1. HCA Healthcare for micro-hospitals. (HCA Healthcare is a well-known large for-profit hospital operator, and Nutex Health focuses on smaller, local "micro-hospitals".)

2. Walmart Neighborhood Market for hospital care. (Walmart Neighborhood Market is a familiar concept for a smaller, localized version of a larger store, applied here to comprehensive emergency and inpatient hospital services.)

• Micro-Hospitals: Operates a network of micro-hospitals providing comprehensive acute care services.
• Emergency Room Services: Offers 24/7 emergency medical care for a wide range of conditions.
• Inpatient Medical Care: Provides short-term inpatient stays for observation, recovery, and medical treatment.
• Surgical Procedures: Conducts both inpatient and outpatient surgical services.
• Diagnostic Imaging: Offers a suite of imaging services including X-ray, CT, and ultrasound.
• Laboratory Services: Provides on-site clinical laboratory testing for rapid diagnostic results.

Nutex Health (NUTX) Major Customers

Nutex Health, Inc. operates an integrated healthcare delivery system primarily through its hospital division (operating micro-hospitals and emergency centers) and its population health management division. The company states that the vast majority of its revenues are derived from third-party payors. This means Nutex Health primarily sells its services to other companies (and government entities) rather than directly to individuals, as these payors cover the costs for patients.

While Nutex Health's SEC filings do not specify individual commercial insurance companies that represent a significant concentration of its revenue (typically meaning no single commercial payor accounts for more than 10% of total revenue), all healthcare providers, including Nutex Health, contract with a multitude of health insurance companies to be "in-network" and serve their patient population. Therefore, Nutex Health's major commercial customers include a variety of national and regional commercial health insurance providers. Below are examples of major public health insurance companies that healthcare providers commonly contract with:

• UnitedHealth Group (Symbol: UNH)
• Elevance Health (Symbol: ELV)
• CVS Health (operates Aetna) (Symbol: CVS)
• Humana Inc. (Symbol: HUM)
• Cigna Group (Symbol: CI)
• Centene Corporation (Symbol: CNC)

In addition to these commercial entities, governmental programs such as Medicare and Medicaid represent significant payors for Nutex Health's services. However, these are government entities rather than public companies.

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Tom Vo, M.D., MBA, CEO & Chairman of the Board

Dr. Tom Vo brings over 30 years of expertise in the Business of Medicine to Nutex Health. He is residency trained in emergency medicine and has been instrumental in the start-up and management of more than 30 Specialty Hospitals and Emergency Centers across the U.S. He is recognized as a pioneer and leader in the field. Dr. Vo co-founded Neighbors Emergency Center, serving from September 2008 to June 2011, and founded Nutex Health in 2011. In 2020, he received the EY Entrepreneur Of The Year® award, becoming a National Finalist, and in 2025, he was awarded "Most Admired CEO" by the Houston Business Journal. He graduated from Kent State in 1992, Northeastern Ohio University's College of Medicine in 1996, completed his Emergency Medicine Residency in 1999, and earned an MBA from Rice University in 2004.

Jon Bates, MBA, CPA, Chief Financial Officer

Mr. Jon Bates is an experienced finance leader with a CPA and MBA. Since 2006, he served as Vice President of Accounting and Corporate Controller at U.S. Physical Therapy, Inc. (NYSE: USPH), where he improved overall accuracy for over 600 locations with more than $500 million in annual revenues and managed merger and acquisition tasks from valuation to integration. Prior to U.S. Physical Therapy, he held CFO and Chief Accounting Officer roles at Commerciant, L.P., Chief Accounting Officer and Corporate Controller at National Alarm Technologies LLC, Assistant Corporate Controller at American Residential Services, Inc., and was an Experienced Senior Auditor at Arthur Andersen LLP. Mr. Bates holds a BBA from the University of Texas at Austin and an MBA from the University of Houston. He was recently recognized as one of the Top 25 CFOs of Houston for 2024.

Warren Hosseinion, M.D., President

Dr. Warren Hosseinion has served as President of Nutex Health since April 2022. He co-founded Apollo Medical Holdings, Inc. (NASDAQ: AMEH) in 2001, serving as its CEO from 2008 to 2017 and Co-CEO from 2017 to 2019. Dr. Hosseinion was also Chairman of the board and CEO of Clinigence Holdings, Inc. from 2019 to 2022. He earned his B.S. in Biology from the University of San Francisco, an M.S. in Physiology and Biophysics from Georgetown University, and his Medical Degree from the Georgetown University School of Medicine. He completed his residency in internal medicine at the Los Angeles County-University of Southern California Medical Center.

Michael Chang, M.D., Chief Medical Officer

Dr. Michael Chang serves as the Chief Medical Officer of Nutex Health.

Wesley Bamburg, FACHE, Chief Operating Officer

Mr. Wesley Bamburg was appointed Chief Operating Officer of Nutex Health, effective October 13, 2025. Prior to joining Nutex Health, he served as CEO of Bravera Health with Community Health Systems.

1. Reliance on Out-of-Network Billing and Arbitration: A major portion of Nutex Health's revenue and profitability is heavily dependent on collections from out-of-network claims and successful arbitration processes under the No Surprises Act (NSA). Changes in healthcare regulations, particularly those impacting the NSA and the Independent Dispute Resolution (IDR) process, could significantly reduce the company's ability to secure favorable reimbursement rates. The uncertainty of future arbitration outcomes and potential reforms to the NSA's enforcement framework pose a substantial risk to Nutex Health's financial performance.
2. Material Weaknesses in Internal Controls and Financial Reporting: Nutex Health has identified material weaknesses in its internal controls over financial reporting, including issues with IT access, program changes, and accounting for complex estimates. These weaknesses have led to restatements of financial statements and delays in filing quarterly reports, such as the missed Q2 2025 10-Q filing deadline, resulting in a NASDAQ non-compliance notice. Failure to effectively remediate these control deficiencies could lead to further inaccuracies in financial reporting, erode investor confidence, and potentially result in delisting.
3. Legal and Reputational Risks from Billing Allegations and Lawsuits: The company is subject to securities class-action lawsuits and derivative actions, with allegations of orchestrating deceptive billing strategies and collaborating with a third-party billing firm, HaloMD, to submit ineligible insurance claims and inflate arbitration revenues. These lawsuits and the associated negative publicity, including accusations of "phantom" claims and securities fraud investigations, could lead to significant financial penalties, legal liabilities, and severe damage to Nutex Health's reputation, deterring future partnerships and investor interest.

Nutex Health Inc. (NUTX) operates within two primary divisions: a Hospital Division and a Population Health Management Division. The Hospital Division focuses on developing and operating micro-hospitals, specialty hospitals, and hospital outpatient departments that provide a range of healthcare services, including emergency room care, inpatient care, imaging, and laboratory services. The Population Health Management Division offers management, administrative, and support services to affiliated hospitals and physician groups, including the operation of Independent Physician Associations (IPAs) and a cloud-based technology platform.

Addressable Markets:

• Hospital Services (U.S.): The U.S. hospital services market reached an estimated USD 2.48 trillion in 2024 and is projected to grow to approximately USD 4.02 trillion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 6.69% from 2025 to 2034. Within this, the U.S. Hospital Emergency Department Market, a key component of Nutex Health's offerings, was valued at USD 149.21 billion in 2023 and is anticipated to reach USD 201.66 billion by 2029, growing at a CAGR of 5.32%. Other estimates place the U.S. hospital emergency department market at USD 185.76 billion in 2025, expected to reach USD 270.22 billion by 2032.
• Population Health Management (Global): The global population health management market was valued at USD 50.84 billion in 2023 and is projected to reach USD 302.58 billion by 2032, with a CAGR of 21.9% from 2024 to 2032. North America held the largest share of this market in 2023. Another report estimates the global market at USD 78.5 billion in 2024, with a projected growth to USD 448.9 billion by 2034, at a CAGR of 19.1%.

Nutex Health (NUTX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of Micro-Hospital Network: Nutex Health plans to continue its aggressive expansion strategy by opening new micro-hospitals in high-demand regions. The company expanded its reach to 24 facilities across 11 states in 2024 with four new openings, and further expansion is projected for 2025, including three new hospitals in Texas during Q3 and Q4. This geographical and facility expansion directly increases the company's capacity to serve more patients and enter new markets.
2. Increased Patient Volume and Utilization of Services: The company has demonstrated a consistent increase in patient visits and the utilization of complex clinical services. In Q2 2025, total hospital visits increased by 10.6%, following a 20.5% increase in Q1 2025 and a 16.9% increase for the full year 2024. This organic growth in customer base and service engagement is a direct contributor to rising revenues.
3. Successful Arbitration Processes and Enhanced Reimbursement Rates: A significant driver of Nutex Health's revenue growth has been favorable outcomes from arbitration processes under the No Surprises Act, leading to improved reimbursement rates. This factor notably contributed to revenue surges in 2024 and Q1 2025. The company is actively refining these processes, which are expected to continue supporting revenue per patient.
4. Growth of Population Health Management Division: Nutex Health's Population Health Management Division, which includes primary care-centric, risk-bearing physician networks and Independent Physician Associations (IPAs), is also a growing revenue stream. In Q1 2025, the IPAs generated $7.8 million in revenue, a 5.4% increase year-over-year. The division currently has over 40,000 patients enrolled in its IPAs, with a notable increase in Medicare Advantage members.
5. Operational Efficiency and Improved Revenue Cycle Management: While not a direct revenue generator, Nutex Health's focus on operational optimization, maintaining a lean cost structure, and improving revenue cycle management (including through arbitration) is crucial for enhancing profitability. This improved financial health allows for reinvestment into expansion and services, indirectly fueling future revenue growth.

Share Repurchases

• Nutex Health authorized a stock repurchase program of up to $25.0 million in August 2025.
• This program is intended to commence upon the filing of the Form 10-Q for the period ended June 30, 2025.
• The objective of the repurchase program is to increase shareholder value and offset dilution from future share issuances related to stock compensation for hospitals under construction and in ramp-up phases.

Share Issuance

• In January 2024, Nutex Health announced a registered direct offering with estimated gross proceeds of $10.0 million.
• This offering included the sale of 66,666,666 shares of common stock and warrants to purchase an equivalent number of shares.

Inbound Investments

• On April 1, 2022, Nutex Health Holdco LLC completed a merger with Clinigence Holdings, Inc.

Capital Expenditures

• Capital expenditures were reported as $15 million in 2022, $9.50 million in 2023, and $2.30 million in 2024.
• A primary focus of capital expenditures is the development and operation of the Hospital Division, which includes micro-hospitals, specialty hospitals, and hospital outpatient departments.
• The company has been actively investing in infrastructure for under-construction and ramping hospitals.