Nutex Health Inc. reported second‑quarter 2025 results that included a record $243.985 million in revenue, a 214 % year‑over‑year increase, and operating income of $33.679 million, up from $5.299 million in the same period a year earlier. Cash and cash equivalents rose to $96.733 million, more than double the $40.640 million held at the end of 2024, giving the company a strong liquidity base for future expansion.
Revenue growth was driven primarily by the hospital division, which generated $236.302 million, and by $7.683 million from population‑health services. The hospital segment’s performance was bolstered by a high success rate in No Surprises Act arbitration, which recovered under‑paid claims and added a significant revenue stream. The population‑health segment continued to expand as the company deepened its focus on preventive care and value‑based contracts.
Gross profit margin expanded to 51.2 %, up from 29.7 % in Q2 2024, reflecting higher‑margin hospital services and improved pricing power. Operating margin grew to 13.8 % from 8.4 % a year earlier, driven by the margin lift in the hospital division and disciplined cost controls. The margin expansion signals that the company is successfully scaling its core operations while maintaining efficient cost structures.
Despite the operating profit, Nutex reported a net loss attributable to the company of $17.697 million for Q2 2025, compared with a $0.36 million loss in Q2 2024. The loss is largely attributable to $78.747 million in stock‑based compensation expense related to under‑construction and ramping hospitals. This one‑time charge offsets the operating gains and explains the negative earnings per share of $2.95, versus the consensus estimate of a $1.433 loss.
Management highlighted the company’s confidence in continued growth. CEO Tom Vo noted that the company believes its shares are currently undervalued and emphasized the success of its arbitration strategy under the No Surprises Act. CFO Jon Bates underscored the record cash balance and the company’s focus on expanding three new micro‑hospitals and investing in population‑health initiatives. The guidance for the remainder of the year maintains a strong revenue trajectory, with the company projecting continued expansion of its hospital network and a sustained focus on high‑margin services.
Analysts noted that the revenue beat of approximately $22 million, or 9.9 % above consensus, was driven by the arbitration gains and increased patient volumes. The EPS miss, however, was attributed to the significant stock‑based compensation expense, which analysts view as a temporary charge that will not recur in future periods.
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