Nutex Health (NASDAQ: NUTX) posts 82% 2025 revenue surge to $875.3M
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Nutex Health reported strong growth for 2025 while highlighting its reliance on arbitration-related revenue and a weaker fourth quarter. For the year ended December 31, 2025, total revenue rose to $875.3 million from $479.9 million, driven mainly by the hospital division, which generated $844.2 million. About $527.8 million of hospital revenue, roughly 63%, came from higher acuity claims and success in the Independent Dispute Resolution process, where the company reports prevailing in over 85% of determinations with an average collection rate above 85%.
Full-year net income attributable to Nutex Health increased to $70.8 million, including $117.0 million of non‑cash stock‑based compensation tied to earn‑out shares. Diluted EPS was $10.48. EBITDA attributable to Nutex Health was $168.6 million, and Adjusted EBITDA rose to $259.6 million. Net cash from operating activities totaled $248.1 million. As of year‑end, the company reported total assets of $918.5 million, including cash and cash equivalents of $185.6 million and long‑term debt, net, of $29.2 million.
Fourth quarter 2025 revenue fell to $151.7 million from $257.6 million a year earlier, largely due to a one‑time $55.0 million cumulative true‑up for ineligible arbitration claims and the absence of $69.0 million of arbitration revenue that benefited the prior‑year quarter. Adjusted EBITDA for the quarter declined to $16.6 million. After normalizing for these items, the company states that fourth quarter 2025 revenue would have exceeded the prior‑year period. Hospital division visits grew 11.8% for the full year to 188,279, with a 6.1% increase in the fourth quarter. Nutex also indicated it is launching a second stock repurchase program.
Positive
- Strong 2025 growth and profitability: Total revenue rose to $875.3 million (up 82.4% year over year), Adjusted EBITDA increased to $259.6 million (up 152.6%), and net cash from operating activities reached $248.1 million, supporting a cash balance of $185.6 million versus long‑term debt, net, of $29.2 million.
Negative
- High dependence on arbitration-related revenue and Q4 volatility: About 63% of 2025 hospital revenue came from higher acuity and arbitration outcomes, while reported fourth quarter revenue fell 41.1% year over year due to a $55.0 million arbitration true‑up and prior‑year arbitration timing, highlighting regulatory and process sensitivity.
Insights
Full-year growth and cash generation are strong, but results depend heavily on arbitration outcomes and show a weaker reported fourth quarter.
Nutex Health delivered substantial 2025 growth, with total revenue reaching
The business model is closely tied to arbitration under the No Surprises Act. Of the
Reported fourth quarter
Strong cash flow supports Nutex Health’s balance sheet and a second stock repurchase, but non-cash equity costs are elevated.
Nutex Health generated net cash from operating activities of
However, total stock‑based compensation for the year rose sharply to
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) March 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) | ||||||
1776 Yorktown St, Suite 700, Houston, Texas 77056
(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 March 5, 2026, Nutex Health Inc. (the “Company”) announced its financial and operating results for the fourth quarter and year ending December 31, 2025. 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 March 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: March 5, 2026 | |||||
| Nutex Health Inc. | |||||
By: /s/ Jon C. Bates | |||||
| Jon C. Bates | |||||
| Chief Financial Officer | |||||
NUTEX HEALTH REPORTS 2025 FINANCIAL RESULTS AND ANNOUNCES SECOND STOCK REPURCHASE PROGRAM
FULL YEAR 2025 HIGHLIGHTS:
•Total revenue of $875.3 million for the year 2025 versus $479.9 million for the year 2024, an increase of 82.4%
•Net income attributable to Nutex Health of $70.8 million for 2025 versus net income of $52.1 million for 2024, an increase of $18.7 million
•Diluted EPS of $10.48 for 2025 versus diluted EPS of $9.69 for 2024
•EBITDA of $168.6 million for 2025 versus $98.8 million for 2024, an increase of 70.6%
•Adjusted EBITDA of $259.6 million for 2025 versus $102.8 million for 2024, an increase of 152.6%
•Net cash from operating activities of $248.1 million for 2025
HOUSTON, TX − (PRNewswire) – MARCH 5, 2026 – Nutex Health Inc. (“Nutex Health” or the “Company”) (NASDAQ: NUTX), today announced fourth quarter and fiscal year 2025 financial results for the twelve months ended December 31, 2025. Nutex Health is a physician-led, healthcare services and operations company with 27 hospital facilities in 12 states (hospital division), and a primary care-centric, risk-bearing physician network.
Financial highlights for the twelve months ended December 31, 2025:
•Total revenue increased $395.3 million to $875.3 million for the twelve months ended December 31, 2025 as compared to total revenue of $479.9 million for the same period in 2024, an increase of 82.4%. The hospital division drove most of this growth, generating $844.2 million, up 188.0% from $449.1 million, for the year ended December 31, 2025. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 73.4% in 2025 compared to 2024.
•Of the 844.2 million in hospital revenue, $527.8 million (or approximately 63%) related to a combination of both higher acuity claims as well as success through the Independent Dispute Resolution ("IDR") process.
•Regarding arbitration-related revenue: we have submitted between 50-60% of our claims through the IDR process. When an award determination is made, we currently prevail in over 85% of those determinations, and have an average collection rate of over 85% of the determination wins.
•Arbitration costs approximate 26% of the arbitration related revenue.
•Total stock-based compensation expense for the twelve months ended December 31, 2025 was $117.0 million compared to $16.6 million for the same period in 2024.
•Operating income for the twelve months ended December 31, 2025 was $275.6 million compared to $130.7 million for the same period in 2024, representing a $144.9 million improvement year over year.
•Net income attributable to Nutex Health for the twelve months ended December 31, 2025 of $70.8 million as compared to net income attributable to Nutex Health of $52.1 million for the same period in 2024. The $70.8 million in net income includes non-cash stock-based compensation expense in the form of one-time obligations of earn-out shares issuable to qualifying under construction and ramping hospitals of $117.0 million, while the $52.1 million net income includes non-cash stock-based compensation expense of $16.6 million.
•Diluted EPS of $10.48 for 2025 versus diluted EPS of $9.69 for 2024.
•EBITDA attributable to Nutex Health of $168.6 million, as compared to EBITDA attributable to Nutex Health of $98.8 million for the twelve months ended December 31, 2024, an increase of 70.6%.
•Adjusted EBITDA attributable to Nutex Health of $259.6 million, as compared to Adjusted EBITDA attributable to Nutex Health of $102.8 million for the twelve months ended December 31, 2024, an increase of 152.6%.
•Total visits at the Hospital Division were 188,279 for the twelve months ended December 31, 2025, as compared to 168,388 for the same period in 2024, an increase of 19,891 or 11.8%. Visits at mature hospitals increased by 1.3% in the twelve months ended December 31, 2025 as compared to the same period in 2024.
•Net cash from operating activities of $248.1 million for the twelve months ended December 31, 2025.
•As of December 31, 2025, the Company had total assets of $918.5 million, including cash and cash equivalents of $185.6 million, and long-term debt, net of $29.2 million.
1
Financial highlights for the three months ended December 31, 2025:
•Total revenue decreased $105.9 million to $151.7 million for the three months ended December 31, 2025 as compared to total revenue of $257.6 million for the same period in 2024, a decrease of 41.1%.
•The Company attributes the $105.9 million decrease primarily to two items.
1.A one‑time $55.0 million cumulative true-up of 18,950 arbitration claims that arbitrators determined were ineligible under the IDR process. These claims were submitted for the period from July 2024 through December 2025.
•The one-time cumulative arbitration true-up resulted from a mid‑2025 CMS directive instructing the certified independent dispute resolution entities to address and clear their backlog of disputes. The associated catch‑up reduced the number of active disputes compared to the same period in 2024 and contributed to lower net revenue for the quarter.
2.Arbitration revenues of $69.0 million relating to submissions during the third quarter of 2024 that were recorded in the fourth quarter of 2024. Prior to September 30, 2024, the Company did not have sufficient historical data to determine the likelihood of a prevailing determination, the potential award amount, or the collectibility of such awards.
•After considering the impact of the adjustments above, the 2025 fourth quarter revenue would be $206.7 million and the 2024 fourth quarter revenue would be $188.6 million, which resulted in a revenue increase of $18.1 million period-to-period, primarily driven by higher patient visits in the fourth quarter of 2025 compared to the fourth quarter of 2024.
•Total stock-based compensation expense for the three months ended December 31, 2025 was $(2.6) million compared to $14.6 million for the same period in 2024.
•Operating income for the three months ended December 31, 2025 was $30.9 million compared to $114.3 million for the same period in 2024, a decrease of $83.4 million quarter over quarter.
•Net income attributable to Nutex Health for the three months ended December 31, 2025 of $11.8 million as compared to net income attributable to Nutex Health of $61.6 million for the same period in 2024. The $11.8 million in net income includes non-cash stock-based compensation expense of $(2.6) million, while the $61.6 million net income includes non-cash stock-based compensation expense of $14.6 million.
•EBITDA attributable to Nutex Health of $25.7 million, as compared to EBITDA attributable to Nutex Health of $78.9 million for the three months ended December 31, 2024, a decrease of 67.4%.
•Adjusted EBITDA attributable to Nutex Health of $16.6 million, as compared to Adjusted EBITDA attributable to Nutex Health of $86.7 million for the three months ended December 31, 2024, a decrease of 80.8%.
•Total visits at the Hospital Division were 48,205 for the three months ended December 31, 2025, as compared to 45,444 for the same period in 2024, an increase of 2,761 or 6.1%. Visits at mature hospitals decreased by 0.3% in the three months ended December 31, 2025 as compared to the same period in 2024.
•Net cash from operating activities of $70.4 million for the three months ended December 31, 2025, as compared to $0.1 million for the same period in 2024.
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 continuing to add to a record year with 82% revenue growth, Adjusted EBITDA attributable to Nutex Health of $259.6 million, a 126.4% increase in gross profit and a record high cash balance of $185.6 million. Our financial performance highlights the strength of the business model with our strong balance sheet positioning us well for our planned growth strategy,” stated Jon Bates, Chief Financial Officer of Nutex Health.
"We are thrilled to share our exceptionally strong 2025 financial results with our investors. Compared to 2024, we delivered improvements across nearly all key financial metrics. During 2025 and early 2026, we successfully opened three new micro-hospitals, further expanding our national footprint. In addition, both ER visits and inpatient admissions grew year over year, reflecting increased demand and strengthened operational performance," stated Tom Vo, M.D, MBA, Chairman and Chief Executive Officer of Nutex Health.
Dr. Vo added: "Importantly, we also remediated all previously disclosed material weaknesses in internal controls over financial reporting in 2025—an accomplishment that enhances transparency, highlights the strength in our internal controls, and reinforces investor confidence. Looking ahead, we are well positioned for continued growth through a balanced strategy that includes both de novo hospital development and increased patient volumes across our existing facilities."
For more details on the Company’s financial results for the twelve months ended December 31, 2025, please refer to our Annual Report on Form 10-K filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.
2
Share Repurchase Program
The Board of Directors has authorized a second stock repurchase program of up to $25.0 million of the Company’s common stock over the next six months. The purpose of the share repurchase is to increase shareholder value and offset dilution from the future issuance of 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 $25.0 million of its outstanding shares of common stock, exclusive of any fees, commissions or other expenses related to such repurchases. The stock repurchase program permits the Company to repurchase shares of common stock at any time or from time to time in open market transactions made in accordance with the provisions of Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions or by other means in accordance with applicable securities laws.
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.
Conference Call on Fourth Quarter and Full Year 2025 Results
The Company will host a conference call on Friday, March 6, 2026 at 9:30 a.m. CT to discuss its results for the fourth quarter and full year of 2025.
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 start time. Those who are unable to attend the live conference call may access the recording on the Company's website.
3
NUTEX HEALTH INC.
CONSOLIDATED BALANCE SHEETS
| December 31 | ||||||||||||||
| (In thousands, except share and per share amounts) | 2025 | 2024 | ||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 185,574 | $ | 40,640 | ||||||||||
| Restricted cash | 297 | — | ||||||||||||
| Restricted short-term investments | — | 2,941 | ||||||||||||
| Accounts receivable | 319,440 | 232,449 | ||||||||||||
| Accounts receivable - related parties | 5,978 | 3,602 | ||||||||||||
| Inventories | 2,866 | 2,850 | ||||||||||||
| Prepaid expenses and other current assets | 24,656 | 9,997 | ||||||||||||
| Total current assets | 538,811 | 292,479 | ||||||||||||
| Property and equipment, net | 94,581 | 77,933 | ||||||||||||
| Operating lease right-of-use assets | 26,955 | 27,872 | ||||||||||||
| Financing lease right-of-use assets | 222,367 | 218,889 | ||||||||||||
| Intangible assets, net | 21,230 | 15,530 | ||||||||||||
| Goodwill, net | 13,919 | 13,919 | ||||||||||||
| Deferred tax assets | — | 7,987 | ||||||||||||
| Other assets | 662 | 711 | ||||||||||||
| Total assets | $ | 918,525 | $ | 655,320 | ||||||||||
| Liabilities and Equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 45,863 | $ | 9,614 | ||||||||||
| Accounts payable - related parties | 3,104 | 806 | ||||||||||||
| Lines of credit | 740 | 3,554 | ||||||||||||
| Current portion of long-term debt | 13,336 | 14,395 | ||||||||||||
| Operating lease liabilities, current portion | 2,152 | 2,080 | ||||||||||||
| Financing lease liabilities, current portion | 7,077 | 7,705 | ||||||||||||
| Accrued arbitration expenses | 49,743 | 47,742 | ||||||||||||
| Accrued income tax expense | 867 | 26,533 | ||||||||||||
| Accrued stock-based compensation | 8,256 | 16,356 | ||||||||||||
| Accrued expenses and other current liabilities | 26,773 | 25,440 | ||||||||||||
| Total current liabilities | 157,911 | 154,225 | ||||||||||||
| Long-term debt, net | 29,174 | 22,466 | ||||||||||||
| Non-current operating lease liabilities, net | 30,037 | 30,617 | ||||||||||||
| Non-current financing lease liabilities, net | 268,877 | 259,479 | ||||||||||||
| Deferred tax liabilities | 9,089 | — | ||||||||||||
| Total liabilities | 495,088 | 466,787 | ||||||||||||
| Commitments and contingencies (Note 10) | ||||||||||||||
| Equity: | ||||||||||||||
Common stock, $0.001 par value; 950,000,000 shares authorized; 7,086,670 and 5,511,452 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 7 | 6 | ||||||||||||
| Additional paid-in capital | 615,627 | 489,409 | ||||||||||||
| Accumulated deficit | (286,187) | (356,976) | ||||||||||||
| Nutex Health Inc. equity | 329,447 | 132,439 | ||||||||||||
| Noncontrolling interests | 93,990 | 56,094 | ||||||||||||
| Total equity | 423,437 | 188,533 | ||||||||||||
| Total liabilities and equity | $ | 918,525 | $ | 655,320 | ||||||||||
See accompanying notes to the consolidated financial statements.
4
NUTEX HEALTH INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| Year ended December 31, | ||||||||||||||||||||
| (In thousands, except per share amounts) | 2025 | 2024 | 2023 | |||||||||||||||||
| Revenue: | ||||||||||||||||||||
| Hospital division | $ | 844,162 | $ | 449,064 | $ | 218,070 | ||||||||||||||
| Population health management division | 31,095 | 30,885 | 29,576 | |||||||||||||||||
| Total revenue | 875,257 | 479,949 | 247,646 | |||||||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||
| Payroll | 158,081 | 117,527 | 108,378 | |||||||||||||||||
| Contract services | 190,315 | 100,757 | 42,350 | |||||||||||||||||
| Medical supplies | 17,241 | 15,285 | 14,151 | |||||||||||||||||
| Depreciation and amortization | 20,530 | 18,972 | 17,592 | |||||||||||||||||
| Other | 44,809 | 31,146 | 30,401 | |||||||||||||||||
| Total operating costs and expenses | 430,976 | 283,687 | 212,872 | |||||||||||||||||
| Gross profit | 444,281 | 196,261 | 34,774 | |||||||||||||||||
| Corporate and other costs: | ||||||||||||||||||||
| Facilities closing costs | — | — | 217 | |||||||||||||||||
| Acquisition costs | — | — | 44 | |||||||||||||||||
| Stock-based compensation | 117,003 | 16,555 | 2,836 | |||||||||||||||||
| Impairment of assets | — | 3,887 | 29,082 | |||||||||||||||||
| Impairment of goodwill | — | 3,197 | 1,139 | |||||||||||||||||
| General and administrative expenses | 51,653 | 41,924 | 33,230 | |||||||||||||||||
| Total corporate and other costs | 168,656 | 65,563 | 66,548 | |||||||||||||||||
| Operating income (loss) | 275,625 | 130,698 | (31,774) | |||||||||||||||||
| Interest expense, net | 22,226 | 19,932 | 16,318 | |||||||||||||||||
| Loss on warrant liability | — | 1,609 | — | |||||||||||||||||
| Other (income) expense | 8,618 | (669) | 399 | |||||||||||||||||
| Income (loss) before taxes | 244,781 | 109,826 | (48,491) | |||||||||||||||||
| Income tax expense (benefit) | 64,424 | 15,020 | (5,067) | |||||||||||||||||
| Net income (loss) | 180,357 | 94,806 | (43,424) | |||||||||||||||||
| Less: net income attributable to noncontrolling interests | 109,568 | 42,709 | 2,363 | |||||||||||||||||
| Net income (loss) attributable to Nutex Health Inc. | $ | 70,789 | $ | 52,097 | $ | (45,787) | ||||||||||||||
| Earnings (loss) per common share | ||||||||||||||||||||
| Basic | $ | 11.13 | $ | 10.23 | $ | (10.39) | ||||||||||||||
| Diluted | $ | 10.48 | $ | 9.69 | $ | (10.39) | ||||||||||||||
See accompanying notes to the consolidated financial statements.
5
NUTEX HEALTH INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | ||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net income (loss) | $ | 180,357 | $ | 94,806 | $ | (43,424) | ||||||||||||||
| Adjustment to reconcile net income (loss) to net cash from operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 20,530 | 18,972 | 17,592 | |||||||||||||||||
| Impairment of assets | — | 3,887 | 29,082 | |||||||||||||||||
| Impairment of goodwill | — | 3,197 | 1,139 | |||||||||||||||||
| Derecognition of goodwill | — | 453 | — | |||||||||||||||||
| Loss on warrant liability | — | 1,609 | — | |||||||||||||||||
| Stock-based compensation expense | 117,003 | 16,555 | 2,836 | |||||||||||||||||
| Changes to deferred taxes | 17,076 | (13,133) | (5,707) | |||||||||||||||||
| Debt accretion expense | 902 | 1,042 | 1,210 | |||||||||||||||||
| Loss on lease termination | — | — | 58 | |||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| (Increase)/Decrease in Accounts receivable | (86,943) | (173,957) | (970) | |||||||||||||||||
| (Increase)/Decrease in Accounts receivable - related party | (2,376) | 550 | (3,614) | |||||||||||||||||
| (Increase)/Decrease in Inventories | (16) | 540 | 143 | |||||||||||||||||
| (Increase)/Decrease in Prepaid expenses and other current assets | (14,610) | (7,021) | (817) | |||||||||||||||||
| (Increase)/Decrease in Operating right-of-use assets | 917 | 1,147 | 1,632 | |||||||||||||||||
| Increase/(Decrease) in Accounts payable | 35,555 | (8,682) | (4,715) | |||||||||||||||||
| Increase/(Decrease) in Accounts payable - related party | 2,298 | (2,037) | 2,467 | |||||||||||||||||
| Increase/(Decrease) in Operating lease liabilities | (508) | (1,528) | (1,501) | |||||||||||||||||
| Increase/(Decrease) in Accrued arbitration expenses | 2,002 | 47,742 | — | |||||||||||||||||
| Increase/(Decrease) in Accrued income tax expense | (25,666) | 26,533 | — | |||||||||||||||||
| Increase/(Decrease) in Accrued expenses and other current liabilities | 1,604 | 12,478 | 5,846 | |||||||||||||||||
| Net cash provided by operating activities | 248,125 | 23,153 | 1,257 | |||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Acquisitions of property and equipment | (2,526) | (2,304) | (9,497) | |||||||||||||||||
| Purchase of restricted short-term investment | — | (2,941) | — | |||||||||||||||||
| Cash related to sale of business | — | (361) | — | |||||||||||||||||
| Proceeds from restricted short-term investment | 1,596 | — | — | |||||||||||||||||
| Payments for acquisitions of businesses, net of cash acquired | — | — | (704) | |||||||||||||||||
| Cash related to asset acquisition | (4,312) | — | — | |||||||||||||||||
| Cash related to deconsolidation of Real Estate Entities | — | — | (1,039) | |||||||||||||||||
| Net cash used in investing activities | (5,242) | (5,606) | (11,240) | |||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Proceeds from lines of credit | 5,043 | 2,262 | 2,341 | |||||||||||||||||
| Proceeds from notes payable | — | 7,015 | 16,953 | |||||||||||||||||
| Proceeds from convertible notes | — | — | 4,910 | |||||||||||||||||
| Repayments of lines of credit | (7,857) | (2,079) | (1,593) | |||||||||||||||||
| Repayments of notes payable | (11,382) | (9,969) | (16,479) | |||||||||||||||||
| Repayments of finance leases | (5,244) | (4,628) | (3,485) | |||||||||||||||||
| Proceeds from common stock issuance, net issuance costs | — | 9,202 | — | |||||||||||||||||
| Proceeds from exercise of warrants | — | 2,373 | — | |||||||||||||||||
| Cash related to stock repurchases and retirements | (5,000) | — | — | |||||||||||||||||
| Members' contributions | 767 | 3,353 | 298 | |||||||||||||||||
| Members' distributions | (74,276) | (6,438) | (5,215) | |||||||||||||||||
| Net cash provided by (used in) financing activities | (97,949) | 1,091 | (2,270) | |||||||||||||||||
| Net change in cash and cash equivalents | 144,934 | 18,638 | (12,253) | |||||||||||||||||
| Cash and cash equivalents - beginning of the period | 40,640 | 22,002 | 34,255 | |||||||||||||||||
| Restricted cash - beginning of period | — | — | — | |||||||||||||||||
| Cash and cash equivalents and restricted cash - beginning of period | 40,640 | 22,002 | 34,255 | |||||||||||||||||
| Cash and cash equivalents - end of period | 185,574 | 40,640 | 22,002 | |||||||||||||||||
| Restricted cash - end of period | 297 | — | — | |||||||||||||||||
| Cash and cash equivalents and restricted cash - end of period | 185,871 | $ | 40,640 | $ | 22,002 | |||||||||||||||
See accompanying notes to the consolidated financial statements.
6
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 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):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA: | |||||||||||||||||
| Net income (loss) attributable to Nutex Health Inc. | $ | 70,789 | $ | 52,097 | $ | (45,786) | |||||||||||
| Depreciation and amortization | 20,530 | 18,972 | 17,592 | ||||||||||||||
| Interest expense, net | 22,226 | 19,932 | 16,318 | ||||||||||||||
| Income tax expense (benefit) | 64,424 | 15,020 | (5,067) | ||||||||||||||
| Allocation to noncontrolling interests | (9,385) | (7,176) | (5,546) | ||||||||||||||
| EBITDA | 168,584 | 98,845 | (22,489) | ||||||||||||||
| Facility closing costs | — | — | 217 | ||||||||||||||
| Acquisition costs | — | — | 43 | ||||||||||||||
| Loss on warrant liability | — | 1,609 | — | ||||||||||||||
| Stock-based compensation | 117,003 | 16,555 | 2,836 | ||||||||||||||
| Impairment of assets | — | 3,887 | 29,082 | ||||||||||||||
| Impairments of goodwill | — | 3,197 | 1,139 | ||||||||||||||
Finance lease payments(1) | (26,022) | (21,319) | (16,658) | ||||||||||||||
| Adjusted EBITDA | $ | 259,565 | $ | 102,774 | $ | (5,830) | |||||||||||
7
| Three months ended December 31, 2025 | Three months ended December 31, 2024 | ||||||||||
| Unaudited | Unaudited | ||||||||||
| Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA: | |||||||||||
| Net income (loss) attributable to Nutex Health Inc. | $ | 11,834 | $ | 61,612 | |||||||
| Depreciation and amortization | 5,187 | 5,280 | |||||||||
| Interest expense, net | 4,976 | 5,052 | |||||||||
| Income tax expense | 9,286 | 9,152 | |||||||||
| Allocation to noncontrolling interests | (5,570) | (2,195) | |||||||||
| EBITDA | 25,713 | 78,901 | |||||||||
| Loss on warrant liability | — | 536 | |||||||||
| Stock-based compensation | (2,603) | 14,603 | |||||||||
| Impairment of assets | — | (11) | |||||||||
Finance lease payments(1) | (6,510) | (7,363) | |||||||||
| Adjusted EBITDA | $ | 16,600 | $ | 86,666 | |||||||
(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.
8
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. This division owns and operates 27 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.
9
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, 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, our ability to successfully execute our growth strategy, 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 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.
FOR ADDITIONAL INFORMATION:
Nutex Health, Inc.
Jennifer Rodriguez – Investor Relations
investors@nutexhealth.com
– Media Contact
jrodriguez@nutexhealth.com
10
FAQ
How did Nutex Health (NUTX) perform financially in full-year 2025?
Nutex Health reported strong 2025 results, with total revenue of $875.3 million and net income attributable to Nutex Health of $70.8 million. Adjusted EBITDA rose to $259.6 million, and net cash from operating activities totaled $248.1 million, reflecting robust cash generation alongside earnings growth.
What drove Nutex Health’s 2025 revenue growth to $875.3 million?
The hospital division was the main growth driver, producing $844.2 million in 2025 revenue, up sharply from $449.1 million. About $527.8 million of this related to higher acuity claims and Independent Dispute Resolution wins, which contributed significantly to the overall 82.4% revenue increase.
Why did Nutex Health’s Q4 2025 revenue decline compared to Q4 2024?
Fourth quarter 2025 revenue decreased to $151.7 million from $257.6 million, mainly due to a one‑time $55.0 million cumulative true‑up for ineligible arbitration claims and the absence of $69.0 million arbitration revenue that had been recognized in the fourth quarter of 2024.
How important is arbitration revenue to Nutex Health’s 2025 results?
Arbitration-related revenue is significant. Of $844.2 million hospital revenue in 2025, about $527.8 million, or roughly 63%, was tied to higher acuity claims and Independent Dispute Resolution outcomes. The company reports prevailing in over 85% of decided IDR cases with collection rates above 85%.
What were Nutex Health’s 2025 EPS, EBITDA, and Adjusted EBITDA?
For 2025, Nutex Health reported diluted EPS of $10.48 and EBITDA attributable to Nutex Health of $168.6 million. Adjusted EBITDA attributable to Nutex Health was $259.6 million, reflecting add-backs including $117.0 million of stock-based compensation and adjustments such as finance lease payments.
What does Nutex Health’s 2025 balance sheet and cash flow show?
As of December 31, 2025, Nutex Health had total assets of $918.5 million, including cash and cash equivalents of $185.6 million, and long‑term debt, net, of $29.2 million. Net cash from operating activities was $248.1 million, indicating strong internal cash generation.
Did Nutex Health announce any stock repurchase activity with 2025 results?
Yes. Alongside 2025 financial results, Nutex Health stated that it is announcing a second stock repurchase. The materials reference the new repurchase program but do not provide specific size or timing details within the provided excerpt.
Filing Exhibits & Attachments
4 documents
Nutex Health Inc
NASDAQ:NUTX
NUTX Rankings
NUTX Latest News
Mar 5, 2026
NUTEX HEALTH REPORTS 2025 FINANCIAL RESULTS AND ANNOUNCES SECOND STOCK REPURCHASE PROGRAM
Feb 25, 2026
Nutex Health Schedules 2025 Fourth Quarter and Year-End Financial Results and Earnings Conference Call
NUTX Latest SEC Filings
Mar 5, 2026
[10-K] Nutex Health, Inc. Files Annual Report