Nutex Health, Inc. (NUTX) Income Statement

The revenue trajectory is highly erratic, with a massive jump from 2024Q3 to 2024Q4 (from $78.8M to $257.6M) and a subsequent drop in 2025Q4 to $151.7M. This suggests that reported figures may be influenced by one-time events or acquisitions, rather than organic growth. The latest quarter's -13.6% year-over-year decline, despite a 2.2% growth in the prior quarter, points to instability that investors should monitor closely.

The gross margin profile is highly volatile, with a low of 15.1% in 2024Q1 and a high of 67.0% in 2026Q2. This volatility may indicate that the company's cost of goods sold is not stable, possibly due to changes in service mix or one-time charges. The recent improvement to 67.0% in 2026Q2 is notable, but it follows a quarter with only 42.4%, suggesting that the margin expansion may not be sustainable without further analysis of the underlying drivers.

Operating leverage appears to be positive in some quarters, such as 2025Q3 when revenue grew 2.4% and operating income grew significantly, but negative in others, like 2025Q2 when revenue grew 2.2% yet operating income fell. This inconsistency suggests that the company's fixed cost structure is not stable, and operating income is sensitive to factors beyond revenue, such as one-time items or cost fluctuations. Investors should assess the sustainability of the high operating margins seen in recent quarters.

The cost structure is dominated by COGS, which has varied significantly as a percentage of revenue, from 33.0% in 2026Q2 to 84.9% in 2024Q1. This volatility suggests that the company's cost of services is not well controlled, possibly due to changes in patient mix or one-time charges. SG&A has been relatively stable in dollar terms, but as a percentage of revenue it has fluctuated, indicating that overhead is not scaling efficiently with revenue. The lack of R&D spending is notable for a healthcare services company, but may be appropriate given its business model.