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Earnings surge at Nutex Health (NASDAQ: NUTX) with higher cash flow

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Nutex Health Inc. reported higher profitability for the three months ended March 31, 2026. Total revenue rose 2.2% to $216.5 million, led by hospital division revenue of $207.6 million and modest growth in population health management. Hospital division visits increased 3.1% year over year to 49,742.

Net income attributable to Nutex Health climbed to $46.8 million, with diluted EPS of $6.52, up from $3.33 a year earlier. EBITDA was $68.3 million, while Adjusted EBITDA declined to $57.6 million from $72.8 million. Operating cash flow improved to $75.5 million, cash and cash equivalents reached $207.3 million, and long-term debt, net decreased to $24.3 million.

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Insights

Profitability and cash flow strengthened despite modest revenue growth and lower Adjusted EBITDA.

Nutex Health delivered 2.2% revenue growth to $216.5M, driven mainly by hospital division revenue of $207.6M and a 3.1% increase in hospital visits. Population health management revenue also increased to $8.9M, adding a diversified income stream.

Net income attributable to the company more than doubled to $46.8M, and diluted EPS rose to $6.52, while EBITDA increased to $68.3M. However, Adjusted EBITDA declined to $57.6M from $72.8M, reflecting lower stock-based compensation and finance lease adjustments in the metric.

Operating cash flow strengthened to $75.5M for the quarter, helping boost cash and equivalents to $207.3M as of March 31, 2026, while long-term debt, net fell to $24.3M. This mix of stronger earnings, higher cash generation, and lower debt, alongside softer Adjusted EBITDA, presents a nuanced operating picture for future company disclosures.

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, and exhibit attachments filed with this report.
Total revenue $216.5M Three months ended March 31, 2026; up 2.2% year over year
Net income attributable to Nutex Health $46.8M Three months ended March 31, 2026 vs $21.2M in 2025
Diluted EPS $6.52 Three months ended March 31, 2026; up from $3.33 in 2025
EBITDA $68.3M Three months ended March 31, 2026 vs $51.5M in 2025
Adjusted EBITDA $57.6M Three months ended March 31, 2026 vs $72.8M in 2025
Net cash from operating activities $75.5M Three months ended March 31, 2026 vs $51.0M in 2025
Cash and cash equivalents $207.3M Balance as of March 31, 2026 vs $185.6M at December 31, 2025
Long-term debt, net $24.3M As of March 31, 2026 vs $29.2M at December 31, 2025
Hospital division visits 49,742 Total visits in hospital division; up 3.1% year over year
EBITDA financial
"EBITDA attributable to Nutex Health was $68.3 million and Adjusted EBITDA..."
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
Adjusted EBITDA financial
"We define Adjusted EBITDA as net income attributable to Nutex Health Inc. plus net interest expense..."
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.
finance lease financial
"Finance lease payments related to leases under ASC 842."
A finance lease is a long-term rental arrangement that, for accounting and economic purposes, looks and acts like buying the asset: the user records the asset and a matching liability on its balance sheet and typically takes on most of the risks and rewards of ownership. For investors this matters because finance leases increase reported assets and debt, change profit and cash-flow measures, and reveal fixed future payment commitments—similar to discovering a company has taken out a loan to acquire equipment rather than simply paying month-to-month rent.
Population Health Management division financial
"The Population Health Management division owns and operates provider networks..."
No Surprises Act regulatory
"regulatory and litigation uncertainty under the No Surprises Act"
Revenue $216.5M +2.2% year over year
Net income attributable to Nutex Health $46.8M vs $21.2M in 2025
Diluted EPS $6.52 vs $3.33 in 2025
EBITDA $68.3M vs $51.5M in 2025
Adjusted EBITDA $57.6M vs $72.8M in 2025
Net cash from operating activities $75.5M vs $51.0M in 2025
0001479681FALSE00014796812026-04-302026-04-30

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) April 30, 2026
NUTEX HEALTH INC.
(Exact name of registrant as specified in its charter)
Delaware
001-41346
11-3363609
(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):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Precommencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Precommencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbols(s)Name of each exchange on which registered
Common Stock, $0.001 par valueNUTXThe NASDAQ Stock Market LLC
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 April 30, 2026, Nutex Health Inc. (the “Company”) announced its financial and operating results for the first quarter ending March 31, 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 April 30, 2026
104Cover 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: April 30, 2026
Nutex Health Inc.
By: /s/ Jon C. Bates
Jon C. Bates
Chief Financial Officer


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NUTEX HEALTH REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS
HOUSTON, TX − (PRNewswire) – APRIL 30, 2026Nutex Health Inc. (“Nutex Health” or the “Company”) (NASDAQ: NUTX), today announced financial results for the three months ended March 31, 2026. 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 three months ended March 31, 2026:
Total revenue increased 2.2% to $216.5 million compared to $211.8 million for the same period in 2025, driven by 1.8% growth in hospital division revenue to $207.6 million from $203.9 million, while revenue at same hospitals, which are hospitals that were opened by December 31, 2024, increased 0.2%.
Net income attributable to Nutex Health increased to $46.8 million, or diluted EPS of $6.52, compared to $21.2 million, or diluted EPS of $3.33, for the three months ended March 31, 2025.
EBITDA attributable to Nutex Health was $68.3 million and Adjusted EBITDA attributable to Nutex Health was $57.6 million, compared to $51.5 million and $72.8 million, respectively, for the months ended March 31, 2025.
Total visits at the Hospital Division increased 3.1% year over year to 49,742, while visits at same hospitals increased 0.6%.
Net cash provided by operating activities was $75.5 million for the three months ended March 31, 2026 as compared to $51.0 million for the same period in 2025; and as of March 31, 2026, the Company had long-term debt, net of $24.3 million, down from $29.2 million 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.
Within the hospital division, revenue from same hospitals increased 0.2% compared to the first quarter 2025, while a meaningful portion of total hospital revenue continued to be supported by higher acuity claims and favorable outcomes in the Independent Dispute Resolution (“IDR”) process. The Company has submitted between 50–60% of its claims through IDR; when an award determination is made, Nutex Health currently prevails in over 85% of those determinations and collects, on average, over 80% of the award amounts, with arbitration costs approximating 35% of arbitration-related revenue. Total stock-based compensation expense for the three months ended March 31, 2026 was $(3.9) million, compared to $27.6 million for the same period in 2025. Net income attributable to Nutex Health increased 120.6% in the first quarter of 2026 as compared to the same period in 2025, underscoring strong operating cash generation and execution of its planned growth strategy.
“The 2026 year has started out strong producing solid revenue of $216.5 million, net income attributable to Nutex of $46.8 million, diluted EPS of $6.52 per share and $75.5 million of operating cash flow in the quarter. Our balance sheet remains very strong with a record high cash balance of $207.3 million. We are well positioned for our planned growth of three new hospital openings later this year,” stated Jon Bates, Chief Financial Officer of Nutex Health.
"2026 is off to a solid start as we are pleased to share our first set of 2026 financial results. Operationally, we continue to make significant progress in strengthening internal processes and targeted investments designed to drive both patient volumes and inpatient admissions," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.
Dr. Vo continues: "We remain on track to target a sustainable development pace of three to five hospitals annually. Importantly, our Board of Directors has approved Nutex Health to begin selective self-development of new facilities through our real estate division starting in 2026, evaluated on a case-by-case basis. This strategic investment underscores our confidence in the long‑term growth opportunities and ensures that our hospital development pipeline remains strong and durable."
For more details on the Company’s financial results for the three months ended March 31, 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 First Quarter 2026 Results
The Company will host a conference call on Friday, May 1, 2026 at 9:30 a.m. CT to discuss its results for the first quarter 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 start time. Those who are unable to attend the live conference call may access the recording on the Company's website.
1


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share and per share amounts)March 31, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$207,347 $185,574 
Restricted cash3,292 297 
Accounts receivable339,560 319,440 
Accounts receivable - related parties6,339 5,978 
Inventories4,679 2,866 
Prepaid expenses and other current assets18,432 24,656 
Total current assets579,649 538,811 
Property and equipment, net (accumulated depreciation of 33,598 and 31,696 as of March 31, 2026 and December 31, 2025, respectively)
94,927 94,581 
Operating lease right-of-use assets26,554 26,955 
Financing lease right-of-use assets220,696 222,367 
Intangible assets, net20,905 21,230 
Goodwill, net13,919 13,919 
Other assets668 662 
Total assets$957,318 $918,525 
Liabilities and Equity
Current liabilities:
Accounts payable$46,452 $45,863 
Accounts payable - related parties3,920 3,104 
Lines of credit146 740 
Current portion of long-term debt16,728 13,336 
Operating lease liabilities, current portion2,176 2,152 
Financing lease liabilities, current portion7,364 7,077 
Accrued arbitration expenses56,833 49,743 
Accrued income tax expense15,594 867 
Accrued stock-based compensation2,723 8,256 
Accrued expenses and other current liabilities32,500 26,773 
Total current liabilities184,436 157,911 
Long-term debt, net24,261 29,174 
Non-current operating lease liabilities, net29,633 30,037 
Non-current financing lease liabilities, net268,778 268,877 
Deferred tax liabilities8,157 9,089 
Total liabilities515,265 495,088 
Commitments and contingencies (Note 10)
Equity:
Common stock, $0.001 par value; 950,000,000 shares authorized; 6,951,622 and 7,086,670 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
Additional paid-in capital585,666 615,627 
Accumulated deficit(239,380)(286,187)
Nutex Health Inc. equity346,293 329,447 
Noncontrolling interests95,760 93,990 
Total equity442,053 423,437 
Total liabilities and equity$957,318 $918,525 
2


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended March 31,
(In thousands, except per share amounts)20262025
Revenue:
Hospital division$207,570 $203,947 
Population health management division8,915 7,842 
Total revenue216,485 211,789 
Operating costs and expenses:
Payroll41,439 34,860 
Contract services60,532 38,655 
Medical supplies4,009 3,801 
Depreciation and amortization5,492 5,092 
Other13,283 11,043 
Total operating costs and expenses124,755 93,451 
Gross profit91,730 118,338 
Corporate and other costs:
Stock-based compensation(3,915)27,642 
General and administrative expenses14,380 10,035 
Total corporate and other costs10,465 37,677 
Operating income81,265 80,661 
Interest expense, net4,682 6,120 
Other expense23 3,325 
Income before taxes76,560 71,216 
Income tax expense13,797 20,410 
Net income62,763 50,806 
Less: net income attributable to noncontrolling interests15,956 29,589 
Net income attributable to Nutex Health Inc.$46,807 $21,217 
Earnings per common share:
Basic$6.70 $3.74 
Diluted$6.52 $3.33 
3


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
(In thousands)20262025
Cash flows from operating activities:
Net income$62,763 $50,806 
Adjustment to reconcile net income to net cash from operating activities:
Depreciation and amortization5,492 5,092 
Stock-based compensation expense(3,915)27,642 
Changes to deferred taxes(932)(2,500)
Debt accretion expense33 253 
Changes in operating assets and liabilities:
(Increase)/Decrease in Accounts receivable(20,120)(62,633)
(Increase)/Decrease in Accounts receivable - related party(361)(656)
(Increase)/Decrease in Inventories(1,813)(268)
(Increase)/Decrease in Prepaid expenses and other current assets6,218 (1,378)
(Increase)/Decrease in Operating right-of-use assets401 406 
Increase/(Decrease) in Accounts payable289 10,222 
Increase/(Decrease) in Accounts payable - related party816 1,334 
Increase/(Decrease) in Operating lease liabilities(380)(245)
Increase/(Decrease) in Accrued arbitration expenses7,090 4,061 
Increase/(Decrease) in Accrued income tax expense14,727 19,598 
Increase/(Decrease) in Accrued expenses and other current liabilities5,210 (769)
Net cash provided by operating activities75,518 50,965 
Cash flows from investing activities:
Acquisitions of property and equipment(1,201)(64)
Net cash used in investing activities(1,201)(64)
Cash flows from financing activities:
Proceeds from lines of credit— 3,864 
Proceeds from notes payable— 157 
Repayments of lines of credit(594)(292)
Repayments of notes payable(1,554)(1,810)
Repayments of finance leases(1,553)(1,367)
Cash related to stock repurchases and retirements(31,730)— 
Members' contributions1,239 — 
Members' distributions(15,357)(7,364)
Net cash used in financing activities(49,549)(6,812)
Net change in cash, cash equivalents, and restricted cash24,768 44,089 
Cash and cash equivalents - beginning of the period185,574 40,640 
Restricted cash - beginning of period297 — 
Cash and cash equivalents and restricted cash - beginning of period185,871 40,640 
Cash and cash equivalents - end of period207,347 84,729 
Restricted cash - end of period3,292 — 
Cash and cash equivalents and restricted cash - end of period$210,639 $84,729 
4


Non-GAAP Financial Measures (Unaudited)
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, income taxes, depreciation and amortization. Interest expense 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 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. 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.
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 follows (in thousands):
Three Months Ended March 31,
20262025
Reconciliation of net income attributable to Nutex Health Inc. to Adjusted EBITDA:
Net income attributable to Nutex Health Inc.$46,807 $21,217 
Depreciation and amortization5,492 5,092 
Interest expense, net4,682 6,120 
Income tax expense13,797 20,410 
Allocation to noncontrolling interests(2,473)(1,297)
EBITDA68,305 51,542 
Stock-based compensation(3,915)27,642 
Finance lease payments
(6,826)(6,363)
Adjusted EBITDA$57,564 $72,821 

5


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 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.
6


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
7

FAQ

How did Nutex Health (NUTX) perform financially in Q1 2026?

Nutex Health reported higher profitability in Q1 2026. Total revenue rose 2.2% to $216.5 million, while net income attributable to the company increased to $46.8 million. Diluted EPS grew to $6.52, showing stronger earnings versus the same period in 2025.

What were Nutex Health (NUTX) revenue drivers in Q1 2026?

Revenue growth came mainly from the hospital division. Hospital division revenue reached $207.6 million, up from $203.9 million, and population health management revenue rose to $8.9 million. Total revenue increased 2.2% year over year to $216.5 million for the quarter.

How did Nutex Health’s EBITDA and Adjusted EBITDA change in Q1 2026?

In Q1 2026, Nutex Health’s EBITDA increased to $68.3 million from $51.5 million, while Adjusted EBITDA declined to $57.6 million from $72.8 million. The company’s Adjusted EBITDA reflects adjustments for stock-based compensation, finance lease payments, and other specified items.

What was Nutex Health’s cash flow and debt position in Q1 2026?

Net cash provided by operating activities rose to $75.5 million in Q1 2026 from $51.0 million a year earlier. As of March 31, 2026, Nutex Health held $207.3 million in cash and cash equivalents and had $24.3 million of long-term debt, net, down from $29.2 million.

How did patient volumes at Nutex Health change in Q1 2026?

Total visits at Nutex Health’s hospital division increased to 49,742, a 3.1% year-over-year rise. Same-hospital visits grew 0.6%. These higher visit volumes supported the 1.8% increase in hospital division revenue to $207.6 million during the quarter.

What non-GAAP measures does Nutex Health (NUTX) highlight for Q1 2026?

Nutex Health emphasizes EBITDA and Adjusted EBITDA as key non-GAAP metrics. For Q1 2026, EBITDA was $68.3 million and Adjusted EBITDA was $57.6 million. These measures supplement GAAP results to help evaluate operating performance, subject to the stated reconciliation.

Filing Exhibits & Attachments

4 documents