Nutex Health appoints CBIZ as new accounting firm

HOUSTON, TX - Nutex Health Inc. (NASDAQ:NUTX), a company specializing in business services with a market capitalization of $776.8 million and impressive year-to-date returns of nearly 290%, announced today the engagement of CBIZ (NYSE:CBZ) CPAs P.C. as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.08. This change comes after the resignation of the previous accounting firm, Marcum LLP, following its acquisition by CBIZ on November 1, 2024.

Marcum’s resignation, effective today, was approved by Nutex Health’s Audit Committee. The company clarified that Marcum’s audit reports for the fiscal years ended December 31, 2024, and 2023 did not contain any adverse opinion or disclaimer and were not qualified or modified regarding uncertainty, audit scope, or accounting principles.

However, Nutex Health disclosed material weaknesses in its internal control over financial reporting identified during those fiscal years and up to the date of the change. These weaknesses pertained to controls over logical access, program change management, vendor management, and business process controls, including issues with segregation of duties and key management review controls. Despite these challenges, the company has maintained strong operational performance, with earnings per share of $10.25 and revenue growth of 93.8% over the last twelve months. For deeper insights into Nutex Health’s financial health and performance metrics, investors can access comprehensive analysis through InvestingPro’s detailed research reports.

The company has taken the necessary steps to inform Marcum of these disclosures and has received a letter from Marcum, dated April 25, 2025, agreeing with the statements made in this report. The letter is attached as Exhibit 16.1 to the Form 8-K.

Nutex Health confirmed that prior to engaging CBIZ, there were no consultations between the company and CBIZ regarding the application of accounting principles or any disagreements on accounting, auditing, or financial reporting issues.

This transition in accounting firms is documented in a Current Report on Form 8-K filed with the Securities and Exchange Commission, based on a press release statement. The company is headquartered at 6030 S. Rice Ave, Suite C, Houston, Texas 77081. Investors should note that Nutex Health’s next earnings report is scheduled for May 8, 2025, which will provide further clarity on the company’s financial position and internal control improvements.

In other recent news, Nutex Health Inc. reported a remarkable surge in revenue for the fourth quarter of 2024, reaching $257.6 million, which marks a 270% increase from the previous year. This growth was largely driven by the company’s successful arbitration processes, contributing to 90.3% of the revenue increase. For the full year, Nutex Health’s revenue hit $479.9 million, up 94% from 2023, with adjusted EBITDA soaring by 1000% to $123.7 million. The company also achieved a net income of $52.2 million, a significant turnaround from a net loss of $45.8 million in 2023. Benchmark analyst recently raised Nutex Health’s stock price target to $150 from $60, maintaining a Buy rating, reflecting confidence in the company’s strategic initiatives and financial performance. The analyst anticipates Nutex will continue leveraging the No Surprise Act’s arbitration process into 2025 to sustain its revenue growth. Additionally, Nutex Health plans to expand its operations by opening three new hospitals in late 2025, aiming to increase patient volumes and service diversity. These developments underscore Nutex Health’s strategic focus on growth and operational efficiency in the healthcare sector.

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