NUTEX HEALTH REPORTS JUNE 30, 2025 SECOND QUARTER AND YEAR-TO-DATE FINANCIAL RESULTS

HOUSTON, Nov. 18, 2025 /PRNewswire/ -- 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:

Financial highlights 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.

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share amounts)

June 30, 2025

December 31,

2024

Assets

Current assets:

Cash and cash equivalents

$ 96,733

$ 40,640

Restricted short-term investments

—

2,941

Accounts receivable

349,220

232,449

Accounts receivable - related parties

5,737

3,602

Inventories

2,275

2,850

Prepaid expenses and other current assets

19,060

9,997

Total current assets

473,025

292,479

Property and equipment, net

82,915

77,933

Operating lease right-of-use assets

27,751

27,872

Financing lease right-of-use assets

215,398

218,889

Intangible assets, net

14,880

15,530

Goodwill, net

13,919

Deferred tax assets

12,852

7,987

Other assets

288

711

Total assets

$ 841,028

$ 655,320

Liabilities and Equity

Current liabilities:

Accounts payable

$ 28,076

$ 9,614

Accounts payable - related parties

1,975

806

Lines of credit

7,859

3,554

Current portion of long-term debt

18,951

14,395

Operating lease liabilities, current portion

2,087

2,080

Financing lease liabilities, current portion

7,072

7,705

Accrued arbitration expenses

68,785

47,742

Accrued income tax expense

8,364

26,533

Accrued stock-based compensation

24,173

16,356

Accrued expenses and other current liabilities

27,532

25,440

Total current liabilities

194,874

154,225

Long-term debt, net

20,463

22,466

Operating lease liabilities, net

30,805

30,617

Financing lease liabilities, net

258,009

259,479

Total liabilities

504,151

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

Additional paid-in capital

588,699

489,409

Accumulated deficit

(353,456)

(356,976)

Nutex Health Inc. equity

235,250

132,439

Noncontrolling interests

101,627

56,094

Total equity

336,877

188,533

Total liabilities and equity

$ 841,028

$ 655,320

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)

2025

2024

2025

2024

Revenue:

Hospital division

$ 236,302

$ 67,605

$ 440,249

$ 127,634

Population health management division

7,683

8,477

15,525

15,902

Total revenue

243,985

76,082

455,774

143,536

Operating costs and expenses:

Payroll

36,284

28,398

71,144

55,401

Contract services

61,109

9,505

99,764

20,825

Medical supplies

4,812

3,589

8,613

8,911

Depreciation and amortization

5,248

4,533

10,340

8,719

Other

11,608

7,496

22,651

16,962

Total operating costs and expenses

119,061

53,521

212,512

110,818

Gross profit

124,924

22,561

243,262

32,718

Corporate and other costs:

Stock-based compensation

78,747

(61)

106,389

(12)

Impairment of assets

—

3,474

—

3,474

Impairment of goodwill

—

3,197

—

3,197

General and administrative expenses

12,498

10,652

22,533

19,310

Total corporate and other costs

91,245

17,262

128,922

25,969

Operating income

33,679

5,299

114,340

6,749

Interest expense, net

5,678

5,054

11,798

9,499

Gain on warrant liability

—

(3,060)

—

(5,661)

Other (income) expense

4,269

(599)

7,594

(840)

Income before taxes

23,732

3,904

94,948

3,751

Income tax expense

7,588

894

27,998

1,283

Net income

16,144

3,010

66,950

2,468

Less: net income attributable to noncontrolling interests

33,841

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)

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30,

(In thousands)

2025

2024

Cash flows from operating activities:

Net income

$ 66,950

$ 2,468

Adjustment to reconcile net income to net cash from operating activities:

Depreciation and amortization

10,340

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 expense

106,389

(12)

Changes to deferred taxes

(4,865)

(2,341)

Debt accretion expense

504

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 Inventories

575

631

(Increase)/Decrease in Prepaid expenses and other current assets

(8,640)

(1,693)

(Increase)/Decrease in Operating right-of-use assets

121

162

Increase/(Decrease) in Accounts payable

19,334

(1,617)

Increase/(Decrease) in Accounts payable - related party

1,169

414

Increase/(Decrease) in Operating lease liabilities

194

(370)

Increase/(Decrease) in Accrued arbitration expenses

21,043

—

Increase/(Decrease) in Accrued income tax expense

(18,169)

—

Increase/(Decrease) in Accrued expenses and other current liabilities

2,180

10,482

Net cash provided by operating activities

78,222

16,311

Cash flows from investing activities:

Acquisitions of property and equipment

(815)

(1,292)

Proceeds from restricted short-term investment

2,941

—

Cash related to sale of business

—

(711)

Cash related to asset acquisition

(1,994)

—

Net cash used in investing activities

132

(2,003)

Cash flows from financing activities:

Proceeds from lines of credit

4,606

132

Proceeds from notes payable

258

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' contributions

242

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 equivalents

56,093

18,806

Cash and cash equivalents - beginning of the period

40,640

22,002

Cash and cash equivalents - end of the period

$ 96,733

$ 40,808

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,

2025

2024

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)

$ (364)

Depreciation and amortization

5,248

4,533

Interest expense, net

5,678

5,055

Income tax expense

7,588

893

Allocation to noncontrolling interests

(1,275)

(1,628)

EBITDA

(458)

8,489

Gain on warrant liability

—

(3,060)

Impairment of assets

—

3,474

Impairments of goodwill

—

3,197

Finance lease payments (1)

(6,675)

—

(5,191)

—

Stock-based compensation

78,747

(61)

Adjusted EBITDA

$ 71,614

$ 78,289

$ 6,848

$ 12,039

Six Months Ended June 30,

2025

2024

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

$ (728)

Depreciation and amortization

10,340

8,719

Interest expense, net

11,798

9,499

Income tax expense

27,998

1,283

Allocation to noncontrolling interests

(2,572)

(3,172)

EBITDA

51,084

15,601

Gain on warrant liability

—

(5,661)

Impairment of assets

—

3,474

Impairment of goodwill

—

3,197

Finance lease payments (1)

(13,038)

—

(10,163)

—

Stock-based compensation

106,389

(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.

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.

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.

SOURCE Nutex Health, Inc.