NUTEX HEALTH REPORTS RESTATED 2024 FINANCIAL RESULTS
FULL YEAR 2024 HIGHLIGHTS:
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:
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):
Financial highlights for the year ended December 31, 2024 (as restated):
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
shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively
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
activities:
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
Adjusted EBITDA:
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
ended
December 31,
2024
Three months
ended
December 31,
2023
Unaudited
Unaudited
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted
EBITDA:
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.
SOURCE Nutex Health, Inc.