Total revenue of $479.9 million for the year 2024 versus $247.6 million for the year 2023, an increase of 93.8%
Net income attributable to Nutex Health Inc. of $52.1 million for 2024 versus net loss of $45.8 million for 2023
Diluted income per share of $9.69 for 2024 versus a loss per share of $10.39 for 2023
EBITDA of $98.8 million for 2024 versus $(22.5) million for 2023
Adjusted EBITDA of $124.1 million for 2024 versus $10.8 million for 2023, an increase of 1046.1%
Net cash from operating activities of $23.2 million for the year 2024
HOUSTON, Nov. 18, 2025 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ:NUTX), today announced restated fourth quarter 2024 and fiscal year 2024 financial results for the twelve months ended December 31, 2024. 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.
Year 2024 Restatement Background
As previously disclosed in Form 8-K filed on August 21, 2025, the Audit Committee of the Board of Directors of Nutex Health, after consultation with the Chief Financial Officer, concluded that the Company's previously issued consolidated financial statements as of and for the year ended December 31, 2024 contained in the originally filed Form 10-K should be restated for the items described below. The major balance sheet accounts affected by these non-cash adjustments are as follows:
Corrected the classification of non-cash, stock-based compensation obligations totaling $16.4 million related to under construction and ramping hospitals from equity to liabilities.
Reclassified related-party accounts payable balances of $3.5 million from liabilities to equity.
Reclassified $2.9 million of restricted balances out of cash and cash equivalents and into short-term investments.
Increased accrued income tax expense by $0.5 million.
These adjustments as of December 31, 2024, when compared to the previously issued financial statements, result in an overall net increase to liabilities, a similar decrease to equity, and a nominal decrease in net income. Total liabilities as of December 31, 2024 increased by $13.4 million (2.9%), while total equity correspondingly decreased by $13.4 million (6.6%). Net income for the year decreased by approximately $0.5 million (0.5%). As restated, earnings per share, diluted by unvested restricted stock and contingent issuable stock compensation decreased by $0.02 to $9.69 from $9.71, while earnings per share, basic decreased by $0.02 to $10.23 from $10.25 for the year ended December 31, 2024. These adjustments are non-cash in nature, had no material effect on key metrics including revenue, liquidity, short-term and long-term debt, operating cash flow, adjusted EBITDA or number of patient visits as of and for the periods presented therein, and had an immaterial impact on net income.
Financial highlights for the three months ended December 31, 2024 (as restated):
Total revenue increased $187.9 million to $257.6 million for the three months ended December 31, 2024 as compared to total revenue of $69.7 million for the same period in 2023, an increase of 269.8%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 175.6% in 2024 compared to 2023.
Total stock-based compensation expense for the three months ended December 31, 2024 was $14.6 million, compared to less than $0.6 million for the same period in 2023. Approximately 99% of total stock-based compensation expense of $14.6 million was due to one-time obligations for under-construction and ramping hospitals.
Operating income (including the negative impact of $14.6 million in non-cash stock-based compensation expense) for the three months ended December 31, 2024 was $114.3 million, compared to an operating loss of $26.1 million for the same period in 2023, representing a $140.4 million improvement year over year.
Net income attributable to Nutex Health for the three months ended December 31, 2024 was $61.6 million as compared to net loss attributable to Nutex Health of $31.6 million for the same period in 2023. The $61.6 million in net income included non-cash stock-based compensation expense of $14.6 million, while the $31.6 million net loss included no non-cash stock-based compensation expense.
EBITDA attributable to Nutex Health was $78.9 million, as compared to EBITDA attributable to Nutex Health of $(27.7) million for the three months ended December 31, 2023, an increase of $106.6 million.
Adjusted EBITDA attributable to Nutex Health was $94.0 million, as compared to Adjusted EBITDA attributable to Nutex Health of $3.1 million for the three months ended December 31, 2023.
Total visits at the Hospital Division were 45,444 for the three months ended December 31, 2024, as compared to 41,381 for the same period in 2023, an increase of 4,063 or 9.8%. Visits at mature hospitals increased by 3.1% in the three months ended December 31, 2024 as compared to the same period in 2023.
Net cash from operating activities was $0.1 million for the three months ended December 31, 2024.
As of December 31, 2024, the Company had total assets of $655.3 million, including cash and cash equivalents of $40.6 million, and long-term debt, net of $22.5 million.
Financial highlights for the year ended December 31, 2024 (as restated):
Total revenue increased $232.3 million to $479.9 million for the year ended December 31, 2024, as compared to total revenue of $247.6 million for the same period in 2023, an increase of 93.8%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 56.6% in 2024 compared to 2023.
Total stock-based compensation expense for the year ended December 31, 2024 was $16.6 million, compared to $2.8 million for the same period in 2023. Approximately 99% of total stock-based compensation expense of $16.6 million was due to one-time obligations for under-construction and ramping hospitals.
Operating income for the year ended December 31, 2024 was $130.7 million, compared to an operating loss of $31.8 million for the same period in 2023, representing a $162.5 million improvement year over year.
Net income attributable to Nutex Health for the year ended December 31, 2024 was $52.1 million, as compared to net loss attributable to Nutex Health of $45.8 million for the same period in 2023. The $52.1 million in net income included non-cash stock-based compensation expense of $16.6 million, while the $45.8 million net loss included no non-cash stock-based compensation expense.
EBITDA attributable to Nutex Health was $98.8 million, as compared to EBITDA attributable to Nutex Health of $22.5 million for the year ended December 31, 2023, an increase of $121.3 million.
Adjusted EBITDA attributable to Nutex Health was $124.1 million, as compared to Adjusted EBITDA attributable to Nutex Health of $10.8 million for the year ended December 31, 2023.
Total visits at the Hospital Division were 168,388 for the year ended December 31, 2024, as compared to 144,058 for the same period in 2023, an increase of 24,330 or 16.9%. Visits at mature hospitals increased by 6.5% in the year ended December 31, 2024 as compared to the same period in 2023.
Net cash from operating activities was $23.2 million for the year ended December 31, 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 pleased to report 93.8% revenue growth, Adjusted EBITDA attributable to Nutex Health of $124.1 million, a 464.4% increase in gross profit and a record high cash balance of $40.6 million, all on a restated basis and materially the same as originally reported, 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 previously announced stock repurchase program underscores our confidence in the long-term prospects of Nutex Health. We anticipate executing this program opportunistically 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 restated financial results for the twelve months ended December 31, 2024, please refer to our Amended Annual Report on Form 10-K/A filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.
NUTEX HEALTH INC.
CONSOLIDATED BALANCE SHEET
December 31,
2024
2023
Assets
(As restated)
Current assets:
Cash and cash equivalents
$ 40,640,616
$ 22,002,056
Restricted short-term investment
2,940,796
—
Accounts receivable
232,449,226
58,624,301
Accounts receivable - related parties
3,602,189
4,152,068
Inventories
2,849,814
3,390,584
Prepaid expenses and other current assets
9,996,244
2,679,394
Total current assets
292,478,885
90,848,403
Property and equipment, net
77,932,744
81,387,649
Operating right-of-use assets
27,871,830
11,853,082
Financing right-of-use assets
218,889,351
176,146,329
Intangible assets, net
15,530,281
20,512,636
Goodwill, net
13,918,719
17,066,263
Deferred tax assets
7,987,236
—
Other assets
711,347
431,135
Total assets
$ 655,320,393
$ 398,245,497
Liabilities and Equity
Current liabilities:
Accounts payable
$ 9,613,821
$ 18,899,196
Accounts payable - related parties
805,766
6,382,197
Lines of credit
3,554,029
3,371,676
Current portion of long-term debt
14,395,457
10,808,721
Operating lease liabilities, current portion
2,079,940
1,579,987
Financing lease liabilities, current portion
7,704,873
4,315,979
Accrued arbitration expenses
47,741,815
—
Accrued income tax expense
26,532,699
—
Accrued stock based compensation
16,356,000
—
Accrued expenses and other current liabilities
25,441,790
12,955,296
Total current liabilities
154,226,190
58,313,052
Long-term debt, net
22,465,896
26,314,733
Operating lease liabilities, net
30,617,399
15,479,639
Financing lease liabilities, net
259,479,096
213,886,213
Deferred tax liabilities
—
5,145,754
Total liabilities
466,788,581
319,139,391
Commitments and contingencies (Note 10)
Equity:
Common stock, $0.001 par value; 950,000,000 shares authorized; 5,511,452 and 4,511,199 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively
5,511
