Record Full-Year Revenue Growth
Total revenue of $875.3M for FY2025, up 82.4% from $479.9M in FY2024, driven by hospital division expansion and stronger collections.
Significant Adjusted EBITDA and Profit Improvement
Adjusted EBITDA increased to $259.6M in 2025 (up 152.6% from $102.8M in 2024). Operating income rose to $275.6M (vs. $130.7M prior year) and net income attributable to Nutex was $70.8M (increase of $18.7M, ~36% YoY).
Very Strong Cash Generation and Liquidity
Net cash provided by operating activities was $248.1M for the 12 months ended 12/31/2025 (up $225.0M vs $23.2M prior year). Cash on hand grew to $185.6M as of 12/31/2025, up 356.6% from $40.6M a year earlier.
Volume Growth and High Patient Satisfaction
Total hospital visits increased to 188,279 in 2025, up 11.8% from 168,388 in 2024. Mature facilities grew 1.3% for the year. The company received >8,700 patient reviews averaging a 4.8/5 rating, indicating strong patient experience.
Margin and Cost Efficiency Gains
Gross profit improved to $444.3M (50.8% of revenue) vs $196.3M (40.9%) in 2024. Facility-level operating costs declined to 49.2% of revenue from 59.1% (nearly a 10 percentage-point improvement). Excluding arbitration expenses, operational costs were 33.4% of revenue in 2025 vs 47.1% in 2024.
Strategic Growth Initiatives and Capital Deployment
Opened 3 new hospitals (Sherman, TX; St. Louis, MO; Amble, TX) in 2025/early 2026, expanded profitable IPAs (~40,000 members) and launched a $25M share repurchase program (completed) with an additional $25M authorized, reflecting disciplined capital allocation.