Nutex Health Inc. posted a strong third‑quarter 2025 earnings report, reporting revenue of $267.8 million for the nine‑month period ended September 30, 2025, up 225% year‑over‑year to $723.6 million. Adjusted EBITDA attributable to Nutex Health rose to $98.5 million, a 629% increase from $9.7 million in Q3 2024.
The revenue surge was largely powered by the company’s hospital division, which generated $260.2 million in the quarter, a 240% jump from $71.7 million in Q3 2024. The No Surprises Act independent dispute resolution (IDR) process contributed an estimated $182 million in revenue, exceeding the $150 million forecasted in the prior year and driving a high win rate that boosted collections.
Operating income climbed to $130.4 million, up from $9.7 million in Q3 2024, while net income attributable to Nutex Health reached $55.4 million, turning a $8.8 million loss in the same quarter of 2024 into a profit. The jump in operating income reflects both the revenue lift and an improvement in operating margins, driven by higher mix of high‑margin hospital services and efficient cost management.
Cash and cash equivalents stood at $166.0 million as of September 30, 2025, more than quadrupling the $40.6 million balance at the end of 2024. The strong cash position provides a buffer for ongoing capital expenditures on new hospital sites and supports the company’s strategy to expand its population‑health‑management services, which added $7.56 million in Q3 2025.
Chief Financial Officer Jon Bates said the results highlight the strength of Nutex Health’s business model and the company’s solid balance sheet, positioning it well for future growth. Chief Executive Officer Tom Vo emphasized the company’s focus on accelerating growth through existing operations and new facility development, noting that demand for small hospitals continues to rise nationwide.
Investors responded favorably to the earnings, with analysts citing the robust IDR performance and the company’s ability to convert arbitration recoveries into revenue. The market reaction underscored confidence in Nutex Health’s strategy to capitalize on the No Surprises Act while maintaining disciplined cost control.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.