Business
RadNet Reports Third Quarter Financial Results Demonstrating Strong Recovery from the COVID-19 Impact
Indicating a substantial recovery from the impact of COVID-19, Total Net Revenue (“Revenue”) was $291.8 million in the third quarter of 2020, a sequential
About this update from Radnet, Inc.
[{"type":"text","content":"Indicating a substantial recovery from the impact of COVID-19, Total Net Revenue (“Revenue”) was $291.8 million in the third quarter of 2020, a sequential increase of 53.1% from the second quarter of 2020 and a decrease of only 0.3% from last year’s third quarter of $292.7 millionAs a result of aggressive cost containment measures, Adjusted EBITDA(1) was $45.8 million in the third quarter of 2020, a sequential increase of 102.8% from the second quarter of 2020 and an increase of 11.7% from last year’s third quarter Adjusted EBITDA(1) of $41.0 million Adjusted EBITDA(1) margin was 15.7% during the quarter as compared to 14.0% in last year’s third quarter, an increase of 169 basis points (1.7%)Adjusting for the non-cash impact from the Company’s interest rate hedges on Net Income (“Adjusted Net Income”), Adjusted Net Income Per Share was $0.15 in this year’s third quarter, as compared to Adjusted Net Loss Per share of $(0.16) in the second quarter of this year and Net Income Per Share of $0.06 in last year’s third quarter; this is a sequential increase of $0.31 per share from the second quarter of 2020 and $0.09 per share from last year’s third quarter Aggregate procedural volumes increased 66.2% from the second quarter of 2020At third quarter end, RadNet had a cash balance of $89.7 million and was undrawn on its $195 million revolving line of credit Subsequent to quarter end, RadNet announced the formation of a joint venture with Adventist Health in Simi Valley, California and the creation of a new operating platform in Phoenix, Arizona with Dignity Health/CommonSpirit Health LOS ANGELES, Nov. 09, 2020 (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 334 owned and/or operated outpatient imaging centers, today reported financial results for its third quarter of 2020.\n Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I am very pleased with our performance during the quarter. Our sequential improvement from the second quarter of 2020 is illustrative of both a strong recovery of our procedural volumes and our focus on controlling costs. Compared to the second quarter of this year, our Revenue grew 53.1% and our aggregate procedural volumes increased 66.2%. Our Adjusted EBI...