Nutex Health

The cash number this quarter is staggering. Nutex collected 235 million dollars in actual cash from patients and insurers in the third quarter, up 258.8% from 65.5 million dollars a year earlier. Year to date collections hit 546 million dollars, up 176.9% from 197 million dollars. When real money lands at this scale, it puts a serious floor under the story.

Two engines are running at once here. Patient visits rose 11.1% in the quarter to 46,293, and year to date visits climbed 14% to 140,135. Meanwhile cash collected per visit more than tripled thanks to a better mix of paying insurers and sicker patients needing more care. Growth in both traffic and price per visit is a rare combination.

Every number above is labeled preliminary, and that word matters. Nutex told investors to stop relying on its 2024 annual report and its first quarter 2025 results after finding errors tied to a 2022 merger payout. Nasdaq gave the company until December 12, 2025 to file its delayed second quarter report, and the third quarter report comes after that. Final figures could differ materially.

The collections surge leans on out of network billing disputes settled under the No Surprises Act, and the company itself flags changes to those rules as a risk. A regulatory tweak or a court ruling could squeeze that 235 million dollar cash engine quickly. Pair that with a beta near 2.0, meaning it swings about twice as hard as the market, and this is a bumpy ride.