Core Viewpoint - Nutex Health Inc. has announced the reopening of Bayou City ER & Hospital, enhancing healthcare access in Northeast Houston with a state-of-the-art facility designed to provide comprehensive medical services [1][5]. Company Overview - Nutex Health Inc. is a physician-led integrated healthcare delivery system with 27 micro hospitals and outpatient departments across 12 states, focusing on primary care and risk-bearing physician networks [1][6]. - The company operates two divisions: a Hospital Division that manages innovative healthcare models and a Population Health Management Division that oversees provider networks [7]. Facility Details - Bayou City ER & Hospital is a 40,000 square foot facility featuring 8 Emergency Room beds and 46 inpatient beds, equipped with advanced imaging technology and a full-service laboratory [2]. - The facility aims to provide 24/7 concierge-level care to the community, emphasizing rapid results and same-day scheduling for medical services [2]. Leadership Insights - Laura Rodriguez, the chief administrative officer, highlighted the reopening as a significant transformation for the facility, aiming to serve the community effectively [3][4]. - Tom Vo, the CEO, emphasized the importance of the hospital's reopening as a milestone for Nutex Health, addressing the growing need for accessible high-quality care in the region [5][6].

Core Insights - Nutex Health Inc. is a physician-led integrated healthcare delivery system with 26 micro hospitals and outpatient departments across 12 states [1][3] - The company will present at the 2026 J.P. Morgan Healthcare Conference from January 12-15 in San Francisco, California [1][2] Company Overview - Nutex Health Inc. was founded in 2011 and is headquartered in Houston, Texas [2] - The company operates through two divisions: a Hospital Division and a Population Health Management Division [2] - The Hospital Division focuses on innovative healthcare models, including micro-hospitals and specialty hospitals, managing 26 facilities [3] - The Population Health Management Division operates provider networks and offers management and administrative support services to affiliated hospitals and physician groups [3]

Group 1: Palvella Therapeutics Inc. (PVLA) - Palvella is a clinical-stage biopharmaceutical company focused on developing therapies for rare diseases with no FDA-approved treatments [2] - Its lead product, QTORIN rapamycin, targets microcystic lymphatic malformations and has a multi-billion-dollar market opportunity if approved [2] - The stock rose from $25 on March 10, 2025, to a 52-week high of $114.69 on December 22, 2025, before pulling back to $99.88 [3] Group 2: Cidara Therapeutics Inc. (CDTX) - Cidara is developing a preventive therapy for influenza and has agreed to be acquired by Merck for $221.50 per share, totaling approximately $9.2 billion [4] - The stock was trading at $18.98 when profiled on November 21, 2024 [4] Group 3: Celcuity Inc. (CELC) - Celcuity is focused on targeted therapies for oncology, with its lead drug candidate Gedatolisib aimed at breast and prostate cancers [5] - The stock increased from $12.60 on December 4, 2024, to an all-time high of $112.64 on December 12, 2025, before retreating to $99.16 [6] Group 4: Nanobiotix (NBTX) - Nanobiotix is a late-stage clinical biotechnology company developing physics-based therapies for cancer [7] - Its lead candidate, NBTXR3, is undergoing a phase III study for head and neck squamous cell carcinoma, with interim data expected in the first half of 2027 [8] - The stock rose from $12.23 on September 19, 2025, to a high of $30.35 on October 13, 2025, before trading around $21 [10] Group 5: Terns Pharmaceuticals Inc. (TERN) - Terns Pharma is developing small-molecule candidates for serious diseases, with TERN-701 targeting chronic myeloid leukemia [12] - Recent data showed a 75% major molecular response rate among patients receiving higher doses [13] - The stock increased from $5.98 on August 6, 2025, to an all-time high of $48.26 on December 10, 2025, before pulling back to around $40 [14] Group 6: DBV Technologies S.A. (DBVT) - DBV Technologies is developing an epicutaneous immunotherapy for food allergies, with its lead product, the VIASKIN Peanut patch, showing positive results in a phase 3 study [15] - The company aims to submit a Biologics License Application in the first half of 2026, with potential sales of $1.5 billion by 2030 if approved [15] - The stock rose from $10.64 on October 2, 2025, to a high of $26.18 on December 17, 2025, before trading around $19 [16] Group 7: Nutex Health Inc. (NUTX) - Nutex Health reported a significant turnaround from a $424 million net loss in 2022 to a $59 million net income for the nine months ended September 30, 2025 [17] - Revenue increased from $219 million in 2022 to $723.6 million in the first nine months of 2025 [17] - The stock rose from $33.56 on November 25, 2024, to a 52-week high of $193.07 before closing at $182.23 [18] Group 8: Inhibrx Biosciences Inc. (INBX) - Inhibrx is developing biologic therapies for cancer, with Ozekibart showing significant improvement in progression-free survival in chondrosarcoma [19] - The company plans to submit a biologics license application for Ozekibart in the second quarter of 2026 [20] - The stock rose from $18.35 on July 8, 2025, to an all-time high of $94.57 on December 22, 2025, before trading around $77 [21] Group 9: GRAIL Inc. (GRAL) - GRAIL focuses on early cancer detection with its Galleri test, which is not yet FDA-approved [23] - The company expects to submit a PMA for the Galleri test in Q1 2026 [23] - The stock increased from $48.50 on September 26, 2025, to a high of $115.76 on November 25, 2025, before trading around $88 [24] Group 10: Cogent Biosciences Inc. (COGT) - Cogent is developing precision therapies for genetically defined diseases, with Bezuclastinib being its lead candidate [25] - The company submitted its first NDA to the FDA for Non-AdvSM, with additional submissions planned for GIST and advanced systemic mastocytosis [26] - The stock rose from $7.25 on July 2, 2025, to a 52-week high of $43.73 on December 8, 2025, before easing back to around $35 [26] Group 11: Sol-Gel Technologies Ltd. (SLGL) - Sol-Gel has two FDA-approved products for dermatological conditions and is developing investigational products [27] - A phase III trial for SGT-610 is ongoing, with results expected in Q4 2026 [28] - The stock rose from $7.26 on May 7, 2025, to a high of $52.26 on October 6, 2025, before trading around $43 [28] Group 12: Zenas BioPharma Inc. (ZBIO) - Zenas is focused on therapies for autoimmune diseases, with Obexelimab in phase 3 trials for IgG4-RD [29] - Positive data from a phase 2 trial in multiple sclerosis showed a 95% reduction in new lesions [30] - The stock rose from $8.79 on December 17, 2024, to a high of $44.60 on December 24, 2025, before pulling back to around $35 [31]

Core Insights - Nutex Health Inc. has opened its 26th hospital, Archview ER & Hospital, in Missouri, expanding its healthcare services [1][4] - The new facility offers 24/7 concierge-level care and includes advanced medical technology [2][3] Company Overview - Nutex Health Inc. is a healthcare management and operations company founded in 2011, headquartered in Houston, Texas [5] - The company operates two divisions: Hospital Division and Population Health Management Division, with a total of 26 facilities across 12 states [5][6] Facility Details - Archview ER & Hospital is a 16,000 square foot facility featuring 15 Emergency Room beds and 3 inpatient suites [2] - The hospital includes a full-service laboratory and advanced imaging technology such as MRI, CT, X-ray, and ultrasound [2] Strategic Positioning - The new hospital is strategically located in North St. Louis, offering views of the Gateway Arch and proximity to the National Geospatial-Intelligence Agency campus [4]

Core Viewpoint - The Schall Law Firm is investigating Nutex Health Inc. for potential violations of securities laws, focusing on misleading statements and undisclosed information that may have affected investors [1][2]. Group 1: Investigation Details - The investigation centers on claims that Nutex issued false or misleading statements and failed to disclose critical information to investors [2]. - A report by Blue Orca Capital on July 22, 2025, alleged that Nutex's share price "surged" after the company began submitting most of its patient bills to arbitration for out-of-network medical bills, involving an unidentified "third party IDR vendor" [2]. - The report accused this "mystery consultant" of engaging in improper or illegal activities in conjunction with Nutex's healthcare billing clients, leading to a 10.1% drop in Nutex's shares on the same day the report was published [2].

Core Viewpoint - Nutex Health Inc. has announced an extension of its stock repurchase program, reflecting the Board's confidence in the company's long-term strategy and commitment to enhancing shareholder value [1][5]. Group 1: Stock Repurchase Program - The original stock repurchase program, announced on August 14, 2025, authorized the repurchase of up to $25.0 million of common stock over a six-month period starting from the filing of the Form 10-Q for the quarter ended June 30, 2025 [2]. - The program has been extended through March 31, 2026, and will be implemented under Rule 10b-18 and a Rule 10b5-1 trading plan, effective around December 4, 2025 [3]. - The purpose of the share repurchase program is to increase shareholder value and offset dilution from additional shares related to stock compensation obligations for under-construction and ramping hospitals [4]. Group 2: Company Overview - Nutex Health Inc., headquartered in Houston, Texas, was founded in 2011 and operates as a healthcare management and operations company with two divisions: Hospital Division and Population Health Management Division [6]. - The Hospital Division owns and operates 25 facilities across 11 states, focusing on innovative healthcare models, including micro-hospitals and specialty hospitals [6]. - The Population Health Management Division operates provider networks such as Independent Physician Associations and provides management and administrative support services to affiliated hospitals and physician groups [7].

Core Insights - Nutex Health held a combined earnings call for the Second and Third Quarter of 2025 to discuss financial performance and future plans [2][3] Financial Performance - The call included insights from key leaders, including the Chairman and CEO, CFO, and President, highlighting the company's financial results and operational progress [3] Strategic Direction - The company introduced its new Chief Operating Officer, Wesley Bamburg, indicating a focus on leadership and operational strategy moving forward [3]

Financial Data and Key Metrics Changes - Nutex Health reported total revenue of $267.8 million for Q3 2025, a 240% increase from $78.8 million in Q3 2024 [59] - Adjusted EBITDA grew to $98.5 million from $9.7 million year-over-year [60] - Net income for Q3 2025 was $55.4 million, compared to a net loss of $8.8 million in Q3 2024 [59] - Cash and cash equivalents reached a record high of $166 million, up from $40.6 million at the end of 2024 [65] Business Line Data and Key Metrics Changes - The hospital division generated $260.2 million in revenue for Q3 2025, up 262.8% from $71.1 million in Q3 2024 [42] - Mature hospitals, which have been operational for over two years, saw a revenue increase of 208.9% in Q3 2025 compared to Q3 2024 [43] - The population health division's revenue increased to $7.6 million in Q3 2025 from $7.1 million in Q3 2024 [55] Market Data and Key Metrics Changes - Total patient visits in Q3 2025 reached 46,232, an 11% increase from 41,668 visits in Q3 2024 [54] - Hospital division visits increased by 4,564 visits, reflecting a growth of 11% year-over-year [54] - The population health division experienced a revenue decrease of 2% in the first six months of 2025 compared to the same period in 2024 [30] Company Strategy and Development Direction - Nutex Health plans to open three new hospitals in 2025, with a pipeline of three to four additional hospitals planned for 2026 [6] - The company aims to build an integrated healthcare delivery system combining hospitals and medical groups to enhance patient care and reduce costs [69] - The focus remains on increasing patient volume, expanding inpatient services, and optimizing cost management [5][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational model and financial discipline, positioning Nutex Health for future growth [74] - The company has adapted to a better reimbursement environment, which has positively impacted revenue generation [80] - Management highlighted the importance of the independent dispute resolution process in improving payment fairness for services provided [66] Other Important Information - Nutex Health completed the restatement of its 2024 and Q1 2025 financials, with minor adjustments that did not materially impact key metrics [4] - The company has maintained a strong track record of physician retention exceeding 95% [9] - The balance sheet remains solid, with total bank or equity-type debt increasing to $49.1 million as of September 30, 2025 [66] Q&A Session Questions and Answers Question: What happened at Red River Micro Hospital, and why was it closed? - Red River was closed due to a 35% revenue reduction from the No Surprises Act in 2020, leading to operating losses. It has since reopened due to improved reimbursement conditions and local economic growth [80] Question: How does the company contract with physicians at the reopened hospital? - The physician group contracted for Red River is new, with Nutex Health owning 70% and the physician group 30%. This structure is consistent with previous hospital contracts [84] Question: Is the physician contracting template consistent across other micro-hospitals? - The structure is generally similar across micro-hospitals, with no major differences based on state regulations. Variations may exist in relationships with specific physician groups [87]

Financial Data and Key Metrics Changes - Nutex Health reported total revenue of $267.8 million for Q3 2025, a 240% increase from $78.8 million in Q3 2024 [59] - Adjusted EBITDA grew to $98.5 million from $9.7 million year-over-year [60] - Net income for Q3 2025 was $55.4 million, compared to a net loss of $8.8 million in Q3 2024 [59] - Cash and cash equivalents reached a record high of $166 million, up from $40.6 million at year-end 2024 [65] Business Line Data and Key Metrics Changes - The hospital division generated $260.2 million in revenue for Q3 2025, up 262.8% from $71.1 million in Q3 2024 [42] - Mature hospitals, which have been operational for over two years, saw a revenue increase of 208.9% in Q3 2025 compared to Q3 2024 [43] - The population health division's revenue increased to $7.6 million in Q3 2025 from $7.1 million in Q3 2024 [55] Market Data and Key Metrics Changes - Total patient visits in Q3 2025 reached 46,232, an 11% increase from 41,668 visits in Q3 2024 [54] - Hospital division visits increased by 10.6% in Q2 2025 compared to Q2 2024 [18] - The population health division experienced a revenue decrease of 2% in the first six months of 2025 compared to the same period in 2024 [29] Company Strategy and Development Direction - Nutex Health aims to open three new hospitals in 2025, with plans for additional openings in 2026 and beyond [6] - The company is focused on building an integrated healthcare delivery system combining hospitals and medical groups to enhance patient care [69] - The operational model emphasizes increasing patient volume, developing new service lines, and expanding inpatient services [73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing improved reimbursement environments and economic development in areas like Sherman [80] - The leadership team highlighted the importance of adapting to industry challenges while maintaining a patient-centered approach [74] - The company is well-positioned for future growth, with a strong operational model and financial discipline [74] Other Important Information - Nutex Health completed the restatement of its 2024 and Q1 2025 financials, with minor adjustments that did not materially impact key metrics [4] - The company has a strong balance sheet, with long-term debt remaining low at $25.6 million [5] Q&A Session Summary Question: What happened at Red River Micro Hospital, and why was it closed? - Red River was closed due to a 35% revenue reduction from the No Surprises Act in 2020, leading to operating losses. It has since reopened due to improved reimbursement and local economic growth [80] Question: How does the company contract with physicians at the reopened hospital? - The new physician group contracted for Red River is different from the previous one, with Nutex Health owning 70% and the physician group 30%. This structure is consistent with other micro-hospitals [84]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $267.8 million, a 240% increase from $78.8 million in Q3 2024 [29] - Adjusted EBITDA grew to $98.5 million from $9.7 million in the same period last year [56] - Net income was $55.4 million compared to a net loss of $8.8 million in Q3 2024 [54] - Cash increased to $166 million from $40.6 million at year-end 2024 [60] Business Line Data and Key Metrics Changes - Hospital division revenue increased by 262.8% to $260.2 million in Q3 2025 from $71.1 million in Q3 2024 [38] - Mature hospitals saw a revenue increase of 208.9% in Q3 2025 compared to the same quarter in 2024 [39] - Population health division revenue increased to $7.6 million from $7.1 million in Q3 2024 [50] Market Data and Key Metrics Changes - Total patient visits in Q3 2025 reached 46,232, an 11% increase from 41,668 in Q3 2024 [50] - Hospital division visits increased by 11% in Q3 2025 compared to the same period last year [50] Company Strategy and Development Direction - The company plans to open three new hospitals in 2025, with a pipeline for three to four additional hospitals in 2026 [5] - The strategy focuses on building an integrated healthcare delivery system combining hospitals and medical groups to enhance patient care and reduce costs [64][65] - The company aims to leverage its operational model to achieve superior patient outcomes and satisfaction [67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate industry challenges and expand market share [68] - The positive reimbursement environment and economic growth in areas like Sherman are seen as favorable for future operations [71] Other Important Information - The company completed the restatement of 2024 and Q1 2025 financials with minor adjustments that did not materially impact key metrics [4] - The balance sheet remains strong, with a significant increase in cash and a low long-term debt of $25.6 million [5][60] Q&A Session Summary Question: What happened at Red River Micro Hospital, and why was it closed? - Red River was closed due to a 35% revenue reduction from the No Surprises Act in 2020, but it has since reopened due to improved reimbursement and local economic growth [71] Question: How does the company contract with physicians at the facilities? - The company owns 70% of the hospitals, while the physician group owns 30%, and a staffing service contract is in place for operations [73] Question: What are the incentives for physicians regarding profitability? - The structure is similar across micro-hospitals, with equity stakes tied to performance metrics, although specifics may vary slightly by state [74]