Alarm.com Q2 SaaS Revenue Reaches $188.8M, Up 11.1% YoY

For property owners and operators, Q2 2026 earnings reveal a tale of two facility strategies. Alarm.com posted SaaS revenue of $188.8M (up 11.1%) and 1M international accounts as smart-building and energy management adoption accelerates; Nutex Health, running micro-hospitals, turned same-hospital visit growth of 6.3% into a 67% gross margin despite a 12.1% same-hospital revenue decline, thanks to payer-contract restructuring.

Nutex Health's second-quarter 2026 results delivered one of the most dramatic profit swings in the healthcare facilities sector, underscoring how retroactive payer contract amendments and federal administrative fee reductions can transform hospital-level economics even as top-line revenue contracts. The company reported total revenue of $210.8 million, a 13.6% decline from $244.0 million in the prior-year period. Management attributed the decline to unusually high revenue realization in Q2 2025 from early success in the independent dispute resolution process, meaning the prior-year comparison was inflated rather than the current quarter being operationally weak. Net income swung to $65.8 million, or $9.38 per diluted share, from a net loss of $17.7 million, or $(2.95) per share, in Q2 2025. Adjusted EBITDA rose 25.7% to $90.0 million, and gross profit reached $141.3 million, representing a 67.0% margin versus 51.2% a year earlier.

“

Adjusted EBITDA rose 25.7% to $90.0 million, and gross profit reached $141.3 million, representing a 67.0% margin versus 51.2% a year earlier.

The profit surge was driven less by volume growth and more by contracting and regulatory tailwinds. A retroactive amendment to the HaloMD agreement shifted that vendor relationship to a pay-on-collected fee structure retroactive to May 2024, reducing contract services expense by $38.4 million in the quarter. Separately, the Centers for Medicare & Medicaid Services reduced administrative fees from $115 to $15 per party effective June 11, 2026, contributing an additional $4.3 million reduction in contract services costs. Together these two items account for the majority of the $52.3 million reduction in contract services expense for the first six months of 2026. Stock-based compensation fell to $2.9 million for the quarter, further supporting earnings.

Operationally, Nutex's facility base continued to attract patients. Total hospital visits increased 9.6% year over year to 49,962, and same-hospital visits rose 6.3%. However, hospital division revenue declined 14.6% to $201.9 million, with same-hospital revenue declining 12.1%. That divergence—more visits but lower revenue—suggests a mix shift toward lower-reimbursing services or the normalization of prior-year IDR gains. The population health division grew 16% to $8.9 million, a smaller but faster-growing segment. The contrast between volume growth and revenue decline is a key issue for investors because it implies the profit improvement may be partly cyclical or regulatory rather than purely operational.

Peer results from the same reporting week reinforce broader healthcare sector dynamics. Omada Health, a digital care provider focused on cardiometabolic conditions, grew revenue 43% year over year to $88 million, driven by GLP-1 Care Track adoption and multicondition penetration. Omada's GAAP gross margin expanded 700 basis points to 73%, adjusted EBITDA hit a record $11 million, and membership grew 45% to 1.1 million. Omada raised full-year revenue guidance to $334–$340 million and adjusted EBITDA guidance to $21–$27 million. Omada's zero-debt balance sheet with $222 million cash and its shift toward AI-driven efficiency and higher member tenure reflect a broader healthcare IT thesis favoring recurring, outcome-based care models.