Nutex Health Inc. reported significant financial improvements for the fiscal year ending December 31, 2024, with total revenue reaching $479.9 million, a 94% increase from $247.6 million in 2023. The hospital division was the primary driver of this growth, generating $449.1 million in revenue, up from $218.1 million the previous year. The company also achieved a net income attributable to Nutex Health of $52.2 million, or $9.71 per share, compared to a net loss of $45.8 million, or $10.39 per share, in 2023. This turnaround was largely attributed to successful participation in the Independent Dispute Resolution (IDR) process under the No Surprises Act, which contributed approximately $169.7 million to revenue.
Operationally, Nutex Health expanded its footprint, operating 24 hospital facilities across 11 states, and reported a 16.9% increase in patient visits year-over-year. The company opened four new hospital locations in 2024, which contributed to a rise in patient engagement and utilization of complex clinical services. The total number of patient visits for the year was 168,388, compared to 144,058 in 2023. The population health management division also saw revenue growth, reaching $30.9 million, primarily from capitation revenue.
The company faced increased operating expenses, totaling $283.7 million, driven by the costs associated with the IDR process and the opening of new facilities. Nutex Health's operating income for the hospital division surged to $195.5 million, a 438% increase from the previous year, while the population health management division reported a modest operating income of $1.4 million, reflecting strategic divestitures that improved gross margins.
Looking ahead, Nutex Health plans to continue its expansion strategy, with expectations to open three additional hospital facilities and launch one to three new independent physician associations (IPAs) in 2025. The company is also focused on enhancing its operational efficiencies and addressing identified weaknesses in its internal controls over financial reporting. Despite the positive financial results, Nutex Health acknowledged ongoing challenges, including regulatory uncertainties and the need for effective management of its growth and operational complexities.
About Nutex Health, Inc.
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