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Side-by-side financial comparison of Nutex Health, Inc. (NUTX) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Nutex Health, Inc. is the larger business by last-quarter revenue ($151.7M vs $92.9M, roughly 1.6× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 7.8%, a 17.2% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -41.1%). Nutex Health, Inc. produced more free cash flow last quarter ($69.0M vs $12.8M). Over the past eight quarters, Nutex Health, Inc.'s revenue compounded faster (50.0% CAGR vs 34.6%).
Nutex Health Inc. is an American for-profit health care company and operator of healthcare facilities headquartered in Houston, Texas.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
NUTX vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $151.7M | $92.9M |
| Net Profit | $11.8M | $23.2M |
| Gross Margin | 30.4% | 78.7% |
| Operating Margin | 20.4% | 24.1% |
| Net Margin | 7.8% | 25.0% |
| Revenue YoY | -41.1% | 23.3% |
| Net Profit YoY | -80.8% | 17.3% |
| EPS (diluted) | $2.34 | $0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $151.7M | $92.9M | ||
| Q3 25 | $267.8M | $67.5M | ||
| Q2 25 | $244.0M | $63.2M | ||
| Q1 25 | $211.8M | $52.6M | ||
| Q4 24 | $257.6M | $75.4M | ||
| Q3 24 | $78.8M | $57.9M | ||
| Q2 24 | $76.1M | $52.7M | ||
| Q1 24 | $67.5M | $51.3M |
| Q4 25 | $11.8M | $23.2M | ||
| Q3 25 | $55.4M | $5.1M | ||
| Q2 25 | $-17.7M | $-553.0K | ||
| Q1 25 | $21.2M | $-11.2M | ||
| Q4 24 | $61.6M | $19.8M | ||
| Q3 24 | $-8.8M | $-901.0K | ||
| Q2 24 | $-364.0K | $-4.7M | ||
| Q1 24 | $-364.0K | $-3.9M |
| Q4 25 | 30.4% | 78.7% | ||
| Q3 25 | 57.8% | 73.5% | ||
| Q2 25 | 51.2% | 73.7% | ||
| Q1 25 | 55.9% | 69.0% | ||
| Q4 24 | 55.0% | 77.6% | ||
| Q3 24 | 27.8% | 71.9% | ||
| Q2 24 | 29.7% | 69.5% | ||
| Q1 24 | 15.1% | 68.9% |
| Q4 25 | 20.4% | 24.1% | ||
| Q3 25 | 48.7% | 5.1% | ||
| Q2 25 | 13.8% | -3.2% | ||
| Q1 25 | 38.1% | -24.3% | ||
| Q4 24 | 44.4% | 24.5% | ||
| Q3 24 | 12.3% | -4.3% | ||
| Q2 24 | 7.0% | -11.5% | ||
| Q1 24 | 2.1% | -10.7% |
| Q4 25 | 7.8% | 25.0% | ||
| Q3 25 | 20.7% | 7.5% | ||
| Q2 25 | -7.3% | -0.9% | ||
| Q1 25 | 10.0% | -21.4% | ||
| Q4 24 | 23.9% | 26.3% | ||
| Q3 24 | -11.2% | -1.6% | ||
| Q2 24 | -0.5% | -8.9% | ||
| Q1 24 | -0.5% | -7.5% |
| Q4 25 | $2.34 | $0.46 | ||
| Q3 25 | $7.76 | $0.10 | ||
| Q2 25 | $-2.95 | $-0.01 | ||
| Q1 25 | $3.33 | $-0.23 | ||
| Q4 24 | $11.56 | $0.40 | ||
| Q3 24 | $-1.72 | $-0.02 | ||
| Q2 24 | $-0.07 | $-0.10 | ||
| Q1 24 | $-0.08 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $185.6M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $329.4M | $354.6M |
| Total Assets | $918.5M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $185.6M | $137.5M | ||
| Q3 25 | $166.0M | $135.4M | ||
| Q2 25 | $96.7M | $116.9M | ||
| Q1 25 | $84.7M | $112.9M | ||
| Q4 24 | $40.6M | $116.2M | ||
| Q3 24 | $46.9M | $101.7M | ||
| Q2 24 | $40.8M | $102.5M | ||
| Q1 24 | $30.0M | $110.6M |
| Q4 25 | $329.4M | $354.6M | ||
| Q3 25 | $317.2M | $321.9M | ||
| Q2 25 | $235.3M | $306.8M | ||
| Q1 25 | $176.9M | $295.5M | ||
| Q4 24 | $132.4M | $292.0M | ||
| Q3 24 | $60.4M | $257.5M | ||
| Q2 24 | $62.7M | $243.0M | ||
| Q1 24 | $63.0M | $233.9M |
| Q4 25 | $918.5M | $488.0M | ||
| Q3 25 | $964.5M | $453.3M | ||
| Q2 25 | $841.0M | $435.6M | ||
| Q1 25 | $761.9M | $424.6M | ||
| Q4 24 | $655.3M | $432.7M | ||
| Q3 24 | $438.5M | $390.4M | ||
| Q2 24 | $422.4M | $376.8M | ||
| Q1 24 | $404.3M | $356.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $70.4M | $15.0M |
| Free Cash FlowOCF − Capex | $69.0M | $12.8M |
| FCF MarginFCF / Revenue | 45.5% | 13.8% |
| Capex IntensityCapex / Revenue | 0.9% | 2.4% |
| Cash ConversionOCF / Net Profit | 5.95× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $245.6M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.4M | $15.0M | ||
| Q3 25 | $99.5M | $22.1M | ||
| Q2 25 | $27.3M | $8.2M | ||
| Q1 25 | $51.0M | $6.6M | ||
| Q4 24 | $54.0K | $22.2M | ||
| Q3 24 | $6.8M | $10.2M | ||
| Q2 24 | $13.3M | $18.5M | ||
| Q1 24 | $3.1M | $7.2M |
| Q4 25 | $69.0M | $12.8M | ||
| Q3 25 | $99.2M | $19.5M | ||
| Q2 25 | $26.5M | $81.0K | ||
| Q1 25 | $50.9M | $-7.6M | ||
| Q4 24 | $-341.0K | $8.5M | ||
| Q3 24 | $6.2M | $-9.2M | ||
| Q2 24 | $12.7M | $1.8M | ||
| Q1 24 | $2.3M | $-6.8M |
| Q4 25 | 45.5% | 13.8% | ||
| Q3 25 | 37.0% | 28.8% | ||
| Q2 25 | 10.9% | 0.1% | ||
| Q1 25 | 24.0% | -14.5% | ||
| Q4 24 | -0.1% | 11.2% | ||
| Q3 24 | 7.8% | -15.9% | ||
| Q2 24 | 16.7% | 3.4% | ||
| Q1 24 | 3.4% | -13.3% |
| Q4 25 | 0.9% | 2.4% | ||
| Q3 25 | 0.1% | 3.9% | ||
| Q2 25 | 0.3% | 12.9% | ||
| Q1 25 | 0.0% | 27.0% | ||
| Q4 24 | 0.2% | 18.3% | ||
| Q3 24 | 0.8% | 33.5% | ||
| Q2 24 | 0.7% | 31.8% | ||
| Q1 24 | 1.1% | 27.3% |
| Q4 25 | 5.95× | 0.65× | ||
| Q3 25 | 1.80× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.40× | — | ||
| Q4 24 | 0.00× | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NUTX
| Hospital Division | $143.7M | 95% |
| Population Health Management Division | $8.0M | 5% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
