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NUTEX HEALTH REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
HOUSTON, TX − (PRNewswire) – AUGUST 6, 2026 – Nutex Health Inc. (“Nutex Health” or the “Company”) (NASDAQ: NUTX), today announced financial results for the three and six months ended June 30, 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 June 30, 2026:
•Net income attributable to Nutex Health increased to $65.8 million, or diluted EPS of $9.38, compared to a loss of $17.7 million, or diluted EPS of $(2.95), for the three months ended June 30, 2025.
•EBITDA attributable to Nutex Health was $94.1 million and Adjusted EBITDA attributable to Nutex Health was $90.0 million, compared to $(0.5) million and $71.6 million, respectively, for the three months ended June 30, 2025.
•Total visits at the Hospital Division increased 9.6% year over year to 49,962, while visits at same hospitals, which are hospitals that were opened by December 31, 2024, increased 6.3%.
•Net cash provided by operating activities was $34.2 million for the three months ended June 30, 2026 as compared to $27.3 million for the same period in 2025.
Financial highlights for the six months ended June 30, 2026:
•Net income attributable to Nutex Health increased to $112.6 million, or diluted EPS of $15.87, compared to $3.5 million, or diluted EPS of $0.55, for the six months ended June 30, 2025.
•EBITDA attributable to Nutex Health was $162.5 million and Adjusted EBITDA attributable to Nutex Health was $147.5 million, compared to $51.1 million and $144.4 million, respectively, for the six months ended June 30, 2025.
•Total visits at the Hospital Division increased 6.2% year over year to 99,704, while visits at same hospitals increased 3.4%.
•Net cash provided by operating activities was $109.7 million for the six months ended June 30, 2026 as compared to $78.2 million for the same period in 2025; and as of June 30, 2026, the Company had long-term debt, net of $31.1 million, slightly up 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.
Total revenue decreased 6.3% to $427.2 million for the six months ended June 30, 2026 compared to $455.8 million for the same period in 2025, while revenue at same hospitals decreased 6.0%. Total revenue decreased 13.6% to $210.8 million for the three months ended June 30, 2026 compared to $244.0 million for the same period in 2025, while revenue at same hospitals, decreased 12.1%. Most of the revenue decrease in 2026 compared to 2025 is due to the positive results from the early stage improvement in the IDR process that were realized in the first half of 2025.
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.
Total arbitration-related costs decreased for both the three and six months ended June 30, 2026, reflected as a $52.3 million reduction to contract services expense. The reduction was driven primarily by the favorable June 30, 2026 retroactive amendment to the Company’s agreement with HaloMD and the reduction in the CMS administrative fee. The HaloMD amendment transitioned certain fees to a pay-on-collected basis retroactive to our original contract date of May 1, 2024 and revised service fee terms for federal and state net settlement amounts obtained on or after July 1, 2026. The CMS administrative fee for the federal IDR process was decreased from $115 to $15 per party per dispute effective June 11, 2026. The cumulative impact from these two key changes directly reduced the contract services expenses for the second quarter and six months ended 2026 period by $52.3 million. Based on current expectations, we anticipate the impact of these favorable changes will lead to an approximate 25-30% reduction in our normalized historical contract services expenses prospectively. This impact is based on the current regulatory outlook and the Company's current expectations. Actual contract services expenses incurred in the future may differ significantly. One additional item within the HaloMD agreement is that the Company may perform dispute resolution services in-house or through the engagement of another third-party vendor or service provider with respect to certain future facilities.
Total stock-based compensation for the six months ended June 30, 2026 was a gain of $1.0 million, compared to an expense of $106.4 million for the same period in 2025. Net income attributable to Nutex Health increased 3100% in the first six months of 2026 as compared to the same period in 2025, underscoring strong operating cash generation and execution of its planned growth strategy.
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“2026 is continuing to be a solid financial year, including total revenue of $427.2 million, net income attributable to Nutex of $112.6 million, diluted EPS of $15.87 per share and $109.7 million of operating cash flow in the first six months of 2026. We also delivered meaningful operating income improvement, with operating income increasing to $203.0 million for the first six months of 2026 from $114.3 million in the same period of 2025, supported by lower total operating costs and expenses of $194.2 million compared to $212.5 million in the prior-year period. Our balance sheet remains strong with a cash balance of $205.2 million and long-term debt of $31.1 million. We believe we are set up well for finishing the year strong as we continue to grow with the expected opening of three new hospital later this year,” stated Jon Bates, Chief Financial Officer of Nutex Health.
"We are pleased with our progress through the first half of 2026, as our teams continue to execute on initiatives designed to strengthen internal processes and initiatives, expand patient access, and drive both patient volumes and inpatient admissions. Our operating performance, revenue cycle management execution, new hospital openings and disciplined expense management all contributed to improved profitability, including net income attributable to Nutex Health of $112.6 million and diluted EPS of $15.87 for the first six months of 2026," 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, 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 Second Quarter 2026 Results
The Company will host a conference call on Friday, August 7, 2026 at 9:30 a.m. CT to discuss its results for the first two quarters 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.
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NUTEX HEALTH INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share and per share amounts)June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$205,208 $185,574 
Restricted cash1,900 297 
Accounts receivable351,675 319,440 
Accounts receivable - related parties5,025 5,978 
Inventories4,207 2,866 
Prepaid expenses and other current assets17,635 24,656 
Total current assets585,650 538,811 
Property and equipment, net (accumulated depreciation of 35,317 and 31,696 as of June 30, 2026 and December 31, 2025, respectively)
95,702 94,581 
Operating lease right-of-use assets26,150 26,955 
Financing lease right-of-use assets219,067 222,367 
Intangible assets, net20,580 21,230 
Goodwill, net13,919 13,919 
Other assets3,561 662 
Total assets$964,629 $918,525 
Liabilities and Equity
Current liabilities:
Accounts payable$4,281 $45,863 
Accounts payable - related parties5,679 3,104 
Lines of credit98 740 
Current portion of long-term debt8,496 13,336 
Operating lease liabilities, current portion2,238 2,152 
Financing lease liabilities, current portion7,271 7,077 
Accrued arbitration expenses49,668 49,743 
Accrued income tax expense4,006 867 
Accrued stock-based compensation4,854 8,256 
Accrued expenses and other current liabilities30,629 26,773 
Total current liabilities117,220 157,911 
Long-term debt, net31,105 29,174 
Non-current operating lease liabilities, net29,223 30,037 
Non-current financing lease liabilities, net268,905 268,877 
Deferred tax liabilities10,864 9,089 
Total liabilities457,317 495,088 
Commitments and contingencies (Note 10)
Equity:
Common stock, $0.001 par value; 950,000,000 shares authorized; 6,843,785 and 7,086,670 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
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Additional paid-in capital567,847 615,627 
Accumulated deficit(173,538)(286,187)
Nutex Health Inc. equity394,316 329,447 
Noncontrolling interests112,996 93,990 
Total equity507,312 423,437 
Total liabilities and equity$964,629 $918,525 
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NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share amounts)2026202520262025
Revenue:
Hospital division$201,852 $236,302 $409,422 $440,249 
Population health management division8,900 7,683 17,815 15,525 
Total revenue210,752 243,985 427,237 455,774 
Operating costs and expenses:
Payroll42,751 36,284 84,190 71,144 
Contract services1,082 61,109 61,614 99,764 
Medical supplies5,342 4,812 9,351 8,613 
Depreciation and amortization5,317 5,248 10,809 10,340 
Other14,981 11,608 28,264 22,651 
Total operating costs and expenses69,473 119,061 194,228 212,512 
Gross profit141,279 124,924 233,009 243,262 
Corporate and other costs:
Stock-based compensation2,884 78,747 (1,031)106,389 
General and administrative expenses16,677 12,498 31,057 22,533 
Total corporate and other costs19,561 91,245 30,026 128,922 
Operating income121,718 33,679 202,983 114,340 
Interest expense, net4,671 5,678 9,353 11,798 
Other expense(38)4,269 (15)7,594 
Income before taxes117,085 23,732 193,645 94,948 
Income tax expense20,768 7,588 34,565 27,998 
Net income96,317 16,144 159,080 66,950 
Less: net income attributable to noncontrolling interests30,475 33,841 46,431 63,430 
Net income attributable to Nutex Health Inc.$65,842 $(17,697)$112,649 $3,520 
Earnings per common share:
Basic$9.58 $(2.95)$16.26 $0.60 
Diluted$9.38 $(2.95)$15.87 $0.55 
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NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
(In thousands)20262025
Cash flows from operating activities:
Net income$159,080 $66,950 
Adjustment to reconcile net income to net cash from operating activities:
Depreciation and amortization10,809 10,340 
Stock-based compensation expense(1,031)106,389 
Changes to deferred taxes1,775 (4,865)
Debt accretion expense44 504 
Non-cash effect of change in estimate(52,319)— 
Changes in operating assets and liabilities:
(Increase)/Decrease in Accounts receivable(32,235)(116,768)
(Increase)/Decrease in Accounts receivable - related party953 (2,135)
(Increase)/Decrease in Inventories(1,341)575 
(Increase)/Decrease in Prepaid expenses and other current assets4,122 (8,640)
(Increase)/Decrease in Operating right-of-use assets805 121 
Increase/(Decrease) in Accounts payable(4,067)19,334 
Increase/(Decrease) in Accounts payable - related party2,575 1,169 
Increase/(Decrease) in Operating lease liabilities(728)194 
Increase/(Decrease) in Accrued arbitration expenses14,729 21,043 
Increase/(Decrease) in Accrued income tax expense3,139 (18,169)
Increase/(Decrease) in Accrued expenses and other current liabilities3,408 2,180 
Net cash provided by operating activities109,718 78,222 
Cash flows from investing activities:
Acquisitions of property and equipment(3,741)(815)
Proceeds from restricted short-term investment— 2,941 
Cash related to asset acquisition— (1,994)
Net cash provided by (used in) investing activities(3,741)132 
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Six Months Ended June 30,
(In thousands)20262025
Cash flows from financing activities:
Proceeds from lines of credit— 4,606 
Proceeds from notes payable— 258 
Repayments of lines of credit(642)(301)
Repayments of notes payable(2,953)(5,697)
Repayments of finance leases(3,317)(2,593)
Proceeds from exercise of warrants75 — 
Cash related to stock repurchases and retirements(50,688)— 
Members' contributions1,405 242 
Members' distributions(28,620)(18,776)
Net cash used in financing activities(84,740)(22,261)
Net change in cash, cash equivalents, and restricted cash21,237 56,093 
Cash and cash equivalents - beginning of the period185,574 40,640 
Restricted cash - beginning of period297 — 
Cash and cash equivalents and restricted cash - beginning of period185,871 40,640 
Cash and cash equivalents - end of period205,208 96,733 
Restricted cash - end of period1,900 — 
Cash and cash equivalents and restricted cash - end of period$207,108 $96,733 
Non-GAAP Financial Measures
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, finance lease payments related to leases under Accounting Standards Codification Topic 842: Leases ("ASC 842"), 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.
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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 follow (in thousands):
Three Months Ended June 30,
20262025
Reconciliation of net income attributable to Nutex Health Inc. to Adjusted EBITDA:
Net income attributable to Nutex Health Inc.$65,842 $(17,697)
Depreciation and amortization5,317 5,248 
Interest expense, net4,671 5,678 
Income tax expense20,768 7,588 
Allocation to noncontrolling interests(2,452)(1,275)
EBITDA94,146 (458)
Stock-based compensation2,884 78,747 
Finance lease payments
(7,045)(6,675)
Adjusted EBITDA$89,985 $71,614 
Six Months Ended June 30,
20262025
Reconciliation of net income attributable to Nutex Health Inc. to Adjusted EBITDA:
Net income attributable to Nutex Health Inc.$112,649 $3,520 
Depreciation and amortization10,809 10,340 
Interest expense, net9,353 11,798 
Income tax expense34,565 27,998 
Allocation to noncontrolling interests(4,925)(2,572)
EBITDA162,451 51,084 
Stock-based compensation(1,031)106,389 
Finance lease payments(13,871)(13,038)
Adjusted EBITDA$147,549 $144,435 
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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.
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Forward-Looking Statements
Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform 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, and the Quarterly Report on Form 10-Q for the three months ended March 31, 2026, 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.
FOR ADDITIONAL INFORMATION:
Nutex Health, Inc.
Jennifer Rodriguez – Investor Relations
investors@nutexhealth.com
– Media Contact
jrodriguez@nutexhealth.com
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