Business
RadNet Reports First Quarter Financial Results with Record First Quarter Revenue and Adjusted EBITDA(1) from Imaging Center Operations and Revises Upwards 2023 Financial Guidance Ranges for Revenue and Adjusted EBITDA(1)
Revenue increased 14.3% to $390.6 million in the first quarter of 2023 from $341.8 million in the first quarter of 2022; Excluding Revenue from our Artificial
About this update from Radnet, Inc.
[{"type":"text","content":"Revenue increased 14.3% to $390.6 million in the first quarter of 2023 from $341.8 million in the first quarter of 2022; Excluding Revenue from our Artificial Intelligence (“AI”) reporting segment, Revenue from the Imaging Center segment in the first quarter of 2023 was $388.4 million, an increase of 13.9% from last year’s first quarter of $341.2 millionExcluding losses from our AI reporting segment, Adjusted EBITDA(1) from Imaging Centers was $52.7 million in the first quarter of 2023 as compared with $41.7 million in the first quarter of 2022, an increase of 26.2%; Adjusted EBITDA(1), including losses from our AI reporting segment, was $48.2 million in the first quarter of 2023 as compared with $38.1 million in the first quarter of 2022, an increase of 26.3%Adjusting for unusual or one-time items impacting Net Loss in the quarter, Adjusted Loss Per Share(3) was $(0.08) for the first quarter of 2023; This compares with Adjusted Loss Per Share(3) of $(0.13) for the first quarter of 2022 Aggregate procedural volumes increased 14.0% and same-center procedural volumes increased 9.3% compared with the first quarter of 2022RadNet revises full-year 2023 guidance levels to increase Revenue and Adjusted EBITDA(1) ranges LOS ANGELES, May 09, 2023 (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 363 owned and operated outpatient imaging centers, today reported financial results for its first quarter of 2023. Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I am very pleased with the continuing strength of our core imaging center business. In our Imaging Center operating segment, Revenue increased almost 14% and Adjusted EBITDA(1) increased over 25% from last year’s first quarter. Our procedural volumes both on an aggregate and same-center basis demonstrated strong growth, in a quarter that is seasonally our weakest. Though the cost and availability of labor continues to be challenging, we are having more success in filling open positions and retaining talented team members.” “Given the positive trends we are experiencing in our core business and the strong financial performance of the first quarter, we have elected to revise certain guidance levels upwards in anticipation of fin...