Nutex Health Revenue Falls as Hospital Visits Accelerate

The Tip Desk · November 11, 2026 · 4 min read

Third-quarter revenue was $217.6 million, down 18.7% from a year earlier, while Hospital Division visits rose 18.1% to 54,622.

Nutex Health Inc. (NUTX), a physician-led healthcare services company, reported third-quarter revenue of $217.6 million, down 18.7% from $267.8 million a year earlier, as the company said 2025 had been lifted by collection data and chart reconciliations that did not repeat.

Hospital division revenue fell to $209.1 million from $260.2 million. Population health management revenue rose to $8.5 million from $7.6 million. Same-hospital hospital revenue declined 20.1%.

The company said the revenue decrease was primarily driven by factors that had favorably impacted revenue recognized in 2025, including additional collection data that supported higher estimates for services rendered in 2024, and the reconciliation of certain ineligible charts during the fourth quarter of 2025 that had been included from mid-2024 through the first nine months of 2025.

Net income attributable to Nutex Health was $40.2 million, or $5.71 a share, compared with $55.4 million, or $7.76 a share, a year earlier. EBITDA attributable to Nutex Health was $63.3 million and Adjusted EBITDA was $63.9 million, versus $91.8 million and $98.5 million.

Patient volumes moved the other way. Total visits at the Hospital Division increased 18.1% year over year to 54,622, while visits at same hospitals, defined as facilities opened by December 31, 2024, increased 12.4%. That compared with 9.6% total and 6.3% same-hospital growth in the second quarter. The company now operated 28 hospital facilities in 12 states, up from 27 at the prior two quarter-end dates.

Net cash provided by operating activities was $78.3 million for the three months ended September 30, 2026, compared with $99.5 million a year earlier. Total cost of arbitration was $27.8 million, compared with $41.9 million a year earlier. Of billable visits, the company said approximately 50-60% are submitted through the IDR process, with 40-50% of all billable visits resulting in an award determination. When an award is made, Nutex Health said it prevailed in over 80% of those determinations over the last nine months and collects, on average, over 80% of award amounts as calculated on awards from inception through March of 2026.

For the nine months ended September 30, 2026, net income attributable to Nutex Health was $152.9 million, or $21.50 a share, compared with $59.0 million, or $8.87 a share, a year earlier. The company said the 159% increase was primarily due to lower stock-based compensation related to obligations for under-construction and ramping hospitals. Stock-based compensation expense was $6.4 million for the nine months, compared with $119.6 million a year earlier.

Nine-month results also included a $52.3 million reduction to contract services expense from a change in estimate related to the June 30, 2026 amendment to the company’s agreement with HaloMD and a reduction in the CMS administrative fee, which increased net income attributable to Nutex Health by $25.0 million, or $4.83 a share. Nine-month Adjusted EBITDA was $211.4 million, including that non-cash reduction, compared with $243.0 million a year earlier. Nine-month EBITDA was $225.8 million. Operating income increased to $280.1 million from $244.7 million.

Nine-month total revenue decreased 10.9% to $644.9 million, with hospital division revenue at same hospitals down 11.2%. Hospital Division visits increased 10.2% year over year to 154,326, with same-hospital visits up 6.3%. Operating cash flow was $188.1 million, up from $177.7 million a year earlier.

As of September 30, 2026, cash and cash equivalents were $249.9 million and long-term debt, net, was $34.2 million, versus $185.6 million cash and $29.2 million long-term debt at December 31, 2025. Total assets were $1.0 billion.

Chief Financial Officer Jon Bates said the company believes it is well positioned to finish the year with the expected opening of two new hospitals in the fourth quarter. Chairman and Chief Executive Officer Tom Vo, M.D., MBA, said patient volumes are growing across both existing hospitals and the overall network and that the de novo hospital development pipeline remains robust.