EX-99.1 2 nutx-20250630xexx99.htm EX-99.1 Document

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NUTEX HEALTH REPORTS JUNE 30, 2025 SECOND QUARTER AND YEAR-TO-DATE FINANCIAL RESULTS
•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, TX − (PRNewswire) – NOVEMBER 18, 2025 – 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.
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•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.
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NUTEX HEALTH INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share and per share amounts)June 30, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$96,733 $40,640 
Restricted short-term investments— 2,941 
Accounts receivable349,220 232,449 
Accounts receivable - related parties5,737 3,602 
Inventories2,275 2,850 
Prepaid expenses and other current assets19,060 9,997 
Total current assets473,025 292,479 
Property and equipment, net82,915 77,933 
Operating lease right-of-use assets27,751 27,872 
Financing lease right-of-use assets215,398 218,889 
Intangible assets, net14,880 15,530 
Goodwill, net13,919 13,919 
Deferred tax assets12,852 7,987 
Other assets288 711 
Total assets$841,028 $655,320 
Liabilities and Equity
Current liabilities:
Accounts payable$28,076 $9,614 
Accounts payable - related parties1,975 806 
Lines of credit7,859 3,554 
Current portion of long-term debt18,951 14,395 
Operating lease liabilities, current portion2,087 2,080 
Financing lease liabilities, current portion7,072 7,705 
Accrued arbitration expenses68,785 47,742 
Accrued income tax expense8,364 26,533 
Accrued stock-based compensation24,173 16,356 
Accrued expenses and other current liabilities27,532 25,440 
Total current liabilities194,874 154,225 
Long-term debt, net20,463 22,466 
Operating lease liabilities, net30,805 30,617 
Financing lease liabilities, net258,009 259,479 
Total liabilities504,151 466,787 
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
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Additional paid-in capital588,699 489,409 
Accumulated deficit(353,456)(356,976)
Nutex Health Inc. equity235,250 132,439 
Noncontrolling interests101,627 56,094 
Total equity336,877 188,533 
Total liabilities and equity$841,028 $655,320 
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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)2025202420252024
Revenue:
Hospital division$236,302 $67,605 $440,249 $127,634 
Population health management division7,683 8,477 15,525 15,902 
Total revenue243,985 76,082 455,774 143,536 
Operating costs and expenses:
Payroll36,284 28,398 71,144 55,401 
Contract services61,109 9,505 99,764 20,825 
Medical supplies4,812 3,589 8,613 8,911 
Depreciation and amortization5,248 4,533 10,340 8,719 
Other11,608 7,496 22,651 16,962 
Total operating costs and expenses119,061 53,521 212,512 110,818 
Gross profit124,924 22,561 243,262 32,718 
Corporate and other costs:
Stock-based compensation78,747 (61)106,389 (12)
Impairment of assets— 3,474 — 3,474 
Impairment of goodwill— 3,197 — 3,197 
General and administrative expenses12,498 10,652 22,533 19,310 
Total corporate and other costs91,245 17,262 128,922 25,969 
Operating income33,679 5,299 114,340 6,749 
Interest expense, net5,678 5,054 11,798 9,499 
Gain on warrant liability— (3,060)— (5,661)
Other (income) expense4,269 (599)7,594 (840)
Income before taxes23,732 3,904 94,948 3,751 
Income tax expense7,588 894 27,998 1,283 
Net income16,144 3,010 66,950 2,468 
Less: net income attributable to noncontrolling interests33,841 3,374 63,430 3,196 
Net income (loss) attributable to Nutex Health Inc.$(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)
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NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
(In thousands)20252024
Cash flows from operating activities:
Net income$66,950 $2,468 
Adjustment to reconcile net income to net cash from operating activities:
Depreciation and amortization10,340 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 expense106,389 (12)
Changes to deferred taxes(4,865)(2,341)
Debt accretion expense504 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 Inventories575 631 
(Increase)/Decrease in Prepaid expenses and other current assets(8,640)(1,693)
(Increase)/Decrease in Operating right-of-use assets121 162 
Increase/(Decrease) in Accounts payable19,334 (1,617)
Increase/(Decrease) in Accounts payable - related party1,169 414 
Increase/(Decrease) in Operating lease liabilities194 (370)
Increase/(Decrease) in Accrued arbitration expenses21,043 — 
Increase/(Decrease) in Accrued income tax expense(18,169)— 
Increase/(Decrease) in Accrued expenses and other current liabilities2,180 10,482 
Net cash provided by operating activities78,222 16,311 
Cash flows from investing activities:
Acquisitions of property and equipment(815)(1,292)
Proceeds from restricted short-term investment2,941 — 
Cash related to sale of business— (711)
Cash related to asset acquisition(1,994)— 
Net cash used in investing activities132 (2,003)
Cash flows from financing activities:
Proceeds from lines of credit4,606 132 
Proceeds from notes payable258 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' contributions242 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 equivalents56,093 18,806 
Cash and cash equivalents - beginning of the period40,640 22,002 
Cash and cash equivalents - end of the period$96,733 $40,808 
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Non-GAAP Financial Measures (Unaudited)
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.
We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.
We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense and any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. A reconciliation of net income (loss) to Adjusted EBITDA is included below.
Beginning in the first quarter of 2025, we updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.
Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Adjusted EBITDA follows (in thousands):
Three Months Ended June 30,
20252024
Reconciliation of net loss attributable to Nutex Health Inc. to Adjusted EBITDA:(Updated)(Prior)(Updated)(Prior)
Net loss attributable to Nutex Health Inc.$(17,697)$(17,697)$(364)$(364)
Depreciation and amortization5,248 5,248 4,533 4,533 
Interest expense, net5,678 5,678 5,055 5,055 
Income tax expense7,588 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 compensation78,747 78,747 (61)(61)
Adjusted EBITDA$71,614 $78,289 $6,848 $12,039 
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Six Months Ended June 30,
20252024
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 amortization10,340 10,340 8,719 8,719 
Interest expense, net11,798 11,798 9,499 9,499 
Income tax expense27,998 27,998 1,283 1,283 
Allocation to noncontrolling interests(2,572)(2,572)(3,172)(3,172)
EBITDA51,084 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 compensation106,389 106,389 (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.
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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.
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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.
FOR ADDITIONAL INFORMATION:
Nutex Health, Inc.
Jennifer Rodriguez – Investor Relations
investors@nutexhealth.com
– Media Contact
jrodriguez@nutexhealth.com
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