Total revenue of $723.6 million for the first nine months of 2025 versus $222.3 million for the first nine months of 2024, an increase of 225.5%
Net income attributable to Nutex Health Inc. of $59.0 million for the first nine months of 2025 versus net loss of $9.5 million for the first nine months of 2024, an increase of $68.5 million
Diluted income per share of $8.87 for the first nine months of 2025 versus a loss per share of $1.91 for the first nine months of 2024
EBITDA of $142.9 million for the first nine months of 2025 versus $19.9 million for the first nine months of 2024, an increase of 616.4%
Adjusted EBITDA of $243.0 million for the first nine months of 2025 versus $16.1 million for the first half nine months of 2024, an increase of 1408.6%
Net cash from operating activities of $177.7 million for the first nine months of 2025

2025 年前九个月总收入为 7.236 亿美元 相比 2024 年前九个月的 2.223 亿美元，增长 225.5%
2025 年前九个月归属于 Nutex Health Inc.的净收入为 5900 万美元，而 2024 年前九个月的净亏损为 950 万美元，增加 6850 万美元
2025 年前九个月每股摊薄收益为 8.87 美元，而 2024 年前九个月每股亏损为 1.91 美元
2025 年前九个月的 EBITDA 为 1.429 亿美元，而 2024 年前九个月为 1990 万美元，增长 616.4%
2025 年前九个月的调整后 EBITDA 为 2.430 亿美元，而 2024 年前九个月的调整后 EBITDA 为 1610 万美元，增长 1408.6%
2025 年前九个月的经营活动净现金为 1.777 亿美元

, /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced financial results for the three and ninemonths ended September30, 2025. Nutex Health is a physician-led, integrated healthcare delivery system comprised of 24state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks.

, /PRNewswire/ -- Nutex Health Inc.（"Nutex Health"或"公司"）（NASDAQ: NUTX）今天公布了截至2025年9月30日的三个月和九个月的财务业绩。Nutex Health 是一个由医生主导的综合医疗服务系统，拥有 24 家先进的微型医院和 11 个州的医院门诊部门（HOPD），以及以初级护理为中心的风险承担医生网络。

Financial highlights for the three months ended September30, 2025:

截至2025年9月30日的三个月财务亮点：

Total revenue increased $189.0 million to $267.8 million for the three months ended September 30, 2025 as compared to total revenue of $78.8 million for the same period in 2024, an increase of 239.9%. The hospital division drove most of this growth, generating $260.2 million, up 262.8% from $71.7 million for the third quarter of 2024. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 208.9% in 2025 compared to 2024.
Of the $260.2 million in hospital revenue, $182.1 million (or approximately 70.0%) related to a combination of both higher acuity claims as well as success through the Independent Dispute Resolution (IDR) process.
With regard to arbitration-related revenue: due to the continual underpayment from payors, we have continued to submit between 60-70% of our visits through the IDR process, we have won a legal determination on over 85% of the claims submitted, and we currently have an average collection rate of over 80% of the legal determination wins.
Arbitration costs approximate 24-26% of the arbitration related revenue.
Total stock-based compensation expense for the three months ended September 30, 2025 was $13.2 million compared to $2.0 million for the same period in 2024. Approximately 99.5% of total stock-based compensation expense of $13.2 million is due to the one-time obligations for under-construction and ramping hospitals.
Operating income for the three months ended September 30, 2025 was $130.4 million compared to $9.7 million for the same period in 2024, representing a $120.7 million improvement year over year.
Net income attributable to Nutex Health for the three months ended September 30, 2025 of $55.4 million as compared to net loss attributable to Nutex Health of $8.8 million for the same period in 2024. The $55.4 million in net income includes non-cash stock-based compensation expense of $13.2 million, while the $8.8 million net loss includes non-cash stock-based compensation expense of $2.0 million.
EBITDA attributable to Nutex Health of $91.8 million, as compared to EBITDA attributable to Nutex Health of $4.3 million for the three months ended September 30, 2024, an increase of 2014.0%.
Adjusted EBITDA attributable to Nutex Health of $98.5 million, as compared to Adjusted EBITDA attributable to Nutex Health of $9.7 million for the three months ended September 30, 2024.
Total visits at the Hospital Division were 46,232 for the three months ended September 30, 2025, as compared to 41,668 for the same period in 2024, an increase of 4,564 or 11.0%. Visits at mature hospitals decreased by 0.6% in the three months ended September 30, 2025 as compared to the same period in 2024.
Net cash from operating activities of $99.5 million for the three months ended September 30, 2025.
As of September 30, 2025, the Company had total assets of $964.5 million, including cash and cash equivalents of $166.0 million, and long-term debt, net of $25.6 million.

截至2025年9月30日的三个月总收入增加 1.89 亿美元，达到 2.678 亿美元，相比 2024 年同期的 7880 万美元，增长 239.9%。医院部门推动了大部分增长，产生了 2.602 亿美元，比 2024 年第三季度的 7170 万美元增长 262.8%。成熟医院的收入（即2021年12月31日之前开设的医院）在 2025 年相比 2024 年增长了 208.9%。
在 2.602 亿美元的医院收入中，1.821 亿美元（约 70.0%）与更高的急性病索赔以及通过独立争议解决（IDR）过程的成功相关。
关于仲裁相关收入：由于支付方的持续低支付，我们继续通过 IDR 过程提交 60-70% 的就诊，我们在提交的索赔中赢得了超过 85% 的法律裁定，目前我们法律裁定胜诉的平均收款率超过 80%。
仲裁成本约占仲裁相关收入的 24-26%。
截至2025年9月30日的三个月总股票补偿费用为 1320 万美元，而 2024 年同期为 200 万美元。1320 万美元的总股票补偿费用中约 99.5% 是由于在建和逐步投入运营医院的一次性义务。
截至2025年9月30日的三个月营业收入为 1.304 亿美元，而 2024 年同期为 970 万美元，年同比改善 1207 万美元。
截至2025年9月30日归属于 Nutex Health 的净收入为 5540 万美元，而 2024 年同期归属于 Nutex Health 的净亏损为 880 万美元。5540 万美元的净收入包括 1320 万美元的非现金股票补偿费用，而 880 万美元的净亏损包括 200 万美元的非现金股票补偿费用。
截至2025年9月30日归属于 Nutex Health 的 EBITDA 为 9180 万美元，而 2024 年同期的 EBITDA 为 430 万美元，增长 2014.0%。
截至2025年9月30日归属于 Nutex Health 的调整后 EBITDA 为 9850 万美元，而 2024 年同期的调整后 EBITDA 为 970 万美元。
截至2025年9月30日，医院部门的总就诊人数为 46232 人，而 2024 年同期为 41668 人，增加 4564 人或 11.0%。成熟医院的就诊人数在2025年9月30日的三个月中相比 2024 年同期减少了 0.6%。
截至2025年9月30日的三个月经营活动净现金为 9950 万美元。
截至2025年9月30日，公司总资产为 9.645 亿美元，包括现金及现金等价物为 1.66 亿美元，长期债务净额为 2560 万美元。

Financial highlights for the nine months ended September30, 2025:

截至2025年9月30日的九个月财务亮点：

Total revenue increased $501.2 million to $723.6 million for the nine months ended September 30, 2025 as compared to total revenue of $222.3 million for the same period in 2024, an increase of 225.5%. The hospital division drove most of this growth, generating $700.5 million, up 251.4% from $199.4 million for the first nine months of 2024. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 200.0% in 2025 compared to 2024.
Of the $700.5 million in hospital revenue, $462.9 million (or approximately 66.1%) related to a combination of both higher acuity claims as well as success through the IDR process.
With regard to arbitration-related revenue: due to the continual underpayment from payors, we have continued to submit between 60-70% of our visits through the IDR process, we have won a legal determination on over 85% of the claims submitted, and we currently have an average collection rate of over 80% of the legal determination wins.
Arbitration costs approximate 24-26% of the arbitration related revenue.
Total stock-based compensation expense for the nine months ended September 30, 2025 was $119.6 million compared to $2.0 million for the same period in 2024. Approximately 99.5% of total stock-based compensation expense of $119.6 million is due to the one-time obligations for under-construction and ramping hospitals.
Operating income for the nine months ended September 30, 2025 was $244.7 million compared to $16.4 million for the same period in 2024, representing a $228.3 million improvement year over year.
Net income attributable to Nutex Health for the nine months ended September 30, 2025 of $59.0 million as compared to net loss attributable to Nutex Health of $9.5 million for the same period in 2024. The $59.0 million in net income includes non-cash stock-based compensation expense of $119.6 million, while the $9.5 million net loss includes non-cash stock-based compensation expense of $2.0 million.
EBITDA attributable to Nutex Health of $142.9 million, as compared to EBITDA attributable to Nutex Health of $19.9 million for the nine months ended September 30, 2024, an increase of 616.4%.
Adjusted EBITDA attributable to Nutex Health of $243.0 million, as compared to Adjusted EBITDA attributable to Nutex Health of $16.1 million for the nine months ended September 30, 2024.
Total visits at the Hospital Division were 140,074 for the nine months ended September 30, 2025, as compared to 122,944 for the same period in 2024, an increase of 17,130 or 13.9%. Visits at mature hospitals increased by 1.8% in the nine months ended September 30, 2025 as compared to the same period in 2024.
Net cash from operating activities of $177.7 million for the nine months ended September 30, 2025.

截至2025年9月30日的九个月内，总收入从 2024 年同期的 2.223 亿美元增加至 7.236 亿美元，增长了 225.5%。医院部门推动了大部分增长，产生了 7.005 亿美元，比 2024 年前九个月的 1.994 亿美元增长了 251.4%。成熟医院（即2021年12月31日之前开设的医院）的收入在 2025 年相比 2024 年增长了 200.0%。

在 7.005 亿美元的医院收入中，4.629 亿美元（约 66.1%）与更高的急性病例索赔以及通过 IDR 流程的成功有关。
关于与仲裁相关的收入：由于支付方持续低支付，我们继续通过 IDR 流程提交 60-70% 的就诊记录，我们在提交的索赔中赢得了超过 85% 的法律裁定，目前法律裁定胜诉的平均收款率超过 80%。
仲裁成本约占与仲裁相关收入的 24-26%。
截至2025年9月30日的九个月内，总股票薪酬费用为 1.196 亿美元，而 2024 年同期为 200 万美元。约 99.5% 的总股票薪酬费用 1.196 亿美元是由于在建和逐步投入运营医院的一次性义务所致。
截至2025年9月30日的九个月内，营业收入为 2.447 亿美元，而 2024 年同期为 1640 万美元，年同比改善了 2.283 亿美元。
截至2025年9月30日的九个月内，归属于 Nutex Health 的净收入为 5900 万美元，而 2024 年同期归属于 Nutex Health 的净亏损为 950 万美元。5900 万美元的净收入包括 119.6 百万美元的非现金股票薪酬费用，而 950 万美元的净亏损包括 200 万美元的非现金股票薪酬费用。
截至2025年9月30日的九个月内，归属于 Nutex Health 的 EBITDA 为 1.429 亿美元，而 2024 年同期为 1990 万美元，增长了 616.4%。
截至2025年9月30日的九个月内，归属于 Nutex Health 的调整后 EBITDA 为 2.430 亿美元，而 2024 年同期为 1610 万美元。
截至2025年9月30日的九个月内，医院部门的总就诊人数为 140,074 人，而 2024 年同期为 122,944 人，增加了 17,130 人，增长了 13.9%。成熟医院的就诊人数在截至2025年9月30日的九个月内相比 2024 年同期增长了 1.8%。
截至2025年9月30日的九个月内，经营活动产生的净现金为 1.777 亿美元。

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.

注意：EBITDA 和调整后 EBITDA 是非 GAAP 财务指标。非 GAAP 与 GAAP 指标的对账见本财报发布下方。

"We are continuing to add to a record year with 225%revenue growth, Adjusted EBITDA attributable to Nutex Health of $243.0 million, a 629% increase in gross profitand a record high cash balance of $166.0 million. Our financial performance highlights the strength of the business model with our strong balance sheet positioning us well for our planned growth strategy," stated Jon Bates, Chief Financial Officer of Nutex Health.

"我们继续创造创纪录的一年，收入增长 225%，归属于 Nutex Health 的调整后 EBITDA 为 2.430 亿美元，毛利润增长 629%，现金余额创历史新高，达到 1.660 亿美元。我们的财务表现突显了商业模式的强大，强劲的资产负债表使我们在计划的增长战略中处于良好位置，"Nutex Health 首席财务官 Jon Bates 表示。

"We are very pleased to deliver another successful and profitable quarter. With the audit revisions and related activities behind us, our team is fully focused on driving future growth both within existing operations and through new facilities. Our pipeline remains strong, reflecting continued demand for small hospitals across the country," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

"我们非常高兴能够交付又一个成功且盈利的季度。在审计修订和相关活动结束后，我们的团队全力专注于推动未来的增长，无论是在现有运营中还是通过新设施。我们的项目管道依然强劲，反映了全国对小型医院的持续需求，"Nutex Health 董事长兼首席执行官 Tom Vo，M.D., MBA 表示。

For more details on the Company's financial results for the three and nine months ended September30, 2025, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

有关公司截至2025年9月30日的三个月和九个月财务结果的更多详细信息，请参阅我们向美国证券交易委员会提交的 10-Q 季度报告，网址为 www.sec.gov。

Nutex Health Inc. Regains Nasdaq Compliance

Nutex Health Inc. 恢复纳斯达克合规性

On November 19, 2025 Nutex received a letter from Nasdaq Listing Qualifications confirming that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission.

2025年11月19日，Nutex 收到纳斯达克上市资格的信函，确认公司已恢复遵守纳斯达克上市规则 5250(c)(1)，该规则要求及时向证券交易委员会提交定期报告。

The letter states that following the Company's filing of its Form 10-Q for the period ended June 30, 2025 on November 18, 2025, Nasdaq has determined that Nutex Health Inc. now complies with the rule and that the matter is closed.

信函指出，在公司于2025年11月18日提交截至2025年6月30日的 10-Q 表格后，纳斯达克已确定 Nutex Health Inc.现在符合该规则，并且该事项已结束。

No further action is required by the Company in connection with this matter.

公司在此事项上无需采取进一步行动。

Conference Call on Restated 2024 and First Three Quarters of 2025 Results

关于 2024 年重述及 2025 年前三季度结果的电话会议

The Company will host a conference call on Tuesday, December 2, 2025 at 10:30 a.m. ET to discuss its restated fiscal year 2024 results and its results for the first three quarters of 2025.

公司将于2025年12月2日星期二上午 10:30（东部时间）召开电话会议，讨论其重述的 2024 财年结果及 2025 年前三季度的结果。

Participant Listening: 1-877-407-9208 or 1-201-493-6784

参与者拨入：1-877-407-9208 或 1-201-493-6784

Participant Link: https://callme.viavid.com/viavid/?callme=true&passcode=13746493&h=true&info=company&r=true&B=6

参与者链接： https://callme.viavid.com/viavid/?callme=true&passcode=13746493&h=true&info=company&r=true&B=6

To access the call, please dial in approximately five minutes before start time. Those who are unable to attend the live conference call may access the recording on the Company's website.

要访问电话会议，请在开始前大约五分钟拨入。无法参加现场电话会议的人员可以在公司网站上访问录音。


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share amounts)	September 30, 2025	December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$ 166,048	$ 40,640
Restricted short-term investments	—	2,941
Accounts receivable	387,409	232,449
Accounts receivable - related parties	7,353	3,602
Inventories	3,158	2,850
Income tax receivable	12,097	—
Prepaid expenses and other current assets	16,586	9,997
Total current assets	592,651	292,479
Property and equipment, net	82,821	77,933
Operating lease right-of-use assets	27,354	27,872
Financing lease right-of-use assets	225,719	218,889
Intangible assets, net	21,555	15,530
Goodwill, net	13,919	13,919
Deferred tax assets	—	7,987
Other assets	499	711
Total assets	$ 964,518	$ 655,320
Liabilities and Equity
Current liabilities:
Accounts payable	$ 45,475	$ 9,614
Accounts payable - related parties	4,082	806
Lines of credit	5,304	3,554
Current portion of long-term debt	18,004	14,395
Operating lease liabilities, current portion	2,111	2,080
Financing lease liabilities, current portion	7,108	7,705
Accrued arbitration expenses	64,313	47,742
Accrued income tax expense	—	26,533
Accrued stock-based compensation	11,194	16,356
Accrued expenses and other current liabilities	27,865	25,440
Total current liabilities	185,456	154,225
Long-term debt, net	25,574	22,466
Operating lease liabilities, net	30,423	30,617
Financing lease liabilities, net	270,077	259,479
Deferred tax liabilities	14,955	—
Total liabilities	526,485	466,787

Commitments and contingencies (Note 10)
Equity:
Common stock, $0.001 par value; 950,000,000 shares authorized; 6,905,262 and 5,511,452 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	7	6
Additional paid-in capital	615,180	489,409
Accumulated deficit	(298,021)	(356,976)
Nutex Health Inc. equity	317,166	132,439
Noncontrolling interests	120,867	56,094
Total equity	438,033	188,533
Total liabilities and equity	$ 964,518	$ 655,320


NUTEX HEALTH INC.
简明合并资产负债表（未经审计）

(单位：千美元，除每股和每股金额外)	截至 9 月 30 日，
2025 年	截至 12 月 31 日，
2024 年
资产
流动资产：
现金及现金等价物	$ 166,048	$ 40,640
限制性短期投资	—	2,941
应收账款	387,409	232,449
应收账款 - 关联方	7,353	3,602
存货	3,158	2,850
所得税应收款	12,097	—
预付费用及其他流动资产	16,586	9,997
流动资产总计	592,651	292,479
物业及设备，净额	82,821	77,933
租赁使用权资产	27,354	27,872
融资租赁使用权资产	225,719	218,889
无形资产，净额	21,555	15,530
商誉，净额	13,919	13,919
递延所得税资产	—	7,987
其他资产	499	711
资产总计	$ 964,518	$ 655,320
负债和股东权益
流动负债：
应付账款	$ 45,475	$ 9,614
应付账款 - 关联方	4,082	806
信贷额度	5,304	3,554
长期债务的当前部分	18,004	14,395
租赁负债，当前部分	2,111	2,080
融资租赁负债，当前部分	7,108	7,705
应计仲裁费用	64,313	47,742
应计所得税费用	—	26,533
应计股票补偿费用	11,194	16,356
应计费用及其他流动负债	27,865	25,440
流动负债总计	185,456	154,225
长期债务，净额	25,574	22,466
租赁负债，净额	30,423	30,617
融资租赁负债，净额	270,077	259,479
递延所得税负债	14,955	—
负债总计	526,485	466,787

承诺和或有事项（注释 10）
股东权益：
普通股，面值$0.001；授权 950,000,000 股；截至2025年9月30日和2024年12月31日，已发行并流通 6,905,262 股和 5,511,452 股	7	6
额外实收资本	615,180	489,409
累计亏损	(298,021)	(356,976)
Nutex Health Inc. 股东权益	317,166	132,439
非控股权益	120,867	56,094
股东权益总计	438,033	188,533
负债和股东权益总计	$ 964,518	$ 655,320


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended September 30,	Nine Months Ended September 30,
(In thousands, except share and per share amounts)	2025	2024	2025	2024
Revenue:
Hospital division	$ 260,239	$ 71,733	$ 700,488	$ 199,367
Population health management division	7,565	7,062	23,090	22,964
Total revenue	267,804	78,795	723,578	222,331

Operating costs and expenses:
Payroll	38,817	29,848	109,961	85,249
Contract services	53,837	11,657	153,601	32,482
Medical supplies	3,307	3,983	11,920	12,894
Depreciation and amortization	5,003	4,972	15,343	13,691
Other	11,959	6,418	34,610	23,380
Total operating costs and expenses	112,923	56,878	325,435	167,696

Gross profit	154,881	21,917	398,143	54,635

Corporate and other costs:
Stock-based compensation	13,217	1,964	119,606	1,952
Impairment of assets	—	425	—	3,899
Impairment of goodwill	—	—	—	3,197
General and administrative expenses	11,297	9,865	33,830	29,175
Total corporate and other costs	24,514	12,254	153,436	38,223

Operating income	130,367	9,663	244,707	16,412

Interest expense, net	5,452	5,381	17,250	14,880
Loss on warrant liability	—	6,734	—	1,073
Other (income) expense	976	128	8,570	(711)
Income (loss) before taxes	123,939	(2,580)	218,887	1,170

Income tax expense	27,140	4,585	55,138	5,868

Net income (loss)	96,799	(7,165)	163,749	(4,698)

Less: net income attributable to noncontrolling interests	41,364	1,623	104,794	4,819

Net income (loss) attributable to Nutex Health Inc.	$ 55,435	$ (8,788)	$ 58,955	$ (9,517)

Earnings (loss) per common share
Basic	$ 8.27	$ (1.72)	$ 9.63	$ (1.91)
Diluted	$ 7.76	$ (1.72)	$ 8.87	$ (1.91)


NUTEX HEALTH INC.
简明合并损益表（未经审计）

	截至 9 月 30 日的三个月	截至 9 月 30 日的九个月
(单位：千美元，除每股和每股金额外)	2025 年	2024 年	2025 年	2024 年
收入：
医院部门	$ 260,239	$ 71,733	$ 700,488	$ 199,367
人口健康管理部门	7,565	7,062	23,090	22,964
收入总计	267,804	78,795	723,578	222,331

营业成本和费用：
工资	38,817	29,848	109,961	85,249
合同服务	53,837	11,657	153,601	32,482
医疗用品	3,307	3,983	11,920	12,894
折旧和摊销	5,003	4,972	15,343	13,691
其他	11,959	6,418	34,610	23,380
营业成本和费用总计	112,923	56,878	325,435	167,696

毛利润	154,881	21,917	398,143	54,635

企业及其他费用：
股票补偿费用	13,217	1,964	119,606	1,952
资产减值	—	425	—	3,899
商誉减值	—	—	—	3,197
一般及行政费用	11,297	9,865	33,830	29,175
企业及其他费用总计	24,514	12,254	153,436	38,223

营业收入	130,367	9,663	244,707	16,412

利息费用，净额	5,452	5,381	17,250	14,880
权证负债损失	—	6,734	—	1,073
其他（收入）费用	976	128	8,570	(711)
税前收入（损失）	123,939	(2,580)	218,887	1,170

所得税费用	27,140	4,585	55,138	5,868

净收入（损失）	96,799	(7,165)	163,749	(4,698)

减：归属于非控股权益的净收入	41,364	1,623	104,794	4,819

归属于 Nutex Health Inc.的净收入（损失）	$ 55,435	$ (8,788)	$ 58,955	$ (9,517)

每股收益（损失）
基本	$ 8.27	$ (1.72)	$ 9.63	$ (1.91)
稀释	$ 7.76	$ (1.72)	$ 8.87	$ (1.91)


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended September 30,
(In thousands)	2025	2024
Cash flows from operating activities:
Net income	$ 163,749	$ (4,698)
Adjustment to reconcile net income to net cash from operating activities:
Depreciation and amortization	15,343	13,691
Loss on warrant liability	—	1,073
Impairment of assets	—	3,899
Impairment of goodwill	—	3,197
Derecognition of goodwill	—	453
Stock-based compensation expense	119,606	1,952
Changes to deferred taxes	22,942	(1,743)
Debt accretion expense	756	805
Changes in operating assets and liabilities:
(Increase)/Decrease in Accounts receivable	(154,960)	(4,253)
(Increase)/Decrease in Accounts receivable - related party	(3,751)	550
(Increase)/Decrease in Inventories	(308)	1,131
(Increase)/Decrease in Income tax receivable	(12,097)	—
(Increase)/Decrease in Prepaid expenses and other current assets	(6,376)	(1,361)
(Increase)/Decrease in Operating right-of-use assets	518	411
Increase/(Decrease) in Accounts payable	36,637	(7,975)
Increase/(Decrease) in Accounts payable - related party	3,276	(39)
Increase/(Decrease) in Operating lease liabilities	(164)	(692)
Increase/(Decrease) in Accrued arbitration expenses	16,571	—
Increase/(Decrease) in Accrued income tax expense	(26,533)	—
Increase/(Decrease) in Accrued expenses and other current liabilities	2,527	16,698
Net cash provided by operating activities	177,736	23,099

Cash flows from investing activities:
Acquisitions of property and equipment	(1,117)	(1,909)
Proceeds from restricted short-term investment	2,941	—
Cash related to sale of business	—	(361)
Cash related to asset acquisition	(1,994)	—
Net cash used in investing activities	(170)	(2,270)

Cash flows from financing activities:
Proceeds from lines of credit	5,043	1,132
Proceeds from notes payable	273	7,015
Repayments of lines of credit	(3,293)	(1,119)
Repayments of notes payable	(8,319)	(8,332)
Repayments of finance leases	(4,004)	(1,924)
Proceeds from common stock issuance, net issuance costs	—	9,202
Proceeds from exercise of warrants	—	801
Members' contributions	316	961
Members' distributions	(42,174)	(3,659)
Net cash provided by (used in) financing activities	(52,158)	4,077
Net increase in cash and cash equivalents	125,408	24,906
Cash and cash equivalents - beginning of the period	40,640	22,002
Cash and cash equivalents - end of the period	$ 166,048	$ 46,908


NUTEX HEALTH INC.
现金流量简表（未经审计）

	截至 9 月 30 日的九个月
(单位：千美元)	2025	2024
来自经营活动的现金流量：
净收入	$ 163,749	$ (4,698)
调整净收入以对账经营活动的净现金流量：
折旧和摊销	15,343	13,691
权证负债损失	—	1,073
资产减值	—	3,899
商誉减值	—	3,197
商誉注销	—	453
基于股票的补偿费用	119,606	1,952
递延税项变动	22,942	(1,743)
债务增值费用	756	805
经营资产和负债的变动：
应收账款的（增加）/减少	(154,960)	(4,253)
应收账款 - 关联方的（增加）/减少	(3,751)	550
存货的（增加）/减少	(308)	1,131
所得税应收款的（增加）/减少	(12,097)	—
预付费用和其他流动资产的（增加）/减少	(6,376)	(1,361)
经营使用权资产的（增加）/减少	518	411
应付账款的（增加）/减少	36,637	(7,975)
应付账款 - 关联方的（增加）/减少	3,276	(39)
经营租赁负债的（增加）/减少	(164)	(692)
应计仲裁费用的（增加）/减少	16,571	—
应计所得税费用的（增加）/减少	(26,533)	—
应计费用和其他流动负债的（增加）/减少	2,527	16,698
经营活动提供的净现金	177,736	23,099

来自投资活动的现金流量：
物业和设备的收购	(1,117)	(1,909)
限制性短期投资的收益	2,941	—
与业务出售相关的现金	—	(361)
与资产收购相关的现金	(1,994)	—
投资活动使用的净现金	(170)	(2,270)

来自融资活动的现金流量：
信贷额度的收益	5,043	1,132
应付票据的收益	273	7,015
信贷额度的偿还	(3,293)	(1,119)
应付票据的偿还	(8,319)	(8,332)
融资租赁的偿还	(4,004)	(1,924)
普通股发行的收益，扣除发行费用	—	9,202
权证行使的收益	—	801
成员的贡献	316	961
成员的分配	(42,174)	(3,659)
融资活动提供的（使用的）净现金	(52,158)	4,077
现金及现金等价物的净增加	125,408	24,906
现金及现金等价物 - 期初余额	40,640	22,002
现金及现金等价物 - 期末余额	$ 166,048	$ 46,908

Non-GAAP Financial Measures (Unaudited)

非 GAAP 财务指标（未经审计）

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.

EBITDA 和调整后 EBITDA. EBITDA 和调整后 EBITDA 被管理层和外部用户（如行业分析师、投资者、贷款人和评级机构）作为补充的非 GAAP 财务指标。我们认为 EBITDA 和调整后 EBITDA 是有用的，因为它们使我们能够更有效地评估我们的经营业绩。

We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.

我们将 EBITDA 定义为归属于 Nutex Health Inc.的净收入（损失）加上利息费用、所得税、折旧和摊销。

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 loss to Adjusted EBITDA is included below.

我们将调整后 EBITDA 定义为归属于 Nutex Health Inc.的净收入（损失）加上净利息费用、所得税、折旧和摊销，并进一步调整基于股票的补偿、某些定义的费用项目以及任何与收购相关的费用和减值。利息费用包括租赁负债的利息，这是总融资租赁成本的一部分。净损失与调整后 EBITDA 的对账如下。

Beginning in the first quarter of 2025, we have updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.

自 2025 年第一季度起，我们更新了调整后 EBITDA 的呈现方式，以单独披露与 ASC 842 下的租赁相关的融资租赁付款。我们认为这一变化提供了更大的透明度，以便评估我们的经营业绩。

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 (in thousands):

调整后 EBITDA 并不打算作为美国 GAAP 业绩指标的替代，且可能无法与其他公司呈现的类似标题的指标进行比较。调整后 EBITDA 如下（单位：千美元）：


	Three Months Ended September 30,
	2025	2024
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA:	(Updated)	(Prior)	(Updated)	(Prior)
Net income (loss) attributable to Nutex Health Inc.	$ 55,435	$ 55,435	$ (8,788)	$ (8,788)
Depreciation and amortization	5,003	5,003	4,972	4,972
Interest expense, net	5,452	5,452	5,381	5,381
Income tax expense	27,140	27,140	4,585	4,585
Allocation to noncontrolling interests	(1,243)	(1,243)	(1,808)	(1,808)
EBITDA	91,787	91,787	4,342	4,342
Loss on warrant liability	—	—	6,734	6,734
Impairment of assets	—	—	424	424
Finance lease payments(1)	(6,474)	—	(3,794)	—
Stock-based compensation	13,217	13,217	1,964	1,964
Adjusted EBITDA	$ 98,530	$ 105,004	$ 9,670	$ 13,464


	截至 9 月 30 日的三个月
	2025	2024
归属于 Nutex
Health Inc.的净收入（损失）与调整后 EBITDA 的对账：	（更新）	（之前）	（更新）	（之前）
归属于 Nutex Health Inc.的净收入（损失）	$ 55,435	$ 55,435	$ (8,788)	$ (8,788)
折旧和摊销	5,003	5,003	4,972	4,972
净利息费用	5,452	5,452	5,381	5,381
所得税费用	27,140	27,140	4,585	4,585
分配给非控股权益	(1,243)	(1,243)	(1,808)	(1,808)
EBITDA	91,787	91,787	4,342	4,342
权证负债损失	—	—	6,734	6,734
资产减值	—	—	424	424
融资租赁付款 (1)	(6,474)	—	(3,794)	—
基于股票的补偿	13,217	13,217	1,964	1,964
调整后 EBITDA	$ 98,530	$ 105,004	$ 9,670	$ 13,464


	Nine Months Ended September 30,
	2025	2024
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA:	(Updated)	(Prior)	(Updated)	(Prior)
Net income (loss) attributable to Nutex Health Inc.	$ 58,955	$ 58,955	$ (9,517)	$ (9,517)
Depreciation and amortization	15,343	15,343	13,691	13,691
Interest expense, net	17,250	17,250	14,880	14,880
Income tax expense	55,138	55,138	5,868	5,868
Allocation to noncontrolling interests	(3,815)	(3,815)	(4,980)	(4,980)
EBITDA	142,871	142,871	19,942	19,942
Loss on warrant liability	—	—	1,073	1,073
Impairment of assets	—	—	3,898	3,898
Impairment of goodwill	—	—	3,197	3,197
Finance lease payments(1)	(19,512)	—	(13,957)	—
Stock-based compensation	119,606	119,606	1,952	1,952
Adjusted EBITDA	$ 242,965	$ 262,477	$ 16,105	$ 30,062


	截至 9 月 30 日的九个月
	2025	2024
净收入（亏损）与调整后 EBITDA 的调节：	（更新）	（之前）	（更新）	（之前）
净收入（亏损）归属于 Nutex Health Inc.	$ 58,955	$ 58,955	$ (9,517)	$ (9,517)
折旧和摊销	15,343	15,343	13,691	13,691
利息费用，净额	17,250	17,250	14,880	14,880
所得税费用	55,138	55,138	5,868	5,868
分配给非控股权益	(3,815)	(3,815)	(4,980)	(4,980)
EBITDA	142,871	142,871	19,942	19,942
权证负债损失	—	—	1,073	1,073
资产减值	—	—	3,898	3,898
商誉减值	—	—	3,197	3,197
融资租赁付款 (1)	(19,512)	—	(13,957)	—
基于股票的补偿	119,606	119,606	1,952	1,952
调整后 EBITDA	$ 242,965	$ 262,477	$ 16,105	$ 30,062



(1)	Finance lease payments consist of cash payments for financing leases under ASC 842, which should be deducted from EBITDA. We believe this change is useful to investors to evaluate the ongoing operating performance of our business.



(1)	融资租赁付款包括根据 ASC 842 的融资租赁的现金付款，应从 EBITDA 中扣除。我们认为这一变化对投资者评估我们业务的持续运营表现是有用的。

About Nutex Health Inc.

关于 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.

Nutex Health Inc.（纳斯达克代码：NUTX）总部位于德克萨斯州休斯顿，成立于 2011 年，是一家拥有医院部门和人口健康管理部门的医疗管理和运营公司。

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 24facilities in 11states.

医院部门拥有、开发和运营创新的医疗保健模式，包括微型医院、专科医院和医院门诊部门（HOPD）。该部门在 11 个州拥有和运营 24 个设施。

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.

人口健康管理部门拥有和运营独立的医疗提供者网络，如独立医生协会（IPA）。通过我们的管理服务组织（MSO），我们为我们的附属医院和医生集团提供管理、行政和其他支持服务。

Forward-Looking Statements

前瞻性声明

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 December31, 2024, and subsequent Quarterly Report on Form 10-Q for the three and ninemonths ended September30, 2025under the heading "Risk Factors" in Part II, 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.

本新闻稿中包含的某些声明和信息构成 1995 年《私人证券诉讼改革法》意义上的 “前瞻性声明”。在本新闻稿中使用的 “将”、“可能导致”、“预计”、“将继续”、“预期”、“估计”、“预测”、“打算”、“目标” 或类似表达的词语或短语旨在识别 1995 年《私人证券诉讼改革法》意义上的 “前瞻性声明”。这些声明受到某些已知和未知的风险和不确定性的影响，其中许多超出了公司的控制范围。这些不确定性和风险包括但不限于我们成功执行增长战略的能力、法律或法规的变化，包括根据《无惊讶法》实施的临时最终规则和最终规则、经济状况、对管理的依赖、对股东的稀释、资本的缺乏、快速增长对公司的影响以及管理层有效应对公司产品和服务的增长和需求的能力、新兴技术、公司竞争能力、关联方交易中的利益冲突、监管事务、技术保护、缺乏行业标准、竞争的影响以及公司获得未来融资的能力。影响未来结果的因素的详细列表在截至2024年12月31日的年度报告 10-K 表格中讨论，并在截至2025年9月30日的三个月和九个月的后续季度报告 10-Q 表格中在 “风险因素” 部分的第 II 部分，项目 IA 中，以及不时向证券交易委员会提交的其他文件中讨论。这些因素可能会对公司的财务表现产生重大不利影响，并可能导致公司未来期间的实际结果与本新闻稿中表达的任何意见或声明存在重大差异。

SOURCE Nutex Health, Inc.

来源：Nutex Health, Inc.

Nutex Health 公布2025年9月30日的第三季度及年初至今的财务业绩 | NUTX 股票新闻