• Imagine a company like **Optum** (UnitedHealth Group's health services arm) that not only provides tech-enabled healthcare management services but also owns and operates its own network of specialized hospitals.
• Think of it as a specialized version of **HCA Healthcare** (a large hospital operator) that has also built a sophisticated data analytics and management platform for healthcare, similar to a sector-specific **Palantir** for patient and provider networks.

• Healthcare Facility Operation: Provides direct patient care through the operation of micro-hospitals, specialty hospitals, and hospital outpatient departments.
• Provider Network Management: Manages and operates networks of healthcare providers, such as independent physician associations.
• Healthcare Administrative Services: Offers management, administrative, and support services to affiliated hospitals and physician groups.
• Population Health Technology Platform: Delivers a cloud-based proprietary technology platform for aggregating health data to support holistic patient care and provider management.

Nutex Health operates a Hospital division that owns and operates 21 healthcare facilities, including micro-hospitals, specialty hospitals, and hospital outpatient departments. Its Population Health Management division owns and operates provider networks, such as independent physician associations, and provides management, administrative, and support services to its affiliated hospitals and physician groups. In both divisions, the ultimate recipients of care and primary customers are individuals.

The company serves the following categories of individual customers:

1. Patients seeking acute and specialty care: Individuals who visit Nutex's micro-hospitals and specialty hospitals for urgent medical needs, specific treatments, or surgical procedures.
2. Patients utilizing outpatient services: Individuals accessing services at Nutex's hospital outpatient departments, which may include diagnostic testing, therapy, minor procedures, and follow-up care.
3. Patients managed through provider networks: Individuals who receive primary care and coordinated health management services from the physicians and providers within Nutex's independent physician associations and broader provider networks.

Thomas T. Vo, M.D., MBA Chief Executive Officer & Chairman of the Board

Dr. Vo was appointed CEO on April 1, 2022, and also serves as the Chairman of the Board. He is a founder and executive officer of Nutex affiliates since 2010. Prior to his role at Nutex Health, he worked as an emergency medicine physician in Houston for over 20 years and was instrumental in the co-leading of over 40 freestanding emergency departments and micro-hospitals since 2008. He was a founder and original partner at Neighbors Emergency Center between 2008 and 2011. He founded Nutex Health. In 2020, Dr. Vo received the prestigious EY Entrepreneur Of The Year® award.

Jon Bates, MBA, CPA Chief Financial Officer

Mr. Bates was appointed Chief Financial Officer effective on or about June 30, 2022. He 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), one of the largest publicly traded operators of outpatient physical therapy clinics. In this role, he was responsible for monitoring closing processes for over 600 locations with approximately $500 million in annual revenues and managed merger and acquisition tasks from valuation/modeling to due diligence and integration post-acquisition. His prior roles include Chief Financial Officer and Chief Accounting Officer at Commerciant, L.P., Chief Accounting Officer and Corporate Controller at National Alarm Technologies LLC, Assistant Corporate Controller at American Residential Services, Inc., and Senior Auditor at Arthur Andersen LLP.

Warren Hosseinion, M.D. President

Dr. Hosseinion serves as the President and a Director of Nutex Health. He previously held the positions of Chief Executive Officer and Chairman of the Board of Clinigence Holdings, Inc. He is also a Co-Founder of Apollo Medical Holdings, Inc. (NASDAQ: AMEH), where he served as a member of the Board of Directors from July 2008 until March 2019, Chief Executive Officer from July 2008 to December 2017, and Co-Chief Executive Officer from December 2017 to March 2019. Additionally, Dr. Hosseinion co-founded ApolloMed Hospitalists in 2001.

Wesley Bamburg, FACHE Chief Operating Officer

Mr. Bamburg was appointed Chief Operating Officer effective October 13, 2025. He brings 20 years of Fortune 500 experience in healthcare operations, business development, integrated network management, and physician relations. Before joining Nutex Health, he served as Chief Operating Officer for HCA Houston Healthcare North Cypress since July 2024 and as Chief Operating Officer at HCA Houston Healthcare Medical Center from 2019 to 2024. Mr. Bamburg began his career with HCA Healthcare in 2013 as the Gulf Coast Division’s Vice President of Payor Contracting & Alignment.

Michael Chang, M.D. Chief Medical Officer

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

The key risks to Nutex Health's business include:

1. Regulatory and Reimbursement Environment

   Nutex Health's operations, particularly its hospital division which includes micro-hospitals and specialty hospitals, are highly susceptible to changes in healthcare regulations and reimbursement policies. The healthcare industry is subject to extensive and evolving federal, state, and local laws and regulations concerning licensure, accreditation, privacy, and billing practices. Changes in government healthcare programs, such as Medicare and Medicaid, or private insurer reimbursement rates, could significantly impact the company's revenue and operational viability, especially as micro-hospitals have faced scrutiny regarding their cost-effectiveness and necessity.

2. Intense Competition and Operational Challenges in Healthcare Delivery

   Operating 21 facilities across 8 states means Nutex Health faces significant competition from established, larger hospital systems, other specialty providers, and outpatient clinics. The healthcare services market is highly competitive, and the company must continuously attract patients and qualified medical professionals. Furthermore, the ownership and operation of healthcare facilities are capital-intensive, requiring substantial ongoing investment in equipment, technology, and staffing, which can be challenging in an environment of rising costs and potential labor shortages.

3. Technology Dependence and Data Security Risks

   The Population Health Management division heavily relies on its cloud-based proprietary technology platform to aggregate data and deliver care. This dependence introduces significant risks related to cybersecurity breaches, system failures, and the protection of sensitive patient data. A breach could lead to severe financial penalties under regulations like HIPAA, reputational damage, and loss of trust from patients and providers. Additionally, continuous investment is required to maintain, update, and secure this technology platform against evolving threats and ensure its effectiveness in supporting care delivery and management services.

The increasing sophistication and adoption of virtual-first healthcare models pose a clear emerging threat. As advanced telemedicine, remote diagnostics, and AI-driven health platforms continue to evolve, they could significantly reduce the necessity for physical visits to Nutex Health's micro-hospitals, specialty hospitals, and hospital outpatient departments, thereby eroding the demand for its facility-based services.

Another clear emerging threat is the aggressive expansion of major Electronic Health Record (EHR) vendors and large health insurance payers into comprehensive population health management solutions. As these dominant industry players integrate increasingly robust population health capabilities directly into their core systems and incentivize their use across provider networks, Nutex Health's independent proprietary technology platform could face substantial challenges in market adoption and maintaining competitive relevance against integrated, bundled, or mandated solutions from larger ecosystems.

The addressable markets for Nutex Health's main products and services in the U.S. are substantial across its two divisions:

Hospital Division

• Micro-Hospitals: The micro-hospitals market in the U.S. was valued at approximately USD 245.82 billion in 2022 and is projected to grow to about USD 455 billion by 2030.
• Specialty Hospitals: The market size for Specialty Hospitals in the U.S. was approximately USD 66.5 billion in 2024 and is expected to reach USD 66.8 billion in 2025.
• Hospital Outpatient Departments: The U.S. hospital services market size is valued at USD 2.64 trillion in 2025, with outpatient services accounting for the largest share at 52% in the same year. This indicates an addressable market of approximately USD 1.37 trillion for hospital outpatient services in the U.S. in 2025.

Population Health Management Division

• Population Health Management Services: The United States population health management market size was valued at approximately USD 25.6 billion in 2025 and is estimated to reach USD 124.9 billion by 2034.

Nutex Health (NASDAQ: NUTX) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and operational strengths across its Hospital and Population Health Management divisions.

Here are key expected drivers of future revenue growth:

1. Expansion of Hospital Division through New Facility Development: Nutex Health plans to continue expanding its hospital network by developing new facilities. The company successfully opened three new hospitals in 2025 and early 2026, increasing its footprint to 27 facilities across 12 states. Management has indicated plans for further "de novo hospital development" as a core growth strategy.
2. Increased Patient Volumes at Existing Facilities: The company anticipates growth from higher patient volumes across its current hospital portfolio. In 2025, hospital division visits increased by 11.8% year-over-year to 188,279. The CEO has specifically highlighted growth in both emergency room visits and inpatient admissions, indicating heightened demand and improved operational efficiency at existing sites.
3. Continued Success in Independent Dispute Resolution (IDR) and Higher Acuity Claims: A significant portion of Nutex Health's hospital revenue in 2025 (approximately 63% or $527.8 million) was attributed to higher acuity claims and successful outcomes in the Independent Dispute Resolution process. The company reports prevailing in over 85% of IDR determinations, with a high collection rate. Nutex Health intends to continue its strategic participation in arbitration processes under the No Surprises Act to enhance revenue. Furthermore, patient revenue per visit has shown significant improvements due to enhanced negotiated rates, higher case acuity, and increased overnight stays.
4. Expansion of Population Health Management Division with New Independent Physician Associations (IPAs): Nutex Health's Population Health Management division is focused on expanding its network of independent physician associations (IPAs). The company aims to launch one to three new IPAs annually, primarily in areas surrounding its existing micro-hospitals, to leverage synergies and broaden its risk-bearing physician network.