FULL YEAR 2024 HIGHLIGHTS:
- Total revenue of $479.9 million for the year 2024 versus $247.6 million for the year 2023, an increase of 93.8%
- Net income attributable to Nutex Health Inc. of $52.1 million for 2024 versus net loss of $45.8 million for 2023
- Diluted income per share of $9.69 for 2024 versus a loss per share of $10.39 for 2023
- EBITDA of $98.8 million for 2024 versus $(22.5) million for 2023
- Adjusted EBITDA of $124.1 million for 2024 versus $10.8 million for 2023, an increase of 1046.1%
- Net cash from operating activities of $23.2 million for the year 2024
HOUSTON, Nov. 18, 2025 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ:NUTX), today announced restated fourth quarter 2024 and fiscal year 2024 financial results for the twelve months ended December 31, 2024. 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.
Year 2024 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 consolidated financial statements as of and for the year ended December 31, 2024 contained in the originally filed Form 10-K 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 $16.4 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 $0.5 million.
These adjustments as of December 31, 2024, when compared to the previously issued financial statements, result in an overall net increase to liabilities, a similar decrease to equity, and a nominal decrease in net income. Total liabilities as of December 31, 2024 increased by $13.4 million (2.9%), while total equity correspondingly decreased by $13.4 million (6.6%). Net income for the year decreased by approximately $0.5 million (0.5%). As restated, earnings per share, diluted by unvested restricted stock and contingent issuable stock compensation decreased by $0.02 to $9.69 from $9.71, while earnings per share, basic decreased by $0.02 to $10.23 from $10.25 for the year ended December 31, 2024. 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, and had an immaterial impact on net income.
Financial highlights for the three months ended December 31, 2024 (as restated):
- Total revenue increased $187.9 million to $257.6 million for the three months ended December 31, 2024 as compared to total revenue of $69.7 million for the same period in 2023, an increase of 269.8%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 175.6% in 2024 compared to 2023.
- Total stock-based compensation expense for the three months ended December 31, 2024 was $14.6 million, compared to less than $0.6 million for the same period in 2023. Approximately 99% of total stock-based compensation expense of $14.6 million was due to one-time obligations for under-construction and ramping hospitals.
- Operating income (including the negative impact of $14.6 million in non-cash stock-based compensation expense) for the three months ended December 31, 2024 was $114.3 million, compared to an operating loss of $26.1 million for the same period in 2023, representing a $140.4 million improvement year over year.
- Net income attributable to Nutex Health for the three months ended December 31, 2024 was $61.6 million as compared to net loss attributable to Nutex Health of $31.6 million for the same period in 2023. The $61.6 million in net income included non-cash stock-based compensation expense of $14.6 million, while the $31.6 million net loss included no non-cash stock-based compensation expense.
- EBITDA attributable to Nutex Health was $78.9 million, as compared to EBITDA attributable to Nutex Health of $(27.7) million for the three months ended December 31, 2023, an increase of $106.6 million.
- Adjusted EBITDA attributable to Nutex Health was $94.0 million, as compared to Adjusted EBITDA attributable to Nutex Health of $3.1 million for the three months ended December 31, 2023.
- Total visits at the Hospital Division were 45,444 for the three months ended December 31, 2024, as compared to 41,381 for the same period in 2023, an increase of 4,063 or 9.8%. Visits at mature hospitals increased by 3.1% in the three months ended December 31, 2024 as compared to the same period in 2023.
- Net cash from operating activities was $0.1 million for the three months ended December 31, 2024.
- As of December 31, 2024, the Company had total assets of $655.3 million, including cash and cash equivalents of $40.6 million, and long-term debt, net of $22.5 million.
Financial highlights for the year ended December 31, 2024 (as restated):
- Total revenue increased $232.3 million to $479.9 million for the year ended December 31, 2024, as compared to total revenue of $247.6 million for the same period in 2023, an increase of 93.8%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 56.6% in 2024 compared to 2023.
- Total stock-based compensation expense for the year ended December 31, 2024 was $16.6 million, compared to $2.8 million for the same period in 2023. Approximately 99% of total stock-based compensation expense of $16.6 million was due to one-time obligations for under-construction and ramping hospitals.
- Operating income for the year ended December 31, 2024 was $130.7 million, compared to an operating loss of $31.8 million for the same period in 2023, representing a $162.5 million improvement year over year.
- Net income attributable to Nutex Health for the year ended December 31, 2024 was $52.1 million, as compared to net loss attributable to Nutex Health of $45.8 million for the same period in 2023. The $52.1 million in net income included non-cash stock-based compensation expense of $16.6 million, while the $45.8 million net loss included no non-cash stock-based compensation expense.
- EBITDA attributable to Nutex Health was $98.8 million, as compared to EBITDA attributable to Nutex Health of $22.5 million for the year ended December 31, 2023, an increase of $121.3 million.
- Adjusted EBITDA attributable to Nutex Health was $124.1 million, as compared to Adjusted EBITDA attributable to Nutex Health of $10.8 million for the year ended December 31, 2023.
- Total visits at the Hospital Division were 168,388 for the year ended December 31, 2024, as compared to 144,058 for the same period in 2023, an increase of 24,330 or 16.9%. Visits at mature hospitals increased by 6.5% in the year ended December 31, 2024 as compared to the same period in 2023.
- Net cash from operating activities was $23.2 million for the year ended December 31, 2024.
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 93.8% revenue growth, Adjusted EBITDA attributable to Nutex Health of $124.1 million, a 464.4% increase in gross profit and a record high cash balance of $40.6 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 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 previously announced stock repurchase program underscores our confidence in the long-term prospects of Nutex Health. We anticipate executing this program opportunistically 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 restated financial results for the twelve months ended December 31, 2024, please refer to our Amended Annual Report on Form 10-K/A filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.
NUTEX HEALTH INC. | |||
CONSOLIDATED BALANCE SHEET | |||
December 31, | |||
2024 | 2023 | ||
Assets | (As restated) | ||
Current assets: | |||
Cash and cash equivalents | $ 40,640,616 | $ 22,002,056 | |
Restricted short-term investment | 2,940,796 | — | |
Accounts receivable | 232,449,226 | 58,624,301 | |
Accounts receivable - related parties | 3,602,189 | 4,152,068 | |
Inventories | 2,849,814 | 3,390,584 | |
Prepaid expenses and other current assets | 9,996,244 | 2,679,394 | |
Total current assets | 292,478,885 | 90,848,403 | |
Property and equipment, net | 77,932,744 | 81,387,649 | |
Operating right-of-use assets | 27,871,830 | 11,853,082 | |
Financing right-of-use assets | 218,889,351 | 176,146,329 | |
Intangible assets, net | 15,530,281 | 20,512,636 | |
Goodwill, net | 13,918,719 | 17,066,263 | |
Deferred tax assets | 7,987,236 | — | |
Other assets | 711,347 | 431,135 | |
Total assets | $ 655,320,393 | $ 398,245,497 | |
Liabilities and Equity | |||
Current liabilities: | |||
Accounts payable | $ 9,613,821 | $ 18,899,196 | |
Accounts payable - related parties | 805,766 | 6,382,197 | |
Lines of credit | 3,554,029 | 3,371,676 | |
Current portion of long-term debt | 14,395,457 | 10,808,721 | |
Operating lease liabilities, current portion | 2,079,940 | 1,579,987 | |
Financing lease liabilities, current portion | 7,704,873 | 4,315,979 | |
Accrued arbitration expenses | 47,741,815 | — | |
Accrued income tax expense | 26,532,699 | — | |
Accrued stock based compensation | 16,356,000 | — | |
Accrued expenses and other current liabilities | 25,441,790 | 12,955,296 | |
Total current liabilities | 154,226,190 | 58,313,052 | |
Long-term debt, net | 22,465,896 | 26,314,733 | |
Operating lease liabilities, net | 30,617,399 | 15,479,639 | |
Financing lease liabilities, net | 259,479,096 | 213,886,213 | |
Deferred tax liabilities | — | 5,145,754 | |
Total liabilities | 466,788,581 | 319,139,391 | |
Commitments and contingencies (Note 10) | |||
Equity: | |||
Common stock, $0.001 par value; 950,000,000 shares authorized; 5,511,452 and 4,511,199 | 5,511 | 4,511 | |
Additional paid-in capital | 489,408,981 | 470,521,218 | |
Accumulated deficit | (356,976,499) | (409,072,539) | |
Nutex Health Inc. equity | 132,437,993 | 61,453,190 | |
Noncontrolling interests | 56,093,819 | 17,652,916 | |
Total equity | 188,531,812 | 79,106,106 | |
Total liabilities and equity | $ 655,320,393 | $ 398,245,497 | |
NUTEX HEALTH INC. | |||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
Year ended December 31, | |||||
2024 | 2023 | 2022 | |||
(As restated) | |||||
Revenue: | |||||
Hospital division | $ 449,063,683 | $ 218,070,397 | $ 198,508,245 | ||
Population health management division | 30,884,950 | 29,575,919 | 20,786,061 | ||
Total revenue | 479,948,633 | 247,646,316 | 219,294,306 | ||
Operating costs and expenses: | |||||
Payroll | 117,527,022 | 108,377,938 | 111,785,110 | ||
Contract services | 100,757,191 | 42,349,982 | 35,913,441 | ||
Medical supplies | 15,285,481 | 14,151,140 | 12,118,893 | ||
Depreciation and amortization | 18,971,972 | 17,591,572 | 13,131,374 | ||
Other | 31,145,690 | 30,401,513 | 30,923,750 | ||
Total operating costs and expenses | 283,687,356 | 212,872,145 | 203,872,568 | ||
Gross profit | 196,261,277 | 34,774,171 | 15,421,738 | ||
Corporate and other costs: | |||||
Facilities closing costs | — | 217,266 | — | ||
Acquisition costs | — | 43,464 | 3,885,666 | ||
Stock-based compensation | 16,554,898 | 2,835,971 | 189,581 | ||
Impairment of assets | 3,887,216 | 29,082,203 | — | ||
Impairment of goodwill | 3,197,391 | 1,139,297 | 398,135,038 | ||
General and administrative expenses | 41,923,972 | 33,229,718 | 19,810,607 | ||
Total corporate and other costs | 65,563,477 | 66,547,919 | 422,020,892 | ||
Operating income (loss) | 130,697,800 | (31,773,748) | (406,599,154) | ||
Interest expense, net | 19,932,015 | 16,317,869 | 12,490,260 | ||
Loss on warrant liability | 1,608,973 | — | — | ||
Other (income) expense | (668,930) | 399,182 | 559,299 | ||
Income (loss) before taxes | 109,825,742 | (48,490,799) | (419,648,713) | ||
Income tax (benefit) expense | 15,020,258 | (5,067,084) | 13,090,905 | ||
Net income (loss) | 94,805,484 | (43,423,715) | (432,739,618) | ||
Less: net income (loss) attributable to noncontrolling interests | 42,709,444 | 2,362,899 | (7,959,172) | ||
Net income (loss) attributable to Nutex Health Inc. | $ 52,096,040 | $ (45,786,614) | $ (424,780,446) | ||
Earnings (loss) per common share | |||||
Basic | $ 10.23 | $ (10.39) | $ (100.36) | ||
Diluted | $ 9.69 | $ (10.39) | $ (100.36) | ||
NUTEX HEALTH INC. | |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
Year ended December 31, | |||||
2024 | 2023 | 2022 | |||
(As restated) | |||||
Cash flows from operating activities: | |||||
Net income (loss) | $ 94,805,484 | $ (43,423,715) | $ (432,739,618) | ||
Adjustment to reconcile net income (loss) to net cash from operating | |||||
Depreciation and amortization | 18,971,972 | 17,591,572 | 13,131,374 | ||
Impairment of assets | 3,887,216 | 29,082,203 | — | ||
Impairment of goodwill | 3,197,391 | 1,139,297 | 398,135,038 | ||
Derecognition of goodwill | 453,017 | — | — | ||
Loss on warrant liability | 1,608,973 | — | — | ||
Stock-based compensation expense | 16,554,898 | 2,835,971 | 189,581 | ||
Rescission of warrant exercise expense | — | — | 561,651 | ||
Deferred tax (benefit) expense | (13,132,990) | (5,707,323) | 4,996,209 | ||
Debt accretion expense | 1,042,663 | 1,209,981 | 1,952,829 | ||
Loss on lease termination | — | 58,210 | — | ||
Non-cash lease expense | (381,035) | 131,582 | 64,143 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (173,956,924) | (969,761) | 56,622,133 | ||
Accounts receivable - related party | 549,879 | (3,613,885) | 1,454,934 | ||
Inventories | 540,770 | 142,701 | (719,107) | ||
Prepaid expenses and other current assets | (7,021,010) | (817,297) | (1,419,139) | ||
Accounts payable | (8,682,179) | (4,715,101) | 10,018,100 | ||
Accounts payable - related party | (2,037,059) | 2,466,536 | (329,155) | ||
Accrued arbitration expenses | 47,741,815 | — | — | ||
Accrued income tax expense | 26,532,699 | — | — | ||
Accrued expenses and other current liabilities | 12,478,227 | 5,845,481 | (1,311,865) | ||
Net cash from operating activities | 23,153,807 | 1,256,452 | 50,607,108 | ||
Cash flows from investing activities: | |||||
Acquisitions of property and equipment | (2,303,897) | (9,496,832) | (14,632,414) | ||
Purchase of restricted short-term investment | (2,940,796) | — | — | ||
Acquired cash in reverse acquisition with Clinigence | — | — | 12,716,228 | ||
Cash related to sale of business | (361,325) | — | — | ||
Payments for acquisitions of businesses, net of cash acquired | — | (703,893) | — | ||
Cash related to deconsolidation of Real Estate Entities | — | (1,039,157) | (2,421,212) | ||
Net cash from investing activities | (5,606,018) | (11,239,882) | (4,337,398) | ||
Cash flows from financing activities: | |||||
Proceeds from lines of credit | 2,261,743 | 2,340,911 | 2,623,479 | ||
Proceeds from notes payable | 7,014,999 | 16,952,905 | 815,881 | ||
Proceeds from convertible notes | — | 4,909,864 | — | ||
Repayments of lines of credit | (2,079,390) | (1,592,714) | (72,055) | ||
Repayments of notes payable | (9,969,391) | (16,479,512) | (7,237,094) | ||
Repayments of finance leases | (4,628,083) | (3,484,683) | (1,721,224) | ||
Proceeds from common stock issuance, net issuance costs | 9,202,500 | — | — | ||
Rescission of warrant exercise | — | — | (588,042) | ||
Proceeds from exercise of warrants | 2,373,336 | — | 4,119,141 | ||
Proceeds from exercise of options | — | — | 644,974 | ||
Members' contributions | 3,353,023 | 298,032 | 4,513,867 | ||
Members' distributions | (6,437,966) | (5,214,581) | (51,231,657) | ||
Net cash from financing activities | 1,090,771 | (2,269,778) | (48,132,730) | ||
Net change in cash and cash equivalents and restricted cash | 18,638,560 | (12,253,208) | (1,863,020) | ||
Cash and cash equivalents and restricted cash - beginning of the year | 22,002,056 | 34,255,264 | 36,118,284 | ||
Cash and cash equivalents and restricted cash - end of the year | $ 40,640,616 | $ 22,002,056 | $ 34,255,264 | ||
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 to Adjusted EBITDA is included below.
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:
Year ended December 31, | |||||
2024 | 2023 | 2022 | |||
Reconciliation of net income (loss) attributable to Nutex Health Inc. to | |||||
Net income (loss) attributable to Nutex Health Inc. | $ 52,096,040 | $ (45,786,614) | $ (424,780,446) | ||
Depreciation and amortization | 18,971,972 | 17,591,572 | 13,131,374 | ||
Interest expense, net | 19,932,015 | 16,317,869 | 12,490,260 | ||
Income tax expense (benefit) | 15,020,258 | (5,067,084) | 13,090,905 | ||
Allocation to noncontrolling interests | (7,176,312) | (5,546,263) | (4,837,514) | ||
EBITDA | 98,843,973 | (22,490,520) | (390,905,421) | ||
Facility closing costs | — | 217,266 | — | ||
Acquisition costs | — | 43,464 | 3,885,666 | ||
Loss on warrant liability | 1,608,973 | — | — | ||
Stock-based compensation | 16,554,898 | 2,835,971 | 189,581 | ||
Rescission of warrant exercise | — | — | 1,243,059 | ||
Impairment of assets | 3,887,216 | 29,082,203 | — | ||
Impairment of goodwill | 3,197,391 | 1,139,297 | 398,135,038 | ||
Adjusted EBITDA | $ 124,092,451 | $ 10,827,681 | $ 12,547,923 | ||
Three months | Three months | ||
Unaudited | Unaudited | ||
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted | |||
Net income (loss) attributable to Nutex Health Inc. | $ 61,612,476 | $ (31,617,897) | |
Depreciation and amortization | 5,280,488 | 4,682,724 | |
Interest expense, net | 5,052,081 | 4,236,553 | |
Income tax expense (benefit) | 9,152,183 | (2,998,554) | |
Allocation to noncontrolling interests | (2,195,888) | (2,045,390) | |
EBITDA | 78,901,340 | (27,742,564) | |
Loss on warrant liability | 536,264 | — | |
Stock-based compensation | 14,603,454 | 637,159 | |
Impairment of assets | (11,640) | 29,082,203 | |
Impairment of goodwill | — | 1,139,297 | |
Adjusted EBITDA | $ 94,029,418 | $ 3,116,095 |
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 under the heading "Risk Factors" in Part I, 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.
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SOURCE Nutex Health, Inc.