NUTEX HEALTH REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS

HOUSTON, Aug. 6, 2026 /PRNewswire/ -- 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.

• 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.

• 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.

"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.

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.

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.

(In thousands, except share and per share amounts)

Current assets:

Cash and cash equivalents

$205,208

$185,574

Restricted cash

1,900

297

Accounts receivable

351,675

319,440

Accounts receivable - related parties

5,025

5,978

Inventories

4,207

2,866

Prepaid expenses and other current assets

17,635

24,656

Total current assets

585,650

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 assets

26,150

26,955

Financing lease right-of-use assets

219,067

222,367

Intangible assets, net

20,580

21,230

Goodwill, net

13,919

13,919

Other assets

3,561

662

Total assets

$964,629

$918,525

Current liabilities:

Accounts payable

$4,281

$45,863

Accounts payable - related parties

5,679

3,104

Lines of credit

98

740

Current portion of long-term debt

8,496

13,336

Operating lease liabilities, current portion

2,238

2,152

Financing lease liabilities, current portion

7,271

7,077

Accrued arbitration expenses

49,668

49,743

Accrued income tax expense

4,006

867

Accrued stock-based compensation

4,854

8,256

Accrued expenses and other current liabilities

30,629

26,773

Total current liabilities

117,220

157,911

Long-term debt, net

31,105

29,174

Non-current operating lease liabilities, net

29,223

30,037

Non-current financing lease liabilities, net

268,905

268,877

Deferred tax liabilities

10,864

9,089

Total liabilities

457,317

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

7

7

Additional paid-in capital

567,847

615,627

Accumulated deficit

(173,538)

(286,187)

Nutex Health Inc. equity

394,316

329,447

Noncontrolling interests

112,996

93,990

Total equity

507,312

423,437

Total liabilities and equity

$964,629

$918,525

(In thousands, except per share amounts)

Revenue:

Hospital division

$201,852

$236,302

$409,422

$440,249

Population health management division

8,900

7,683

17,815

15,525

Total revenue

210,752

243,985

427,237

455,774

Operating costs and expenses:

Payroll

42,751

36,284

84,190

71,144

Contract services

1,082

61,109

61,614

99,764

Medical supplies

5,342

4,812

9,351

8,613

Depreciation and amortization

5,317

5,248

10,809

10,340

Other

14,981

11,608

28,264

22,651

Total operating costs and expenses

69,473

119,061

194,228

212,512

Gross profit

141,279

124,924

233,009

243,262

Corporate and other costs:

Stock-based compensation

2,884

78,747

(1,031)

106,389

General and administrative expenses

16,677

12,498

31,057

22,533

Total corporate and other costs

19,561

91,245

30,026

128,922

Operating income

121,718

33,679

202,983

114,340

Interest expense, net

4,671

5,678

9,353

11,798

Other expense

(38)

4,269

(15)

7,594

Income before taxes

117,085

23,732

193,645

94,948

Income tax expense

20,768

7,588

34,565

27,998

Net income

96,317

16,144

159,080

66,950

Less: net income attributable to noncontrolling interests

30,475

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

(In thousands)

Cash flows from operating activities:

Net income

$159,080

$66,950

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

Depreciation and amortization

10,809

10,340

Stock-based compensation expense

(1,031)

106,389

Changes to deferred taxes

1,775

(4,865)

Debt accretion expense

44

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 party

953

(2,135)

(Increase)/Decrease in Inventories

(1,341)

575

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

4,122

(8,640)

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

805

121

Increase/(Decrease) in Accounts payable

(4,067)

19,334

Increase/(Decrease) in Accounts payable - related party

2,575

1,169

Increase/(Decrease) in Operating lease liabilities

(728)

194

Increase/(Decrease) in Accrued arbitration expenses

14,729

21,043

Increase/(Decrease) in Accrued income tax expense

3,139

(18,169)

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

3,408

2,180

Net cash provided by operating activities

109,718

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

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 warrants

75

—

Cash related to stock repurchases and retirements

(50,688)

—

Members' contributions

1,405

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 cash

21,237

56,093

Cash and cash equivalents - beginning of the period

185,574

40,640

Restricted cash - beginning of period

297

—

Cash and cash equivalents and restricted cash - beginning of period

185,871

40,640

Cash and cash equivalents - end of period

205,208

96,733

Restricted cash - end of period

1,900

—

Cash and cash equivalents and restricted cash - end of period

$207,108

$96,733

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.

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):

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 amortization

5,317

5,248

Interest expense, net

4,671

5,678

Income tax expense

20,768

7,588

Allocation to noncontrolling interests

(2,452)

(1,275)

EBITDA

94,146

(458)

Stock-based compensation

2,884

78,747

Finance lease payments

(7,045)

(6,675)

Adjusted EBITDA

$89,985

$71,614

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 amortization

10,809

10,340

Interest expense, net

9,353

11,798

Income tax expense

34,565

27,998

Allocation to noncontrolling interests

(4,925)

(2,572)

EBITDA

162,451

51,084

Stock-based compensation

(1,031)

106,389

Finance lease payments

(13,871)

(13,038)

Adjusted EBITDA

$147,549

$144,435

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.

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.