Nutex Health (NUTX) Q3 2025 earnings summary

Executive summary

• Achieved record revenue and profitability in Q2 and Q3 2025, with total revenue of $723.6 million for the first nine months, up 225.5% year-over-year, and strong operational momentum.

• Patient visits increased 11% year-over-year in Q3 2025, reaching 46,232, and total hospital visits rose 13.9% for the nine months.

• Net income attributable to shareholders was $59.0 million for the nine months ended September 30, 2025, compared to a net loss of $9.5 million in the prior year period.

• Adjusted EBITDA for the first nine months of 2025 was $243.0 million, up 1408.6% year-over-year.

• Company operates 24 hospital facilities in 11 states, a population health management division, and employs 880 staff with over 2,100 physician partners.

Financial highlights

• Q3 2025 revenue rose 240% year-over-year to $267.8 million; hospital division revenue up 262.8% to $260.2 million.

• Adjusted EBITDA for Q3 2025 was $98.5 million, up from $9.7 million in Q3 2024.

• Net income for Q3 2025 was $55.4 million, compared to a net loss of $8.8 million in Q3 2024.

• Gross profit margin improved to 57.8% in Q3 2025 from 27.8% in Q3 2024.

• Cash and equivalents at September 30, 2025, reached $166.0 million, up from $40.6 million at year-end 2024.

Outlook and guidance

• On track to open three new hospitals in 2025, with additional facilities and one to three new IPAs per year planned for 2026-2028.

• Continued focus on expanding inpatient and clinical services, optimizing costs, and improving revenue cycle management.

• Company is positioned for planned growth, supported by a strong balance sheet and record cash balance.