||||||||||||||||||||
| Total revenue | 217,613 | 267,804 | 644,850 | 723,578 | ||||||||||||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||||||||
| Payroll | 48,415 | 38,817 | 132,605 | 109,961 | ||||||||||||||||||||||
| Contract services | 43,691 | 53,837 | 105,305 | 153,601 | ||||||||||||||||||||||
| Medical supplies | 4,132 | 3,307 | 13,483 | 11,920 | ||||||||||||||||||||||
| Depreciation and amortization | 5,622 | 5,003 | 16,431 | 15,343 | ||||||||||||||||||||||
| Other | 14,227 | 11,959 | 42,491 | 34,610 | ||||||||||||||||||||||
| Total operating costs and expenses | 116,087 | 112,923 | 310,315 | 325,435 | ||||||||||||||||||||||
| Gross profit | 101,526 | 154,881 | 334,535 | 398,143 | ||||||||||||||||||||||
| Corporate and other costs: | ||||||||||||||||||||||||||
| Stock-based compensation | 7,388 | 13,217 | 6,357 | 119,606 | ||||||||||||||||||||||
| General and administrative expenses | 17,040 | 11,297 | 48,097 | 33,830 | ||||||||||||||||||||||
| Total corporate and other costs | 24,428 | 24,514 | 54,454 | 153,436 | ||||||||||||||||||||||
| Operating income | 77,098 | 130,367 | 280,081 | 244,707 | ||||||||||||||||||||||
| Interest expense, net | 4,862 | 5,452 | 14,215 | 17,250 | ||||||||||||||||||||||
| Other (income) expense | (304) | 976 | (319) | 8,570 | ||||||||||||||||||||||
| Income before taxes | 72,540 | 123,939 | 266,185 | 218,887 | ||||||||||||||||||||||
| Income tax expense | 15,197 | 27,140 | 49,762 | 55,138 | ||||||||||||||||||||||
| Net income | 57,343 | 96,799 | 216,423 | 163,749 | ||||||||||||||||||||||
| Less: net income attributable to noncontrolling interests | 17,114 | 41,364 | 63,545 | 104,794 | ||||||||||||||||||||||
| Net income attributable to Nutex Health Inc. | $ | 40,229 | $ | 55,435 | $ | 152,878 | $ | 58,955 | ||||||||||||||||||
| Earnings per common share: | ||||||||||||||||||||||||||
| Basic | $ | 5.87 | $ | 8.27 | $ | 22.05 | $ | 9.63 | ||||||||||||||||||
| Diluted | $ | 5.71 | $ | 7.76 | $ | 21.50 | $ | 8.87 | ||||||||||||||||||
4
NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Nine Months Ended September 30, | ||||||||||||||
| (In thousands) | 2026 | 2025 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income | $ | 216,423 | $ | 163,749 | ||||||||||
| Adjustment to reconcile net income to net cash from operating activities: | ||||||||||||||
| Depreciation and amortization | 16,431 | 15,343 | ||||||||||||
| Stock-based compensation expense | 6,357 | 119,606 | ||||||||||||
| Changes to deferred taxes | 1,710 | 22,942 | ||||||||||||
| Debt accretion expense | 61 | 756 | ||||||||||||
| Non-cash effect of change in estimate | (52,319) | — | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| (Increase)/Decrease in Accounts receivable | (36,621) | (154,960) | ||||||||||||
| (Increase)/Decrease in Accounts receivable - related party | 1,201 | (3,751) | ||||||||||||
| (Increase)/Decrease in Inventories | (2,278) | (308) | ||||||||||||
| (Increase)/Decrease in Income tax receivable | — | (12,097) | ||||||||||||
| (Increase)/Decrease in Prepaid expenses and other current assets | 7,873 | (6,376) | ||||||||||||
| (Increase)/Decrease in Operating right-of-use assets | 4,058 | 518 | ||||||||||||
| Increase/(Decrease) in Accounts payable | (4,013) | 36,637 | ||||||||||||
| Increase/(Decrease) in Accounts payable - related party | 2,116 | 3,276 | ||||||||||||
| Increase/(Decrease) in Operating lease liabilities | (4,304) | (164) | ||||||||||||
| Increase/(Decrease) in Accrued arbitration expenses | 22,183 | 16,571 | ||||||||||||
| Increase/(Decrease) in Accrued income tax expense | 3,098 | (26,533) | ||||||||||||
| Increase/(Decrease) in Accrued expenses and other current liabilities | 6,089 | 2,527 | ||||||||||||
| Net cash provided by operating activities | 188,065 | 177,736 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Acquisitions of property and equipment | (8,945) | (1,117) | ||||||||||||
| Proceeds from restricted short-term investment | — | 2,941 | ||||||||||||
| Cash related to asset acquisition | — | (1,994) | ||||||||||||
| Net cash used in investing activities | (8,945) | (170) | ||||||||||||
5
| Nine Months Ended September 30, | ||||||||||||||
| (In thousands) | 2026 | 2025 | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Proceeds from lines of credit | — | 5,043 | ||||||||||||
| Proceeds from notes payable | 934 | 273 | ||||||||||||
| Repayments of lines of credit | (673) | (3,293) | ||||||||||||
| Repayments of notes payable | (4,817) | (8,319) | ||||||||||||
| Repayments of finance leases | (4,453) | (4,004) | ||||||||||||
| Proceeds from exercise of warrants | 250 | — | ||||||||||||
| Cash related to stock repurchases and retirements | (50,689) | — | ||||||||||||
| Members' contributions | 1,725 | 316 | ||||||||||||
| Members' distributions | (53,708) | (42,174) | ||||||||||||
| Net cash used in financing activities | (111,431) | (52,158) | ||||||||||||
| Net change in cash, cash equivalents, and restricted cash | 67,689 | 125,408 | ||||||||||||
| Cash and cash equivalents - beginning of the period | 185,574 | 40,640 | ||||||||||||
| Restricted cash and short-term investment - beginning of period | 297 | — | ||||||||||||
| Cash and cash equivalents and restricted cash and short-term investment - beginning of period | 185,871 | 40,640 | ||||||||||||
| Cash and cash equivalents - end of period | 249,911 | 166,048 | ||||||||||||
| Restricted cash and short-term investment - end of period | 3,649 | — | ||||||||||||
| Cash and cash equivalents and restricted cash and short-term investment - end of period | $ | 253,560 | $ | 166,048 | ||||||||||
Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as supplemental non-GAAP financial measures 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 these measures allow us to more effectively evaluate our operating performance.
We define EBITDA as net income attributable to Nutex Health Inc. plus interest expense, net, income taxes, depreciation, and amortization. Interest expense, net includes interest on lease liabilities, which is a component of total finance lease cost.
We define Adjusted EBITDA as net income attributable to Nutex Health Inc. plus interest expense, net, income taxes, depreciation and amortization, further adjusted for stock-based compensation, finance lease payments related to leases under Accounting Standards Codification Topic 842: Leases ("ASC 842"), certain defined items of expense and any acquisition-related costs and impairments. A reconciliation of net income to EBITDA and 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 update provides greater transparency into our operating performance.
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EBITDA and Adjusted EBITDA are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. EBITDA and Adjusted EBITDA follow (in thousands):
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Reconciliation of net income attributable to Nutex Health Inc. to Adjusted EBITDA: | |||||||||||
| Net income attributable to Nutex Health Inc. | $ | 40,229 | $ | 55,435 | |||||||
| Depreciation and amortization | 5,622 | 5,003 | |||||||||
| Interest expense, net | 4,862 | 5,452 | |||||||||
| Income tax expense | 15,197 | 27,140 | |||||||||
| Allocation to noncontrolling interests | (2,565) | (1,243) | |||||||||
| EBITDA | 63,345 | 91,787 | |||||||||
| Stock-based compensation | 7,388 | 13,217 | |||||||||
Finance lease payments | (6,856) | (6,474) | |||||||||
| Adjusted EBITDA | $ | 63,877 | $ | 98,530 | |||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Reconciliation of net income attributable to Nutex Health Inc. to Adjusted EBITDA: | |||||||||||
| Net income attributable to Nutex Health Inc. | $ | 152,878 | $ | 58,955 | |||||||
| Depreciation and amortization | 16,431 | 15,343 | |||||||||
| Interest expense, net | 14,215 | 17,250 | |||||||||
| Income tax expense | 49,762 | 55,138 | |||||||||
| Allocation to noncontrolling interests | (7,490) | (3,815) | |||||||||
| EBITDA | 225,796 | 142,871 | |||||||||
| Stock-based compensation | 6,357 | 119,606 | |||||||||
| Finance lease payments | (20,727) | (19,512) | |||||||||
| Adjusted EBITDA | $ | 211,426 | $ | 242,965 | |||||||
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About Nutex Health Inc.
Headquartered in Houston, Texas, Nutex Health Inc. (NASDAQ and Nasdaq Texas: NUTX) is a physician-led, healthcare services and operations company with three divisions: a Hospital Division, a Population Health Management Division, and a Real Estate Division.
The Hospital Division owns, develops, and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments. This division owns and operates 28 hospital facilities in 12 states.
The Population Health Management Division owns and operates provider networks such as Independent Physician Associations. Through our Management Services Organization, we provide management, administrative and other support services to our affiliated hospitals and physician groups.
The Real Estate division comprises of real estate entities along with activity related to the development and construction of hospital facilities. The real estate entities own the land and hospital buildings which are leased to our hospital entities.
Forward-Looking Statements
Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform 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, regulatory and litigation uncertainty under the No Surprises Act, lawsuits filed by health insurance providers against our third party provider in the arbitration process, sales of a substantial amount of our Common Stock by our stockholders, our obligation to issue additional shares of our common stock to former doctor owners of under construction hospitals, manipulative short seller reports, the impact of litigation and disputes, including pending earn-out disputes, securities class actions, derivative actions and class actions related to the recent cybersecurity incident, impacts of the recent and potential future cybersecurity incidents, our ability to successfully execute our growth strategy, including the timing of new hospital openings, economic conditions, dependence on management, 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, 2025 under the heading “Risk Factors” in Part I, Item 1A thereof, and in the Quarterly Reports on Form 10-Q for the periods ended March 31, 2026, June 30, 2026, and September 30, 2026, under the heading “Risk Factors” in Part II, Item 1A thereof, and the risk factors and other cautionary statements contained in our other filings 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.
FOR ADDITIONAL INFORMATION:
Nutex Health, Inc.
Vivian Sanders - Director of Marketing
investors@nutexhealth.com
– Media Contact
vsanders@nutexhealth.com
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