HOUSTON, Aug. 20, 2025 /PRNewswire/ — Nutex Health Inc. (“Nutex Health” or the “Company”) (NASDAQ:NUTX), a physician-led, integrated healthcare delivery system comprised of 24 state-of-the-art micro hospitals and hospital outpatient departments in 11 states and primary care-centric, risk-bearing physician networks, today disclosed non-reliance on its (i) unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2025 contained in the Form 10-Q for the period ended March 31, 2025 (the “Original Form 10-Q”) and its (ii) audited consolidated financial statements as of and for the years ended December 31, 2024 and 2023 contained in the Form 10-K for the year ended December 31, 2024 and 2023 (the “Original Form 10-K”) (collectively, the “Previously Issued Financial Statements”). As noted in the 8-K filed today, on August 20, 2025, the Company, in consultation with the Audit Committee of the Board of Directors and its Auditor, reached a determination that the Company’s Previously Issued Financial Statements should no longer be relied upon solely due to changes to the non-cash classification of obligations related to under construction and ramping hospitals from equity to liability in accordance with the classification criteria in ASC 718, Compensation – Stock Compensation, and ASC 480, Distinguishing Liabilities from Equity. For additional clarity, this non-reliance is anticipated to be non-cash adjustments that are not due to issues related to collections or Independent Dispute Resolutions (arbitration) related activities.
The Company has determined that it is appropriate to correct the classification in the Company’s Previously Issued Financial Statements by amending its Quarterly Report on Form 10-Q for the period ended March 31, 2025 (the “First Quarter 2025 Form 10-Q/A”), and its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Form 10-K/A”). The Company expects that any adjustments related to the treatment of these obligations will be non-cash and have no effect on key financial statement line items such as its revenue, gross profit, liquidity, working capital, short-term and long-term debt, operating cash flow, adjusted EBITDA or number of patient visits.
Preliminary Financial Information
Prior to the filing of the First Quarter 2025 Form 10-Q/A, the 2024 Form 10-K/A, and the full financial results for the period ended June 30, 2025, the Company has provided below select preliminary unaudited financial results for the three and six months ended June 30, 2025, which reflect management’s current views with respect to the Company’s financial results. These preliminary results remain subject to the completion of normal quarter-end and fiscal-end accounting procedures and closing adjustments.
Financial highlights for the three months ended June 30, 2025:
- Total revenue was $244.0 million for the three months ended June 30, 2025 as compared to total revenue of $76.1 million for the same period in 2024, an increase of 220.7%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 203.2% in 2025 compared to 2024.
- Gross profit was $124.8 million, or 51.1% of total revenue, for the three months ended June 30, 2025 as compared to gross profit of $22.6 million, or 29.7% of total revenue, for the same period in 2024.
- Total visits at the Hospital Division were 45,573 for the three months ended June 30, 2025, as compared to 41,208 for the same period in 2024, an increase of …