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RadNet Reports Second Quarter Financial Results with Record Quarterly Revenue and Adjusted EBITDA鹿 and Revises Upwards 2025 Financial Guidance Ranges

• Total Company Revenue increased 8.4% to a quarterly record of $498.2 million in the second quarter of 2025 from $459.7 million in the second quarter of 2024; Revenue from the Digital Health reportable segment (inclusive of intersegment revenue) increased 30.9% to a quarterly record of $20.7 million in the second quarter of 2025 from $15.8 million in the second quarter of 2024
• Total Company Adjusted EBITDA⁽¹⁾ was a quarterly record of $81.2 million in the second quarter of 2025 as compared with $72.3 million in the second quarter of 2024, an increase of 12.3%; Digital Health reportable segment Adjusted EBITDA⁽¹⁾ increased 4.1% to $3.4 million in the second quarter of 2025 from $3.3 million in the second quarter of 2024
• Total Company Adjusted EBITDA⁽¹⁾ margins increased by 57 basis points to 16.3% in the second quarter of 2025 as compared with 15.7% in the second quarter of 2024
• As a percentage of total procedural volumes, advanced imaging increased to 27.5% in the second quarter of 2025 from 26.5% in the second quarter of 2024, an increase of 102 basis points
• Adjusting for unusual or one-time items in the quarter, Adjusted Earnings⁽³⁾ was $23.8 million and Adjusted Earnings Per Share⁽³⁾ was $0.31 for the second quarter of 2025; This compares with Adjusted Earnings⁽³⁾ of $12.0 million and Adjusted Earnings Per Share⁽³⁾ of $0.16 for the second quarter of 2024听听
• In the second quarter of 2025, aggregate advanced imaging (MRI, CT and PET/CT) procedural volumes increased 9.0% and same-center advanced imaging procedural volumes increased 6.6% as compared with the second quarter of 2024
• As of June 30, 2025, balance sheet cash was $833.2 million and Net Debt to Adjusted EBITDA⁽¹⁾ ratio was 0.96x
• RadNet revises full-year 2025 guidance levels to increase Revenue and Adjusted EBITDA⁽¹⁾ guidance ranges

LOS ANGELES, Aug. 10, 2025 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 405 owned and operated outpatient imaging centers, today reported financial results for its second quarter of 2025.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, 鈥淏oth the Imaging Center and Digital Health reportable operating segments demonstrated strong growth and achieved record quarterly results. In the second quarter of 2025, total Company Revenue grew 8.4% and Digital Health segment Revenue increased 30.9% from last year鈥檚 same quarter. Growth was driven by strong increases in aggregate and same center procedural volumes, improved reimbursement from commercial and capitated payors, a continuing shift in procedural volumes towards advanced imaging modalities and incremental Digital Health sales and licenses of workflow software and AI solutions.鈥�

Dr. Berger continued, 鈥淥ur focus has been on driving more advanced imaging procedures (MRI, CT and PET/CT) and increasing advanced imaging capacity at the imaging centers through a variety of initiatives. Within MRI, the 9.0% aggregate and 6.6% same center growth in the second quarter as compared with last year鈥檚 second quarter is partially the result of capacity created from investments made in MRI software upgrades and operating protocols which enable shorter scan times. CT programs have expanded on both coasts to offer more complex procedures, such as Cardiac CT Angiography, which is often enhanced with AI-assisted analytics. Within PET/CT, our fastest growing modality with 22.4% growth from last year鈥檚 second quarter, emphasis has been on newer diagnostic and screening offerings for prostate cancer, Alzheimer鈥檚 disease and dementia and new procedures with leading-edge tumor-specific radioactive tracers. The growth in advanced imaging, particularly MRI, has been furthered by the implementation of Digital Health鈥檚 TechLive^TM, our remote screening technology recently cleared by the FDA. TechLive^TM is assisting with ongoing technologist staffing challenges by enabling remote control of advanced imaging equipment to expand hours of operation and by staffing exam rooms which otherwise would have been closed.鈥�

鈥淭he growth in advanced imaging from these initiatives along with effective cost management contributed to an increase in our Adjusted EBITDA⁽¹⁾ margin to 16.3% during the second quarter of 2025, which compares with 15.7% in last year鈥檚 second quarter, an improvement of 57 basis points. Adjusted EBITDA⁽¹⁾ during the second quarter of 2025 increased by 12.3% to $81.2 million from $72.3 million in last year鈥檚 second quarter,鈥� added Dr. Berger.

Dr. Berger continued, 鈥淚n response to high demand and patient backlogs in many of RadNet鈥檚 local markets, we continue to pursue capacity expansion through the development and construction of new imaging centers. One new facility was opened during the second quarter in East Brunswick, New Jersey, and nine additional de novo facility openings are projected for the remainder of 2025. Within Digital Health, we continue to see growth from the nationwide expansion of the AI-powered Enhanced Breast Cancer Detection program, where today almost 45% of RadNet screening mammography patients are electing to participate for a $40 out-of-pocket charge. We continue to make progress with the internal RadNet implementation of the TechLive^TM remote scanning solution, elements of the DeepHealth Operations and Diagnostic suites and the newly acquired See-Mode ultrasound AI capabilities.鈥�

鈥淕iven the sustainable positive trends we are experiencing and the strong financial performance of the second quarter, we are revising upwards 2025 guidance levels for Revenue and Adjusted EBITDA⁽¹⁾ in anticipation of financial results that we believe will exceed both our original expectations and the amendments we made to the guidance ranges upon releasing first quarter 2025 results in May,鈥� concluded Dr. Berger.

Second Quarter Financial Results

For the second quarter of 2025, RadNet reported Total Company Revenue of $498.2 million and Adjusted EBITDA⁽¹⁾ of $81.2 million. Revenue increased $38.5 million (or 8.4%) and Adjusted EBITDA⁽¹⁾ increased $8.9 million (or 12.3%) as compared with the second quarter of 2024.听听

For the second quarter of 2025, RadNet reported Digital Health Revenue (inclusive of intersegment revenue) of $20.7 million and Adjusted EBITDA⁽¹⁾ of $3.4 million. Revenue increased $4.9 million (or 30.9%) and Adjusted EBITDA⁽¹⁾ increased $134,000 (or 4.1%) as compared with the second quarter of 2024.

Unadjusted for unusual or one-time items impacting the second quarter of 2025, Total Company Net Income for the second quarter of 2025 was $14.5 million as compared with a Total Company Net Loss of $3.0 million for the second quarter of 2024. Net Income Per Share for the second quarter of 2025 was $0.19, compared with a Net Loss per share of $(0.04) in the second quarter of 2024, based upon a weighted average number of diluted shares outstanding of 75.5 million shares in 2025 and 73.4 million shares in 2024.

There were a number of unusual or one-time items impacting the second quarter including: $2.0 million of non-cash loss from interest rate swaps; $496,000 expense related to leases for de novo facilities under construction that have yet to open their operations; $123,000 of lease abandonment charge; $2.3 million of acquisition transaction costs; and $4.8 million of non-capitalized research and development expenses related to the DeepHealth Cloud OS and generative AI. Adjusting for the above items, Total Company Adjusted Earnings⁽³⁾ was $23.8 million and diluted Adjusted Earnings Per Share⁽³⁾ was $0.31 during the second quarter of 2025. This compares with Total Company Adjusted Earnings⁽³⁾ of $12.0 million and diluted Adjusted Earnings Per Share⁽³⁾ of $0.16 during the second quarter of 2024.

For the second quarter of 2025, as compared with the prior year鈥檚 second quarter, MRI volume increased 9.0%, CT volume increased 8.1%, PET/CT volume increased 22.4% and routine imaging (inclusive of nuclear medicine, ultrasound, mammography, x-ray and other exams) increased 3.5% over the prior year鈥檚 second quarter. On a same-center basis, including only those centers which were part of RadNet for both the second quarters of 2025 and 2024, MRI volume increased 6.6%, CT volume increased 5.9%, PET/CT volume increased 16.2% and routine imaging increased 1.4% over the prior year鈥檚 second quarter.

Six Month Financial Results

For the first six months of 2025, RadNet reported Total Company Revenue of $969.6 million and Adjusted EBITDA⁽¹⁾ of $127.6 million. Revenue increased $78.2 million (or 8.8%) and Adjusted EBITDA⁽¹⁾ decreased $3.1 million (or 2.4%) as compared with the first six months of 2024. The decrease in Adjusted EBITDA⁽¹⁾ was primarily the result of the previously estimated loss of $15 million of Adjusted EBITDA⁽¹⁾ as a result of the California wildfires and severe winter weather conditions impacting the first quarter of 2025. 听听

For the first six months of 2025, RadNet reported Digital Health Revenue (inclusive of intersegment revenue) of $39.9 million and Adjusted EBITDA⁽¹⁾ of $7.1 million. Revenue increased $9.5 million (or 31.0%) and Adjusted EBITDA⁽¹⁾ increased $325,000 (or 4.8%) as compared with the first six months of 2024.

Unadjusted for one-time or unusual items, Total Company Net Loss for the first six months of 2025 was $23.5 million as compared with a Total Company Net Loss of $5.8 million for the first six months of 2024. Net Loss Per Share for the six-month period of 2025 was $(0.32), compared with a Net Loss per share of $(0.08) in the six-month period of 2024, based upon a weighted average number of diluted shares outstanding of 74.1 million shares in 2025 and 71.8 million shares in 2024.

2025 Guidance Update

RadNet updates guidance levels as follows:

Conference Call for Tomorrow

Dr. Howard Berger, President and Chief Executive Officer, and Mark Stolper, Executive Vice President and Chief Financial Officer, will host a conference call to discuss its second quarter 2025 results on Monday, August 11th, 2025 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Monday, August 11, 2025
Time: 10:30 a.m. Eastern Time
Dial In-Number: 844-826-3035
International Dial-In Number: 412-317-5195

It is recommended that participants dial in approximately 5 minutes prior to the start of the 10:30 a.m. call. There will also be simultaneous and archived webcasts available at or 听under the 鈥淚nvestors鈥� menu section and 鈥淣ews Releases鈥� sub-menu of the website. An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers, and using the passcode 10201853.

About RadNet, Inc.

RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 405 owned and/or operated outpatient imaging centers. RadNet鈥檚 markets include Arizona, California, Delaware, Florida, Maryland, New Jersey, New York and Texas. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has a total of over 11,000 team members. For more information, visit .

Forward Looking Statements

This press release contains 鈥渇orward-looking statements鈥� within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥済oal,鈥� 鈥渟eek,鈥� 鈥渂elieve,鈥� 鈥減roject,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渟trategy,鈥� 鈥渇uture,鈥� 鈥渓ikely,鈥� 鈥渕ay,鈥� 鈥渟hould,鈥� 鈥渨ill鈥� and similar references to future periods. Forward-looking statements in this press release include, among others, statements about our anticipated business results, balance sheet and liquidity and our future liquidity, burn rate and our continuing ability to service or refinance our current indebtedness.

Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

• the availability and terms of capital to fund our business;
• our ability to service our indebtedness, make principal and interest payments as those payments become due and remain in compliance with applicable debt covenants, in addition to our ability to refinance such indebtedness on acceptable terms;
• changes in general economic conditions nationally and regionally in the markets in which we operate;
• the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities;
• our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so;
• our ability to acquire, develop, implement and monetize technology, digital health initiatives, artificial intelligence algorithms and applications;
• volatility in interest and exchange rates, or credit markets;
• the adequacy of our cash flow and earnings to fund our current and future operations;
• changes in service mix, revenue mix and procedure volumes;
• delays in receiving payments for services provided;
• increased bankruptcies among our partner physicians or joint venture partners;
• the impact of the political environment and related developments on the current healthcare marketplace and on our business, including with respect to the future of the Affordable Care Act;
• the extent to which the ongoing implementation of healthcare reform, or changes in or new legislation, regulations or guidance, enforcement thereof by federal and state regulators or related litigation result in a reduction in coverage or reimbursement rates for our services, or other material impacts to our business;
• closures or slowdowns and changes in labor costs and labor difficulties, including stoppages affecting either our operations or our suppliers' abilities to deliver supplies needed in our facilities;
• the occurrence of hostilities, political instability or catastrophic events;
• the emergence or reemergence of and effects related to future pandemics, epidemics and infectious diseases; and
• noncompliance by us with any privacy or security laws or any cybersecurity incident or other security breach by us or a third party involving the misappropriation, loss or other unauthorized use or disclosure of confidential information.
  

Any forward-looking statement contained in this current report is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.

Regulation G: GAAP and Non-GAAP Financial Information

This release contains certain financial information not reported in accordance with GAAP. The Company uses both GAAP and non-GAAP metrics to measure its financial results. The Company believes that, in addition to GAAP metrics, these non-GAAP metrics assist the Company in measuring its cash-based performance. The Company believes this information is useful to investors and other interested parties because it removes unusual and nonrecurring charges that occur in the affected period and provides a basis for measuring the Company's financial condition against other quarters. Such information should not be considered as a substitute for any measures calculated in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Reconciliation of this information to the most comparable GAAP measures is included in this release in the tables which follow.

CONTACTS:

RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer

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Footnotes

⁽¹⁾ The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events taken place during the period.

Adjusted EBITDA is reconciled to its nearest comparable GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

⁽²⁾ As noted above, the Company defines Free Cash Flow as Adjusted EBITDA less total Capital Expenditures (whether completed with cash or financed) and Cash Interest Expense. Free Cash Flow is a non-GAAP financial measure. The Company uses Free Cash Flow because the Company believes it provides useful information for investors and management because it measures our capacity to generate cash from our operating activities. Free Cash Flow does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of Free Cash Flow may differ from definitions used by other companies.

Free Cash Flow should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

⁽³⁾ The Company defines Adjusted Earnings (Loss) Per Share as net income or loss attributable to RadNet, Inc. common stockholders and excludes losses or gains on the disposal of equipment, loss on debt extinguishments, bargain purchase gains, severance costs, loss on impairment, loss or gain on swap valuation, gain on extinguishment of debt, unusual or non-recurring entries that impact the Company鈥檚 tax provision and any other non-recurring or unusual transactions recorded during the period.

Adjusted Earnings (Loss) Per Share is reconciled to its nearest comparable GAAP financial measure. Adjusted Earnings (Loss) Per Share is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance. Adjusted Earnings Per Share should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted Earnings Per Share should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted Earnings Per Share is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.