Business
RadNet Reports First Quarter Financial Results and Announces Strong Liquidity Position as a Result of Completing Cost Savings and Cash Conservation Measures
Liquidity and Business Update: RadNet has completed extensive cost savings and cash conservation measures, which resulted in, as of April 30, a cash balance
About this update from Radnet, Inc.
[{"type":"text","content":"Liquidity and Business Update:\n RadNet has completed extensive cost savings and cash conservation measures, which resulted in, as of April 30, a cash balance of approximately $50 million and being undrawn on its $137.5 million revolverRadNet believes it will have little to no cash burn through the end of the second quarter and could remain undrawn on its revolving credit facility at year end 2020RadNet announces it received almost $15 million in April from the first round of stimulus payments under the CARES Act and may be eligible for further payments and/or loans available to healthcare providers in the futureRadNet announces it received almost $40 million in accelerated Medicare advance payments in April from CMSRadNet has experienced increased procedural volumes in recent weeks as certain cities and counties began lifting stay-at-home restrictions 1st Quarter 2020 Results: In the first quarter 2020, Covid-19 negatively impacted Revenue by an estimated $25 million and Adjusted EBITDA(1) by approximately $14 million relative to the Company’s original operating budget Despite Covid-19’s impact, Revenue increased 3.7% to $281.6 million in the first quarter of 2020 from $271.5 million in the first quarter of 2019; This was primarily the result of the contributions of the Kern Radiology and Zilkha Radiology acquisitions completed subsequent to last year’s first quarter and price increases from capitated and fee-for-service payors Adjusted EBITDA(1) decreased 38.5% to $20.4 million in the first quarter of 2020 from $33.1 million in the first quarter of 2019, primarily related to aggregate and same center declines due to Covid-19 Diluted loss per share was $(0.33) per share in the first quarter of 2020 as compared with diluted loss per share of $(0.08) from the prior year’s first quarterAggregate procedural volumes decreased 0.6%; Same-center procedural volumes decreased 3.3% from the first quarter of 2019 LOS ANGELES, May 11, 2020 (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 335 owned and/or operated outpatient imaging centers, today reported financial results for its first quarter of 2020. Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I’m extremely proud and appr...