HOUSTON, April 30, 2026 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced financial results for the three months ended March 31, 2026. 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 three months ended March 31, 2026:
-- Total revenue increased 2.2% to $216.5 million compared to $211.8 million
for the same period in 2025, driven by 1.8% growth in hospital division
revenue to $207.6 million from $203.9 million, while revenue at same
hospitals, which are hospitals that were opened by December 31, 2024,
increased 0.2%.
-- Net income attributable to Nutex Health increased to $46.8 million, or
diluted EPS of $6.52, compared to $21.2 million, or diluted EPS of $3.33,
for the three months ended March 31, 2025.
-- EBITDA attributable to Nutex Health was $68.3 million and Adjusted EBITDA
attributable to Nutex Health was $57.6 million, compared to $51.5 million
and $72.8 million, respectively, for the months ended March 31, 2025.
-- Total visits at the Hospital Division increased 3.1% year over year to
49,742, while visits at same hospitals increased 0.6%.
-- Net cash provided by operating activities was $75.5 million for the three
months ended March 31, 2026 as compared to $51.0 million for the same
period in 2025; and as of March 31, 2026, the Company had long-term debt,
net of $24.3 million, down from $29.2 million as of December 31, 2025.
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.
Within the hospital division, revenue from same hospitals increased 0.2% compared to the first quarter 2025, while a meaningful portion of total hospital revenue continued to be supported by higher acuity claims and favorable outcomes in the Independent Dispute Resolution ("IDR") process. The Company has submitted between 50--60% of its claims through IDR; when an award determination is made, Nutex Health currently prevails in over 85% of those determinations and collects, on average, over 80% of the award amounts, with arbitration costs approximating 35% of arbitration-related revenue. Total stock-based compensation expense for the three months ended March 31, 2026 was $(3.9) million, compared to $27.6 million for the same period in 2025. Net income attributable to Nutex Health increased 120.6% in the first quarter of 2026 as compared to the same period in 2025, underscoring strong operating cash generation and execution of its planned growth strategy.
"The 2026 year has started out strong producing solid revenue of $216.5 million, net income attributable to Nutex of $46.8 million, diluted EPS of $6.52 per share and $75.5 million of operating cash flow in the quarter. Our balance sheet remains very strong with a record high cash balance of $207.3 million. We are well positioned for our planned growth of three new hospital openings later this year," stated Jon Bates, Chief Financial Officer of Nutex Health.
"2026 is off to a solid start as we are pleased to share our first set of 2026 financial results. Operationally, we continue to make significant progress in strengthening internal processes and targeted investments designed to drive both patient volumes and inpatient admissions," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.
Dr. Vo continues: "We remain on track to target a sustainable development pace of three to five hospitals annually. Importantly, our Board of Directors has approved Nutex Health to begin selective self-development of new facilities through our real estate division starting in 2026, evaluated on a case-by-case basis. This strategic investment underscores our confidence in the long--term growth opportunities and ensures that our hospital development pipeline remains strong and durable."
For more details on the Company's financial results for the three months ended March 31, 2026, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.
Conference Call on First Quarter 2026 Results
The Company will host a conference call on Friday, May 1, 2026 at 9:30 a.m. CT to discuss its results for the first quarter of 2026.
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.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share
and per share amounts) March 31, 2026 December 31, 2025
--------------------------- --------------------- ---------------------
Assets
Current assets:
Cash and cash
equivalents $ 207,347 $ 185,574
Restricted cash 3,292 297
Accounts receivable 339,560 319,440
Accounts receivable -
related parties 6,339 5,978
Inventories 4,679 2,866
Prepaid expenses and
other current assets 18,432 24,656
--------------------- ---------------------
Total current assets 579,649 538,811
Property and equipment, net
(accumulated depreciation
of 33,598 and 31,696 as of
March 31, 2026 and
December 31, 2025,
respectively) 94,927 94,581
Operating lease
right-of-use assets 26,554 26,955
Financing lease
right-of-use assets 220,696 222,367
Intangible assets, net 20,905 21,230
Goodwill, net 13,919 13,919
Other assets 668 662
--------------------- ---------------------
Total assets $ 957,318 $ 918,525
===================== =====================
Liabilities and Equity
Current liabilities:
Accounts payable $ 46,452 $ 45,863
Accounts payable -
related parties 3,920 3,104
Lines of credit 146 740
Current portion of
long-term debt 16,728 13,336
Operating lease
liabilities, current
portion 2,176 2,152
Financing lease
liabilities, current
portion 7,364 7,077
Accrued arbitration
expenses 56,833 49,743
Accrued income tax
expense 15,594 867
Accrued stock-based
compensation 2,723 8,256
Accrued expenses and
other current
liabilities 32,500 26,773
--------------------- ---------------------
Total current liabilities 184,436 157,911
Long-term debt, net 24,261 29,174
Non-current operating lease
liabilities, net 29,633 30,037
Non-current financing lease
liabilities, net 268,778 268,877
Deferred tax liabilities 8,157 9,089
--------------------- ---------------------
Total liabilities 515,265 495,088
--------------------- ---------------------
Commitments and
contingencies (Note 10)
Equity:
Common stock, $0.001 par
value; 950,000,000 shares
authorized; 6,951,622 and
7,086,670 shares issued
and outstanding as of
March 31, 2026 and
December 31, 2025,
respectively 7 7
Additional paid-in
capital 585,666 615,627
Accumulated deficit (239,380) (286,187)
--------------------- ---------------------
Nutex Health Inc. equity 346,293 329,447
Noncontrolling interests 95,760 93,990
--------------------- ---------------------
Total equity 442,053 423,437
--------------------- ---------------------
Total liabilities and
equity $ 957,318 $ 918,525
===================== =====================
NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended March 31,
(In thousands, except per share
amounts) 2026 2025
------------------------------- ------------------- -------------------
Revenue:
Hospital division $ 207,570 $ 203,947
Population health
management division 8,915 7,842
------------------- -------------------
Total revenue 216,485 211,789
------------------- -------------------
Operating costs and expenses:
Payroll 41,439 34,860
Contract services 60,532 38,655
Medical supplies 4,009 3,801
Depreciation and
amortization 5,492 5,092
Other 13,283 11,043
------------------- -------------------
Total operating costs and
expenses 124,755 93,451
------------------- -------------------
Gross profit 91,730 118,338
------------------- -------------------
Corporate and other costs:
Stock-based compensation (3,915) 27,642
General and administrative
expenses 14,380 10,035
------------------- -------------------
Total corporate and other
costs 10,465 37,677
------------------- -------------------
Operating income 81,265 80,661
Interest expense, net 4,682 6,120
Other expense 23 3,325
------------------- -------------------
Income before taxes 76,560 71,216
Income tax expense 13,797 20,410
------------------- -------------------
Net income 62,763 50,806
Less: net income
attributable to
noncontrolling interests 15,956 29,589
------------------- -------------------
Net income attributable to Nutex
Health Inc. $ 46,807 $ 21,217
=================== ===================
Earnings per common share:
Basic $ 6.70 $ 3.74
Diluted $ 6.52 $ 3.33
NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
------------------------------------
(In thousands) 2026 2025
----------------------------------- ----------------- -----------------
Cash flows from operating
activities:
Net income $ 62,763 $ 50,806
Adjustment to reconcile net
income to net cash from
operating activities:
Depreciation and amortization 5,492 5,092
Stock-based compensation
expense (3,915) 27,642
Changes to deferred taxes (932) (2,500)
Debt accretion expense 33 253
Changes in operating assets
and liabilities:
(Increase)/Decrease in Accounts
receivable (20,120) (62,633)
(Increase)/Decrease in Accounts
receivable - related party (361) (656)
(Increase)/Decrease in
Inventories (1,813) (268)
(Increase)/Decrease in Prepaid
expenses and other current
assets 6,218 (1,378)
(Increase)/Decrease in
Operating right-of-use assets 401 406
Increase/(Decrease) in Accounts
payable 289 10,222
Increase/(Decrease) in Accounts
payable - related party 816 1,334
Increase/(Decrease) in
Operating lease liabilities (380) (245)
Increase/(Decrease) in Accrued
arbitration expenses 7,090 4,061
Increase/(Decrease) in Accrued
income tax expense 14,727 19,598
Increase/(Decrease) in Accrued
expenses and other current
liabilities 5,210 (769)
----------------- -----------------
Net cash provided by operating
activities 75,518 50,965
----------------- -----------------
Cash flows from investing
activities:
Acquisitions of property and
equipment (1,201) (64)
Net cash used in investing
activities (1,201) (64)
----------------- -----------------
Cash flows from financing
activities:
Proceeds from lines of credit -- 3,864
Proceeds from notes payable -- 157
Repayments of lines of credit (594) (292)
Repayments of notes payable (1,554) (1,810)
Repayments of finance leases (1,553) (1,367)
Cash related to stock
repurchases and retirements (31,730) --
Members' contributions 1,239 --
Members' distributions (15,357) (7,364)
----------------- -----------------
Net cash used in financing
activities (49,549) (6,812)
----------------- -----------------
Net change in cash, cash
equivalents, and restricted cash 24,768 44,089
----------------- -----------------
Cash and cash equivalents -
beginning of the period 185,574 40,640
Restricted cash - beginning of
period 297 --
----------------- -----------------
Cash and cash equivalents and
restricted cash - beginning of
period 185,871 40,640
================= =================
Cash and cash equivalents - end of
period 207,347 84,729
Restricted cash - end of period 3,292 --
----------------- -----------------
Cash and cash equivalents and
restricted cash - end of period $ 210,639 $ 84,729
================= =================
Non-GAAP Financial Measures (Unaudited)
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as supplemental non-GAAP financial measures 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 these measures allow us to more effectively evaluate our operating performance.
We define EBITDA as net income attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost.
We define Adjusted EBITDA as net income 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. A reconciliation of net income to EBITDA and 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 update provides greater transparency into our operating performance.
EBITDA and Adjusted EBITDA are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. EBITDA and Adjusted EBITDA follows (in thousands):
Three Months Ended March 31,
------------------------------------
2026 2025
----------------- -----------------
Reconciliation of net income
attributable to Nutex Health Inc. to
Adjusted EBITDA:
----------------- -----------------
Net income attributable to Nutex
Health Inc. $ 46,807 $ 21,217
Depreciation and amortization 5,492 5,092
Interest expense, net 4,682 6,120
Income tax expense 13,797 20,410
Allocation to noncontrolling
interests (2,473) (1,297)
----------------- -----------------
EBITDA 68,305 51,542
Stock-based compensation (3,915) 27,642
Finance lease payments (6,826) (6,363)
----------------- -----------------
Adjusted EBITDA $ 57,564 $ 72,821
================= =================
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 hospital 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-first-quarter-2026-financial-results-302759527.html
SOURCE Nutex Health, Inc.
(END) Dow Jones Newswires
April 30, 2026 17:16 ET (21:16 GMT)
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