NUTEX HEALTH REPORTS RESTATED 2024 FINANCIAL RESULTS

About this update from Nutex Health Inc.

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 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. View original content: https://www.prnewswire.com/news-releases/nutex-health-reports-restated-2024-financial-results-302619344.html SOURCE Nutex Health, Inc.

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