NUTX on Nasdaq

Nutex Health Inc.

American business services company based in Houston, incorporated in Delaware1

In its 2026 annual report the company says: “Nutex Health Inc. is a physician-led, healthcare services and operations company with 26 hospital facilities (as of December 31, 2025) in 12 states (hospital division), and a primary care-centric, risk-bearing population health management division. Our hospital division implements and operates innovative health care models, including micro-hospitals, specialty hospitals and hospital outpatient departments.”4 Its shares trade on Nasdaq under the symbol NUTX.1

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Last updated Oct 21, 2026.

Overview

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  • TickerNUTX on Nasdaq1
  • IndustryServices-Business Services, NEC1
  • HeadquartersHouston, Texas1
  • Incorporated inDE2
  • Business address1776 Yorktown St, Suite 700, Houston, Tx 770562
  • Filer categoryAccelerated filer2
  • Legal formCorporation

Nutex Health Inc. (“Nutex Health” or the “Company”) is a physician-led, healthcare services and operations company with 26 hospital facilities (as of December 31, 2025) in 12 states (hospital division), and a primary care-centric, risk-bearing population health management division. Our hospital division implements and operates innovative health care models, including micro-hospitals, specialty hospitals and hospital outpatient departments (“HOPDs”). The population health management (“PHM”) division owns and operates provider networks such as independent physician associations (“IPAs”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

50.8%Gross margin5
31.5%Operating margin5
8.1%Net margin5
82.4%Revenue growth, 20255
21.5%Return on equity5
0.09×Debt to equity5
$245.6MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Hospital Division brought in 96% of the revenue Nutex Health Inc. broke down this way in fiscal 2025.

  1. Hospital Division$844.2M596%up 88% from 2024
  2. Population Health Management Division$31.1M54%up 1% from 2024
Products and services by year
Products and services2022202320242025
Hospital Division$198.5M$218.1M$449.1M$844.2M
Population Health Management Division$20.8M$29.6M$30.9M$31.1M

Business segments

Hospital Division brought in 96% of the revenue Nutex Health Inc. broke down this way in fiscal 2025.

  1. Hospital Division$844.2M596%up 88% from 2024
  2. Population Health Management Division$31.1M54%up 1% from 2024
Business segments by year
Business segments2022202320242025
Hospital Division$198.5M$218.1M$449.1M$844.2M
Population Health Management Division$20.8M$29.6M$30.9M$31.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs85¢$740.0M
  • Income tax7¢$64.4M
  • Profit8¢$70.8M

Out of $875.3M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending1¢$2.5M
  • Share buybacks2¢$5.0M
  • Kept or used elsewhere97¢$240.6M

Out of $248.1M of cash from operations.5

Financial statements

Revenue67895$875.3M in 2025+63955% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $1.4M$1.4M20192020: $274.0M$274.0M2020+19955%2021: $331.5M$331.5M2021+21%2022: $219.3M$219.3M2022−34%2023: $247.6M$247.6M2023+13%2024: $479.9M$479.9M2024+94%2025: $875.3M$875.3M2025+82%
Gross profit67895$444.3M in 2025+82792% since 2019
0$200.0M$400.0M$600.0M2019: $536.0K$536.0K20192020: $157.6M$157.6M2020+29305%2021: $179.3M$179.3M2021+14%2022: $15.4M$15.4M2022−91%2023: $34.8M$34.8M2023+125%2024: $196.3M$196.3M2024+464%2025: $444.3M$444.3M2025+126%
Operating income67895$275.6M in 2025
-$600.0M-$400.0M-$200.0M0$200.0M$400.0M2019: -$6.9M-$6.9M20192020: $153.2M$153.2M20202021: $170.3M$170.3M2021+11%2022: -$406.6M-$406.6M20222023: -$31.8M-$31.8M2023−92%2024: $130.7M$130.7M20242025: $275.6M$275.6M2025+111%
Net income67895$70.8M in 2025
-$600.0M-$400.0M-$200.0M0$200.0M2019: -$7.1M-$7.1M20192020: $106.0M$106.0M20202021: $132.6M$132.6M2021+25%2022: -$424.8M-$424.8M20222023: -$45.8M-$45.8M2023−89%2024: $52.1M$52.1M20242025: $70.8M$70.8M2025+36%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Total revenue$875.3M$479.9M$247.6M
Payroll$158.1M$117.5M$108.4M
Contract services$190.3M$100.8M$42.4M
Medical supplies$17.2M$15.3M$14.2M
Depreciation and amortization$20.5M$19.0M$17.6M
Other$44.8M$31.1M$30.4M
Total operating costs and expenses$431.0M$283.7M$212.9M
Gross profit$444.3M$196.3M$34.8M
Facilities closing costs$0$0$217.0K
Acquisition costs$0$0$44.0K
Stock-based compensation$117.0M$16.6M$2.8M
Impairment of assets$0$3.9M$29.1M
Impairment of goodwill$0$3.2M$1.1M
General and administrative expenses$51.7M$41.9M$33.2M
Total corporate and other costs$168.7M$65.6M$66.5M
Operating income (loss)$275.6M$130.7M-$31.8M
Interest expense, net$22.2M$19.9M$16.3M
Loss on warrant liability$0$1.6M$0
Other (income) expense$8.6M-$669.0K$399.0K
Income (loss) before taxes$244.8M$109.8M-$48.5M
Income tax expense (benefit)$64.4M$15.0M-$5.1M
Net income (loss)$180.4M$94.8M-$43.4M
Less: net income attributable to noncontrolling interests$109.6M$42.7M$2.4M
Net income (loss) attributable to Nutex Health Inc.$70.8M$52.1M-$45.8M
Basic earnings (loss) per common share (in dollars per share)$11.13$10.23-$10.39
Diluted earnings (loss) per common share (in dollars per share)$10.48$9.69-$10.39

Compare Nutex Health Inc. with another company

Corporate structure

Nutex Health Inc. sits at the top of its group. 47 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Nutex Health Inc.

  • Nutex Health Inc. Houston, Texas
    • ABQ Hospital, LLC Subsidiary · New Mexico, United States
    • AHP Health Management Services, Inc. Subsidiary · Delaware, United States
    • Albuquerque ER & Hospital, LLC Subsidiary · New Mexico, United States
    • Alexandria Hospital LLC Subsidiary · Louisiana, United States
    • Alhambra Urgent Care, LLC (100% Owned Subsidiary of Nutex Health Holdco LLC) Subsidiary · California, United States
    • Archview ER & Hospital, LLC Subsidiary · Missouri, United States
    • Clermont Hospital LLC Subsidiary · Florida, United States
    • Columbus ER Hospital, LLC Subsidiary · Ohio, United States
    • Covington Hospital, LLC Subsidiary · Louisiana, United States
    • East Valley Hospital, LLC Subsidiary · Arizona, United States
    • Everest Real Estate Investments, LLP Subsidiary · Texas, United States
    • Fort Myers Hospital, LLC Subsidiary · Florida, United States
    • Fort Smith Emergency Hospital LLC Subsidiary · Arkansas, United States
    • Gahanna Hospital, LLC Subsidiary · Ohio, United States
    • Green Bay Hospital, LLC Subsidiary · Wisconsin, United States
    • Healthcare HL Emergency Services LLC Subsidiary · Texas, United States
    • Humble ER & Hospital LLC Subsidiary · Texas, United States
    • Jacksonville ER & Hospital LLC Subsidiary · Florida, United States
    • Kyle ER LLC Subsidiary · Texas, United States
    • Little Rock Hospital 1, LLC Subsidiary · Arkansas, United States
    • Managed Care Insurance Consultants, Inc. (100% Owned Subsidiary of Nutex Health Holdco LLC) Subsidiary · Florida, United States
    • Maricopa Hospital, LLC Subsidiary · Arizona, United States
    • Medistar Hammond Micro Hospital, LLC Subsidiary · Texas, United States
    • Miami ER & Hospital, LLC Subsidiary · Florida, United States
    • Milwaukee Hospital, LLC Subsidiary · Wisconsin, United States
    • and 21 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Nutex Health Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$126.3M5 Dec 31, 2025$103.2M5 Dec 31, 2024+22.4%
Accumulated depreciation$31.7M5 Dec 31, 2025$25.3M5 Dec 31, 2024+25.4%
Property and equipment, net$94.6M5 Dec 31, 2025$77.9M5 Dec 31, 2024+21.4%
Finance-lease assets$222.4M5 Dec 31, 2025$218.9M5 Dec 31, 2024+1.6%
Operating-lease assets (leased space)$27.0M5 Dec 31, 2025$27.9M5 Dec 31, 2024−3.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$185.6M5 Dec 31, 2025$40.6M5 Dec 31, 2024+356.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$13.9M5 Dec 31, 2025$13.9M5 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$21.2M5 Dec 31, 2025$15.5M5 Dec 31, 2024+36.7%
Finite-lived intangibles, gross$19.0M5 Dec 31, 2025$11.3M12 Dec 31, 2021+68.4%
Accumulated amortization$4.7M5 Dec 31, 2025$3.4M5 Dec 31, 2024+37.8%
Finite-lived intangibles, net$14.2M5 Dec 31, 2025$15.5M9 Dec 31, 2024−8.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$2.9M5 Dec 31, 2025$2.9M5 Dec 31, 2024+0.6%

Properties, in its own words

Our principal executive office is located at 1776 Yorktown Street, Suite 700, Houston, Texas, which we own. We also maintain corporate offices located at 2455 East Sunrise Blvd., Suite 1204, Fort Lauderdale, Florida, which are leased. As of December 31, 2025, our hospital division operated 26 micro-hospitals, specialty hospitals and HOPDs in 12 states in the U.S. We lease 25 locations. The one hospital division micro-hospital building we own is located at 7904 Cabela Dr, Hammond, Indiana. Our population health management division manages three IPAs and two MSOs, which operate from leased locations in two states. We believe that our current facilities are in good condition and adequate to meet our operating needs for the present and immediately foreseeable future.

Item 2 of the 10-K filed Mar 5, 2026.4

Leadership

Who has led Nutex Health Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (24)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerJon Bates named Oct 17, 202346
  • Executive Officer, DirectorWarren Hosseinionn named Oct 17, 202346
  • Executive OfficerDenise Pufal named Apr 12, 202247
  • Executive Officer, DirectorHosseinion Warren named Dec 15, 202148
  • DirectorJohn Waters named Dec 15, 2021 to Oct 17, 202346
  • DirectorMichael Reed named Apr 12, 2022 to Oct 17, 202346
  • DirectorBrandon Sims named Dec 15, 202148
  • DirectorTerrence Breslin named Dec 15, 202148

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ABQ Hospital, LLC New Mexico3
  • AHP Health Management Services, Inc. Delaware3
  • Albuquerque ER & Hospital, LLC New Mexico3
  • Alexandria Hospital LLC Louisiana3
  • Alhambra Urgent Care, LLC (100% Owned Subsidiary of Nutex Health Holdco LLC) California3
  • Archview ER & Hospital, LLC Missouri3
  • Clermont Hospital LLC Florida3
  • Columbus ER Hospital, LLC Ohio3
  • Covington Hospital, LLC Louisiana3
  • East Valley Hospital, LLC Arizona3
  • Everest Real Estate Investments, LLP Texas3
  • Fort Myers Hospital, LLC Florida3
  • Fort Smith Emergency Hospital LLC Arkansas3
  • Gahanna Hospital, LLC Ohio3
  • Green Bay Hospital, LLC Wisconsin3
  • Healthcare HL Emergency Services LLC Texas3
  • Humble ER & Hospital LLC Texas3
  • Jacksonville ER & Hospital LLC Florida3
  • Kyle ER LLC Texas3
  • Little Rock Hospital 1, LLC Arkansas3
  • Managed Care Insurance Consultants, Inc. (100% Owned Subsidiary of Nutex Health Holdco LLC) Florida3
  • Maricopa Hospital, LLC Arizona3
  • Medistar Hammond Micro Hospital, LLC Texas3
  • Miami ER & Hospital, LLC Florida3
All 46 listed subsidiaries
  • Milwaukee Hospital, LLC Wisconsin3
  • NB Hospital, LLC Texas3
  • Northwest Indiana Hospital LLC Indiana3
  • Nutex HQ, LLC (100% Owned Subsidiary of Nutex Health Holdco LLC) Texas3
  • Nutex Health Holdco LLC Delaware3
  • Nutex Health LLC (100% Owned Subsidiary of Nutex Health Holdco LLC) Texas3
  • Oklahoma ER Hospital, LLC Oklahoma3
  • Phoenix ER and Medical Hospital, L.L.C. Arizona3
  • Population Health Associates, Inc. (100% Owned Subsidiary of Nutex Health Holdco LLC) Florida3
  • Post Falls Hospital LLC Idaho3
  • Red River Sherman Hospital, LLC Texas3
  • Royse City ER, LLC Texas3
  • Starkey Hospital LLC Florida3
  • Texarkana ER LLC Texas3
  • Texoma ER LLC Texas3
  • Topeka ER Hospital LLC Kansas3
  • Tucson Hospital LLC Arizona3
  • Tulsa ER & Hospital LLC Oklahoma3
  • Tyvan LLC (100% Owned Subsidiary of Nutex Health Holdco LLC) Texas3
  • Vance Jackson Hospital, LLC Texas3
  • WLR ER, LLC Arkansas3
  • Wylie ER, LLC Texas3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Nutex Health, Inc.Apr 4, 2022 to Feb 11, 20262
  • Clinigence Holdings, Inc.Nov 14, 2019 to Mar 31, 20222
  • iGambit, Inc.Dec 31, 2009 to Nov 13, 20192

Timeline

  1. Sep 11, 20268-K Other events49
  2. Aug 31, 20268-K Cybersecurity incident50
  3. Aug 24, 20268-K Other events51
  4. Aug 13, 20268-K Other events52
  5. Aug 6, 20268-K Results of operations53
  6. Jul 21, 20268-K Entered a material agreement54
  7. Apr 30, 20268-K Results of operations55
  8. Apr 23, 20268-K Shareholder vote56
  9. Mar 5, 20268-K Results of operations57
  10. Nov 24, 20258-K Other events58
  11. Nov 19, 20258-K Results of operations59
  12. Nov 18, 20258-K Results of operations60
  13. Apr 5, 2022New chief executive Thomas T. Vo becomes CEO13
  14. Dec 21, 2021New chief executive Warren Hosseinion becomes CEO14
  15. Sep 9, 2020New chief executive Lawrence Schimmel becomes CEO15
  16. Nov 8, 2019New chief executive Jacob Margolin becomes CEO16
  17. Dec 14, 2015New chief executive Rory Welch becomes CEO17
  18. Mar 5, 2010New chief executive John Salerno becomes CEO18

Calendar

Coming up

  1. Nov 18, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $7.76 a share, on Nov 19, 2025.61

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results53
  2. Apr 30, 2026Reported quarterly or annual results55
  3. Mar 5, 2026Reported quarterly or annual results57
  4. Nov 19, 2025Reported quarterly or annual results59
  5. Nov 18, 2025Reported quarterly or annual results60
  6. Nov 18, 2025Reported quarterly or annual results62
  7. Nov 18, 2025Reported quarterly or annual results63
  8. Oct 20, 2025Reported quarterly or annual results64

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

283 filings to the SEC since October 2021: 9 annual reports, 16 quarterly reports, 71 major events, 119 insider forms, 13 large holders, 3 private raises, 52 other. The latest 20:

  1. Sep 22, 20268-A12B EDGAR
  2. Sep 22, 2026CERT EDGAR
  3. Sep 18, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 11, 20268-K EDGAR
  5. Aug 31, 20268-K EDGAR
  6. Aug 24, 20268-K EDGAR
  7. Aug 13, 20268-K EDGAR
  8. Aug 6, 20268-K EDGAR
  9. Aug 6, 202610-Q EDGAR
  10. Aug 3, 20264 PRIMARY DOCUMENT EDGAR
  11. Aug 3, 20264 PRIMARY DOCUMENT EDGAR
  12. Aug 3, 20264 PRIMARY DOCUMENT EDGAR
  13. Aug 3, 20264 PRIMARY DOCUMENT EDGAR
  14. Jul 21, 20268-K EDGAR
  15. Jun 4, 20264 PRIMARY DOCUMENT EDGAR
  16. May 29, 20264 PRIMARY DOCUMENT EDGAR
  17. May 7, 2026SCHEDULE 13G/A EDGAR
  18. Apr 30, 20268-K EDGAR
  19. Apr 30, 202610-Q EDGAR
  20. Apr 27, 2026SCHEDULE 13G EDGAR

The 283 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

43 open-market trades by officers, directors and large owners since October 2021: 31 buys and 12 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 18, 2026Saunders Scott JDirectorSale203$214.25$43.5KForm 4
Mar 20, 2026Jaumot Frank EDirectorBuy150$93.56$14.0KForm 4
Mar 19, 2026Hosseinion WarrenPresidentBuy252$94.07$23.7KForm 4
Mar 17, 2026Spears KelvinDirectorBuy10$94.46$945Form 4
Mar 13, 2026Montgomery Pamela W.Chief Legal Officer-HealthcareBuy79$88.87$7.0KForm 4
Nov 25, 2025Bates Jon ChristianChief Financial OfficerBuy750$136.71$102.5KForm 4
Apr 8, 2025Bates Jon ChristianChief Financial OfficerBuy1,000$81.81$81.8KForm 4
Aug 22, 2024Bates Jon ChristianChief Financial OfficerBuy1,350$21.46$29.0KForm 4
Aug 20, 2024DeTillio JoshuaChief Operating OfficerBuy575$17.40$10.0KForm 4
Aug 19, 2024DeTillio JoshuaChief Operating OfficerBuy1,300$17.85$23.2KForm 4
Jun 12, 2024DeTillio JoshuaChief Operating OfficerBuy20,000$0.54$10.8KForm 4
May 30, 2024Vo Thomas T.Chief Executive OfficerBuy2,986$0.66$2.0KForm 4
May 29, 2024Vo Thomas T.Chief Executive OfficerBuy3,768$0.68$2.6KForm 4
May 28, 2024Vo Thomas T.Chief Executive OfficerBuy48,394$0.70$33.9KForm 4
May 13, 2024Vo Thomas T.Chief Executive OfficerBuy17,330$0.69$12.0KForm 4
Nov 20, 2023Vo Thomas T.Chief Executive OfficerBuy275,200$0.23$63.3KForm 4
Nov 17, 2023Vo Thomas T.Chief Executive OfficerBuy224,800$0.23$51.7KForm 4
Nov 15, 2023DeTillio JoshuaChief Operating OfficerBuy140,000$0.24$33.6KForm 4
Aug 31, 2023Vo Thomas T.Chief Executive OfficerBuy152,326$0.28$42.7KForm 4
Aug 30, 2023Vo Thomas T.Chief Executive OfficerBuy305,947$0.31$94.8KForm 4

All 43 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Thomas T. Vo$1.0M$2.2M71
2025Warren Hosseinion54$755.1K$1.7M71
2025Joshua DeTillio50$269.7K$952.1K71
2025Jon Bates$350.0K$923.2K71
2025Michael Chang55$394.2K$716.6K71
2025Wesley Bamburg43$79.8K$106.0K71
2024President$755.1K$865.9K71
2024Chief Executive Officer$557.7K$662.2K71
2024Former Chief Operating Officer$434.8K$513.2K71
2024Chief Financial Officer$324.7K$407.6K71
2024Chief Medical Officer6)$250.0K$298.9K71
2023Chief Executive Officer$1.0M$1.0M71
2023President$711.5K$736.0K71
2023Chief Financial Officer$300.0K$418.7K71
2023Chief Medical Officer6)$250.0K$272.8K71
2023Former Chief Operating Officer$98.1K$107.3K71

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 30, 2023Raised $3.1 million in a private offering of debt Form D: $15 million offered in all Form D
  2. Apr 1, 2022Raised $2.4 billion in a private offering of equity Form D: 123 investors so far Form D
  3. May 14, 2021Raised $11.3 million in a private offering of equity Form D: 73 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Pertento Partners LLP451,310$77.1M5.5%+77,340
BlackRock, Inc.407,349$69.6M0.0%+27,994
American Century Companies Inc237,414$40.6M0.0%+33,964
Vanguard Capital Management LLC215,919$36.9M0.0%−3,212
Geode Capital Management, LLC132,049$22.6M0.0%+9,936
State Street Corp130,836$22.4M0.0%+7,659
D. E. Shaw & Co., Inc.97,454$16.7M0.0%New
UBS Group AG77,912$13.3M0.0%+8,342
Winmill & Co. Inc65,350$11.2M2.5%No change
Focus Partners Wealth60,881$10.4M0.0%New
Millennium Management LLC52,107$8.9M0.0%−37,464
Goldman Sachs Group Inc51,244$8.8M0.0%+17,449
Bridgeway Capital Management, LLC46,924$8.0M0.1%+31,904
Empowered Funds, LLC45,177$7.7M0.0%+12,726
Northern Trust Corp44,056$7.5M0.0%+2,789
Topline Capital Management, LLC41,764$7.1M1.9%−136,036
One Plus One Wealth Management, LLC40,441$6.9M3.0%No change
Vanguard Fiduciary Trust Co35,969$6.1M0.0%+141
Vanguard Portfolio Management LLC34,660$5.9M0.0%−5,143
Victory Capital Management Inc29,190$5.0M0.0%−15,944
Truist Financial Corp26,814$4.6M0.0%+492
Los Angeles Capital Management LLC25,151$4.3M0.0%−6,908
Bank of New York Mellon Corp23,151$4.0M0.0%+1,529
Barclays PLC22,485$3.8M0.0%+4,598
Jpmorgan Chase & Co20,004$3.4M0.0%−447

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Nutex Health Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNutex Health Inc.1
  • CIK0001479681
  • Employer ID (EIN)11-33636094
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7389 Services-Business Services, NEC1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address1776 Yorktown St, Suite 700, Houston, TX 770561
  • Phone(713) 660-05571
  • Shares outstanding6,847,973 as of Aug 4, 202611
  • Public float$524.0M as of Jun 30, 20254
  • AuditorGRANT THORNTON LLP, Houston, Texas PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceDec 31, 20091
  • Filings529 in all: 4 (127), 8-K (119), 10-Q (50), 3 (40), NT 10-Q (22), 10-K (17), NT 10-K (12), 4/A (11)1
    All 44 form types

    10-Q/A (10), UPLOAD (10), CORRESP (8), DEFA14A (8), 10-K/A (7), 8-K/A (7), D (6), SC 13D (6), 10-12G/A (5), DEF 14A (4), DEF 14C (4), PRE 14C (4), S-8 (4), SC 13D/A (4), SCHEDULE 13G (4), SCHEDULE 13G/A (4), 424B3 (3), EFFECT (3), PRE 14A (3), PRER14C (3), SC 13G (3), 424B5 (2), 8-A12B (2), CERT (2), D/A (2), S-3 (2), S-3ASR (2), 10-12G (1), 3/A (1), 5 (1), DEFM14A (1), POS AM (1), PREM14A (1), S-3/A (1), S-8 POS (1), SC 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 13, 2026
    Latest 8-K (8-K) Sep 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par valueNUTXNASDAQ

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Nutex Health Inc. names in Item 1A of its 10-K filed Mar 5, 2026: 60 risks under these headings, as written.4

  • Our operations and financial results are subject to various risks and uncertainties, including but not limited to those described below, which could harm our business, reputation, financial condition, and operating results.
  • Risks Related to Nutex Health Inc.
  • Regulatory and litigation uncertainty under the No Surprises Act may reduce our cash collections and increase dispute costs.
  • Our third party provider in the federal and state arbitration process, HaloMD, has been, and may in the future be, subject to lawsuits filed by health insurance providers, which may have an adverse impact on our revenues, reputation, financial condition and the trading price of our common stock.
  • Sales of a substantial amount of our Common Stock by our stockholders, or the perception that such sales could occur, could cause the price of our Common Stock to fall.
  • Our obligation to issue additional shares of our common stock to former doctor owners of under construction hospitals may cause significant dilution of the voting power of our current stockholders.
  • Short sellers of our stock may be manipulative and may drive down the market price of our common stock.
  • We may be subject to risks of litigation and disputes.
  • If we are unable to maintain an effective system of disclosure controls and procedures and internal controls over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our results of operations, our stock price and investor confidence in our company.
  • We may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and stock price, which could cause you to lose some or all of your investment.
  • Our current business plans require a significant amount of capital. If we are unable to generate sufficient cash from operations, borrow money on commercially reasonable terms, or sell equity at reasonable values, we may not be able to
  • execute our business plans and our prospects, financial condition and results of operations could be materially adversely affected.
The other 48 risks
  • We may decide to close underperforming hospitals which may result in a temporary decrease in overall revenues.
  • We may experience difficulties in managing our growth and expanding our operations.
  • Risks Related to Our Business and Industry
  • Reimbursement methodology and timing for our medical services is subject to change, and the reimbursement amount that we receive for emergency services could be subject to a significant and sustained decline.
  • The estimates and assumptions we are required to make in connection with the preparation of our financial statements may prove to be inaccurate.
  • Public health emergencies could negatively affect our operations, business and financial condition, and our ability to generate revenue could be negatively impacted if the U.S. economy remains unstable for a significant amount of time.
  • We rely on our management team and key employees and our business, financial condition, cash flows and results of operations could be harmed if we are unable to retain qualified personnel.
  • Our growth depends in part on our ability to identify and develop successful hospitals in new geographies, physician partners and patients. If we are not able to successfully execute upon our growth strategies, there may be a material adverse effect on our business, financial condition, cash flows and results of operations.
  • In his capacity as the co-owner of the real estate entities that lease the land and buildings to our hospital facilities, Dr. Vo, our Chairman, CEO and major stockholder, may have conflicts of interest with the Company and its public stockholders.
  • If the estimates and assumptions we use to project the size, revenue or medical expense amounts of hospitals in our target geographies are inaccurate or the cost of providing services exceeds the amounts received by us, our future growth prospects may be impacted, and we may generate losses or fail to attain financial performance targets.
  • We primarily depend on reimbursement by third-party payors, as well as payments by individuals, which could lead to delays and uncertainties in the timing and process of reimbursement, including any changes or reductions in Medicare reimbursement rates or rules.
  • Our business and growth strategy depend on our ability to maintain and expand facilities staffed with qualified physicians. If we are unable to do so, future growth would be limited and our business, operating results and financial condition would be harmed.
  • If any of our physician partners lose their regulatory licenses, permits and/or accreditation status, or become ineligible to receive reimbursement under Medicare or Medicaid or from other third-party payors, there may be a material adverse effect on our business, financial condition, cash flows, or results of operations.
  • We are dependent on our physicians and other healthcare professionals to effectively manage the quality and cost of care.
  • We operate in a competitive industry, and if we are not able to compete effectively, our business, financial condition and results of operations will be harmed.
  • Developments affecting spending by the healthcare industry could adversely affect our business.
  • We and our physician partners and other healthcare professionals may become subject to medical liability claims, which could cause us to incur significant expenses and may require us to pay significant damages if the claims are not covered by insurance.
  • If we or our partner physicians or other healthcare providers fail to comply with applicable data interoperability and information blocking rules, our consolidated results of operations could be adversely affected.
  • Our business and operations could suffer in the event of material information technology system failures, security breaches, or other deficiencies in cybersecurity.
  • Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements, including contractual obligations, could adversely affect our business, financial condition and results of operations.
  • Changes in U.S. tax laws, and the adoption of tax reform policies could adversely affect our operating results and financial condition.
  • Our quarterly results may fluctuate significantly, which could adversely impact the value of our Common Stock.
  • Obligations under the term loans of our hospitals, and our related loan and leases guarantees could restrict our operations, particularly our ability to respond to changes in our business or to take specified actions. An event of default under the term loans could harm our business, and creditors having security interests over the hospital assets as well as the leased real estate would be able to foreclose on such assets.
  • The arrangements we have with our VIEs are not as secure as direct ownership of such entities.
  • Any failure by our affiliated entities or their owners to perform their obligations under their agreements with us would have a material adverse effect on our business, results of operations and financial condition.
  • If there is a change in accounting principles or the interpretation thereof affecting consolidation of VIEs, it could impact our consolidation of total revenues derived from our affiliated physician groups.
  • Risk Related to our Population Health Management Division
  • New physicians and other providers must be properly enrolled in governmental healthcare programs before we can receive reimbursement for their services, and there may be delays in the enrollment process.
  • We may have difficulty collecting payments from third-party payors in a timely manner.
  • Decreases in payor rates could adversely affect us.
  • Federal and state laws may limit our ability to collect monies owed by patients.
  • We have established reserves for our potential medical claim losses, which are subject to inherent uncertainties, and a deficiency in the established reserves may lead to a reduction in our assets or net incomes.
  • We do not have a Knox-Keene license.
  • If our affiliated physician group is not able to satisfy California financial solvency regulations, they could become subject to sanctions and their ability to do business in California could be limited or terminated.
  • Primary care physicians may seek to affiliate with our and our competitors’ IPAs at the same time.
  • If we inadvertently employ or contract with an excluded person, we may face government sanctions.
  • New California privacy regulations require Automated Decision-Making Technology (“ADMT”) transparency and future cybersecurity audits.
  • Heightened scrutiny of Medicare Advantage risk-adjustment practices may increase audit and repayment risk.
  • Risks Related to Our Legal and Regulatory Environment
  • We conduct business in a heavily regulated industry and if we fail to adhere to all of the complex government laws and regulations that apply to our business, we could incur fines or penalties or be required to make changes to our operations or experience adverse publicity, any or all of which could have a material adverse effect on our business, results of operations, financial condition, cash flows, and reputation.
  • If any of our hospitals lose their regulatory licenses, permits and/or registrations, as applicable, or become ineligible to receive reimbursement from third-party payors, there may be a material adverse effect on our business, financial condition, cash flows, or results of operations.
  • If our arrangements with our partner physicians and other physician partners are found to constitute the improper rendering of medical services or fee splitting under applicable state laws, our business, financial condition and our ability to operate in those states could be adversely impacted.
  • We face inspections, reviews, audits and investigations under federal and state government programs and contracts. These audits could have adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition and reputation.
  • Recent healthcare regulations, and other changes in the healthcare industry and in healthcare spending may adversely affect our business, financial condition and results of operations.
  • Changes to Stark Law DHS codes and exception thresholds may increase compliance risk.
  • HIPAA rule changes may require operational and documentation updates and raise enforcement exposure.
  • Escalating cyber threats and regulatory expectations may increase costs and disruption risk.
  • Risks Related to Our Common Stock
  • Anti-takeover provisions under Delaware law could make an acquisition of the Company, which may be beneficial to the stockholders of the Company, more difficult and may prevent attempts by the stockholders to replace or remove management.
  • Because we have no current plans to pay cash dividends on our Common Stock for the foreseeable future, you may not receive any return on investment unless you sell your Common Stock for a price in excess of the purchase price.
  • The market price and trading volume of our Common Stock may be volatile and could decline significantly.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the price and trading volume of our securities could decline.

Legal proceedings

The Company, its consolidated subsidiaries or VIEs are involved in a number of lawsuits and other proceedings arising from the normal course of business. Given the indeterminate amounts sought and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain of these matters could have a material adverse effect on the Company’s financial condition or results of operations in future periods. Based upon counsel and management’s opinion, except for the items listed below, the outcome of such matters is currently not expected to have a material adverse effect on the audited consolidated financial statements.

On April 14, 2025, VLS Emergency Medicine, LLC, Astra Assets, LLC, Right on Hereford, LLC, and Nexus Group Two LLC (collectively, the “ABQ Plaintiffs”) filed an Original Petition against Nutex Health Holdco LLC (“Nutex Holdco”) and Thomas Vo, MD in the District Court of Harris County, Texas, Case No. 2025-26239. The ABQ Plaintiffs allege that the May 16, 2024 Amendment to the Contribution Agreement, dated November 23, 2021, was wrongfully executed by Nutex Holdco and Dr. Vo, in his capacity as the authorized “Owner Representative” (as defined in the Contribution Agreement). The Amendment clarifies that the Parent Stock Price Floor, as defined in the Contribution Agreement, is adjusted for the 2024 Reverse Stock Splits. The Parent Stock Price Floor is used in the determination of the number of shares to be issued to the ABQ Plaintiffs. Rejecting the reverse-stock-split adjustment, the ABQ Plaintiffs demand the issuance of a higher number of shares, which would force the Company to grant the ABQ Plaintiffs a higher percentage ownership in the Company, to the detriment of the Company’s other stockholders.

The opening of Item 3, Legal Proceedings.4

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