Business
RadNet Reports Fourth Quarter 2021 Results and Releases 2022 Financial Guidance
Revenue increased 8.0% to $333.2 million in the fourth quarter of 2021 from $308.5 million in the fourth quarter of 2020Adjusted EBITDA(1) increased 7.5% to
About this update from Radnet, Inc.
[{"type":"text","content":"Revenue increased 8.0% to $333.2 million in the fourth quarter of 2021 from $308.5 million in the fourth quarter of 2020Adjusted EBITDA(1) increased 7.5% to $54.5 million in the fourth quarter of 2021 from $50.7 million in the fourth quarter of 2020RadNet estimates that its Adjusted EBITDA(1) was negatively impacted by the most recent Omicron surge of COVID-19 by approximately $3 million during the fourth quarter of 2021Adjusting for unusual or one-time items impacting Net Income in the quarter, Adjusted Earnings Per Share(3) was $0.13 for the fourth quarter of 2021; This compares with Adjusted Earnings Per Share(3) of $0.20 for the fourth quarter of 2020 Aggregate procedural volumes increased 11.4%; Same-center procedural volumes increased 7.3% compared to the fourth quarter of 2020At quarter end, Net Leverage Ratio (Net Debt divided by Trailing 12 Month Adjusted EBITDA(1)) was 2.9x; RadNet ended 2021 with a cash balance of $134.6 million and undrawn on its $195 million revolving line of credit RadNet announces 2022 guidance ranges, anticipating increases in Revenue and Adjusted EBITDA(1) for 2022 over 2021 (as adjusted for one-time benefits recognized in 2021 from provider relief funding and employee retention credit under the CARES Act) LOS ANGELES, March 01, 2022 (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 347 owned and/or operated outpatient imaging centers, today reported financial results for its fourth quarter and full year ended December 31, 2021. Financial Results Fourth Quarter Report: Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “Despite being impacted from the Omicron surge of COVID-19 during the quarter, I am pleased that we were able to increase our Revenue by 8.0% and our Adjusted EBITDA(1) by 7.5% from last year’s fourth quarter. This was the result of ongoing strong demand for our services and the continuing migration of patient procedures from hospitals to free-standing ambulatory outpatient imaging centers. The improvement in our operating metrics during the quarter overshadowed the negative impact from the Omicron surge, which reduced our Revenue by over $4 million and our Adjusted EBITDA(1) by approximately $3 million in the fourth quarter...