NUTEX HEALTH REPORTS JUNE 30, 2025 SECOND QUARTER AND YEAR-TO-DATE FINANCIAL RESULTS

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November 18, 2025 6:59 PM EST
  • Total revenue of $455.8 million for the first half of 2025  versus $143.5 million for the first half of 2024, an increase of 217.5%
  • Net income attributable to Nutex Health Inc. of $3.5 million for the first half of 2025 versus net loss of $0.7 million for the first half of 2024, an increase of $4.2 million
  • Diluted income per share of $0.55 for the first half of 2025 versus a loss per share of $0.15 for the first half of 2024
  • EBITDA of $51.1 million for the first half of 2025 versus $15.6 million for the first half of 2024, an increase of 227.4%
  • Adjusted EBITDA of $144.4 million for the first half of 2025 versus $6.4 million for the first half of 2024, an increase  of 2144.2%
  • Net cash from operating activities of $78.2 million for the first half of 2025
  • On August 14, 2025 ,  the Board of Directors authorized a stock repurchase program of up to $25.0 million of the Company's common stock

HOUSTON, Nov. 18, 2025 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced financial results for the three and six months ended June 30, 2025. Nutex Health is a physician-led, integrated healthcare delivery system comprised of 24 state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks.

Financial highlights for the three months ended June 30, 2025:

  • Total revenue increased $167.9 million to $244.0 million for the three months ended June 30, 2025 as compared to total revenue of $76.1 million for the same period in 2024, an increase of 220.7%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 203.2% in 2025 compared to 2024.
  • Total stock-based compensation expense for the three months ended June 30, 2025 was $78.7 million, an increase of approximately $78.8 million compared to the same period in 2024. Approximately 99% of total stock-based compensation expense of $78.7 million is due to the one-time obligations for under-construction and ramping hospitals.
  • Operating income for the three months ended June 30, 2025 was $33.7 million compared to $5.3 million for the same period in 2024, representing a $28.4 million improvement year over year.
  • Net loss attributable to Nutex Health for the three months ended June 30, 2025 of $17.7 million as compared to net loss attributable to Nutex Health of $0.4 million for the same period in 2024. The $17.7 million in net loss includes non-cash stock-based compensation expense of $78.7 million, while the $0.4 million net loss includes no non-cash stock-based compensation expense.
  • EBITDA attributable to Nutex Health of $(0.5) million, as compared to EBITDA attributable to Nutex Health of $8.5 million for the three months ended June 30, 2024, a decrease of 105.4%.
  • Adjusted EBITDA attributable to Nutex Health of $71.6 million, as compared to Adjusted EBITDA attributable to Nutex Health of $6.8 million for the three months ended June 30, 2024.
  • Total visits at the Hospital Division were 45,573 for the three months ended June 30, 2025, as compared to 41,208 for the same period in 2024, an increase of 4,365 or 10.6%. Visits at mature hospitals increased by 0.6% in the three months ended June 30, 2025 as compared to the same period in 2024.
  • Net cash from operating activities of $27.3 million for the three months ended June 30, 2025.
  • As of June 30, 2025, the Company had total assets of $841.0 million, including cash and cash equivalents of $96.7 million, and long-term debt, net of $20.5 million.

Financial highlights for the six months ended June 30, 2025:

  • Total revenue increased $312.2 million to $455.8 million for the six months ended June 30, 2025 as compared to total revenue of $143.5 million for the same period in 2024, an increase of 217.5%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 195.2% in 2025 compared to 2024.
  • Total stock-based compensation expense for the six months ended June 30, 2025 was $106.4 million, an increase of approximately $106.4 million compared to the same period in 2024. Approximately 99% of total stock-based compensation expense of $106.4 million is due to the one-time obligations for under-construction and ramping hospitals.
  • Operating income for the six months ended June 30, 2025 was $114.3 million compared to $6.7 million for the same period in 2024, representing a $107.6 million improvement year over year.
  • Net income attributable to Nutex Health for the six months ended June 30, 2025 of $3.5 million as compared to net loss attributable to Nutex Health of $0.7 million for the same period in 2024. The $3.5 million in net income includes non-cash stock-based compensation expense of $106.4 million, while the $0.7 million net loss includes no non-cash stock-based compensation expense.
  • EBITDA attributable to Nutex Health of $51.1 million, as compared to EBITDA attributable to Nutex Health of $15.6 million for the six months ended June 30, 2024, an increase of 227.4%.
  • Adjusted EBITDA attributable to Nutex Health of $144.4 million, as compared to Adjusted EBITDA attributable to Nutex Health of $6.4 million for the six months ended June 30, 2024.
  • Total visits at the Hospital Division were 93,842 for the six months ended June 30, 2025, as compared to 81,276 for the same period in 2024, an increase of 12,566 or 15.5%. Visits at mature hospitals increased by 3.0% in the six months ended June 30, 2025 as compared to the same period in 2024.
  • Net cash from operating activities of $78.2 million for the six months ended June 30, 2025.

Share Repurchase Program

On August 14, 2025, the Board of Directors authorized a stock repurchase program of up to $25.0 million of the Company's common stock over the next six months. We anticipate executing this program opportunistically pending compliance with the Company's current reporting obligations.

The purpose of the share repurchase program is to increase shareholder value and offset dilution from the issuance of additional shares related to stock compensation obligations for under-construction and ramping hospitals. Pursuant to the stock repurchase program, the Company may repurchase, from time to time, up to an aggregate of $25.0 million of the 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 at management's discretion 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.

Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

"We are pleased to report 217.5% revenue growth, Adjusted EBITDA attributable to Nutex Health of $144.4 million, a 643.5% increase in gross profit and a record high cash balance of $96.7 million, highlighting the company's continued financial strength and solid fundamentals as we execute on our growth plan for 2025," stated Jon Bates, Chief Financial Officer of Nutex Health.

"The arbitration process that we started in 2024 is now an ongoing part of our revenue cycle management process. In addition, the Company believes its shares are currently undervalued, and our share repurchase program underscores our confidence in the long-term prospects of Nutex Health. We anticipate executing this program opportunistically over the next several months with the goal of driving increased earnings per share and total shareholder return," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

For more details on the Company's financial results for the three and six months ended June 30, 2025, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(In thousands, except share and per share amounts)


June 30, 2025


December 31,
2024

Assets





Current assets:





Cash and cash equivalents


$             96,733


$                  40,640

Restricted short-term investments


—


2,941

Accounts receivable


349,220


232,449

Accounts receivable - related parties


5,737


3,602

Inventories


2,275


2,850

Prepaid expenses and other current assets


19,060


9,997

Total current assets


473,025


292,479

Property and equipment, net


82,915


77,933

Operating lease right-of-use assets


27,751


27,872

Financing lease right-of-use assets


215,398


218,889

Intangible assets, net


14,880


15,530

Goodwill, net


13,919


13,919

Deferred tax assets


12,852


7,987

Other assets


288


711

Total assets


$           841,028


$                655,320






Liabilities and Equity





Current liabilities:





Accounts payable


$             28,076


$                    9,614

Accounts payable - related parties


1,975


806

Lines of credit


7,859


3,554

Current portion of long-term debt


18,951


14,395

Operating lease liabilities, current portion


2,087


2,080

Financing lease liabilities, current portion


7,072


7,705

Accrued arbitration expenses


68,785


47,742

Accrued income tax expense


8,364


26,533

Accrued stock-based compensation


24,173


16,356

Accrued expenses and other current liabilities


27,532


25,440

Total current liabilities


194,874


154,225

Long-term debt, net


20,463


22,466

Operating lease liabilities, net


30,805


30,617

Financing lease liabilities, net


258,009


259,479

Total liabilities


504,151


466,787






Commitments and contingencies (Note 10)










Equity:





Common stock, $0.001 par value; 950,000,000 shares authorized; 6,595,109 and 5,511,452 shares     
issued and outstanding as of June 30, 2025 and December 31, 2024, respectively


7


6

Additional paid-in capital


588,699


489,409

Accumulated deficit


(353,456)


(356,976)

Nutex Health Inc. equity


235,250


132,439

Noncontrolling interests


101,627


56,094

Total equity


336,877


188,533

Total liabilities and equity


$           841,028


$                655,320

 

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)




Three Months Ended June 30,


Six Months Ended June 30,

(In thousands, except share and per share amounts)


2025


2024


2025


2024

Revenue:









Hospital division


$         236,302


$           67,605


$         440,249


$         127,634

Population health management division


7,683


8,477


15,525


15,902

Total revenue


243,985


76,082


455,774


143,536










Operating costs and expenses:









Payroll


36,284


28,398


71,144


55,401

Contract services


61,109


9,505


99,764


20,825

Medical supplies


4,812


3,589


8,613


8,911

Depreciation and amortization


5,248


4,533


10,340


8,719

Other


11,608


7,496


22,651


16,962

Total operating costs and expenses


119,061


53,521


212,512


110,818










Gross profit


124,924


22,561


243,262


32,718










Corporate and other costs:









Stock-based compensation


78,747


(61)


106,389


(12)

Impairment of assets


—


3,474


—


3,474

Impairment of goodwill


—


3,197


—


3,197

General and administrative expenses


12,498


10,652


22,533


19,310

Total corporate and other costs


91,245


17,262


128,922


25,969










Operating income


33,679


5,299


114,340


6,749










Interest expense, net


5,678


5,054


11,798


9,499

Gain on warrant liability


—


(3,060)


—


(5,661)

Other (income) expense


4,269


(599)


7,594


(840)

Income before taxes


23,732


3,904


94,948


3,751










Income tax expense


7,588


894


27,998


1,283










Net income


16,144


3,010


66,950


2,468










Less: net income attributable to noncontrolling interests     


33,841


3,374


63,430


3,196










Net income (loss) attributable to Nutex Health Inc.


$          (17,697)


$               (364)


$              3,520


$               (728)










Income (loss)  per common share









Basic


$              (2.95)


$              (0.07)


$                0.60


$              (0.15)

Diluted


$              (2.95)


$              (0.07)


$                0.55


$              (0.15)

 

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)




Six Months Ended June 30,

(In thousands)


2025


2024

Cash flows from operating activities:





Net income


$             66,950


$               2,468

Adjustment to reconcile net income to net cash from operating activities:     





Depreciation and amortization


10,340


8,719

Gain on warrant liability


—


(5,661)

Impairment of assets


—


3,474

Impairment of goodwill


—


3,197

Derecognition of goodwill


—


453

Stock-based compensation expense


106,389


(12)

Changes to deferred taxes


(4,865)


(2,341)

Debt accretion expense


504


579

Changes in operating assets and liabilities:





(Increase)/Decrease in Accounts receivable


(116,768)


(2,149)

(Increase)/Decrease in Accounts receivable - related party


(2,135)


(425)

(Increase)/Decrease in Inventories


575


631

(Increase)/Decrease in Prepaid expenses and other current assets


(8,640)


(1,693)

(Increase)/Decrease in Operating right-of-use assets


121


162

Increase/(Decrease) in Accounts payable


19,334


(1,617)

Increase/(Decrease) in Accounts payable - related party


1,169


414

Increase/(Decrease) in Operating lease liabilities


194


(370)

Increase/(Decrease) in Accrued arbitration expenses


21,043


—

Increase/(Decrease) in Accrued income tax expense


(18,169)


—

Increase/(Decrease) in Accrued expenses and other current liabilities


2,180


10,482

Net cash provided by operating activities


78,222


16,311






Cash flows from investing activities:





Acquisitions of property and equipment


(815)


(1,292)

Proceeds from restricted short-term investment


2,941


—

Cash related to sale of business


—


(711)

Cash related to asset acquisition


(1,994)


—

Net cash used in investing activities


132


(2,003)






Cash flows from financing activities:





Proceeds from lines of credit


4,606


132

Proceeds from notes payable


258


4,915

Repayments of lines of credit


(301)


(594)

Repayments of notes payable


(5,697)


(6,157)

Repayments of finance leases


(2,593)


(1,440)

Proceeds from common stock issuance, net issuance costs


—


9,203

Members' contributions


242


301

Members' distributions


(18,776)


(1,862)

Net cash provided by (used in) financing activities


(22,261)


4,498

Net increase in cash and cash equivalents


56,093


18,806

Cash and cash equivalents - beginning of the period


40,640


22,002

Cash and cash equivalents - end of the period


$             96,733


$             40,808

Non-GAAP Financial Measures (Unaudited)

EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.

We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.

We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense and any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. A reconciliation of net income (loss) to Adjusted EBITDA is included below.

Beginning in the first quarter of 2025, we updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.

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

Three Months Ended June 30,


2025


2024

Reconciliation of net loss attributable to Nutex Health Inc. to     
Adjusted EBITDA:

(Updated)


(Prior)


(Updated)


(Prior)

Net loss attributable to Nutex Health Inc.

$          (17,697)


$          (17,697)


$               (364)


$               (364)

Depreciation and amortization

5,248


5,248


4,533


4,533

Interest expense, net

5,678


5,678


5,055


5,055

Income tax expense

7,588


7,588


893


893

Allocation to noncontrolling interests

(1,275)


(1,275)


(1,628)


(1,628)

EBITDA

(458)


(458)


8,489


8,489

Gain on warrant liability

—


—


(3,060)


(3,060)

Impairment of assets

—


—


3,474


3,474

Impairments of goodwill

—


—


3,197


3,197

Finance lease payments(1)

(6,675)


—


(5,191)


—

Stock-based compensation

78,747


78,747


(61)


(61)

Adjusted EBITDA

$           71,614


$           78,289


$              6,848


$           12,039




Six Months Ended June 30,


2025


2024

Reconciliation of net income (loss) attributable to Nutex     
Health Inc. to Adjusted EBITDA:

(Updated)


(Prior)


(Updated)


(Prior)

Net income (loss) attributable to Nutex Health Inc.

$              3,520


$              3,520


$               (728)


$               (728)

Depreciation and amortization

10,340


10,340


8,719


8,719

Interest expense, net

11,798


11,798


9,499


9,499

Income tax expense

27,998


27,998


1,283


1,283

Allocation to noncontrolling interests

(2,572)


(2,572)


(3,172)


(3,172)

EBITDA

51,084


51,084


15,601


15,601

Gain on warrant liability

—


—


(5,661)


(5,661)

Impairment of assets

—


—


3,474


3,474

Impairment of goodwill

—


—


3,197


3,197

Finance lease payments(1)

(13,038)


—


(10,163)


—

Stock-based compensation

106,389


106,389


(12)


(12)

Adjusted EBITDA

$         144,435


$         157,473


$              6,436


$           16,599



(1)   

Finance lease payments consist of cash payments for financing leases under ASC 842, which should be deducted from EBITDA. We believe this change is useful to investors to evaluate the ongoing operating performance of our business.

About Nutex Health Inc.

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

The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments (HOPDs). This division owns and operates 24 facilities in 11 states.

The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), we provide management, administrative and other support services to our affiliated hospitals and physician groups.

Forward-Looking Statements

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Report on Form 10-Q for the three and six months ended June 30, 2025 under the heading "Risk Factors" in Part II, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.

Cision View original content:https://www.prnewswire.com/news-releases/nutex-health-reports-june-30-2025-second-quarter-and-year-to-date-financial-results-302619385.html

SOURCE Nutex Health, Inc.


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