Nutex Health Inc (NUTX) 2026 Q1 法說會逐字稿

Greetings and welcome to the Nutex Health 2026 First Quarter Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jennifer Rodriguez, Investor Relations Manager.

各位好，歡迎參加 Nutex Health 2026 年第一季電話法說會。此時所有與會者皆為僅收聽模式。正式簡報結束後將進行簡短的問答環節。若在會議期間需要接線員協助，請在電話鍵盤按下 *0。提醒各位，本次會議將被錄音。現在很榮幸為各位介紹本次會議主持人——投資人關係經理 Jennifer Rodriguez。

Thank you. You may begin.

謝謝。您可以開始了。

Good morning, everyone, and welcome to Nutex Health, Inc.'s first quarter 2026 earnings call.

各位早安，歡迎參加 Nutex Health, Inc. 2026 年第一季財報電話會議。

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 quarter. Please note that this call is being recorded for future reference.

我叫 Jennifer Rodriguez，很高興今天擔任各位的會議主持人。非常感謝各位的參與，以及持續關注本公司；我們將分享又一個表現出色季度的重點成果。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, John Bates, our President, Dr. Warren Hosseinion, and our Chief Operating Officer, Wes Bamberg. 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 持續前進的幾位核心領導團隊成員。包括我們的董事長兼執行長 Tom Vo 醫師、財務長 John Bates、總裁 Warren Hosseinion 醫師，以及營運長 Wes Bamberg。他們將依序發表準備好的談話，為各位提供對我們績效、策略與願景的全面觀點，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.

在我把時間交給 Vo 醫師之前，我想先花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，反映管理團隊對公司未來表現的目前預期。

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-Q filed earlier this week, as well as our various SEC filings. You'll find all the details there.

這些陳述係基於我們目前所掌握的資訊，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。若想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 Form 10-Q，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 in Form 10-Q, where we've included that information. 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.

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。若各位想了解這些指標如何與 GAAP 標準進行調節，請參閱 Form 10-Q 的新聞稿，我們已在其中提供相關資訊。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，請開始。

Thank you, Jen, and good morning, everyone. It's a pleasure to be with you as we review Nutex Health's first-quarter 2026 results.

謝謝你，Jen，各位早安。很高興與各位一同回顧 Nutex Health 2026 年第一季的業績表現。

This first quarter has been one of renewed energy and vigor as we continue our mission of delivering high-quality, concierge-level, accessible health care to the communities we serve. Let's first discuss the first-quarter 2026 financial and operational performance. Total revenue reached $216.5 million, a 2% increase from $211.8 million in Q1 2025. Net income increased to $46.8 million compared to $21.2 million in Q1 2025. Adjusted EBITDA dropped to $57.6 million, down 21% from $72.8 million the prior period. John can discuss more, but this has to do with the timing of recognition for IDR expenses in the first quarter of 2025 compared to the same period in 2026.

第一季我們充滿重新燃起的能量與活力，持續推動使命：為我們服務的社區提供高品質、禮賓等級且可近性的醫療照護。我們先談 2026 年第一季的財務與營運表現。總營收達 2.165 億美元，較 2025 年第一季的 2.118 億美元成長 2%。淨利增至 4,680 萬美元，相較 2025 年第一季為 2,120 萬美元。調整後 EBITDA 降至 5,760 萬美元，較前期的 7,280 萬美元下滑 21%。John 會進一步說明，但這主要與 2025 年第一季相較於 2026 年同期 IDR 費用認列時點的差異有關。

On the volume side, our hospital recorded 49,742 total patient visits, up 3.1% from 48,269, patients in Q1 2025. 0.6% of that growth came from same hospitals. Demonstrating their resilience and continued relevance in their markets. Please note that this year's flu season was much milder compared to 2025's flu season. On the balance sheet, net long-term debt decreased from $29.2 million at December 31, 2025, to $24.3 million at the end of Q1 2026, very low relative to our revenue and expansion pace.

就量能而言，我們的醫院總病患就診人次為 49,742 人次，較 2025 年第一季的 48,269 人次成長 3.1%。其中 0.6% 的成長來自同院成長。這也展現了各院區的韌性，以及在其市場中的持續相關性與重要性。請注意，今年流感季相較於 2025 年的流感季溫和許多。就資產負債表而言，長期淨負債由 2025 年 12 月 31 日的 2,920 萬美元降至 2026 年第一季末的 2,430 萬美元，相對於我們的營收規模與擴張速度而言非常低。

Net cash from operating activities was $75.5 million for Q1 2026, compared to $51 million in 2025, a 48% increase. Cash on hand grew to $207.3 million as of March 31, 2026, up from $185.6 million at year-end 2025.

2026 年第一季營運活動產生的淨現金為 7,550 萬美元，較 2025 年的 5,100 萬美元增加 48%。截至 2026 年 3 月 31 日，手上現金增至 2.073 億美元，高於 2025 年底的 1.856 億美元。

In the first quarter of 2026, we completed our inaugural $25 million share repurchase program, retiring approximately 119,000 shares. We also initiated a second $25 million share repurchase program during the quarter, reflecting our continued confidence in the intrinsic value of Nutex Health. Our share repurchase activity underscores management's strong conviction in the long-term intrinsic value of NuTeX Health and our disciplined approach to capital allocation.

2026 年第一季，我們完成了首個 2,500 萬美元的庫藏股回購計畫，註銷約 119,000 股。我們也在本季啟動第二個 2,500 萬美元的庫藏股回購計畫，反映我們對 Nutex Health 內在價值的持續信心。我們的回購行動凸顯管理團隊對 NuTeX Health 長期內在價值的高度信念，以及在資本配置上的紀律。

Operationally, we continue to invest in infrastructure that will support sustained growth in both emergency room and inpatient volumes. These investments are focused on scalability, efficiency, and long-term operating leverage. We are also strengthening our leadership team with targeted additions in business development, IT, AI to support our next phase of growth.

在營運方面，我們持續投資基礎建設，以支撐急診與住院量能的長期成長。這些投資聚焦於可擴展性、效率，以及長期的營運槓桿。我們也透過在商務開發、IT、AI 等領域的精準增補，強化領導團隊，以支持下一階段的成長。

On the business development side, our focus is increasing community awareness and engagement, ensuring patients and physicians clearly understand the differentiated and unique care delivered at Nutex hospitals.

在商務開發方面，我們的重點是提升社區認知與互動，確保病患與醫師清楚了解 Nutex 醫院所提供的差異化與獨特照護。

From a technology standpoint, we are investing in both AI and IT to enhance patient care, streamline clinical workflows, and enable innovation within our micro-hospital model, while preserving the personalized, concierge-level experience that defines NewTex.

在科技方面，我們同時投資 AI 與 IT，以提升病患照護、簡化臨床工作流程，並在我們的微型醫院模式中推動創新，同時保留定義 NewTex 的個人化、禮賓等級體驗。

Technology is advancing at an unprecedented pace, and we believe NewTek is exceptionally well-positioned to harness these innovations to meaningfully improve patient outcomes while driving sustainable patient volume growth across our platform.

科技正以前所未有的速度進步，我們相信 NewTek 具備極佳的條件來運用這些創新，實質改善病患治療結果，同時在我們的平台上推動可持續的病患量成長。

As a smaller, more agile organization, we are able to adapt quickly and deploy new technologies far more efficiently than larger, more bureaucratic healthcare systems.

作為一家規模較小、更加敏捷的組織，我們能夠快速調整，並且比大型、官僚化的醫療體系更有效率地導入新技術。

In parallel, we continue to develop and grow new service lines, including medical detach programs, behavioral health sciences, outpatient imaging, outpatient procedures, personal injury services. Wes will add more on his operational report. With respect to our de novo pipeline, a significant development this quarter was the board's approval for NUTEX to begin directly investing in the development and construction of new hospital facilities.

同時，我們持續開發並擴展新的服務線，包括醫療分遣計畫、行為健康科學、門診影像、門診處置、個人傷害服務。Wes 會在他的營運報告中補充更多內容。就我們的 de novo（新設）開發管線而言，本季一項重大進展是董事會核准 NUTEX 開始直接投資新醫院設施的開發與建造。

Historically, real estate development was undertaken by third-party developers alongside local physician partners. By internalizing this capability, NewTek can build a more secure, cost-efficient, and scalable development pipeline, while reducing reliance on external credit markets and alleviating the financial burden historically placed on physician partners.

過去，不動產開發多由第三方開發商與當地醫師合作夥伴共同進行。透過將此能力內部化，NewTek 能建立更安全、成本更具效率且可擴展的開發管線，同時降低對外部信貸市場的依賴，並減輕過去由醫師合作夥伴承擔的財務負擔。

NewTek does not intend to hold these real estate assets on a low-income basis. Our strategy is to invest capital upfront to develop and construct the facilities. And once a hospital is completed or has reached operational stabilization, we expect to monetize the asset through a sell-leaseback transaction with a third-party owner, such as a real estate investment trust, or REIT.

NewTek 無意以低收益的方式持有這些不動產資產。我們的策略是先行投入資本進行設施開發與建造。一旦醫院完工或達到營運穩定，我們預期將透過售後回租（sell-leaseback）交易，與第三方持有人（例如不動產投資信託，REIT）將該資產變現。

And while a specific REIT partner has not yet been identified, proceeds from these transactions are expected to be recycled into future developments. Allowing us to efficiently redeploy capital and continue to expand our footprints in a disciplined and capital-efficient manner.

雖然目前尚未確定特定的 REIT 合作夥伴，但我們預期這些交易的所得將回收再投入於未來的開發案。使我們能有效重新部署資本，並以具紀律且資本效率高的方式持續擴大我們的版圖。

On the IPA front, we are expanding internal resources to bring additional management functions in-house, further reducing our dependence on third-party service providers and improving operational control and efficiency. Warren will discuss more on this later.

在 IPA 方面，我們正在擴充內部資源，將更多管理職能內部化，進一步降低對第三方服務供應商的依賴，並提升營運控管與效率。Warren 稍後會就此做更進一步的說明。

From a payer strategy perspective, we continue to carefully evaluate all in-network contract opportunities. Each proposal is assessed against our existing reimbursement outcome under the IDR process. Our objective remains consistent. We are not seeking to collect more than peer hospitals offering similar services. We simply aim to receive comparable reimbursement for comparable care. Our goal is not to increase costs to insurers, but to ensure fair and equitable payments. On the legislative front, we continue to closely monitor development related to the Murphy Bill, formerly known as the No Surprises Act Enforcement Act, and we will adjust our strategy as appropriate as that process evolves. More broadly, we are actively monitoring legislative and legal developments nationwide that could impact our business.

從付款方策略的角度來看，我們持續審慎評估所有納入網路內（in-network）的合約機會。每一項提案都會以我們在 IDR 流程下既有的給付結果作為基準進行評估。我們的目標始終一致。我們並非要收取高於提供類似服務之同業醫院的費用。我們只是希望在提供可比照的照護時，獲得可比照的給付。我們的目標不是提高保險公司的成本，而是確保付款公平且合理。在立法方面，我們持續密切關注與 Murphy 法案（先前稱為《無意外法案執行法》）相關的進展，並將隨著該流程的演進適時調整策略。更廣泛而言，我們也正積極監測全美可能影響我們業務的立法與法律發展。

We have seen several recent core decisions in states such as California, Florida, and Pennsylvania that may be constructive for providers like NewTex. While these matters remain fluid, we believe these developments reinforce the importance of staying engaged in the regulatory and legal landscape, and we will continue to evaluate their potential implications for the company.

我們看到近期在加州、佛州與賓州等州出現數項核心裁決，可能對 NewTex 這類提供者具有建設性。儘管這些事項仍在變動中，我們認為這些發展再次凸顯持續參與監管與法律環境的重要性，我們也將持續評估其對公司的潛在影響。

Today, Nutex Health operate 27 hospital facilities across 12 states. In 2026, we remain on track to open three additional hospitals in the third and fourth quarter, located in San Antonio, Texas Jacksonville, Florida and West Little Rock, Arkansas. Demand for the Nutex health model remains strong. Physicians and community leaders across the country continue to approach us weekly with requests to bring new Nutex facilities to their markets.

截至今日，Nutex Health 在 12 個州營運 27 家醫院設施。在 2026 年，我們仍按計畫於第三季與第四季再開設三家新醫院，分別位於德州聖安東尼奧、佛州傑克遜維爾，以及阿肯色州西小石城。市場對 Nutex Health 模式的需求仍然強勁。全國各地的醫師與社區領袖仍持續每週與我們接洽，要求我們將新的 Nutex 設施帶到他們的市場。

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

那麼，接下來我把時間交給我們的財務長 Jon Bates，請他更詳細地說明財務表現。

Jon.

Jon。

Thanks, Tom, and good morning, everyone.

謝謝你，Tom，各位早安。

I'm going to provide a little more color on the financials for Nutex Health's first quarter of 2026. Another strong quarter where we are continuing to grow the business and prove our micro hospital model while we build the infrastructure to handle that growth each year over year.

我將就 Nutex Health 2026 年第一季的財務表現提供更多補充說明。這又是一個強勁的季度，我們持續擴大業務並驗證我們的微型醫院（micro hospital）模式，同時也在建置基礎設施，以因應逐年成長的規模。

Tom's given you a little bit of the big picture and I'm going to attempt to provide a little more detail. Going forward, when we do talk about comparisons between periods for metrics like visits and revenue, I wanted to bring your attention, we're going to begin using the term same hospital in our analytics, which basically means that the hospital data being compared period to period will have been fully opened in both periods presented. So, in this case, hospitals in each period being compared under the same hospital definition were fully opened by December 31st of 2024.

Tom 已經為各位勾勒了整體概況，我會嘗試提供更細部的資訊。往後當我們談到就診量與營收等指標的期間比較時，我想提醒各位，我們將在分析中開始使用「同院（same hospital）」一詞，基本上是指用於期間對比的醫院資料，在所呈現的兩個期間都已完全開業。因此，在本次情況下，依「同院」定義納入比較的各期醫院，皆已於 2024 年 12 月 31 日前完全開業。

Starting with revenues, total revenue for Q1 of 2026 increased by 2.2% or $4.7 million to $216.5 million versus $211.8 million for the first quarter of 2025, with the hospital division revenue being $207.6 million in 2026.

先從營收來看，2026 年第一季總營收較 2025 年第一季的 2.118 億美元增加 2.2%，或增加 470 萬美元，至 2.165 億美元；其中醫院事業部 2026 年營收為 2.076 億美元。

Of the total revenue increase, hospital division revenue grew 1.8% to $207.6 million from $203.9 million, while same hospitals increased their revenue by 0.2% for the first quarter of 2026 compared to the same period in '25. Hospital division visits increased by 3.1% or 1,473 visits to 49,742 visits in the quarter one of '26. Versus 48,269 visits in the same period in '25, with same hospital visits growing at 0.6% over the same period.

在總營收增加的部分中，醫院事業部營收由 2.039 億美元成長 1.8% 至 2.076 億美元；而同院在 2026 年第一季相較於 2025 年同期的營收成長 0.2%。醫院事業部就診量在 2026 年第一季增加 3.1%，或增加 1,473 次就診，至 49,742 次。相較之下，2025 年同期為 48,269 次就診；同院就診量較同期成長 0.6%。

With regard to the Population Health Division, it had revenue growth of approximately 14% to $8.9 million for the quarter one of 2026 versus $7.8 million for the same period in 2025. Now, in addition to the revenue and visit growth noted above, facility and operating level costs also showed improvement for the first quarter of '26 compared to the same period in '25.

至於人口健康事業部（Population Health Division），2026 年第一季營收約成長 14% 至 890 萬美元，相較 2025 年同期為 780 萬美元。此外，除了上述營收與就診量成長外，2026 年第一季的設施層級與營運層級成本相較 2025 年同期亦呈現改善。

Total facility level operating costs and expenses increased $31.3 million during the period, representing 57.6% or $124.8 million of the total revenue for Q1 of 2026 versus 44.1% or $93.5 million for the same period in 2025. Now, of the $31.3 million increase for the period, $19.8 million of it related to arbitration costs for the arbitration additional arbitration revenue recorded during the period. An increase in these costs is primarily due to less settlement and open negotiations. In the prior period as the company was increasing its IDR submissions beginning in the first quarter of 2025.

本期間設施層級總營運成本與費用增加 3,130 萬美元，2026 年第一季占總營收的 57.6%（或 1.248 億美元），相較 2025 年同期占比為 44.1%（或 9,350 萬美元）。在本期間增加的 3,130 萬美元中，有 1,980 萬美元與仲裁成本相關，對應於本期間認列的仲裁新增仲裁收入。這些成本增加主要是因為和解減少以及未結談判較少。在前一期間，公司自 2025 年第一季起開始增加 IDR 送件量。

And regarding arbitration-level revenue, we've continued to submit between 50% to 60% of our claims through the IDR process. 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 80% on those determination wins.

至於仲裁層級收入，我們持續將約 50% 至 60% 的理賠透過 IDR 流程提交。在裁決結果出爐時，我們目前在超過 85% 的裁決中勝出，且在這些勝訴裁決上，目前平均收款率超過 80%。

Now regarding arbitration costs, we do anticipate we ultimately will finalize around 24% to 26% of the overall revenue realized. But as a reminder, we currently are recording 100% of the anticipated cost of the arbitration effort but only are recording revenue based upon our current 80% plus collection rate. But during the current period, these costs approximated a higher percentage of 35% of the arbitration-related revenue, which we anticipated moving back to our lower averages in future periods.

至於仲裁成本，我們預期最終將約占已實現總收入的 24% 至 26%。但提醒各位，我們目前是以仲裁作業預期成本的 100% 進行認列，但收入僅依據目前 80% 以上的收款率來認列。不過在本期，這些成本約占仲裁相關收入的較高比例 35%；我們預期未來期間將回到較低的平均水準。

Total stock compensation expense for the three months ended March of 2026 was a $3.9 million gain compared to a $27.6 million expense for the same period in 2025, which was a $31.6 million increase in Q1 of 2026. We did finalize one hospital earnout at March 31, 2026, and have two more facilities currently in their measurement periods, with both of them completing their measurement period in the fourth quarter of 2026.

截至 2026 年 3 月止三個月的股票酬勞費用為 390 萬美元的收益，相較 2025 年同期為 2,760 萬美元的費用，等於 2026 年第一季增加 3,160 萬美元。我們已於 2026 年 3 月 31 日完成一家醫院的或有對價（earnout）結算，目前另有兩家設施仍在衡量期間，且兩者都將於 2026 年第四季完成衡量期間。

Gross profit for the three months ended March 31 of 2026 was $91.7 million or 42.4% of total revenue as compared to $118.3 million or 55.9% of total revenue in the same period in 2025, a 13.5% increase for excuse me, decrease for the three months ended March of '26 versus 2025.

截至 2026 年 3 月 31 日止三個月的毛利為 9,170 萬美元，占總營收 42.4%；相較 2025 年同期毛利為 1.183 億美元，占總營收 55.9%。也就是說，2026 年 3 月止三個月相較 2025 年同期下降 13.5%，抱歉，是下降。

From a corporate and other cost perspective, the general and administrative expenses as a percentage of total revenue for the three months ended March of 2026 increased at 6.6% or $14.4 million from 4.7% or $10 million for the same period in 2025.

從公司層級及其他成本角度來看，截至 2026 年 3 月止三個月，一般及行政費用占總營收比率上升至 6.6%（或 1,440 萬美元），相較 2025 年同期為 4.7%（或 1,000 萬美元）。

Operating income for the three months ended March of 2026. Was $81.3 million compared to $80.7 million for the same period in 2025, an increase of $0.6 million. Net income attributable to NewTex, Inc. Was $46.8 million for 2026, compared to net income of $21.2 million for the period in 2025, which was an increase of $25.6 million. Adjusted EBITDA attributable to Nutex decreased $15.3 million, or 21%, from $72.8 million in Q1 of 2025 to $57.6 million in Q1 of '26.

截至 2026 年 3 月止三個月的營業利益為 8,130 萬美元，相較 2025 年同期為 8,070 萬美元，增加 60 萬美元。歸屬於 NewTex, Inc. 的淨利在 2026 年為 4,680 萬美元，相較 2025 年同期淨利 2,120 萬美元，增加 2,560 萬美元。歸屬於 Nutex 的調整後 EBITDA 由 2025 年第一季的 7,280 萬美元下降 1,530 萬美元（或 21%），至 2026 年第一季的 5,760 萬美元。

Looking at our balance sheet, it remains very strong with cash and cash equivalents at March 31 and '26 of $207.3 million, up $21.8 million, or 11.7%. From the $185.6 million we had at the end of December of 2025. Additionally, accounts receivable increased by $20.2 million to $339.6 million at March 31 of 2026 from $319.4 million at December 31 of 2025. We had another strong collection quarter, which provides us continued confidence in this increase.

檢視我們的資產負債表，截至 3 月 31 日 '26，我們的資產負債表仍然非常強健，現金及約當現金為 2.073 億美元，增加 2,180 萬美元，或 11.7%。相較於 2025 年 12 月底的 1.856 億美元。此外，應收帳款自 2025 年 12 月 31 日的 3.194 億美元增加 2,020 萬美元，至 2026 年 3 月 31 日的 3.396 億美元。我們又迎來一個強勁的回款季度，這讓我們對這項增加持續保持信心。

Regarding cash flow, net cash from operating activities. Increased by $24.6 million for the three months ended March 31, '26 to $75.5 million as compared to $51 million for the same period in 2025. And as Tom had mentioned earlier on the liability side, our total bank equity type debt decreased by $2.1 million to $41.3 million at December 31 of '26. Excuse me, at March 31 of '26 from $43.5 million at December 31 of 2025. But the majority of that debt, as we've talked about before, relating to equipment loans at our hospitals for such items as our MRIs, X-rays, ultrasounds, and CT machines.

關於現金流，營運活動淨現金流入。截至 3 月 31 日 '26 的三個月增加 2,460 萬美元至 7,550 萬美元，相較於 2025 年同期的 5,100 萬美元。另外，如同 Tom 先前在負債端提到的，我們的銀行總股權型債務在 '26 年 12 月 31 日降至 4,130 萬美元，減少 210 萬美元。不好意思，是在 3 月 31 日 '26，從 2025 年 12 月 31 日的 4,350 萬美元降至 4,130 萬美元。但如同我們之前談過的，這些債務大多與我們醫院的設備貸款相關，例如 MRI、X 光、超音波與 CT 設備。

With all that 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. Now with that, on to Warren Husseinion, our President, for a population health update.

綜合以上，我們的資產負債表仍然非常穩健，並為公司在 2026 年及未來執行成長計畫提供了彈性。接下來交給我們的總裁 Warren Husseinion，帶來人口健康（Population Health）最新進展。

Warren.

Warren。

Thank you, John, and good morning, everyone. It's great to be with you today to discuss how Nutex Health is advancing population health management.

謝謝你，John，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。

In the first quarter of 2026, we continue to make strides in this area. This morning, I would like to again focus on our strategy and our upcoming. Goals. Let's start with where we are today. Our Population Health Management division now oversees a diverse group of almost 40,000 patients across our platform. Including a mix of Medicare Advantage, commercial, and Medicaid-managed care members.

在 2026 年第一季，我們在這個領域持續取得進展。今天早上，我想再次聚焦於我們的策略以及即將到來的。目標。先從我們目前的現況談起。我們的人口健康管理事業部目前在平台上管理多元族群、接近 40,000 名病患。其中包含 Medicare Advantage、商業保險，以及 Medicaid 管理式照護（managed care）會員的組合。

Revenue for the division was $8.9 million in Q1, up from $7.8 million in Q1 2025. Our strategy revolves around physician networks. Our IPAs, or Independent Practice Associations. 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. By forming these IPAs, we are building awareness of our hospitals among the local community doctors and their patients.

該事業部第一季營收為 890 萬美元，高於 2025 年第一季的 780 萬美元。我們的策略以醫師網絡為核心。也就是我們的 IPA（Independent Practice Associations，獨立執業醫師協會）。其由位於我們設施周邊、已簽約並完成資格認證的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關係至關重要。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。

Why do physicians join our IPAs? We offer these physicians ownership in our IPA entities. They can also participate in the board and committees of the IPA. We offer them to get on the staff of our hospital so they can admit and follow their own patients if they choose to.

為什麼醫師會加入我們的 IPA？我們提供這些醫師在 IPA 實體中的持股。他們也可以參與 IPA 的董事會與各項委員會。我們也提供他們加入我們醫院醫療團隊（staff）的機會，讓他們若願意，可收治並持續照護自己的病患。

We also incentivize the physicians to achieve high-quality metrics. We believe that over time, these relationships will not only increase the volume of both IPA and non-IPA patients to our hospitals. But also create a web of care that's seamless for patients. 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 IPA 與非 IPA 病患到我們醫院的就診量。也會為病患打造無縫銜接的照護網絡。我們的願景是讓醫院與 IPA 攜手合作，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一致。我們以策略性方式擴張 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。

Going forward, our growth strategy focuses on three areas: One, provider network expansion by partnering with primary care physicians and specialists. Second, value-based contract growth by increasing the number of covered lives under management. And three, technology scaling by enhancing our analytics and care management platform.

展望未來，我們的成長策略聚焦三個面向：第一，透過與基層照護醫師與專科醫師合作，擴大提供者網絡。第二，透過增加受管理的承保人數（covered lives），推動價值導向合約成長。第三，透過強化我們的分析與照護管理平台，擴大技術規模化。

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. I'll focus my remarks on the operational drivers behind our first-quarter performance and how we continue to balance growth, efficiency, and execution as we scale the platform.

謝謝你，Warren。我將把重點放在推動我們第一季表現的營運動能，以及在平台規模化的同時，我們如何持續在成長、效率與執行之間取得平衡。

Operationally, overall hospital visits increased year-over-year, reflecting continued demand across our markets and steady contributions from both newer and more established facilities. More importantly, we continue to improve patient acuity and drive a higher mix of observation and inpatient patients.

在營運面，整體醫院就診量年增，反映我們各市場需求持續存在，且較新的與較成熟的設施皆有穩定貢獻。更重要的是，我們持續提升病患病情嚴重度（acuity），並推動觀察（observation）與住院（inpatient）病患占比提高。

On the care delivery side, we continue to strengthen coordination across clinical and care management teams. These actions are improving patient retention, supporting stronger clinical outcomes, and reinforcing the operating leverage built into our model.

在照護提供端，我們持續強化臨床團隊與照護管理團隊之間的協調。這些作為正在提升病患留存、支持更佳的臨床結果，並強化我們模式中內建的營運槓桿。

From a cost management perspective, operating expenses increased during the quarter, driven primarily by higher patient volumes, increasing acuity, and intentional staffing investments. Labor costs increased to $41.4 million for the quarter, representing approximately 19.1% of net revenue.

從成本管理角度來看，本季營運費用增加，主要由更高的病患量、更高的病情嚴重度，以及有意識的人力配置投資所帶動。本季人力成本增加至 4,140 萬美元，約占淨營收的 19.1%。

This reflects deliberate staffing decisions tied directly to demand, including expanded clinical coverage and support resources required to manage higher-acuity observation and inpatient services.

這反映我們基於需求所做的審慎人力配置決策，包括擴大臨床覆蓋與支援資源，以因應更高病情嚴重度的觀察與住院服務。

As in prior periods, our focus remains on aligning staffing models with real-time volume rather than fixed assumptions, supported by centralized analytics, scheduling discipline, and. Cross-training.

與以往期間相同，我們仍聚焦於讓人力配置模型與即時量能對齊，而非依賴固定假設；並透過集中式分析、排班紀律，以及。交叉訓練來支撐。

Medical supply costs increased modestly to approximately $4 million or 5% during the quarter, reflecting higher utilization rather than pricing pressure.

本季醫療耗材成本小幅增加至約 400 萬美元，或增加 5%，反映的是使用量提升，而非價格壓力。

Over the past year, we have continued to benefit from vendor standardization and group purchasing initiatives, which have created a more stable and controlled supply cost foundation.

過去一年，我們持續受惠於供應商標準化與團體採購計畫，建立了更穩定且可控的耗材成本基礎。

As facilities continue to develop and utilization patterns normalize, we expect these efforts to continue supporting operating leverage and margin stability.

隨著各設施持續發展、使用型態趨於常態化，我們預期這些努力將持續支持營運槓桿與毛利率穩定。

In parallel, we remain focused on targeted technology investments that enhance operational efficiency and scalability. These include tools designed to improve patient access, documentation efficiency, coding accuracy, and workforce productivity.

同時，我們仍專注於有針對性的技術投資，以提升營運效率與可擴展性。這些投資包括用於改善病患就醫可近性、提升文件紀錄效率、提高編碼（coding）準確性，以及提升人力生產力的工具。

So what does this all mean for the patient? During the quarter, we received over 2,400 patient reviews, delivering an average Google rating of 4.8 out of 5. This feedback underscores the distinct experience we deliver, one defined by minimal to no emergency room wait times, high-touch service, and personalized care. These patient-centric principles remain core to our mission and a key differentiator for Nutex.

那麼，這對病患而言意味著什麼？本季我們收到超過 2,400 則病患評價，Google 平均評分為 4.8（滿分 5 分）。這些回饋凸顯我們所提供的獨特體驗，其特徵包括急診等候時間極短甚至幾乎沒有、高度貼心的服務，以及個人化照護。這些以病患為中心的原則仍是我們使命的核心，也是 Nutex 的關鍵差異化。

In summary, the first quarter reflects continued progress in executing on our operating strategy and reinforcing the scalability of the micro-hospital model. We remain focused on reliability, standardization. And consistent execution, ensuring that every New Tech facility delivers high-quality, patient-centered care that supports long-term value creation.

總結來說，第一季反映我們在執行營運策略上持續取得進展，並強化微型醫院模式的可擴展性。我們仍聚焦於可靠性、標準化。以及一致的執行，確保每一家 New Tech 設施都能提供高品質、以病患為中心的照護，支持長期價值創造。

Thank you for your time. Back to you, Jen.

謝謝各位撥冗。Jen，交還給你。

Thank you, Wes and team, for those updates.

謝謝 Wes 與團隊帶來的最新進展。

I will now turn it over to our operator, who will begin the Q&A portion of the call.

我現在把時間交給我們的接線員，將開始本次電話會議的問答環節。

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your lines in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions.

謝謝。我們現在開始問答環節。若您想提問，請在電話鍵盤上按星號 1。確認音將提示您的線路已進入提問佇列。若您想將問題自佇列中移除，可按星號 2。使用擴音設備的與會者，在按下星號鍵之前，可能需要先拿起話筒。請稍候，我們將開始收集問題。

Thank you. Our first question comes from the line of Bill Sutherland with The Benchmark Company. Please proceed with your question.

謝謝。我們的第一個問題來自 The Benchmark Company 的 Bill Sutherland。請開始提問。

Thank you. Hey, good morning, everybody.

謝謝。嗨，各位早安。

Exciting news, Tom, about taking on the hospital development internally. When will that probably initiate, and how should we think about the balance sheet impact as you get into that?

Tom，關於把醫院開發改為內部承作的消息令人振奮。這大概會在什麼時候啟動？以及當你們開始推進時，我們應該如何看待對資產負債表的影響？

Hi, Bill. Thanks for asking, and great to have you on the call. So yes, the process has already started with three new projects in Florida. And typically, these project takes roughly 18 to 24 months to develop and open. So, in other words, even if we start today, we may not open these for another two years. So, once the facility opens, at that time, we will then. Flip it to a REIT, like I mentioned, or some kind of a long-term real estate vehicle.

嗨，Bill。謝謝你的提問，也很高興你參與這通電話。是的，流程已經開始了，目前在佛羅里達有三個新專案。一般而言，這些專案從開發到開幕大約需要 18 到 24 個月。換句話說，即使我們今天開始，這些設施也可能要到兩年後才會開幕。因此，一旦設施開幕，到那個時候我們就會把它如我提到的，轉到 REIT，或某種長期的不動產載體。

Now, as far as the balance sheet change, John could probably chime in, but each of these projects cost roughly $20 million to $30 million to build. Our thought is to have new techs invest the down payments. Get a financing vehicle of some type, and then once we flip it, get all that reimbursement back.

至於資產負債表的變化，John 可能可以補充，但每個專案的建造成本大約是 2,000 萬到 3,000 萬美元。我們的想法是讓新技術人員（new techs）投資頭期款。取得某種融資工具，然後一旦我們把它轉出去，就把所有那部分的回收款拿回來。

Jon, any further thoughts on the balance sheet question?

Jon，對資產負債表這個問題還有其他想法嗎？

Yeah, I mean, I think that's a great question, Bill. I mean, obviously, when you have the asset on the books, at the point you have it on the books, you're going to have the land and the building, and you'll have a mortgage of some kind or whatever it costs to potentially finance it. So outside of that. Then we'll decide and move on to the REIT concept and there'll be some slight changes there, but the main point at the start is going to be your asset and of course, the mortgage.

是的，我認為這是個很好的問題，Bill。顯然，當資產列在帳上時，在列帳的那個時間點，你會有土地和建物，並且會有某種形式的抵押貸款或其他可能用來融資的成本。除此之外，接著我們會再決定並推進到 REIT 的概念，那裡會有一些小幅變動，但一開始的重點會是你的資產，以及當然還有抵押貸款。

So, Tom, thanks for that. And so, the current state of development, obviously, they're financed externally. The ones planned for '27, would that include Florida? No, that would be too soon, right?

所以，Tom，謝謝你的說明。那目前的開發狀態，顯然是外部融資。規劃在 '27 年的那些專案，會包含佛羅里達嗎？不，那會太快了，對吧？

Yes, for the ones that are opening this year in '26, those all have been financed externally, you're correct.

是的，今年在 '26 年開幕的那些專案，全部都是外部融資，你說得沒錯。

In 2027, we have roughly four to five new projects, and I would say half of those were financed externally, and we're still working on one or two that will be financed by new techs. Okay and some of the some of the 2027 projects have been in development for roughly six to 12 months now and so we're getting to a point of starting construction and so that the project in 2027 is essentially starting construction now and we have a peer up window so that new techs could start investing in those.

在 2027 年，我們大約有四到五個新專案，我會說其中一半是外部融資，而我們仍在推進其中一到兩個將由新技術人員（new techs）出資融資的專案。好的，而且部分 2027 年的專案已經開發了大約 6 到 12 個月，因此我們正接近開始施工的階段；也就是說，2027 年的專案基本上現在就要開始動工，而我們有一個認購窗口，讓新技術人員（new techs）可以開始投資這些專案。

Court cases, et cetera.

法院案件等等。

I'm not sure what the status is of the Murphy bill is, but it seems like insurance, the payer side is not getting any wins, basically.

我不確定 Murphy 法案目前的狀態如何，但看起來保險端、付款方基本上沒有取得任何勝利。

And I'm just curious if there's a change in, as you guys approach the negotiating process prior to arbitration or even just discussions outside of that.

我只是好奇，當你們在仲裁前的協商流程、甚至在仲裁之外的討論中，是否有任何變化。

Any change in you feel like how they want to approach this whole process and maybe even being more realistic about what in-network should look like for you.

你們是否覺得他們在處理整個流程的方式上有所改變，也許在對你們而言「納入網內」（in-network）應該是什麼樣子這件事上更務實一些。

Yeah, the answer is that we are constantly and always looking at new contracts that are submitted by payers.

是的，答案是我們一直、也持續在檢視付款方提交的新合約。

And we're always trying to get in their work if possible.

而且只要可行，我們也一直在努力爭取納入他們的網路。

And you are correct that recently we've had three very positive court cases that are pro providers in California, Florida, and Pennsylvania. So those are all fantastic news for us. However, it is a long war, so to speak. So we just won a few. Battles but this will be a continuing process as insurance company are always trying to fight back and this is consistent with with our experience with insurance company for the past 15 years that's always been the case so that would not change anytime soon having said that however the good news is that we are looking we are seeing more and I would say better offer from the insurance company and we are looking at all of them okay.

你說得沒錯，最近我們在加州、佛羅里達與賓夕法尼亞有三個非常正面的、偏向醫療提供者的法院判決。這些對我們來說都是非常棒的消息。不過，這是一場長期戰役。所以我們只是贏了幾場戰鬥，但這會是一個持續的過程，因為保險公司總是會試圖反擊；這也符合我們過去 15 年與保險公司打交道的經驗，一直都是如此，因此短期內不太可能改變。不過好消息是，我們正在看到保險公司提出更多、而且我會說更好的報價，我們也在評估所有這些報價，好嗎。

One housekeeping question, if I might, on the stock-based comp.

如果可以的話，我有一個例行問題，關於以股票為基礎的薪酬（stock-based comp）。

I'm just trying to understand how that, what's in that number, right? You probably discussed it in the queue, but I just haven't gotten there yet.

我只是想了解那個數字裡面包含什麼，對吧？你們可能在 Q&A 裡有談到，但我還沒聽到那一段。

Bill, so your question is, how's the makeup of that number for the quarter?

Bill，你的問題是，這一季那個數字的組成是什麼嗎？

Yeah, it's a negative number, and 4Q was as well. I'm trying to--.

對，它是一個負數，第四季也是。我想了解——。

Yeah, so if you recall, the details in the key, I'm more happy to talk more about it. But effectively, what we do is, remember, we do the math on, along the way, what the earnings in the last 12 months is of each of those facilities that are in and earn out.

是的，如果你記得，我們在重點（key）裡有細節，我也很樂意再多說一些。但基本上，我們會一路計算，記得，我們會用過去 12 個月各個處於 earn-out 期間的設施的獲利來做計算。

And then there's a multiplier on that based on a share price at the time and the value of their business. And so it can go up or down based on where their EBITDA is and/or the price at the time. And then so that we accrue that along the way. And then like in this case in March, we actually had one that finalized. So it actually then gets resolved to exactly what the number is. And then whatever that change is could be up or down.

然後會有一個乘數，取決於當時的股價以及他們業務的價值。因此它可能會因為他們的 EBITDA 和／或當時的價格而上升或下降。接著我們會在過程中逐步提列（accrue）。然後像這次在三月，我們其實有一個案子完成結算。所以它就會被確定為精確的數字。而那個變動可能是增加或減少。

Runs through the stock-based comp and ultimately through equity. And so that's what that is, just so happens, it just went down slightly cumulatively based on those factors and pushed through in the current period. So does that answer your question?

它會計入以股票為基礎的薪酬，最終也會反映在權益中。所以那就是它的內容；剛好在這次，基於這些因素，累計上它略微下降，並在本期反映出來。這樣有回答你的問題嗎？

Yeah, it does.

有，回答到了。

Thank you. And then how should we think about the effective tax rate for the rest of the year?

謝謝。那我們應該如何看待今年剩餘期間的有效稅率（effective tax rate）？

Yeah, actually, it's a great question. I think as you look at the first quarter, to me, it's probably more in line with what I would expect. There's some ups and downs in that, but generally, I think this first quarter is probably more representative of what we would see. So somewhere in that high 10s to 20% from an effective rate, and then we'll watch it as we go. But some of the variables that sort of swung it from. Previous year's higher numbers, there were some permanent differences, not getting too much detail, but the way it works in taxing, but permanent differences that were making that a little bit higher.

是的，這其實是個很好的問題。我認為如果你看第一季，對我來說，它可能更符合我的預期。當中會有一些上下波動，但整體而言，我認為第一季大概更能代表我們會看到的水準。所以有效稅率大約會落在 10% 後段到 20% 左右，接下來我們會持續觀察。不過，有一些變數曾經把它從前一年較高的數字拉動，其中有一些永久性差異（permanent differences）；不深入稅務運作細節，但那些永久性差異讓稅率看起來稍微高一些。

And now those have resolved themselves a lot. A big piece of that was actually impacting the stock comp expense kind of now finalizing and becoming much less of an impact as we move forward. So I think where we're at is not a bad way to start somewhere in that high 10s to 20%.

而現在那些因素大多已經自行消化、解決了。其中很大一部分其實是因為股票薪酬費用現在完成結算，往後影響會小很多。所以我認為目前的狀態不錯，可以先以 10% 後段到 20% 左右作為起點。

Okay.

好的。

Makes sense. Thanks, everybody.

了解。謝謝各位。

You got it.

沒問題。

Thank you, Bill.

謝謝你，Bill。

Our next question comes from the line of Thomas McGovern with Maxim. Please proceed with your question.

我們的下一個問題來自 Maxim 的 Thomas McGovern。請提出您的問題。

Hey, guys. Thanks for taking the time to answer my questions here.

嗨，各位。謝謝你們撥空回答我的問題。

So first, on the arbitration cost rate, increased to 35% historically in that mid-20% range. John, you indicated that you expected to return to that 24% to 26% range. Just curious.

首先，關於仲裁成本率，歷來大約在 20% 中段的區間，但現在提高到 35%。John，你提到你預期會回到 24% 到 26% 的區間。我只是好奇。

What gives you confidence in that and it returning back down to the lower levels? Do you have an internal timeline on when you expect these figures to return back to stable levels? And also, if you could talk about what drove the increase in the quarter, that'd be appreciated.

是什麼讓你有信心它會回落到較低水準？你們內部是否有預期這些數字回到穩定水準的時間表？另外，如果你能談談本季上升的驅動因素，我會很感謝。

Yeah, sure, no problem.

好的，當然，沒問題。

So it's just one slice in time on that piece. And as we talk about in my earlier discussions. And we talked about before, revenues on accrual base, based on collection basis, our costs, because of the way we're laid out, we record 100%. So technically, when that calculation comes out of being slightly higher in our financials, when the realization happens. Cash ultimately goes out, will only be going out at the point at which there's a win. But right now, we're anticipating 100% of every single win on the cost side, but only whatever our average collection rate is on the revenue side. So that inherently brings that percentage up. So, I think if you look back over the last four or five quarters, it actually, it's averaging in that mid to high 20%, which is where I think it will ultimately land.

所以那只是某一個時間點的切面。正如我先前討論時提到的。而且我們之前也談過，收入是以應計基礎、以收款為依據來認列；而我們的成本，因為我們的架構安排，是以 100% 入帳。所以從技術上來說，當那個計算在我們財報上顯得略高時，等到實現發生。現金最終流出，只會在勝訴時才會流出。但目前在成本端，我們預期每一筆勝訴都以 100% 計入；而在收入端，只會以我們的平均收款率來認列。因此這會使該百分比自然上升。所以，我認為如果你回頭看過去四到五個季度，平均其實是在 20% 中後段到高 20% 的區間，這也是我認為最終會落點的水準。

When the dust settles on realization so that's that's kind of the technical asset the answer and I do think over the second third and fourth quarter you'll see you know it'll start probably working its way in back into that area we were talking about but I think just for this one period just with the math on where the costs are just getting everything kind of in line and and recorded in the quarter relative to revenue was slightly higher I but that's not the I don't anticipate that being the case as we move forward but. Another quarter or two, and we'll look at it over the last three, four quarters, I think you're going to see that it's going to resolve itself back into that lower number, but great question, Thomas.

等到實現塵埃落定後——這就是偏技術面的答案——我也確實認為在第二、第三與第四季，你會看到它開始回到我們剛才談的那個區間。不過我認為就這一個期間而言，因為成本端的數學關係，把所有項目在本季相對於收入端對齊並入帳，略高一些；但我不預期未來會持續如此。再過一兩季，當我們用最近三、四個季度來看，我想你會看到它會自行回到較低的數字。不過問題問得很好，Thomas。

I understand. I appreciate that. I also want to take a look at revenue per visit declined again this quarter, slightly, but just still notable.

了解。謝謝你的說明。我也想看看每次就診收入（revenue per visit），本季又小幅下滑，但仍然值得注意。

Is that just a function of the IDR award dynamics, or are we seeing something with payer mix, patient acuity? And just if we look forward at 2026, how do you expect this metric to trend over time? I know you guys had some initiatives to hopefully drive this, but just kind of curious if we can get an update on that front, will the new service offerings play a role? Or are you mostly just looking to increase the inpatient and out-visit rate? Thanks.

這只是 IDR 裁決動態的影響，還是我們看到付款方組合（payer mix）、病患病情嚴重度（patient acuity）出現變化？另外，展望 2026 年，你預期這個指標長期會如何走勢？我知道你們有一些希望推動這項指標的計畫，但想請你更新一下進度；新的服務項目會扮演角色嗎？或者你們主要是希望提高住院與門診就診率？謝謝。

Yeah, good question as well. And we talked about this before. Remember, 2025 had more of an aggregation of the beginning of the IDR process. End of '24 was kind of the first piece. And as collection percentages increased throughout each period.

是的，這也是個好問題。我們之前也談過。記得 2025 年更多是 IDR 流程開始階段的累積效應。'24 年底算是第一個部分。而且隨著各期間的收款百分比提高。

Which is what we're using to accrue revenue in 2025. It's gotten to a pretty solid rate now, but so there was a lot more if you look at just pure revenue per visit in 2025, which makes that piece look a little bit higher when probably some of that, if you look back and say, okay, if you were to collect it. If you would have had the higher percentage collection rate at the end of 2024, which ultimately resolved itself, then we would have had more revenue back then, which would have shifted some of the kind of net revenue per visit in those periods and even this out a little bit more. So I think we talked about a year-end that if you looked at the rate per visit from when we really started the arbitration process back in July of '24, it. It was averaging right around in that four, between 4,000 and 4,200 range, and so that's, I think that's where the normalization really is on a steady state. I know we're working in a lot of areas on acuity and improving in those areas. I know Wes mentioned earlier about the observation and inpatient piece.

這也是我們在 2025 年用來應計認列收入的依據。現在已經到了一個相當穩健的水準；但如果只看 2025 年的每次就診收入，會讓那一段看起來略高一些，因為其中有一部分，如果你回頭看並說，好，假設你當時就能收得到。如果在 2024 年底就有較高的收款率（而最終也確實如此），那我們當時就會有更多收入，這會把那些期間的淨每次就診收入做一些移轉，讓整體更平均。所以我想我們在年末也談過，如果你看從我們在 2024 年 7 月真正開始仲裁流程以來的每次就診費率。平均大約落在 4,000 到 4,200 的區間，因此我認為在穩態下的正常化水準就是那裡。我知道我們在病情嚴重度與相關改善上做了很多工作。我也知道 Wes 先前提到觀察（observation）與住院（inpatient）的部分。

That's happening. So I think the rate that we're seeing even look back the six quarters prior to December of '25, and then add this one in another seventh quarter, I think you're looking at kind of where we're at on the steady state, assuming the same types of visits walk in the door yesterday that they do tomorrow. So I think the rate's probably in a pretty good spot there, and we're going to continue to work. In the efforts that were mentioned earlier on finding ways to get some higher acuity and improving also on the realization side as we work hard with the payers, whether it's through the IDR process or just in normal negotiations. So making sure we're getting paid fairly, which I think things are improving in that area. And as we move through this year, I do think some positive things will happen. And reimbursement should continue to stay pretty strong.

那正在發生。所以我認為，如果你回看 2025 年 12 月之前的六個季度，再把這一季加進來成為第七個季度，你看到的就是我們在穩態下的大致水準，前提是假設昨天走進門的就診類型，明天也一樣。因此我認為目前的費率大致處在不錯的位置，我們也會持續推進。先前提到的各項努力，尋找提高病情嚴重度的方法，並且在我們與付款方努力合作時，也改善實現（realization）端，不論是透過 IDR 流程或一般協商。因此要確保我們獲得公平的給付，我認為這方面正在改善。而隨著我們走過今年，我確實認為會有一些正向進展。而報銷（reimbursement）應該會持續維持相當強勁。

I appreciate that response. Final question from me. It's going to be on the selective self-development of some of these de novo facilities.

謝謝你的回覆。我最後一個問題。是關於部分這些新設（de novo）設施的選擇性自建。

Just curious, do you guys have an internal target for the mix of how many of these facilities will be invested in by new techs versus having the real estate partner? And does this impact how you guys look at long-term expansion strategies? Does this open the door for more rapid expansion, more selective expansion in particular markets or anything on that front?

我想請教，你們內部是否有一個目標比例：這些設施中有多少會由 New Techs 自行投資、多少會由不動產合作夥伴來投資？這會如何影響你們看待長期擴張策略的方式？這是否會為更快速的擴張、或在特定市場更具選擇性的擴張打開大門？在這方面有什麼看法嗎？

Yeah, Thomas, great question. By the way, thank you for joining the call. But the answer is that, yes, we are looking at each location selectively on a one-by-one case-by-case basis. And so, we're going to essentially develop based on what we think will bring the most value to our shareholders. Having said that, there will be an option for other developers to come in and invest with us. And so, all that is still open at this point. But the whole reason we're doing this, once again. Is to, number one, ensure a steady pipeline as well as decrease costs and ensure that the pipeline remains robust so that we consistently could still do three to five per year.

是的，Thomas，問題問得很好。順帶一提，謝謝你加入這通電話。答案是：是的，我們會以一個一個據點、逐案（case-by-case）方式來選擇性評估。因此，我們基本上會依據我們認為能為股東帶來最大價值的方式來開發。話雖如此，也會有其他開發商進來與我們共同投資的選項。所以目前這些都仍然是開放的。但我們之所以這麼做，再次強調。第一，是為了確保穩定的案源管線，同時降低成本，並確保管線保持強勁，讓我們能夠持續每年做三到五個。

Great. I appreciate you guys answering all my questions so thoroughly. I'll hop out of you.

很好。謝謝你們非常詳盡地回答我所有問題。我先退出了。

Thank you, Thomas.

謝謝你，Thomas。

Our next question comes from the line of Gene Mannheimer with Freedom Capital Markets. Please proceed with your question.

我們的下一個問題來自 Freedom Capital Markets 的 Gene Mannheimer。請提出您的問題。

Thank you, and good morning. Congrats on a good start to the quarter and year.

謝謝，早安。恭喜本季與本年度開局良好。

I wanted to ask a little bit about patient volumes. The 3% growth year on year seems a little modest to me, considering that you opened three hospitals last year. And I'm just wondering, was it that the openings were skewed toward year end, which is why we didn't see more throughput there on the volume side?

我想稍微問一下病患量。年增 3% 在我看來似乎有點溫和，因為你們去年開了三家醫院。我想確認一下，是不是因為開院時間偏向年底，所以在量的面向上沒有看到更多的承載量（throughput）？

Yeah. Hi, Gene. Thanks for joining us. So the answer is multi-fold, but yes, you're correct in the sense that the three openings were earlier this year. And in fact, two of them open. I would say, in late December of 2025, and the last one opened in January. So they are still developing, they are growing. They are, in essence, growing as projected, but they are fairly new. And so I think that was one of the reasons why Vibe has been a little bit flattish.

是的。嗨，Gene。謝謝你加入我們。答案有幾個面向，但沒錯，你的理解是對的：這三家是今年較早期才開始反映。而且其中兩家是在 2025 年 12 月下旬開幕。最後一家是在 1 月開幕。所以它們仍在發展中、仍在成長。基本上它們的成長符合我們的預期，但畢竟都還很新。因此我認為這是為什麼 Vibe 的表現看起來有點持平的原因之一。

The second reason is, last year, we had a very robust and I would say very heavy flu season compared to this year. And so the flu stages just didn't hit as hard as we thought it would be, and so hence are leading to a slightly flatter volume. But having said that, it's still growing. We're still developing internal processes so that we could accommodate more patients. So it's a never-ending job to increase volume and increase acuity.

第二個原因是，去年流感季相較今年非常強勁，我會說也更為嚴重。因此今年流感的高峰沒有像我們原先預期那麼猛烈，所以導致量的表現稍微更平一些。但即便如此，仍然是在成長。我們也仍在完善內部流程，以便能夠接納更多病患。所以提升量與提升病情嚴重度（acuity）是一項永無止境的工作。

No, that makes a lot of sense, Tom. Thank you.

了解，這很合理，Tom。謝謝。

And I wanted to ask, I guess, the prior question a different way on the IDR process. Do you or can you still quantify the revenue from IDR in the quarter? And how about that pivot toward higher acuity? Is that manifesting in the numbers today?

我想用另一種方式問前面那個關於 IDR 流程的問題。你們是否仍能量化本季來自 IDR 的營收？另外，轉向更高病情嚴重度的策略，現在是否已在數字上反映出來？

Yeah, I can talk to some of that. I mean, so we talk about we're submitting 50% to 60% of our claims going through there. So I think that's a general, a pretty good idea of the piece of it. I mean, we look at this as part of our overall business now. So we don't break it out as much as we used to because of the day-to-day. And to your point of, yes, it's certainly in the acuity, certainly in our numbers when it comes to the revenue side of it.

可以，我可以談一些。我們提到大約有 50% 到 60% 的理賠申請（claims）會走那個流程。所以我認為這大致上能讓你了解其占比。我們現在把它視為整體業務的一部分。因此不像以前那樣把它拆得那麼細，因為已經是日常營運的一部分。至於你提到的，是的，這確實反映在病情嚴重度上，也確實反映在我們的數字上，尤其是在營收端。

As you can see in the reimbursement rate, it stayed relatively consistent with kind of where we looked at from almost inception of July of '24 all the way through even December of '25, and the reimbursement rate pretty close to what it is now when you go into the first quarter of this year. So I think that will continue, and I think there's opportunity for that to improve based on some of the initiatives that we have.

如你所見，在報銷率（reimbursement rate）方面，它大致維持相對一致，與我們從 2024 年 7 月幾乎自一開始觀察到的水準相近，一直到 2025 年 12 月；而進入今年第一季時，報銷率也與目前相當接近。所以我認為這會延續下去，而且基於我們的一些推動措施，這方面也有機會進一步改善。

Great. Great.

很好。很好。

Thank you, John. And I have one last one, if I could. I don't want to exclude Warren from the discussion. So growth in the population health segment, I mean, Q1 was strong at 14% year on year, but revenues have been very lumpy there. And it seems like your most profitable IPA, like LA. Does not even have a hospital around it. So, I'm just wondering how do we think about this population segment longer-term in terms of growth and, of both lives and contracted physicians?

謝謝你，John。如果可以的話我最後還有一題。我不想把 Warren 排除在討論之外。關於人口健康（population health）事業部的成長：第一季年增 14% 很強，但那邊的營收一直非常不均勻、波動很大。而且看起來你們最賺錢的 IPA（例如洛杉磯 LA）周邊甚至沒有醫院。所以我想問，從長期來看，我們應該如何看待這個人口健康板塊在成長方面（無論是承保人數 lives 或簽約醫師數）？

Thank you.

謝謝。

Hi, Gene. Thanks for that question.

嗨，Gene。謝謝你的問題。

So actually, in 2025, each of our IPAs, so in Southern California, in Houston, and in Southern Florida, they generated cash on a standalone basis. So just want to start with that. Our goal, again, is to build these networks of physicians around our facilities. And it's not just to, bring IPA volume, but once these doctors join our IPAs, they're aware of our facilities, our services. Some of them become owners in the IPA medical entities. They, we have seen anecdotally that they send their non IPA, PPO slash commercial patients to our. So, the goal is not to build the largest IPA. It's to just, build these networks, build awareness. And take really good care of our patients, bring volume, both IPA, non-IPA volume to our facilities. So really, that's the goal.

其實在 2025 年，我們每一個 IPA——也就是南加州、休士頓，以及南佛羅里達——都能以獨立個體的方式產生現金流。我先從這點開始說明。我們的目標仍然是圍繞我們的設施建立這些醫師網絡。而且不只是為了帶來 IPA 的量；一旦這些醫師加入我們的 IPA，他們就會更了解我們的設施與服務。其中一些人也會成為 IPA 醫療實體的股東。我們也從一些案例觀察到，他們會把其非 IPA 的 PPO／商業保險病患轉介到我們這裡。所以目標不是打造最大的 IPA。而是建立這些網絡、提升認知度，並把病患照顧好，為我們的設施帶來量——包括 IPA 與非 IPA 的量。這才是我們真正的目標。

Got it. Okay.

了解。好。

Thanks very much.

非常感謝。

Yeah, and Bill, I want to add that the LA IPA is our most mature and our most established. And so that's one reason why they're more profitable than the others. But Houston and Phoenix are coming along nicely. Like Warren said, they are profitable. And we do have hospitals around both of those.

是的，Bill，我想補充一下：LA 的 IPA 是我們最成熟、也最具規模的。因此這也是它比其他地區更獲利的原因之一。不過休士頓和鳳凰城的進展也很不錯。如 Warren 所說，它們是獲利的。而且我們在那兩個地區周邊也都有醫院。

The Miami location is also slightly profitable but we do have a hospital opening in the Hallandale area in 2027 that would complement that nicely as well as West Palm Beach Hospital that will also complement the South Miami and so we're also expanding to both Dallas and San Antonio where we have planned hospitals opening so strategy is to surround the hospital with an with a network of primary care and specialist physicians.

邁阿密據點也略有獲利；此外我們預計在 2027 年於 Hallandale 區域開設一家醫院，將能與之形成良好互補；同時西棕櫚灘醫院也會與南邁阿密形成互補。因此我們也正擴展到達拉斯與聖安東尼奧，並規劃在當地開設醫院；整體策略就是以醫院為核心，周邊建立由基層照護與專科醫師所組成的醫師網絡。

Perfect.

完美。

Thank you, and congrats again.

謝謝，也再次恭喜。

Thank you, Gene.

謝謝你，Gene。

Thank you. We have reached the end of the question-and-answer session. Ms. Rodriguez, I'd like to turn the floor back over to you for closing comments.

謝謝。問答環節到此結束。Rodriguez 女士，我想把時間交還給您做結語。

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@newtexthealth.com, and we'll get back to you promptly. On behalf of the Nutex management team, thank you all for joining us for our first quarter 2026 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 there.

感謝大家提出這些寶貴的問題與回覆。今天參與的各位，如果還有更多問題，請寄電子郵件至 investors@newtexthealth.com，我們會盡快回覆。我謹代表 Nutex 管理團隊，感謝各位參與我們 2026 年第一季法說會（earnings call）。我們涵蓋了許多內容：成長、策略、挑戰與願景，也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，歡迎隨時回去收聽。

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。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time.

各位女士先生，今天的電話會議到此結束。您現在可以掛斷電話。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。