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:
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April 30, 2026 17:16 ET (21:16 GMT)
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