Business
RadNet Reports Second Quarter Financial Results, with Record Quarterly Revenue and Adjusted EBITDA(1), and Updates 2023 Financial Guidance Ranges
Revenue increased 13.9% to a quarterly record of $403.7 million in the second quarter of 2023 from $354.4 million in the second quarter of 2022; Excluding
About this update from Radnet, Inc.
[{"type":"text","content":"Revenue increased 13.9% to a quarterly record of $403.7 million in the second quarter of 2023 from $354.4 million in the second quarter of 2022; Excluding Revenue from our Artificial Intelligence (“AI”) reporting segment, Revenue from the Imaging Centers reporting segment in the second quarter of 2023 was $401.3 million, an increase of 13.8% from last year’s second quarter of $352.8 millionExcluding losses from our AI reporting segment, Adjusted EBITDA(1) from the Imaging Centers reporting segment was a quarterly record of $63.7 million in the second quarter of 2023 as compared with $55.5 million in the second quarter of 2022, an increase of 14.7%; Adjusted EBITDA(1), including losses from our AI reporting segment, was $60.4 million in the second quarter of 2023 as compared with $51.3 million in the second quarter of 2022, an increase of 17.7%After adjusting for certain unusual or one-time items impacting the quarter and AI losses, Adjusted Earnings(3) was $14.9 million and diluted Adjusted Earnings Per Share(3) was $0.24 for the second quarter of 2023 compared with Adjusted Earnings(3) of $8.6 million and diluted Adjusted Earnings Per Share(3) of $0.15 for the second quarter of 2022 Aggregate procedural volumes increased 11.4% and same-center procedural volumes increased 7.1% compared with the second quarter of 2022On June 16th, RadNet completed its upsized public offering of common stock, raising $246 million of net proceeds; At June 30, 2023, RadNet had a $357 million cash balanceRadNet increases full-year 2023 guidance levels for Revenue and Adjusted EBITDA(1) from the Imaging Center Segment LOS ANGELES, Aug. 08, 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 second quarter of 2023. Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I am very pleased with the continued strength of our core imaging center business. In our Imaging Center segment, Revenue increased 13.8% and Adjusted EBITDA(1) increased 14.7% from last year’s second quarter. Our record quarterly Revenue and Adjusted EBITDA(1) were driven by 11.4% aggregate and 7.1% same-center procedural volume growth rela...