Business
RadNet Reports Second Quarter Financial Results, Including Record Quarterly Revenue and Adjusted EBITDA(1), and Revises Upwards 2021 Financial Guidance Ranges
Revenue increased 75.2% to an all-time quarterly record of $333.9 million in the second quarter of 2021 from $190.6 million in the second quarter of
About this update from Radnet, Inc.
[{"type":"text","content":"Revenue increased 75.2% to an all-time quarterly record of $333.9 million in the second quarter of 2021 from $190.6 million in the second quarter of 2020Adjusted EBITDA(1) increased 150.7% to an all-time quarterly record of $56.6 million in the second quarter of 2021 from $22.6 million in the second quarter of 2020Adjusting for one-time items impacting Net Income in the quarter, Adjusted Earnings Per Share(3) was $0.27 for the second quarter of 2021; This compares with Adjusted Net Loss(3) of $(0.14) per diluted share for the second quarter of 2020 Aggregate procedural volumes increased 92.7%; Same-center procedural volumes increased 80.5% compared to the second quarter of 2020RadNet has completed deployment of its FDA approved DeepHealth Saige-Q™ mammography AI software within its northeast and mid-Atlantic centers with positive physician receptionRadNet further revises full-year 2021 guidance levels to increase Revenue, Adjusted EBITDA(1) and Free Cash Flow ranges LOS ANGELES, Aug. 09, 2021 (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 353 owned and/or operated outpatient imaging centers, today reported financial results for its second quarter of 2021. Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I am extremely pleased with our financial results in the second quarter. We set all-time quarterly records for Revenue and Adjusted EBITDA(1), and achieved an Adjusted EBITDA(1) margin of 17.0%, higher by 5.1% and 2.1% from the second quarters of 2020 and 2019, respectively. The strong operating performance was the result of recovering procedural volumes in combination with lower costs as a result of actions we took during the COVID-19 period in 2020 and continued cost-containment measures implemented in 2021. Additionally, improvements in our revenue cycle and cash collections have contributed to our improving results and lower DSOs. We are seeing opportunity in virtually all aspects of our multi-faceted business. We project significant growth ahead from the strategic capital investments we are making in equipment, our development efforts in artificial intelligence, the pipeline for tuck-in acquisitions and discussions surrounding new hospital health system joint ven...