Nutex Health Inc (NUTX) 2025 Q4 法說會逐字稿

Greetings. Welcome to Nutex Health's fourth-quarter and full-year 2025 10-K earnings call. (Operator Instructions)

各位好。歡迎參加 Nutex Health 2025 年第四季暨全年 10-K 財報電話會議。(接線員指示)

Please note, this conference is being recorded. At this time, I'll now turn the conference over to Jennifer Rodriguez, Investor Relations Manager. Thank you, Jennifer. You may now begin.

請注意，本次會議將被錄音。此刻，我將把會議交給投資人關係經理 Jennifer Rodriguez。謝謝您，Jennifer。您現在可以開始。

Good morning, everyone, and welcome to Nutex Health, Inc.'s fourth-quarter and full-year 2025 earnings call. My name is Jennifer Rodriguez, and I'm happy to serve as your moderator today. We're truly grateful for your participation and your continued interest in our company as we share the highlights of another exceptional year. Please note that this call is being recorded for future reference.

各位早安，歡迎參加 Nutex Health, Inc. 2025 年第四季暨全年財報電話會議。我叫 Jennifer Rodriguez，很高興今天擔任主持人。我們由衷感謝各位的參與，以及在我們分享又一個卓越年度亮點之際，持續關注本公司。請注意，本次電話會議將錄音以供日後參考。

Joining me this morning are some of the key leaders driving Nutex Health forward: our Chairman and CEO, Dr. Tom Vo; our Chief Financial Officer, Jon Bates; our President, Dr. Warren Hosseinion; and our Chief Operating Officer, Wes Bamburg. Together, they'll provide prepared remarks to give you a comprehensive view of our performance, strategies and vision, after which we'll open the floor for your questions.

今天早上與我一同出席的，是推動 Nutex Health 向前發展的幾位關鍵領導人：董事長兼執行長 Tom Vo 醫師；財務長 Jon Bates；總裁 Warren Hosseinion 醫師；以及營運長 Wes Bamburg。他們將共同提供事先準備的發言，讓各位全面了解我們的業績表現、策略與願景，之後我們將開放提問。

Before I turn things over to Dr. Vo, I'd like to take a moment to address a few important points. Today's discussion may include forward-looking statements, which reflect management's current expectations about our future performance. These statements are based on what we know today, but they're subject to risks, uncertainties and other factors that could cause our actual results to differ from what we'll share. For a deeper dive into these forward-looking statements and the factors that might influence them, I encourage you to review the press release and Form 10-K filed earlier this week as well as our various SEC filings. You'll find all the details there.

在我把時間交給 Vo 醫師之前，我想先花一點時間說明幾個重要事項。今天的討論可能包含前瞻性陳述，反映管理層對未來業績的目前預期。這些陳述係基於我們目前所知，但仍可能受到風險、不確定性及其他因素影響，導致實際結果與我們所分享的內容有所差異。如欲更深入了解這些前瞻性陳述及可能影響其結果的因素，建議各位查閱本週稍早發布的新聞稿與已提交的 10-K 表格，以及我們向 SEC 提交的各項文件。所有細節都可在其中找到。

Additionally, we may reference non-GAAP financial measures such as adjusted EBITDA during the call. For those interested in how these metrics reconcile to GAAP standards, please refer to the press release and Form 10-K, where we've included that information.

此外，我們在會議中可能會提及非 GAAP 財務衡量指標，例如調整後 EBITDA。如欲了解這些指標如何與 GAAP 口徑對應調節，請參閱新聞稿與 10-K 表格，我們已在其中提供相關資訊。

With those housekeeping items out of the way, it's my pleasure to hand the call over to Dr. Tom Vo, our Founder and Chief Executive Officer. Dr. Vo, the floor is yours.

完成以上例行事項後，我很榮幸把電話會議交給我們的創辦人兼執行長 Tom Vo 醫師。Vo 醫師，請。

Thank you, Jennifer, and good morning, everyone. Thank you for joining us today. It's a pleasure to be with you as we review Nutex Health's fourth quarter and full year 2025 results. This past year has been one of exceptional growth, operational discipline and continued innovation as we advance our mission of delivering high-quality concierge level accessible health care to the communities we serve. Our organization remains deeply committed to a patient-first culture, and I'm really excited to walk you through the accomplishments, strategies and opportunities that shape our year.

謝謝你，Jennifer，各位早安。感謝各位今天加入我們。很高興能與各位一同回顧 Nutex Health 2025 年第四季與全年業績。過去一年，我們在卓越成長、營運紀律與持續創新方面表現突出，並持續推進我們的使命：為所服務的社區提供高品質、禮賓等級且可近性的醫療照護。本公司始終堅守以病患為先的文化，我也非常期待帶各位回顧塑造我們這一年的成果、策略與機會。

First, let's discuss the full year 2025 financial and operational performance. Total revenue reached $875.3 million, an 82% increase from $479.9 million in 2024. Net income increased to $70.8 million compared to $52.1 million in 2024. Note that this includes a noncash expense of $117 million for stock-based compensation for 2025 in the form of a onetime obligations of earn-out shares issuable to qualifying under construction and ramping hospitals. This expense would decrease drastically in future years as most of the under construction facilities from 2022 have already vested. Adjusted EBITDA, which includes the add-back of the stock-based compensation rose to $259.6 million, up 152.6% from $102.8 million in the prior year.

首先，我們來談談 2025 全年的財務與營運表現。總營收達 8.753 億美元，較 2024 年的 4.799 億美元成長 82%。淨利增加至 7,080 萬美元，較 2024 年的 5,210 萬美元提升。請注意，其中包含 2025 年 1.17 億美元的非現金費用—以股票為基礎的薪酬，形式為一次性義務：對符合資格、仍在建置及爬坡期的醫院所可發行的或有對價（earn-out）股份。由於 2022 年多數在建設施已完成歸屬，該費用在未來年度將大幅下降。調整後 EBITDA（包含加回股票為基礎的薪酬）上升至 2.596 億美元，較前一年的 1.028 億美元成長 152.6%。

On the volume side, our hospitals recorded 188,300 total patient visits, up 11.8% from 168,400 in 2024. 1.3% of that growth came from mature facilities, demonstrating their resilience and continued relevance in their markets. On the balance sheet, even with three new hospitals opening in 2025 and early 2026, the current portion of long-term debt decreased slightly from $14.4 million to $13.3 million. Net long-term debt increased from $22.5 million to $29.2 million, still very low relative to our revenue and expansion pace. Net cash from operating activities of $248.1 million for the 12 months ended December 25, 2025, and cash on hand grew dramatically to $186 million as of 12/31/2025, up from $41 million a year earlier.

在量能方面，我們的醫院共記錄 188,300 人次就診，較 2024 年的 168,400 人次成長 11.8%。其中 1.3% 的成長來自成熟院所，顯示其韌性以及在各自市場中的持續相關性。在資產負債表方面，即使我們於 2025 年及 2026 年初新開三家醫院，長期負債的流動部分仍由 1,440 萬美元小幅下降至 1,330 萬美元。長期淨負債由 2,250 萬美元增加至 2,920 萬美元，相對於我們的營收規模與擴張速度仍然非常低。截至 2025 年 12 月 25 日止 12 個月，營業活動淨現金流入為 2.481 億美元；截至 2025 年 12 月 31 日，手上現金大幅增至 1.86 億美元，較一年前的 4,100 萬美元顯著提升。

Next, I'd like to touch on the fourth quarter financial performance. During the fourth quarter, we did recognize a onetime $55 million revenue reduction related to the cumulative true-up of 18,950 arbitration claims that were deemed ineligible by arbitrators under the IDR process. The periods involved were July 2024, when we first started doing arbitration and IDR through the end of December 2025. 18-month reconciliation resulted from a mid-2025 CMS directive instruction IDRs to resolve and clear the existing backlog of disputes.

接下來，我想談談第四季的財務表現。在第四季，我們確實認列了一次性 5,500 萬美元的營收減少，係與 18,950 件仲裁申訴在 IDR 流程下被仲裁人認定不具資格所致，並就累計金額進行一次性追溯調整（true-up）。涉及期間為 2024 年 7 月（我們首次開始進行仲裁與 IDR）至 2025 年 12 月底。這項為期 18 個月的對帳，源自 2025 年年中 CMS 的指示，要求 IDR 解決並清理既有爭議積壓案件。

Fortunately, this process was very slow on the inefficient side and involved a lot of other providers, including itself. This catch-up period reduced the number of active disputes compared to the same period last year and consequently lowered reported net revenue for the quarter. It's important to emphasize that this was a onetime reconciliation driven by a CMS mandate.

所幸，這個流程在效率上非常緩慢，且牽涉許多其他醫療服務提供者，也包括我們自己。這段補帳期間使得進行中的爭議案件數較去年同期減少，因而拉低了本季所報告的淨營收。需要強調的是，這是由 CMS 指令所驅動的一次性對帳調整。

So to put this number into perspective, the approximately 18,950 charts deemed ineligible equate to an average of roughly 1,050 charts per month. And according to HaloMD, our IDR consultant, the ineligible rate for Nutex Health is roughly 8%, all the charts that we submit. This is significantly better than the national average of approximately 19%, indicating that our processes are performing well above industry norms.

為了讓各位更能理解這個數字，約 18,950 份被認定不具資格的病歷（charts），平均約等於每月約 1,050 份。根據我們的 IDR 顧問 HaloMD，Nutex Health 的不具資格比率約為 8%（以我們提交的所有病歷計）。這顯著優於全國平均約 19%，顯示我們的流程表現明顯高於產業常態。

Additionally, HaloMD is continuing to challenge the ineligibility determinations for a portion of these charts. Should any of these disputes be resolved in our favor, the associated revenues will be added to future monthly and quarterly financial results. The good news, though, is that excluding the impact of this adjustment, our Q4 2025 adjusted revenue would be approximately $206.7 million, which is consistent and in line with revenue levels from previous quarters.

此外，HaloMD 仍在針對其中一部分病歷的不具資格認定提出持續挑戰。若其中任何爭議最終對我們有利解決，相關營收將在未來的月度與季度財務結果中回補。不過好消息是，若排除此項調整影響，我們 2025 年第四季的調整後營收約為 2.067 億美元，與前幾季的營收水準一致並相符。

However, even with a slight decrease in accrual revenue, operating cash flow remained very strong. Net cash provided by operating activities was $70.4 million in the fourth quarter of 2025 compared to only $100,000 in the same quarter last year, demonstrating that cash collection continues to perform very well. We encourage investors seeking a deeper financial understanding of our business to focus on the full period from 2024 through December 2026. Quarterly results can appear lumpy to the natural constraints of accrual-based accounting, which can shift the timing of revenue and expense recognition. Jon will provide additional insights into these dynamics later in the presentation.

然而，即使應計營收略有下降，營運現金流仍然非常強勁。2025 年第四季營業活動提供的淨現金為 7,040 萬美元，相較去年同季僅 10 萬美元，顯示現金收款表現仍然非常良好。我們鼓勵希望更深入理解本公司財務狀況的投資人，聚焦於 2024 年至 2026 年 12 月的完整期間。由於應計制會計的自然限制，季度結果可能呈現不均勻（lumpy），因其可能改變營收與費用認列的時間點。Jon 將在稍後的簡報中就這些動態提供更多見解。

In terms of arbitration and IDR process performance, we continue to perform well within the IDR framework. It is now a normal part of our revenue cycle process. 50% to 60% of our claims are submitted through the IDR process. When a determination is issued eval in over 85% of those cases, demonstrating that insurers are still underpaying in 85% of the cases that we send to arbitration. We are also currently realizing an average cash collection rate of more than 85% on our legal determination wins. We are actively monitoring the forthcoming IDR final rules from the Office of Management and Budget and other federal agencies.

就仲裁與 IDR 流程績效而言，我們在 IDR 架構內持續維持良好表現。這如今已成為我們營收循環流程中的常態環節。我們有 50% 到 60% 的理賠申請是透過 IDR 流程提交。在這些案件中，超過 85% 的案件在裁定出爐時我們獲得有利結果，顯示保險公司在我們送交仲裁的案件中仍有 85% 存在給付不足。我們目前在法律裁定勝訴案件上的平均現金回收率也超過 85%。我們正積極監測管理與預算局（OMB）及其他聯邦機關即將發布的 IDR 最終規則。

At this time, we do not expect any material changes to the current process and remain optimistic that the final rule will further strengthen and streamline the IDR process with additional mandates for insurers to comply. An example of a more efficient IDR system would be the avoidance such as the 18-month true-up that we just experienced for the fourth quarter in the future. On the regulatory and legislative outlook front, we are closely watching the progress of the -- No Surprises Act -- I'm sorry, -- No Surprises Enforcement Act, also known as the Murphy Act. It is designated as HR4710 in the House and S2420 in the Senate. These bills are currently under review in the following committees in the House, the Energy and Commerce, Education and Workforce and Ways and Means. And in the Senate, it is currently being reviewed in the Health, Education, Labor and Pension Committee, otherwise known as Health.

目前我們不預期現行流程會出現任何重大變動，並仍樂觀認為最終規則將透過對保險公司提出更多遵循要求，進一步強化並簡化 IDR 流程。更有效率的 IDR 系統的一個例子，是未來能避免我們剛在第四季經歷的 18 個月追溯調整（true-up）。在監管與立法展望方面，我們正密切關注《— No Surprises Act —》抱歉，《— No Surprises Enforcement Act》，亦稱 Murphy 法案的進展。該法案在眾議院編號為 HR4710，在參議院編號為 S2420。這些法案目前正在眾議院以下委員會審查：能源與商業委員會、教育與勞動力委員會，以及歲入委員會。而在參議院，目前由健康、教育、勞工與退休金委員會審查，亦稱為 Health。

Our 2025 financial and operational results demonstrate the strength of our model, the scalability of our platform and our disciplined focus on 3 core metrics: ER visit growth, inpatient volume growth and revenue per patient. Many of you know, Nutex Health has operated since 2010. More than a decade as a private company, our micro hospital model built on concierge level high accessible care delivered consistent and respectable profitability. After going public in 2022, we faced challenges primarily driven by the faulty implementation of the No Surprises Act, or the NSA, which materially reduced reimbursement across our industry.

我們 2025 年的財務與營運成果展現了我們模式的強韌性、平台的可擴展性，以及我們對三項核心指標的紀律性聚焦：急診（ER）就診量成長、住院量成長，以及每位病患收入。許多人都知道，Nutex Health 自 2010 年起營運。作為私人公司超過十年，我們以微型醫院模式為基礎，提供禮賓等級且高度可近的照護，並持續帶來穩健且可觀的獲利能力。在 2022 年上市後，我們面臨的挑戰主要來自《無意外法案》（No Surprises Act，NSA）錯誤的實施，該法案在整個產業中實質降低了給付水準。

The authors of the No Surprises Act, credit anticipated that insurers might use the payment process to underpay smaller providers like us. For that reason, Congress included the independent dispute resolution IDR process as an essential safeguard, giving providers a meaningful avenue to challenge unfair reimbursement. Without this mechanism, insurers would have the unchecked ability to dictate payments unilaterally, effectively determining winners and losers in the marketplace and undermining fair competition. Resulting imbalance with stifle free trade, in small operators and distort the health care ecosystem. In many ways, this is truly a David and Goliath battle.

《無意外法案》的起草者預期保險公司可能會利用支付流程，對像我們這樣較小的提供者進行低付。因此，國會將獨立爭議解決（IDR）程序納入作為關鍵保障，讓提供者有一條具實質意義的途徑去挑戰不公平的給付。若沒有這項機制，保險公司將能不受制衡地單方面決定支付金額，等同於在市場中決定勝負，並破壞公平競爭。由此造成的失衡將抑制自由交易、打擊小型業者，並扭曲醫療照護生態系。在許多方面，這確實是一場大衛對抗歌利亞的戰役。

As we enter the next phase for our growth, we are fortunate to have strong liquidity and adequate cash on hand. This financial position allows us to remain disciplined and highly return focused. Our capital allocation strategy continues to center on four priority areas. Number one, share repurchases. Share repurchases activity underscore our conviction in the intrinsic value of Nutex Health. Launched a $25 million repurchase program in late 2025 and completed it in early 2026. Earlier, we authorized an additional $25 million for further repurchases. These program reflects our commitment to delivering shareholder value through prudent accretive capital deployment.

隨著我們進入下一階段的成長，我們很幸運擁有強勁的流動性與充足的手頭現金。這樣的財務狀況使我們能保持紀律，並高度聚焦於報酬。我們的資本配置策略仍聚焦於四個優先領域。第一，庫藏股回購。回購活動凸顯我們對 Nutex Health 內在價值的信心。我們於 2025 年底啟動 2,500 萬美元回購計畫，並於 2026 年初完成。先前我們也核准額外 2,500 萬美元用於進一步回購。這些計畫反映我們透過審慎、具增益性的資本運用來為股東創造價值的承諾。

For two, growth at existing hospitals. Our existing microhospital footprint remains a powerful engine for organic growth. We are heavily investing in both the ER and inpatient volume initiatives to expand capacity on service lines and enhance revenue quality.

第二，既有醫院的成長。我們現有的微型醫院版圖仍是有機成長的強力引擎。我們正大力投資於急診與住院量的各項計畫，以擴充服務線的產能並提升收入品質。

In terms of ER volume initiative, we are strengthening community engagement, expanding referral pathways and diversifying service offerings. Targeted investments include improving services such as medical detox programs, behavioral health services, outpatient imaging, outpatient procedures and personal injury services. These initiatives are in addition to our normal ER volume and will help expand patient access and improve the overall revenue mix.

就急診量提升計畫而言，我們正強化社區互動、擴大轉診管道並多元化服務內容。重點投資包括改善醫療戒毒計畫、行為健康服務、門診影像、門診處置，以及人身傷害服務等。這些措施是在我們正常的急診量之外的增量，將有助於擴大病患可近性並改善整體收入組合。

On the inpatient volume initiative and to capture more high acuity cases and reduce unnecessary transfers, we are enhancing specialized equipment. We are very excited because with the advances such as AI, medical device, biopharma, there are more cases that we could treat at our micro hospital than ever before.

在住院量提升計畫方面，為了收治更多高病情嚴重度（high acuity）病例並減少不必要的轉院，我們正在強化專業設備。我們非常振奮，因為隨著 AI、醫療器材與生物製藥等進展，我們的微型醫院能治療的病例比以往任何時候都更多。

We have also expanded inpatient nursing and ancillary capacity. And to top it off, we are adding a telespecialist -- I'm sorry, telehospitalists and telespecialist coverage for all of our hospitals in the coming year. These upgrades allow us to manage higher acuity patients within our own facilities, increase retention and strengthening contribution margins. Wes, our COO, will discuss more on this operational part later.

我們也擴增了住院護理人力與輔助（ancillary）產能。此外，明年我們將為所有醫院增設遠距住院醫師（telehospitalists）與遠距專科醫師（telespecialist）覆蓋服務——抱歉，是遠距住院醫師與遠距專科醫師的覆蓋。這些升級使我們能在自有院內管理更高病情嚴重度的病患、提高留院率並強化貢獻毛利率。我們的營運長 Wes 稍後會就這部分營運內容做更多說明。

Thirdly, expansion of our IPA and Population Health division. Our independent physician association currently operating in Los Angeles, Phoenix, Houston and South Florida continue to be a strategic advantage. They strengthen our relationship with community physicians, enhance care coordination and support bidirectional referrals and to expand our IPA footprint into markets surrounding our hospitals, enabling more efficient care pathways, stronger physician alignment and bidirectional referrals between the IPAs and the new tax hospitals. This expansion also position us more effectively within the risk-based and value-based reimbursement models, and our goal will be to operate as many IPAs around our existing hospitals as possible. Warren will discuss this more in detail when he speaks later.

第三，擴張我們的 IPA 與族群健康（Population Health）事業部。我們的獨立醫師協會（IPA）目前在洛杉磯、鳳凰城、休士頓與南佛羅里達營運，持續構成策略優勢。它們強化我們與社區醫師的關係、提升照護協調，並支持雙向轉診；同時也讓我們能將 IPA 版圖擴展至我們醫院周邊市場，促成更有效率的照護路徑、更強的醫師一致性，以及 IPA 與新設醫院之間的雙向轉診。此一擴張也使我們能更有效地切入風險型與價值型給付模式；我們的目標是盡可能在既有醫院周邊營運更多 IPA。Warren 稍後發言時會更詳細說明。

Lastly, real estate development strategy. We are evaluating opportunities to develop micro hospitals using a capital-efficient real estate model, where we develop and own the facilities during the stabilization period, build both operational and real estate value and possibly eventually execute a sale-leaseback transaction to recycle capital into future. This approach preserves strategic control of early-stage operations while enabling accelerated expansion without over-leveraging the balance sheet.

最後，不動產開發策略。我們正在評估以資本效率較高的不動產模式來開發微型醫院的機會：在穩定期（stabilization period）由我們開發並持有設施，同時建立營運價值與不動產價值，並可能在未來執行售後回租（sale-leaseback）交易，以將資本回收再投入未來發展。此作法在保留早期營運策略控制權的同時，也能在不過度提高資產負債表槓桿的情況下加速擴張。

Today, Nutex Health operates 27 hospital facilities across 12 states. In 2025 and early 2026, we opened new hospitals in Sherman, Texas; St. Louis, Missouri and Humble, Texas. We are actively building a pipeline of new hospitals for later in 2026, '27, '28, starting in 2029. Each facility is designed around the same principles, concierge level care, little to no emergency wait times and tailored inpatient and outpatient services that meet the needs of the local community.

目前 Nutex Health 在 12 個州營運 27 家醫院設施。在 2025 年及 2026 年初，我們於德州 Sherman、密蘇里州聖路易斯，以及德州 Humble 開設新院。我們正積極建立 2026 年下半年、2027 年、2028 年，以及自 2029 年起的新院開發管線。每一處設施皆依循相同原則設計：禮賓等級照護、幾乎沒有急診等候時間，以及符合在地社區需求的住院與門診服務。

Demand remains very strong. Physicians and community leaders across the country continue to approach us weekly testing new facilities in their markets. We try to keep up with demand. In addition, we are in ongoing communication with payers and continually reviewing their in-network contracts to evaluate whether the terms are offered are fair and reasonable. Good news is that we are now receiving better offers than we have in the past.

需求仍然非常強勁。全國各地的醫師與社區領袖持續每週與我們接洽，測試在其市場設立新設施的可能性。我們努力跟上需求。此外，我們也持續與付款方（payers）溝通，並不斷檢視其網內（in-network）合約，以評估所提供條款是否公平合理。好消息是，我們現在收到的條件比過去更好。

In closing, it has taken approximately 2.5 years to recalibrate our operational and reimbursement strategies. I am very pleased to share that in 2025, we returned to the level of profitability that our model has historically produced. Over the years, we have operated four different administrations, navigated the complexities of the Affordable Care Act, thrive through COVID, overcame the challenges of the No Surprises Act and are now actively optimizing our approaches to the IDR process.

最後總結，我們花了約 2.5 年時間重新校準我們的營運與給付策略。我很高興分享，2025 年我們已回到我們模式歷來所能產生的獲利水準。多年來，我們歷經四個不同的政府任期，因應《平價醫療法案》的複雜性，在 COVID 期間仍持續成長，克服《無意外法案》的挑戰，並且目前正積極優化我們在 IDR 流程上的作法。

While no one can predict the future, our longevity and experience across multiple health care cycles give me confidence that Nutex can continue to pivot effectively against any geopolitical or regulatory headwinds. We are very excited about the trajectory of Nutex Health as we enter 2026. We are carrying significant momentum in '25, and we believe we are very well positioned to continue our disciplined profitable growth.

雖然沒有人能預測未來，但我們在多個醫療保健景氣循環中的長期經營與經驗，讓我有信心 Nutex 能夠持續有效調整，以因應任何地緣政治或監管方面的逆風。隨著我們邁入 2026 年，我們對 Nutex Health 的發展軌跡感到非常振奮。我們在 2025 年延續了顯著的動能，並且相信我們已處於非常有利的位置，能夠持續推動有紀律的獲利性成長。

So with that, I'll turn it over to Jon Bates, our CFO, to walk through the financials in more detail. Jon?

那麼，接下來我把時間交給我們的財務長 Jon Bates，請他更詳細地帶大家檢視財務表現。Jon？

Thanks, Tom. Appreciate that, and good morning, everyone. I'm very excited to break down the financials for Nutex Health's fourth quarter and full year 2025, a year where we didn't just grow, but we continue to prove our business model while delivering on a record year for the company. Tom has given you some of the big picture, and I will zoom in on a little more detail, beginning with the full year of 2025 results, and then we'll discuss the fourth quarter of '25 as well.

謝謝你，Tom。感謝你的介紹，各位早安。我很期待為各位拆解 Nutex Health 2025 年第四季與全年財務表現；這一年我們不僅成長，也持續驗證我們的商業模式，並為公司交出創紀錄的一年。Tom 已經提供了整體概況，我將再深入一些細節，先從 2025 年全年結果開始，接著也會討論 2025 年第四季的表現。

So starting with the 12 months ended December 31, '25, compared to the same period in 2024, I wanted to start by highlighting the fact that the company worked very hard in 2025 to continue to improve our overall controls environment, and that effort enabled us to remediate all previously disclosed material weaknesses in internal controls over financial reporting in 2025. It's a huge accomplishment that shows our commitment to having a solid control environment that can be relied upon by our shareholder base and the investment community.

首先看截至 2025 年 12 月 31 日止的 12 個月，與 2024 年同期相比，我想先強調公司在 2025 年非常努力持續改善整體內控環境，而這項努力使我們在 2025 年得以補正（remediate）先前已揭露之財務報導內部控制的所有重大缺失（material weaknesses）。這是一項重大成就，展現我們致力於建立穩健且可供股東基礎與投資社群信賴的內控環境。

Now on to some of the numbers. Total revenue for the full year of 2025, as Tom indicated earlier, increased by 82.4% or $39.5 million, up to $875.3 million versus $479.9 million for the full year of '24, with the hospital division revenue being $844.2 million in 2025. Of the $844.2 million in the hospital revenue, $527.8 million or approximately 63% related to a combination of both higher acuity claims as well as success through the IDR process. For some perspective, we reduced this 7% from the third quarter of 2025 when we were closer to 70%.

接著談一些數字。如 Tom 先前所提，2025 年全年總營收增加 82.4%，亦即增加 3,950 萬美元，達到 8.753 億美元；相較之下，2024 年全年為 4.799 億美元。2025 年其中醫院事業部營收為 8.442 億美元。在這 8.442 億美元的醫院營收中，有 5.278 億美元（約 63%）來自較高病情嚴重度（higher acuity）的理賠，以及透過 IDR 流程取得的成功所共同帶動。作為參考，這一比例較 2025 年第三季下降了 7 個百分點，當時我們接近 70%。

Regarding arbitration-related revenue, we have submitted between 50% to 60% of our claims through the IDR process, which came down approximately 10% from the third quarter as well. And when an award determination is made, we currently prevail in over 85% of those determinations, and we currently have an average collection rate of over 85% of those determination wins.

就仲裁相關營收而言，我們已將約 50% 至 60% 的理賠案件提交至 IDR 流程，這一比例也較第三季約下降 10 個百分點。而在裁決結果出爐時，我們目前在超過 85% 的裁決中勝出，且對於這些勝訴裁決，我們目前的平均收款率也超過 85%。

From an arbitration cost perspective, it's approximately about 26% of that arbitration-related revenue. And of the total revenue increase, mature hospitals increased their revenue by 73.4% for the year of '25 versus the same period in '24. Hospital visits, as Tom indicated earlier, increased by 11.8% or 19,891 visits to 188,279 visits in 2025 versus 168,388 visits in the same period in '24 with those mature hospitals growing at 1.3% over the same period.

從仲裁成本角度來看，約占該仲裁相關營收的 26%。在總營收增加的構成中，成熟醫院（mature hospitals）於 2025 年的營收較 2024 年同期增加 73.4%。如 Tom 先前所述，2025 年醫院就診人次增加 11.8%，亦即增加 19,891 人次，達到 188,279 人次；相較之下，2024 年同期為 168,388 人次，而成熟醫院在同期的成長為 1.3%。

Additionally, the Population Health division had a slight revenue growth of 0.7% to $31 million for the year of 2025 versus $30.9 million for the same period in '24. So in addition to the revenue and visit growth noted above, facility and corporate costs also showed improvement for the year of '25 relative to '24. Total facility level operating costs and expenses increased $147.3 million during the period, but only represented 49.2% or $431 million of total revenues for 2025 versus 59.1% or $283.7 million for the same period in '24, so an effective decrease of just under 10% of the $147 million increase for the period, $138.3 million related to the arbitration costs for the arbitration -- additional arbitration revenue booked during this period. Total stock compensation expense for the 12 months ended December 31, 2025, was $117 million compared to only $16.6 million in the same period of '24, which is $100.4 million increase in '25.

此外，人口健康（Population Health）事業部在 2025 年的營收小幅成長 0.7%，達 3,100 萬美元；相較之下，2024 年同期為 3,090 萬美元。因此，除了上述營收與就診量的成長之外，2025 年相較 2024 年，院區與公司層級成本亦呈現改善。期間院區層級營運成本與費用合計增加 1.473 億美元，但僅占 2025 年總營收的 49.2%（4.31 億美元）；相較之下，2024 年同期為占比 59.1%（2.837 億美元）。因此，從占比角度看，等同於下降了接近 10 個百分點。在該期間 1.47 億美元的增加中，有 1.383 億美元與仲裁成本相關，係因本期間認列的額外仲裁營收所致。截至 2025 年 12 月 31 日止 12 個月的股票酬勞費用（stock compensation expense）為 1.17 億美元，而 2024 年同期僅為 1,660 萬美元，2025 年增加 1.004 億美元。

And just so you know, almost all of this increase was related to the three hospitals that completed their earn-out periods during the third quarter of '25. Now we do have three more facilities currently in the earn-out period with one of them completing the earn-out period in the first quarter of '26 and the remaining two completing their periods -- earn-out periods in the fourth quarter of '26.

補充說明，這項增加幾乎全部與三家在 2025 年第三季完成其或有對價（earn-out）期間的醫院有關。目前我們還有另外三個院區仍處於 earn-out 期間，其中一家將於 2026 年第一季完成 earn-out 期間，其餘兩家將於 2026 年第四季完成其期間——earn-out 期間。

The gross profit for the 12 months ended 2025 was $444.3 million or 50.8% of total revenue as compared to $196.3 million or only 40.9% of total revenue in the same period in '24. Again, just under 10% increase for the 12-month period ended December '24 versus 2025. From a corporate and other cost perspective, general and administrative expenses as a percentage of total revenue for the 12 months ended '25 decreased to 5.9% or $51.7 million from 8.7% or $41.9 million for the same period in 2024. Operating income for the 12 months ended December 2025 was $275.6 million compared to $130.7 million for the 12 months ended 2024, which is an increase of $144.9 million.

2025 年截至年末的 12 個月毛利為 4.443 億美元，占總營收 50.8%；相較之下，2024 年同期毛利為 1.963 億美元，占總營收僅 40.9%。同樣地，2024 年 12 月止 12 個月與 2025 年相比，毛利率提升了接近 10 個百分點。從公司與其他成本角度來看，截至 2025 年止 12 個月，一般及行政費用占總營收比重降至 5.9%（5,170 萬美元），低於 2024 年同期的 8.7%（4,190 萬美元）。截至 2025 年 12 月止 12 個月的營業利益為 2.756 億美元，相較 2024 年止 12 個月的 1.307 億美元，增加 1.449 億美元。

Net income attributable to Nutex was $70.8 million for 2025 compared to net income of $52.1 million for the 2024 period, an increase of $18.7 million. Adjusted EBITDA attributable to Nutex increased to $156.8 million or 152.6% from $102.8 million in 2024 to $259.6 million in 2025.

2025 年歸屬於 Nutex 的淨利為 7,080 萬美元，相較 2024 年期間的淨利 5,210 萬美元，增加 1,870 萬美元。歸屬於 Nutex 的調整後 EBITDA 由 2024 年的 1.028 億美元增加至 2025 年的 2.596 億美元，增幅為 152.6%，達到 1.568 億美元。

So now let's move on to discuss more of the fourth quarter of December 2025 and compare those results to the fourth quarter ended December 31, 2024. And Tom indicated some of this on his earlier discussion. But for the fourth quarter, of 2025, our total revenue did technically decrease by 41.1% or $105.9 million to $151.7 million versus $257.6 million for the fourth quarter of 2024.

接下來我們討論 2025 年 12 月的第四季，並將其結果與截至 2024 年 12 月 31 日止的第四季相比。Tom 在先前的說明中已提到其中一部分。但就 2025 年第四季而言，我們的總營收在技術上下降 41.1%，亦即減少 1.059 億美元，至 1.517 億美元；相較之下，2024 年第四季為 2.576 億美元。

Now with a little more context, the company attributes the $105 million decrease primarily to two items that we disclosed in our press release. Number one was the onetime $55 million cumulative true-up of 18,950 arbitration claims that arbitrators determined to be ineligible for the -- in the fourth quarter of 2025 under the independent dispute resolution process. These claims were submitted for the period from July 24 through December of '25, so cumulatively.

再補充一些背景，公司將這 1.05 億美元的下降主要歸因於我們在新聞稿中揭露的兩項因素。第一項是一次性（onetime）5,500 萬美元的累計調整（cumulative true-up），涉及 18,950 件仲裁理賠案件；仲裁人於 2025 年第四季在獨立爭議解決（independent dispute resolution）流程下認定其不符合資格。這些案件係針對 2024 年 7 月 24 日至 2025 年 12 月期間所提交，因此屬累計性質。

We believe the onetime cumulative arbitration true-up resulted from a mid-2025 CMS directive instructing the certified independent dispute resolution entities to address and clear any backlog they had of their disputes. The associated catch-up reduced the number of active disputes compared to the same period in '24 and contributed to lower net revenue for the quarter.

我們認為，這次一次性的累計仲裁調整，源於 CMS 於 2025 年年中發布的指示，要求經認證的獨立爭議解決（IDR）機構處理並清除其爭議案件的任何積壓。相關的追趕處理使得活躍爭議案件數量較 2024 年同期減少，並導致本季淨營收較低。

Now we believe the backlog has been materially addressed, but we'll continue to watch the process very closely. The second item was arbitration revenues of $69 million, this is for the previous year of 2024, that related to submissions that were in -- that related to the third quarter of 2024 that were recorded in revenue in the fourth quarter of 2024. As you probably recall, prior to September 30, 2024, the company did not have any sufficient historical data to determine the likelihood of a prevailing determination, the potential award amount or the collectibility of such awards. But after considering the impact of the adjustments above, including that $69 million, our 2025 fourth quarter revenue would be $206.7 million and the 2024 fourth quarter revenue would be $188.6 million, which would result in a revenue increase of $18.1 million period-to-period, primarily driven by higher patient visits in the fourth quarter of 2025 compared to the fourth quarter of 2024.

目前我們相信積壓已在實質上獲得處理，但我們仍將非常密切地關注該流程。第二項是 6,900 萬美元的仲裁收入，這是針對前一年度 2024 年，與在——與 2024 年第三季所提交、並於 2024 年第四季認列為收入的案件相關。如各位可能記得，在 2024 年 9 月 30 日之前，公司並沒有足夠的歷史資料來判定勝訴裁定的可能性、潛在裁決金額或該等裁決的可收回性。但在考量上述調整的影響（包括該 6,900 萬美元）後，我們 2025 年第四季收入將為 2.067 億美元，而 2024 年第四季收入將為 1.886 億美元，這將使收入期對期增加 1,810 萬美元，主要由 2025 年第四季相較 2024 年第四季更高的病患就診量所帶動。

So I just want to take a step back on how we accrue revenue for the company for those that maybe aren't as familiar with it, which hopefully will explain some of this situation and its impact as we move forward. So if you look at it, the company has been predominantly out of network for over a decade with the billing process. Therefore, we have to negotiate most of the claims that are sent to payers based on what we believe we should be paid using market industry payment data.

因此我想先退一步，向可能不太熟悉我們公司收入應計方式的人說明一下，希望能解釋這個情況以及它在我們往後推進時的影響。如果你看一下，公司在帳單處理上十多年來主要都是以網外（out of network）為主。因此，我們必須根據我們認為應收取的金額，使用市場產業支付資料，與付款方就大多數送交的理賠進行協商。

In our accrual process, there are three key items that we use in this process, and it is all based upon the historical results we have regarding payments by three items: payments by each specific payer, by each specific physical location of the visit, and thirdly, by the specific acuity level of that visit. And the averages of those results over the recent past, let's say, 1 to 2 years of activity, and then we take those averages at that specific detail and then they're attached to a current period visit with similar characteristics of those averages, which then sets our accrual of realizable AR and revenue in the month of the visit.

在我們的應計流程中，有三個關鍵項目會用於此流程，且完全是基於我們就三個項目的付款歷史結果：各特定付款方的付款、各就診的特定實體地點的付款，以及第三，就該次就診的特定病情嚴重度（acuity level）的付款。我們會取近期（例如 1 到 2 年活動期間）這些結果的平均值，並在該等特定明細層級上取平均，然後把這些平均值套用到具有相似特徵的當期就診，從而在就診當月設定我們可實現應收帳款（realizable AR）與收入的應計。

And then as payments come in, we adjust the accruals up and down, up or down based upon the results with the net impact being recorded to revenue in the period when the payment is ultimately received. So these numbers and the history we're talking about here are continually updated as each payment is made and our updated averages will affect the new current period visits as we move forward.

接著，隨著款項入帳，我們會依據結果將應計數上調或下調，而其淨影響會在最終收到款項的期間認列至收入。因此，我們在此討論的這些數字與歷史資料，會隨每筆付款發生而持續更新，而更新後的平均值將在我們往後推進時影響新的當期就診。

And this is exactly how we've been doing it since inception. So in the case of the arbitration activity, we added a layer to our standard revenue accrual process that is very similar to our baseline process. But because the process has been new to us since we began the process in July of 2024, we have continued to build this additional layer as we have more and more data. In the case of the ineligible claim write-down or claims write-down in the fourth quarter of 2025, there had been a nominal number of items like that, small, nominal that we had seen and accounted for in our normal accruals up through the third quarter of 2025. But certainly, there was nothing material in there.

而這正是我們自成立以來一直採用的做法。因此，在仲裁活動的情況下，我們在標準收入應計流程上增加了一層，這一層與我們的基礎流程非常相似。但由於自 2024 年 7 月開始該流程以來，這對我們而言是新的，我們在取得越來越多資料後，持續建構這個額外層級。至於 2025 年第四季的不符合資格理賠沖銷（ineligible claim write-down）或理賠沖銷，在 2025 年第三季之前，我們在正常應計中曾看到並處理過少量、零星、很小的此類項目。但其中當然沒有任何重大金額。

And so we were not aware of any material indications in this area that ultimately led to the onetime true-up of outstanding disputes in the fourth quarter of 2025 that the IDRs had in backlog until the fourth quarter of 2025. So that's the first time we understood what was going on. And so we're continuing to work to better understand the overall situation as it is so recent to that process. And now we believe we have a much better understanding of this, and we'll monitor it as we go forward.

因此，在 2025 年第四季之前，我們並未察覺此領域有任何重大跡象，而這些跡象最終導致 2025 年第四季對 IDR 積壓的未決爭議進行一次性調整（true-up）。所以那是我們第一次理解發生了什麼。因此，由於這對該流程而言仍非常新近，我們持續努力更深入了解整體情況。而現在我們相信自己已更清楚掌握此事，並將在未來持續監控。

Now as we have gotten this recent information and continue to fine-tune our accrual process, we believe that this situation did resolve a majority of their backlog of claims that would be deemed ultimately ineligible, but anticipate this will continue to be a part of the process as we move forward, but just at a much more nominal consistent rate.

隨著我們取得這些最新資訊並持續微調應計流程，我們相信此情況確實解決了其大部分將被最終認定為不符合資格的理賠積壓，但我們預期往後這仍會是流程的一部分，只是會以更小且更一致的比率發生。

Now the industry data that we have seen indicates that ineligible claims within the entire IDR process have been closer to 19% of submissions. While our current data that we have through now, Nutex shows we're cumulatively showing less than an 8% ineligible claim submission rate since we started the process in July of 2025. So we realize this is part of the overall arbitration process now, and we have it included within the way we do our accrual process as we move forward.

我們所見的產業資料顯示，在整個 IDR 流程中，不符合資格的理賠約接近提交量的 19%。而就我們目前截至現在的資料，Nutex 自 2025 年 7 月開始該流程以來，累計顯示不符合資格的理賠提交率低於 8%。因此我們了解到，這如今是整體仲裁流程的一部分，並已將其納入我們往後進行應計流程的方式之中。

Now we'll finish with the rest of the fourth quarter 2025 discussion. For hospital division visits, we saw an increase during the quarter of 6.1% or 2,761 visits to 48,205 visits in the fourth quarter of 2025 versus 45,444 in the same period of '24, with mature hospitals slightly decreasing 0.3% in the fourth quarter of '25 compared to 2024. Additionally, the Population Health division revenue increased by $0.1 million or 1% to $8 million in the fourth quarter of 2025 from $7.9 million in the similar period of '24.

接下來我們將完成 2025 年第四季其餘部分的討論。就醫院事業部就診量而言，我們在本季看到增加 6.1%（或 2,761 次就診），2025 年第四季達 48,205 次就診，相較於 2024 年同期的 45,444 次；而成熟醫院在 2025 年第四季相較 2024 年則小幅下降 0.3%。此外，人口健康（Population Health）事業部收入在 2025 年第四季增加 10 萬美元或 1%，達 800 萬美元，高於 2024 年同期的 790 萬美元。

Now we discussed the growth in the hospital revenue visits that we've seen in the fourth quarter. And now let's discuss the overall facility and corporate costs. Total facility level operating costs and expenses increased $10.5 million for the fourth quarter of '25 versus the fourth quarter of '24 to $105 million from $116 million for the same period in 2024. Total stock-based compensation for the 3 months ended December 31, 2025 was a credit of $2.6 million compared to an expense of $14.6 million for the same period in '24.

我們已討論第四季所見的醫院收入就診量成長。現在讓我們討論整體院區與公司層級成本。院區層級營運成本與費用總額在 2025 年第四季較 2024 年第四季增加 1,050 萬美元，至 1.05 億美元，而 2024 年同期為 1.16 億美元。截至 2025 年 12 月 31 日止三個月的股票基礎報酬總額為 260 萬美元的貸項（credit），相較之下，2024 年同期為 1,460 萬美元的費用。

Operating income for the fourth quarter of 2025 was $30.9 million compared to $114 million in the fourth quarter of '24, representing a decrease of $83.4 million quarter-to-quarter. Net income attributable to Nutex was $11.8 million in the fourth quarter of '25. The comparable net income attributable to Nutex was $61.6 million for the fourth quarter of '24 showing a $49.6 million decrease quarter-to-quarter. Adjusted EBITDA attributable to Nutex decreased $70.1 million from $86.7 million in the fourth quarter of '24 to $16.6 million in the fourth quarter of '25. But as discussed above, we believe that the fourth quarter numbers aren't necessarily representative of a typical quarter because of the effect of the onetime cumulative arbitration true-up discussed previously.

2025 年第四季營業利益為 3,090 萬美元，相較 2024 年第四季的 1.14 億美元，季對季減少 8,340 萬美元。2025 年第四季歸屬於 Nutex 的淨利為 1,180 萬美元。2024 年第四季可比的歸屬於 Nutex 的淨利為 6,160 萬美元，顯示季對季減少 4,960 萬美元。歸屬於 Nutex 的調整後 EBITDA 由 2024 年第四季的 8,670 萬美元減少 7,010 萬美元至 2025 年第四季的 1,660 萬美元。但如上所述，我們認為第四季數字未必代表典型季度，因為先前討論的一次性累計仲裁調整（true-up）所造成的影響。

We believe that looking at the year-to-date numbers represents a much better picture of the company's strength as we continue to grow in visits and volume and our cash flow continues to be extremely strong with over $207 million in hospital receipts collected in the fourth quarter of 2025 alone. Looking at our balance sheet, it remains very strong with cash and cash equivalents at December 31 of '25 at $185.6 million. It's up $144.9 million or 356.6% from just $40 million -- $40.6 million at the end of December of '24.

我們認為，觀察年初至今的數字能更好地呈現公司實力；我們持續在就診與量能上成長，而我們的現金流仍極為強勁，僅 2025 年第四季就收取超過 2.07 億美元的醫院收款。從資產負債表來看，仍然非常強健；截至 2025 年 12 月 31 日，現金及約當現金為 1.856 億美元。相較 2024 年 12 月底僅 4,000 萬美元——4,060 萬美元，增加 1.449 億美元或 356.6%。

The other sizable increase at the end of 2025 is the accounts receivable balance, which was $319.4 million compared to $232.4 million at the end of '24, and our consistent strong collections throughout the year provides us continued confidence in this increase. Regarding cash flow, net cash from operating activities increased by $225 million for the 12 months ended December of 2025 to $248.1 million as compared to only $23.2 million for the same period in 2024.

2025 年底另一項顯著增加的是應收帳款餘額，為 3.194 億美元，相較 2024 年底的 2.324 億美元；而我們全年一貫強勁的收款表現，使我們對此增加持續保持信心。就現金流而言，截至 2025 年 12 月止 12 個月的營業活動淨現金增加 2.25 億美元至 2.481 億美元，而 2024 年同期僅為 2,320 萬美元。

On the liability side, as Tom indicated, our total bank debt increased by $2.1 million to $43.5 million at December '25 from $41.4 million at December of 2024, with the majority of this debt really just relating to equipment loans at our hospitals for such items as MRIs, x-rays, ultrasounds and CTs, the main equipment that runs our facilities. So this is a very slight increase in 2024 with the overall balance being a relatively small amount of true operating debt for a company of our size, especially with opening two new facilities in 2025 and with another one in the early part of 2026. With all this said, our balance sheet remains very solid, and we have provided our company the flexibility to execute on our growth plan in 2026 and beyond.

在負債端，如 Tom 所指出，我們的銀行總負債由 2024 年 12 月的 4,140 萬美元增加 210 萬美元，至 25 年 12 月的 4,350 萬美元；其中大部分負債實際上與我們醫院的設備貸款有關，用於 MRI、X 光、超音波與 CT 等項目，這些是支撐我們設施運作的主要設備。因此，相較於 2024 年這僅是非常小幅的增加；整體餘額對於我們這樣規模的公司而言，真正的營運性負債仍屬相對較小，尤其是在 2025 年開設兩家新設施，並且於 2026 年初還將再開一家。綜上所述，我們的資產負債表仍然非常穩健，並已為公司提供在 2026 年及之後執行成長計畫所需的彈性。

Now on to Warren Hosseinion, our President, for a population health update. Warren?

接下來請我們的總裁 Warren Hosseinion 為大家帶來人口健康（Population Health）最新進展。Warren？

Thank you, Jon, and good morning, everyone. It's great to be with you today to discuss how Nutex Health is advancing population health management, an important piece of our mission to deliver sustainable, impactful health care. In 2025, we made strides in this area, and I'm excited to share the progress, the strategies driving it and our plans to keep pushing forward. Let's start with where we are today.

謝謝你，Jon，各位早安。很高興今天能與各位一起討論 Nutex Health 如何推進人口健康管理，這是我們使命中重要的一環，旨在提供可持續且具影響力的醫療照護。在 2025 年，我們在這個領域取得了進展，我也很期待分享目前的成果、背後推動的策略，以及我們持續向前推進的計畫。先從我們目前的現況談起。

Our Population Health Management division now oversees a diverse group of approximately 40,000 members across our platform, including a mix of Medicare Advantage, commercial and Medicaid managed care members. That's a broad reach, and it's growing because of the trust we've built through our independent physician associations or IPAs. I am happy to report that each of our four operational IPAs were profitable in 2025. Our strategy revolves around physician networks. Our IPAs are comprised of networks of contracted and credentialed primary care physicians and specialists located around our facilities. Building strong partnerships with local doctors is critical.

我們的人口健康管理事業部目前在整個平台上管理約 40,000 名成員，涵蓋 Medicare Advantage、商業保險以及 Medicaid 管理式照護成員的組合。這是一個廣泛的覆蓋範圍，而且仍在成長，原因在於我們透過獨立醫師協會（IPA）建立的信任。我很高興向各位報告，我們四個已營運的 IPA 在 2025 年皆為獲利。我們的策略核心圍繞在醫師網絡。我們的 IPA 由位於我們設施周邊、已簽約並完成資格認證的家庭醫學/基層照護醫師與專科醫師網絡所組成。與在地醫師建立強健的合作夥伴關係至關重要。

By forming these IPAs, we are building awareness of our hospitals among the local community doctors and their patients. Why do the physicians join our IPAs? We offer these physicians ownership in our IPAs. They can also participate in the Board and committees of the IPA. We offer them to get on the staff of our hospitals so they can admit and follow patients. We also incentivize the physicians to achieve high-quality metrics. We believe that over time, these relationships will not only increase the volume of patients to our hospitals, but also create a web of care that's seamless for patients.

透過成立這些 IPA，我們正在提升在地社區醫師及其病患對我們醫院的認知。醫師為什麼加入我們的 IPA？我們提供這些醫師在 IPA 中的所有權。他們也可以參與 IPA 的董事會與各項委員會。我們也讓他們加入我們醫院的醫師團隊，使其能夠收治並追蹤病患。此外，我們也透過激勵機制鼓勵醫師達成高品質指標。我們相信，隨著時間推進，這些關係不僅會提升導入我們醫院的病患量，也會為病患建立一個無縫衔接的照護網絡。

Our vision is that our hospitals and IPAs will work hand-in-hand to amplify our reach and effectiveness. We are fostering collaboration, sharing best practices and ensuring every provider is aligned with our patient-first culture. We're growing our IPA strategically, focusing on areas near our hospitals to leverage existing relationships and infrastructure.

我們的願景是讓醫院與 IPA 攜手合作，以放大我們的觸及範圍與成效。我們正在促進協作、分享最佳實務，並確保每位提供者都與我們以病患為先的文化保持一致。我們也以策略性方式擴張 IPA，聚焦於靠近我們醫院的區域，以運用既有關係與基礎設施。

In 2025, we launched a new IPA in Phoenix. In 2026, we plan on launching two IPAs, one in Dallas and one in San Antonio. Going forward, our strategy focuses on three areas. Provider network expansion by partnering with physicians in high-value markets, value-based contract growth by increasing the number of covered lives under management and technology scaling by enhancing our analytics and care management platform.

在 2025 年，我們在鳳凰城（Phoenix）成立了一個新的 IPA。在 2026 年，我們計畫再成立兩個 IPA，一個在達拉斯（Dallas），一個在聖安東尼奧（San Antonio）。展望未來，我們的策略聚焦三個面向：透過與高價值市場的醫師合作來擴大提供者網絡；透過增加納管人數（covered lives）來推動價值型合約成長；以及透過強化我們的分析與照護管理平台來擴展科技能力。

With that, I'll turn it over to Wes Bamburg, our Chief Operating Officer.

接下來我把時間交給我們的營運長 Wes Bamburg。

Thank you, Warren, and good morning, everyone. As mentioned earlier, volume is up. For the year 2025, total patient visits were up 11.8% from 2024 with mature hospital visits growing at 1.3% over the same period. This performance highlights solid demand and the disciplined execution behind our ER and inpatient initiatives. From an operational standpoint, our focus throughout the year has been ensuring that our investments translate into consistent execution across every facility.

謝謝你，Warren，各位早安。如先前提到，量能正在上升。2025 年全年，總病患就診人次較 2024 年成長 11.8%，而成熟醫院（mature hospitals）的就診人次在同期間成長 1.3%。這樣的表現凸顯了穩健的需求，以及我們在急診（ER）與住院端各項計畫背後的紀律執行。從營運角度來看，我們全年聚焦於確保各項投資能轉化為每一家設施一致且可複製的執行成果。

As we broaden our service offerings, ranging from medical detox and behavioral health to advanced outpatient imaging and procedures, we have been building the operational infrastructure required to support higher throughput and a more diversified patient mix. That includes standardizing workflows, strengthening our intake and triage processes and enhancing staffing models to seamlessly accommodate increased ER demand while protecting the patient experience.

隨著我們擴大服務內容，從醫療戒斷（medical detox）與行為健康（behavioral health），到先進的門診影像與處置，我們也在建置支援更高吞吐量與更多元病患組合所需的營運基礎設施。這包括流程標準化、強化收案與分級檢傷（intake and triage）流程，以及優化人力配置模型，以在因應急診需求增加的同時，維持病患體驗不受影響。

On the inpatient side, the expansion of specialized equipment and telespecialist capabilities has allowed us to manage more complex patients safely and effectively within our hospitals. Operationally, we've paired these enhancements with stronger clinical governance, upgraded care pathways and expanded training to ensure that higher acuity care is delivered with consistency and quality across the enterprise. These efforts are already improving patient retention, reducing avoidable transfers and supporting stronger contribution margins.

在住院端，專業設備的擴充以及遠距專科醫師（telespecialist）能力的提升，使我們能在院內更安全且更有效地處理更複雜的病患。在營運上，我們也搭配更強的臨床治理、升級照護路徑，以及擴大訓練，確保在全企業範圍內以一致性與品質提供更高病情嚴重度（higher acuity）的照護。這些努力已在改善病患留院率、降低可避免的轉院，並支持更強的貢獻毛利（contribution margins）。

From a cost management perspective, 2025 was a transformative year, driven largely by the ongoing advancement of our corporate purchasing and supply chain teams. Excluding arbitration expenses, operational costs were 33.4% of total revenue for 2025, down from 47.1% in 2024. Over the past year, this function has become far more centralized, disciplined and data-driven, giving us greater ability to engage more effectively with key vendors. As a result, we secured significantly better pricing on major imaging equipment, including MRI and CT scanners as well as improved rates on lab instruments and reagents. These categories have historically been among our highest cost items, so the impact on margins is meaningful.

從成本管理角度來看，2025 年是具有轉型意義的一年，主要動能來自我們企業採購與供應鏈團隊的持續精進。若排除仲裁費用，2025 年營運成本占總營收比重為 33.4%，低於 2024 年的 47.1%。過去一年，這項職能變得更加集中化、更具紀律且更以數據驅動，使我們更有能力與關鍵供應商進行更有效的合作與談判。因此，我們在主要影像設備（包括 MRI 與 CT 掃描儀）上取得顯著更佳的價格，同時也在實驗室儀器與試劑方面獲得更好的費率。這些類別歷來是我們成本最高的項目之一，因此對毛利的影響相當顯著。

Lastly, during 2025, Nutex received more than 8,700 patient reviews, averaging an enterprise rating of 4.8 out of 5, a level of satisfaction that continues to set us apart in the health care industry. This performance reflects the strength of our model and mission, which are built around delivering concierge-level service, little to no ER wait times and a highly personalized patient experience. As we scale, we are advancing system-wide standardization, both in how we engage with patients and in the care we deliver, ensuring that every Nutex facility delivers consistent outcomes, service and a best-in-class experience. These foundational elements continue to differentiate Nutex in a sector where patient satisfaction and reliability are critical drivers of long-term value.

最後，在 2025 年期間，Nutex 收到超過 8,700 則病患評價，企業整體平均評分為 5 分滿分中的 4.8 分；這樣的滿意度水準持續讓我們在醫療產業中脫穎而出。這項表現反映了我們模式與使命的強度：以提供禮賓等級（concierge-level）的服務、幾乎沒有或完全沒有急診等候時間，以及高度個人化的病患體驗為核心。隨著規模擴張，我們正推動全系統的標準化，不論是在與病患互動的方式，或是在提供照護的內容上，確保每一家 Nutex 設施都能提供一致的成果、服務與同級最佳（best-in-class）的體驗。在一個病患滿意度與可靠性是長期價值關鍵驅動因素的產業中，這些基礎要素持續使 Nutex 形成差異化。

Across the organization, our teams remain deeply focused on reliability, scalability and disciplined execution. As we grow, we are firmly committed to ensuring that every Nutex facility delivers the same high-quality patient-centered care that defines our brand and supports our long-term growth.

在整個組織內，我們的團隊仍高度聚焦於可靠性、可擴展性與紀律執行。隨著我們成長，我們堅定承諾確保每一家 Nutex 設施都能提供同樣高品質、以病患為中心的照護，這正是我們品牌的定義，也支撐我們的長期成長。

Thank you, everyone, for your time, and back to you, Jen.

謝謝各位撥冗參與，Jen，交回給你。

Thank you, Wes and team, for those updates. I will now turn it over to our operator, Rob, who will begin the Q&A portion of the call.

謝謝 Wes 與團隊帶來的最新資訊。接下來我把時間交給我們的電話會議主持人 Rob，由他開始本次電話會議的問答（Q&A）環節。

(Operator Instructions)

（接線員指示）

Thomas McGovern, Maxim Group.

Thomas McGovern，Maxim Group。

So I want to start with some IDR-related questions, right? So historically and on today's call, you've discussed IDR submission rates in the range of 60% to 70% with historical collection rates hovering around 80%. If we look at the press release, it actually says that the submission rates were 50% to 60% with an improved collection of around 85%. So I just wanted to see if you guys could help us reconcile the shift. Is this a reflection of maybe higher quality -- fewer submissions to higher quality, and that's leading to an improved collection? And how should we look at this dynamic moving forward?

我想先從一些與 IDR 相關的問題開始，好嗎？過去以及在今天的電話會議上，你們提到 IDR 的提交率大約在 60% 到 70% 的區間，而歷史收款率大約維持在 80% 左右。但如果我們看新聞稿，裡面其實寫的是提交率為 50% 到 60%，而收款率提升到約 85%。所以我想請你們協助我們釐清這個變化。這是否反映了案件品質更高——也就是提交件數較少但品質更好，因而帶動收款率提升？而展望未來，我們應該如何看待這個動態？

Do you want to go ahead?

你想繼續嗎？

Yes, go ahead, Jon. Yes.

是的，繼續吧，Jon。是的。

No, I was just going to say, no, you're right, Thomas. Obviously, we've seen -- and the whole goal here in the independent dispute resolution is ultimately, if we can get to a situation where we're able to get these claims resolved prior to it, that's a win. So of course, up through now through the third quarter, we were submitting a higher percentage. And actually, historically, it was around that 60% to 70%. But what we saw -- have seen in the last quarter now cumulatively sort of the impact is a little bit less in which we hope that will be the trend with the trend being that ultimately, that would go down and we'd still be able to get what we believe to be fair and reasonable payments.

不，我只是想說，不，你說得對，Thomas。顯然，我們已經看到——而且這裡在獨立爭議解決（IDR）的整體目標，最終是如果我們能夠在進入該程序之前就把這些理賠解決掉，那就是一個勝利。所以當然，截至目前到第三季，我們提交的比例較高。而且實際上，從歷史來看，大約是在60%到70%左右。但我們看到——在上一季到目前累計的影響其實稍微小一些，我們希望這會成為趨勢；也就是最終那個比例會下降，而我們仍然能拿到我們認為公平且合理的付款。

And we believe that's still happening. And as we look to try to get in contracts with payers, which we're always looking to try to do, if we can find one that's reasonable, we'll continue to do that. So I think it's partly some of that going on for sure, and it's something we're going to watch real closely as we look and continue to watch reimbursement rates, which have stayed very strong throughout the year, as you've probably seen. And as you can tell, even the collection piece as you referenced, 80% was where we were kind of closer out in the second and third quarter. Now we're collecting at 85%-plus, continue to have a strong legal determination wins of high -- mid- to high 80s. And so all of that, we anticipate hopefully even improving and we'll watch it as we go, but it's been a consistent pattern of an improvement there.

而我們相信這仍在發生。而且當我們尋求與付款方簽訂合約時——我們一直都在努力這麼做——如果能找到合理的合約，我們會持續推進。所以我認為確實有一部分是這個因素，我們也會非常密切地觀察，並持續關注給付率（reimbursement rates），如你可能看到的，今年以來一直非常強勁。而且如你所見，即便是你提到的收款部分，第二、第三季我們大概更接近80%。現在我們的收款率在85%以上，並且在法律裁決方面持續取得強勁勝利，勝率在80%中段到高段。因此，對於這一切，我們希望能持續改善，並在推進過程中觀察，但那裡一直呈現持續改善的趨勢。

So I think that's what we're seeing is that we're able to resolve more either with contracts or in open negotiations earlier on. It's still a smaller percentage, right, that we want there to be more of that on the front end. But for now, I think the trend is actually positive, and then we'll watch how reimbursement is affected with that. And as you know, and you and I have talked about this before, even if we are able to settle some of these earlier in the process, whether in open negotiations specifically open negotiations if they don't pay us well at the beginning, even if it's slightly less than -- even though we feel what we're getting is paid fair and reasonable, if it's slightly less than that, when you remove the cost component from a net perspective, it ends up being similar, maybe even more positive.

所以我認為我們看到的是：我們能夠透過合約或在更早期的公開協商中解決更多案件。這仍然是較小的比例，對吧？我們希望前端能有更多這樣的解決。但就目前而言，我認為趨勢其實是正面的，接著我們會觀察這對給付會造成什麼影響。而且如你所知——你我之前也談過——即使我們能在流程較早期把其中一些案件和解，尤其是在公開協商中，如果一開始他們付得不夠好，即便略低於——雖然我們覺得我們拿到的是公平且合理的付款——即便略低於那個水準，當你從淨額角度把成本因素移除後，結果會相近，甚至可能更正面。

So we don't view it as negative at all, just view it as kind of the opportunity as we move forward to watch this with our goal ultimately of getting everything resolved more timely, quickly. And if we can have contracts across the board, we would do that. We just have not been able to successfully execute those and get and find reasonable fair payments yet from many of the payers. Tom, you might have more to add.

所以我們完全不把它視為負面，只是把它視為一個機會；隨著我們往前走，我們會持續觀察，最終目標是讓所有案件能更及時、更快速地解決。如果我們能全面與各方簽約，我們會這麼做。只是我們目前仍無法成功落實，因為從許多付款方那裡，我們還沒能找到合理、公平的付款條件。Tom，你可能還可以補充一些。

Yes. No, that's correct, Thomas. And by the way, thank you for following us. But in essence, as you know, health care is all about ebb and flow. Some quarters higher, some quarters lower. But to Jon's point, it is definitely moving in the right direction with less submissions, which may mean that the payers are paying better and more correctly the first time. So we will continue to monitor that progress.

是的。不，沒錯，Thomas。順帶一提，謝謝你持續關注我們。但本質上，如你所知，醫療保健就是有起有落。有些季度高，有些季度低。但就Jon的觀點而言，確實正朝正確方向前進，提交量變少，這可能意味著付款方第一次就付得更好、更正確。所以我們會持續監控這個進展。

Understood. It sounds like solid improvement with open negotiations. And obviously, you don't have to do the whole drawn out arbitration process. That's great for you guys.

了解。聽起來公開協商方面有很扎實的改善。而且顯然，你們就不必走完整個冗長的仲裁流程。這對你們來說很棒。

Great. So next question for me. You guys recently reopened a hospital in Texas is back in January. First part of this question is, what led to that decision? What are you seeing in that market now that leads you to believe this is the right time to do so? And then a follow-up to that is, do you believe that you're on track -- you remain on track rather to open the five to six facilities you've discussed in the past in 2026?

很好。那我下一個問題。你們最近在德州於一月重新開了一家醫院。這個問題的第一部分是，是什麼促成了這個決定？你們現在在那個市場看到什麼，讓你們相信現在是合適的時機？接著的追問是，你們是否認為——更正，你們是否仍然按計畫在2026年開設你們過去討論過的5到6個據點？

And maybe if you could -- Tom, you mentioned a new real estate strategy, it sounded like. So maybe if you could touch on that and how that might impact your planned openings in the year.

另外如果你可以——Tom，你提到一個新的不動產策略，聽起來是這樣。所以也許你可以談談那個策略，以及它可能如何影響你們今年計畫的開業時程。

Yes. No, thank you, Thomas. So the first question, our Humble hospital, we did have to close it when we were going through the -- no Surprises Act issue. And after we established the IDR process, reimbursement got better. And so when that happened, it became a correct move to reopen it simply because we knew that there was volume there.

是的。不，謝謝你，Thomas。第一個問題，我們的Humble醫院，當我們在處理《無意外法案》（No Surprises Act）的議題時，確實不得不關閉。在我們建立IDR流程之後，給付變得更好。因此當那發生時，重新開業就是正確的決定，因為我們知道那裡有病患量（volume）。

And so the volume that we saw prior to the IDR was maybe not enough to make it a profitable operation. But with the IDR process and better collection, better fair and reasonable collection that business made sense. And on top of that, as you know, we've essentially focused on more of an inpatient side. And so we became much better at it when we weren't as good at it back then. And so now that we're much better at the inpatient side, opening a slightly bigger hospital with more inpatient bed just made better sense and made better business sense with a better projection. That answer the first question, Thomas?

因此，在IDR之前我們看到的量，可能不足以讓它成為一個有利可圖的營運。但有了IDR流程以及更好的收款、更公平且合理的收款後，那個業務就變得合理。此外，如你所知，我們基本上更聚焦在住院端（inpatient）。所以相較於當時我們沒那麼擅長，現在我們在這方面做得更好。因此，既然我們現在在住院端更強，開一間稍大、住院床位更多的醫院就更合理，也在更好的預測下更符合商業邏輯。這回答了第一個問題嗎，Thomas？

Yes. yes. And then just a reminder, the second part of that question is, do you believe you remain on track for the 5 to 6 openings in '26 that we've discussed in the past? And then just how your new real estate strategy might influence the timing or the scope of these openings?

是的，是的。再提醒一下，第二部分是：你們是否認為仍然按計畫在26年開設我們過去討論過的5到6個據點？以及你們新的不動產策略可能如何影響這些開業的時點或規模？

Yes. So the five to six locations are both for '26 and '27. So in 2026, the three locations that are on track to be opened are Jacksonville, West Little Rock and San Antonio. And so those are the three for sure this year that are essentially -- will be finished with construction, I would say, probably by third quarter. And then on top of that, we're already working on '27 and '28. And so we project probably another four hospitals to open in '27 and probably another four after that.

是的。所以這5到6個據點是涵蓋26年和27年。在2026年，確定按計畫要開的三個據點是Jacksonville、West Little Rock和San Antonio。所以這三個今年確定會開，基本上——我會說大概到第三季就會完成施工。此外，我們也已經在推進27年和28年的計畫。因此我們預估27年可能還會再開大約四家醫院，之後再開大約四家。

And then in terms of the real estate strategy, yes, now that we're fortunate enough to have some cash in the bank, the idea is to explore ways where Nutex could essentially start the development on the new hospitals. And once the hospital has stabilized and convert it to a REIT or sell it to a real estate investor and take that cash out and reinvest in the three to four new projects going forward. So essentially to recycle the cash. So the idea is that, that cash would essentially be accrual, and it would be essentially profitable for the company whenever we recycle that cash again.

至於不動產策略，是的，既然我們很幸運地帳上有一些現金，我們的想法是探索一些方式，讓Nutex基本上可以先啟動新醫院的開發。等醫院營運穩定後，再把它轉給REIT（不動產投資信託）或賣給不動產投資人，把現金抽回來，並再投入到未來三到四個新專案。也就是本質上把現金循環再利用。所以這個想法是，那筆現金基本上會累積，並且在我們再次循環運用那筆現金時，對公司而言會是有利可圖的。

So the initial investment is at cost. But hopefully, when we do a sale leaseback, we would make a small profit on it and then use that to recycle the cash to continue with the pipeline -- and by the way, we have not formalized anything yet, but that is under discussion as an additional way to maximize our cash and return some investor -- maximum shareholder returns.

所以初始投資是以成本投入。但希望在我們做售後回租（sale leaseback）時，能獲得一點小利潤，然後用它來循環現金、持續推進開發管線——順帶一提，我們目前還沒有把任何事情正式定案，但這正在討論中，作為另一種方式來最大化我們的現金運用，並回饋投資人——也就是最大化股東報酬。

Gene Mannheimer, Freedom Capital.

Gene Mannheimer，Freedom Capital。

So Tom, Jon, when did you -- when exactly did you learn about the true-up adjustment? And have you given any thought to preannouncing?

所以 Tom、Jon，你們是什麼時候——確切來說是什麼時候得知這項 true-up（追溯調整）？另外，你們是否考慮過提前預告（preannounce）？

Yes, I can talk to that.

是的，我可以談談這個。

Go ahead, Jon.

你先說吧，Jon。

Yes. So the earliest indication we were getting was in -- and that was just information we were seeing on the early ineligible information was the middle part of the fourth quarter. And it was very, very new to us, trying to understand it. In fact, a lot of it as it comes to us, we look at it and say there -- we might even, in a lot of cases, disagree with it being deemed ineligible and there's a process we didn't talk about here, but that we're going back on some of these and saying, hey, there's -- we disagree with that.

是的。我們最早收到的跡象是在——我們看到的只是一些早期的「不符合資格」資訊，大約是在第四季中段。而這對我們來說非常、非常新，我們也在努力理解它。事實上，很多內容傳到我們這裡時，我們會看著它並說——在很多情況下，我們甚至不同意它被認定為不符合資格；這裡有一個我們沒有談到的流程，但我們正在針對其中一些回頭處理並表示：嘿——我們不同意那個認定。

But long story short is we were getting information in the middle part of the quarter, but it was very, very new. So then us trying to understand exactly the impact, understand exactly the legitimacy of it has taken us a couple of months to go through and analyze it.

但長話短說，我們是在該季中段收到資訊，但它非常、非常新。因此，我們要弄清楚確切影響、弄清楚其正當性，花了我們幾個月去梳理與分析。

So that's the reason -- there was nothing -- we didn't know what to report because it was new. And as quickly as we got our clarity on it, then we had to -- we started to roll it through our numbers, which was as we were finishing out the year. And then from a timing perspective, this was the best opportunity based on the data we have to when we would communicate it because we didn't really know much sooner than this exactly that impact.

所以這就是原因——並不是什麼——我們當時不知道該報告什麼，因為它是新的。而一旦我們對此有了清晰認知，我們就必須——開始把它納入我們的數字中，這發生在我們完成年度結算之際。從時點角度來看，基於我們掌握的資料，這是我們溝通此事的最佳時機，因為在此之前我們並沒有更早地確切知道其影響。

Got you. That makes sense, Jon. And when we think about those 19,000 or so claims that were deemed ineligible, you do the math on that. I think it's about $2,900 a claim. So is it safe that these were mostly confined to ER visits and not any inpatient volumes?

了解。這很合理，Jon。當我們想到那大約 19,000 件被認定為不符合資格的理賠時，你算一下。我想大約是每件理賠 2,900 美元。所以可以說這些大多侷限於急診（ER）就診，而不是任何住院量嗎？

Yes, that's good insight. So yes, a majority of those would be more. It was a little bit of the lower, we call it tier or acuity. And so yes, most were more relative to our -- what you call more of our standard ER type visit, maybe with a blending to maybe one step forward, maybe an observation or a couple inpatient, but majority of them were ER weighted.

是的，這個觀察很好。所以是的，其中大多數會是比較——它屬於我們所說較低的層級（tier）或病情嚴重度（acuity）。所以是的，多數更接近我們——你所說的較標準的急診類型就診，可能混合一些再往前一步的情況，例如觀察（observation），或少數住院，但大部分是以急診為主。

Got you. And one more for me. In terms of any future true-ups that might happen, should there be any, would those also likely to be reserved in the fourth quarter like what you had yesterday? Or could they be trued up any time?

了解。我還有最後一個問題。就未來可能發生的任何 true-up（追溯調整）而言，如果真的有，是否也可能像你們昨天那樣在第四季提列準備？還是可能在任何時間進行追溯調整？

Absolutely. I mean it's -- we don't control that, but I can tell you that as we see the information, if we see any activity that shows -- and there's going to be -- as I mentioned, there's going to be ineligibles in this process. I think a year ago, they were talking about it being a much higher percentage even what the industry says they finished with recently, which was 19%-ish of every claim going through is deemed to be ineligible. And we're significantly less than that as we're seeing, but we just became known in a material nature of it in the fourth quarter.

當然。我的意思是——我們無法控制那個，但我可以告訴你，當我們看到相關資訊時，如果我們看到任何活動顯示——而且會有——如我提到的，這個流程中會有不符合資格的案件。我記得一年前，他們談到的比例比最近業界所說的完成結果還要高；最近的說法是，每一筆理賠在流程中大約有 19% 左右會被認定為不符合資格。而我們目前看到的比例明顯低於那個，但我們是在第四季才以重大程度得知這件事。

There were smaller ones that came to us earlier in the period, not material, and we addressed those and they went through our natural accrual process. And then this sort of sprung up on us in the fourth quarter. It was a big surprise. But now with more knowledge and more understanding of the communication from, say, CMS to a lot of those independent dispute resolution entities or arbitrators, I think they were almost threatening them to say, if you guys don't catch up if you're behind, then we're going to find someone else to do it. And as a result, I think they got caught up. They also have added more arbitrators, certified arbitrators at this point as well.

在更早的期間也有一些較小的案例傳到我們這裡，不具重大性，我們也處理了，並透過我們正常的應計流程反映。然後這件事在第四季突然發生在我們身上。這是一個很大的意外。但現在，隨著我們對例如 CMS 對許多獨立爭議解決（IDR）機構或仲裁人之溝通有更多了解與掌握，我認為他們幾乎是在警告他們說：如果你們落後、沒有趕上進度，那我們就會找別人來做。因此，我想他們把積壓案件趕上了。此外，他們目前也增加了更多仲裁人、已認證的仲裁人。

So we believe that the backlog concept is probably something more of the past. There will be some at all times. And then more importantly, we'll find out if there is something sooner in the process, and then we certainly will account for that as soon as we know it. But also, as we talked about in that whole description of how we accrue for revenue, the more data we have like this, now we incorporate that into our model. So there will even be some level of ineligible assumption in a current day visit based on what we're finding out now based on our percentages.

所以我們認為，「積壓」這個概念可能更多是過去式。任何時候都會有一些。更重要的是，我們會更早在流程中得知是否有相關情況，然後我們當然會在一知道就立刻入帳。另外，正如我們在那段關於如何對收入進行應計的完整說明中所談到的，像這樣的資料越多，我們現在就會把它納入模型。因此，基於我們現在看到的比例，在當期就診中也會有一定程度的「不符合資格」假設。

So -- and then we'll adjust that like everything else every single month, which is a complex process, but I think we have a really phenomenal team that has been doing this for three or four years now and tried true and many auditors and banks have spent a ton of time analyzing our process, and they've all come away saying, what you guys are doing seems very solid.

所以——然後我們會像其他所有項目一樣，每個月都去調整；這是一個複雜的流程，但我認為我們有一支非常出色的團隊，三、四年來一直在做這件事，經過驗證、行之有效；許多審計師與銀行也花了大量時間分析我們的流程，而他們最後都認為：你們在做的事情看起來非常扎實。

So it's just new. It's a new process, and I think we're getting better at this for the IDR side. And who knows what's going to be next, but this looks to be the latest, newest situation that's happened, and we feel like we've addressed it and don't feel like it will be a material issue going forward, but we'll watch it and see.

所以這只是新的。這是一個新的流程，我認為在 IDR 這一端我們正變得更擅長。至於接下來會是什麼誰也不知道，但這看起來是最新、最近發生的情況；我們覺得已經處理好了，也不認為未來會成為重大問題，但我們會持續觀察。

And to your point, we don't wait to record it at some later point. As soon as we know it or see any indication of it happening, we're going to do our best to try to reflect it within the current numbers that we have so that we're properly recording our revenue costs and keeping in line with the accrual-based approach. Good question, though.

而且如你所說，我們不會等到之後某個時間點才入帳。只要我們知道，或看到任何跡象顯示它正在發生，我們就會盡最大努力在當期數字中反映，確保我們正確記錄收入成本，並符合應計制的方法。不過這確實是個好問題。

At this time, I'll hand the floor back to Jennifer Rodriguez for closing comments.

此時，我把時間交還給 Jennifer Rodriguez 作結語。

Thank you all for those valuable questions and answers. For all those joining us today, if you have more questions, please e-mail us at investors@nutexhealth.com, and we'll get back to you promptly.

感謝大家提出這些有價值的問題與回答。今天加入我們的各位，如果你們還有更多問題，請寄電子郵件至 investors@nutexhealth.com，我們會盡快回覆。

On behalf of the Nutex management team, thank you all for joining us for our fourth quarter and full year 2025 earnings call. We've covered a lot, growth, strategy, challenges and our vision, and we appreciate your time and interest. A recording of this call will be available on our website for a limited time, so feel free to revisit it.

我謹代表 Nutex 管理團隊，感謝各位參加我們 2025 年第四季與全年財報電話會議。我們涵蓋了很多內容：成長、策略、挑戰以及我們的願景，並感謝各位的時間與關注。本次電話會議的錄音將在我們網站上限時提供，歡迎隨時回聽。

Take care, everyone, and we look forward to keeping you updated on our journey.

各位保重，我們也期待持續向各位更新我們的進展。

Thank you. You may now disconnect your lines at this time, and have a wonderful day.

謝謝。各位現在可以掛線，祝各位有美好的一天。