Net income attributable to Nutex Health Inc. of $21.2 million for Q1 2025 versus net loss of $0.4 million for Q1 2024, an increase of $21.6 million.
Diluted income per share of $3.33 for Q1 2025 versus a loss per share of $0.08 for Q1 2024
EBITDA of $51.5 million for Q1 2025 versus $7.1 million for Q1 2024, an increase of 624.7%
Adjusted EBITDA of $72.8 million for Q1 2025 versus $(0.4) million for Q1 2024, an increase of $73.2 million
Net cash from operating activities of $51.0 million for Q1 2025
The Company believes its arbitration efforts through the Independent Dispute Resolution (IDR) process have resulted in an increase in fair and reasonable payments from insurance companies
HOUSTON, Nov. 18, 2025 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ:NUTX), today announced restated first quarter financial results for the three months ended March 31, 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.
First Quarter 2025 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 condensed consolidated unaudited financial statements as of and for the three months ended March 31, 2025 contained in the originally filed Form 10-Q 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 $20.7 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 $2.4 million.
These adjustments as of March 31, 2025, when compared to the previously issued financial statements, result in an overall net increase to liabilities, a similar decrease to equity and an increase in net income. Total liabilities as of March 31, 2025 increased by $19.6 million (4.0%) while total equity correspondingly decreased by $19.6 million (7.1%). Net income for the period ended March 31, 2025 increased by $6.6 million (14.9%). As restated, earnings per share, diluted by unvested restricted stock and contingently issuable stock compensation increased by $0.77 to $3.33 from $2.56, while earnings per share, basic increased $1.09 to $3.74 from $2.65 for the three months ended March 31, 2025. 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.
Financial highlights for the three months ended March 31, 2025 (as restated):
Total revenue increased $144.3 million to $211.8 million for the three months ended March 31, 2025 as compared to total revenue of $67.5 million for the same period in 2024, an increase of 214.0%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 186.5% in 2025 compared to 2024.
Total stock-based compensation expense for the three months ended March 31, 2025 was $27.6 million compared to less than $0.1 million for the same period in 2024. Approximately 99% of total stock-based compensation expense of $27.6 million is due to the one-time obligations for under-construction and ramping hospitals.
Operating income for the three months ended March 31, 2025 was $80.7 million compared to $1.5 million for the same period in 2024, representing a $79.2 million improvement year over year.
Net income attributable to Nutex Health for the three months ended March 31, 2025 of $21.2 million as compared to net loss attributable to Nutex Health of $0.4 million for the same period in 2024. The $21.2 million in net income includes non-cash stock-based compensation expense of $27.6 million, while the $0.4 million net loss includes no non-cash stock-based compensation expense.
EBITDA attributable to Nutex Health of $51.5 million, as compared to EBITDA attributable to Nutex Health of $7.1 million for the three months ended March 31, 2024, an increase of 624.7%.
Adjusted EBITDA attributable to Nutex Health of $72.8 million, as compared to Adjusted EBITDA attributable to Nutex Health of $(0.4) million for the three months ended March 31, 2024.
Total visits at the Hospital Division were 48,269 for the three months ended March 31, 2025, as compared to 40,068 for the same period in 2024, an increase of 8,201 or 20.5%. Visits at mature hospitals increased by 5.3% in the three months ended March 31, 2025 as compared to the same period in 2024.
Net cash from operating activities of $51.0 million for the three months ended March 31, 2025.
As of March 31, 2025, the Company had total assets of $761.9 million, including cash and cash equivalents of $84.7 million, and long-term debt, net of $21.7 million.
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 excited to provide yet another solid quarter with $21.2 million in net income attributable to Nutex, a record high gross profit of 55.9%, a record high $51.0 million in net cash from operating activities and a record high cash balance of $84.7 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 great momentum that we started in 2024 is continuing into the first quarter of 2025. We are now seeing more consistent financial results stemming from a combination of volume growth and operational efficiency, with more fair and reasonable payments from the arbitration process. We would like to thank our team of physicians and team members nationwide for working in alignment to get us to where we are this quarter," 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 three months ended March 31, 2025, please refer to our Amended Quarterly Report on Form 10-Q/A 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)
March 31, 2025
December 31, 2024
Assets
(As Restated)
Current assets:
Cash and cash equivalents
$ 84,729
$ 40,640
Restricted short-term investment
2,941
2,941
Accounts receivable
295,082
232,449
Accounts receivable - related parties
4,258
3,602
Inventories
3,118
2,850
Prepaid expenses and other current assets
11,389
9,997
Total current assets
401,517
292,479
Property and equipment, net
76,431
77,933
Operating right-of-use assets
27,466
27,872
Financing right-of-use assets
216,193
218,889
Intangible assets, net
15,205
15,530
Goodwill, net
13,919
13,919
Deferred tax assets
10,487
7,987
Other assets
698
711
Total assets
$ 761,916
$ 655,320
Liabilities and Equity
Current liabilities:
Accounts payable
$ 19,836
$ 9,614
Accounts payable - related parties
2,141
806
Lines of credit
7,126
3,554
Current portion of long-term debt
13,635
14,395
Operating lease liabilities, current portion
2,103
2,080
Financing lease liabilities, current portion
8,027
7,705
Accrued arbitration expenses
51,803
47,742
Accrued income tax expense
46,130
