Nutex Health Inc. (“Nutex Health” or the “Company”), a physician-led, integrated healthcare delivery system operating 24 micro hospitals and HOPDs across 11 states, today reported strong financial results for the first quarter ended March 31, 2025.
Key Financial Highlights:
- Total Revenue: Rose 213.8% year-over-year to $211.8 million, up from $67.5 million in Q1 2024. Revenue growth was driven significantly by arbitration collections and improved performance at mature hospitals.
- Arbitration Revenue: Accounted for $105 million of the increase, representing 73.1% of the total growth. Of this, $60 million related to services in Q1 2025, $26 million to Q4 2024, and $19 million to prior periods.
- Stock-Based Compensation: One-time expense of $36.1 million (up from <$0.1 million in Q1 2024), primarily due to obligations tied to under-construction and ramping hospitals.
- Operating Income: Jumped to $72.2 million, a significant increase from $1.5 million in Q1 2024.
- Net Income: $14.6 million attributable to Nutex Health, compared to a net loss of $0.4 million in Q1 2024.
- EBITDA: Surged to $43.1 million, up from $7.1 million in the prior year quarter.
- Adjusted EBITDA: Reached $72.8 million, compared to $(0.4) million in Q1 2024.
- Net Cash from Operating Activities: $51.0 million, a record high for the company.
- Cash Balance: Grew to $87.7 million as of March 31, 2025, up from $43.6 million at year-end 2024.
- Total Assets: Reached $761.9 million.
- Long-Term Debt: Remained low at $21.7 million.
Operational Highlights:
- Hospital Division Visits: Increased 20.5% to 48,269, with a 5.3% rise at mature hospitals.
- Gross Profit Margin: Achieved a record high of 56%.
Executive Commentary:
Jon Bates, CFO, highlighted the company’s financial momentum, citing strong net income, record cash flows, and a robust balance sheet as evidence of Nutex’s successful growth strategy.
Josh DeTillio, COO, noted continued improvements in ER acuity, service mix, and operational efficiencies.
Dr. Tom Vo, CEO, emphasized the ongoing positive impact of 2024 initiatives, particularly volume growth and fairer payments from the arbitration process, while acknowledging more work lies ahead.
Balance Sheet Snapshot (as of March 31, 2025):
- Cash & Equivalents: $87.7 million
- Accounts Receivable: $295.1 million
- Total Current Assets: $401.5 million
- Total Liabilities: $487.0 million
- Total Equity: $274.9 million
Income Statement Summary (Q1 2025 vs. Q1 2024):
| Metric | Q1 2025 | Q1 2024 |
|---|---|---|
| Revenue | $211.8M | $67.5M |
| Operating Income | $72.2M | $1.5M |
| Net Income (Nutex) | $14.6M | $(0.4M) |
| EBITDA | $43.1M | $7.1M |
| Adjusted EBITDA | $72.8M | $(0.4M) |
Adjusted EBITDA Reconciliation (Q1 2025):
- Net Income: $14.6M
- Depreciation & Amortization: $5.1M
- Interest Expense: $6.1M
- Income Taxes: $18.5M
- Noncontrolling Interests Allocation: $(1.3M)
- Finance Lease Payments: $(6.4M)
- Stock-Based Compensation: $36.1M
- Adjusted EBITDA: $72.8M
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.
