FULL YEAR 2025 HIGHLIGHTS:
- Total revenue of $875.3 million for the year 2025versus $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, March 5, 2026 /PRNewswire/ -- 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.
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.
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.
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 7 6
shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
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.
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.
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.
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)
Three months ended Three months ended
December 31, 2025 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.
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.
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.
View original content:https://www.prnewswire.com/news-releases/nutex-health-reports-2025-financial-results-and-announces-second-stock-repurchase-program-302706111.html
SOURCE Nutex Health, Inc.
Nutex Health, Inc., Jennifer Rodriguez - Investor Relations, investors@nutexhealth.com; Media Contact, jrodriguez@nutexhealth.com