Business
RadNet Reports Third Quarter Financial Results and Revises Upward 2021 Financial Guidance Ranges for Adjusted EBITDA(1) and Free Cash Flow(2)
Revenue increased 14.0% to $332.7 million in the third quarter of 2021 from $291.8 million in the third quarter of 2020Adjusted EBITDA(1) increased 36.0% to
About this update from Radnet, Inc.
[{"type":"text","content":"Revenue increased 14.0% to $332.7 million in the third quarter of 2021 from $291.8 million in the third quarter of 2020Adjusted EBITDA(1) increased 36.0% to $62.3 million in the third quarter of 2021 from $45.8 million in the third quarter of 2020; Adjusted to remove a one-time $7.7 million benefit from the forgiveness of deferred federal payroll taxes, Adjusted EBITDA(1) was $54.6 million, an increase of 19.2% from the third quarter of 2020Adjusting for one-time items impacting Net Income in the quarter, Adjusted Earnings Per Share(3) was $0.21 for the third quarter of 2021; This compares with Adjusted Earnings Per Share(3) of $0.15 for the third quarter of 2020 Aggregate procedural volumes increased 15.6%; Same-center procedural volumes increased 10.0% compared to the third quarter of 2020At quarter end, Net Leverage Ratio (Net Debt divided by Trailing 12 Month Adjusted EBITDA(1))was 2.85x, the lowest leverage in RadNet’s historyRadNet further revises full-year 2021 guidance levels to increase Adjusted EBITDA(1) and Free Cash Flow(2) ranges LOS ANGELES, Nov. 08, 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 350 owned and operated outpatient imaging centers, today reported financial results for its third quarter of 2021. Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I am pleased with our financial results in the third quarter. Despite our Revenue being negatively impacted by over $2.5 million in the quarter from hurricanes Henry and Ida in the Northeast, effective cost-management drove record third quarter Adjusted EBITDA(1) performance. Even after subtracting a one-time benefit of $7.7 million of federal payroll tax forgiveness, Adjusted EBITDA(1) increased 19.2% from last year’s third quarter and Adjusted EBITDA(1) margin increased by 0.7% to 16.4% in this year’s quarter. “We are particularly proud of this performance in light of the ongoing challenges from COVID-19 and its variants on our business and the entire healthcare delivery system. While we have experienced steady quarterly improvement in our procedural volumes since the height of COVID-19 last year, certain modalities and geographies remain impacted. Furthermore, challenges in workforce staffing...