Nutex Health, Inc.

For Q2 2026, total revenue was $210.8 million, down 13.6% from $244 million in Q2 2025. Gross profit was $141.3 million, or 67% of revenue, versus $124.9 million, or 51.2%, a year ago. Operating income was $121.7 million versus $33.7 million, and net income attributable to Nutex Health was $65.8 million versus a net loss of $17.7 million. Adjusted EBITDA was $90 million, up from $71.6 million. For the first half, revenue was $427.2 million, down 6.3% from $455.8 million; gross profit was $233 million, or 54.5% of revenue; operating income was $203 million versus $114.3 million; net income attributable to Nutex was $112 million versus $3.5 million; and adjusted EBITDA was $147.5 million, up from $144.4 million. Operationally, Q2 hospital division visits rose 9.6% to 49,962, and same-hospital visits increased 6.3%. For the first half, total visits increased 6.2% to 99,704 and same-hospital visits rose 3.4%. Cash and cash equivalents were $205.2 million at June 30, 2026, up from $185.6 million at year-end 2025, while net long-term debt was $31.1 million and net cash from operating activities was $109.7 million for the first half, up 40% from $78.2 million. Management did not provide formal next-quarter or full-year revenue/EPS guidance, but said 3 future openings are planned later this year and reiterated a target of 3 to 5 hospital openings per year.

Tom Vo framed the quarter as one of strong execution, reimbursement progress and pipeline momentum. He emphasized improved inpatient volume and acuity, better collections, reduced earn-out and arbitration costs, and what he called constructive legal and regulatory developments supporting the IDR process. He also stressed that Nutex is both willing to pursue in-network contracts and able to operate successfully out-of-network, while continuing to expand through scalable de novo hospitals.

Jon Bates focused on the mechanics behind the quarter’s margin improvement and cash generation. He said the Q2 revenue decline reflected tough 2025 comparisons as IDR collections were marked up earlier last year, while current revenue per visit is closer to a steady $4,000 to $4,200 range; Q2 revenue per visit was roughly $5,185 in the prior-year quarter because of those catch-up adjustments. He highlighted that contract services costs fell sharply due to the CMS administrative fee dropping from $115 to $15 and the HaloMD amendment, and said those changes should reduce historical normalized contract services costs by about 25% to 30%. He also noted cash and cash equivalents of $205.2 million, accounts receivable of $351.7 million, debt of $39.9 million, and operating cash flow of $109.7 million in the first half.

Analysts focused on whether the favorable court rulings and the new IDR rules are changing insurer behavior, whether the lower arbitration fees will change submission behavior, and whether Nutex will move more claims into in-network contracts. Management said insurer payment behavior is improving only slowly, QPA levels remain low, and the company is seeing only a slight increase in negotiated/in-network activity so far. On the HaloMD amendment, management said it was a natural renegotiation based on two years of experience and gives Nutex flexibility to use another vendor or handle some future facilities in-house, though they do not expect a major change in overall submission cadence.