Core Viewpoint - RadNet, Inc. has entered into an incremental amendment to its credit agreement, securing an additional $100 million term loan to finance acquisitions and support strategic growth initiatives [1][2][3][4]. Financial Summary - Barclays Bank PLC will provide RadNet with a $100 million incremental term loan, which will mature on April 18, 2031, aligning with the maturity of the existing term loan balance of $868.4 million [2]. - Quarterly principal payments on the term loan will increase to approximately $2.4 million from $2.2 million prior to the amendment [2]. Strategic Implications - The proceeds from the incremental term loan will enhance RadNet's capacity to pursue acquisition opportunities and support its growth strategy, adding to the existing cash balance of $717 million as of March 31, 2025 [3][4]. - The company operates a network of 401 outpatient imaging centers across several states, positioning it as a leading provider in the diagnostic imaging sector [5].

Core Insights - RadNet, Inc. has completed the acquisition of See-Mode Technologies, enhancing its capabilities in AI for ultrasound imaging, particularly for thyroid and breast applications [1][5] - The integration of See-Mode's technology is expected to improve diagnostic accuracy and clinical workflows, with standardized reporting for ultrasound imaging [1][5] - The acquisition positions RadNet as a leader in AI innovation within the ultrasound sector, aiming to expand efficiencies across various clinical areas [5][10] Company Overview - RadNet is a leading provider of diagnostic imaging services in the U.S., operating over 401 outpatient imaging centers and employing more than 11,000 staff [9] - DeepHealth, a subsidiary of RadNet, focuses on AI-powered health informatics to enhance imaging care and operational efficiency [10] - See-Mode specializes in AI solutions for ultrasound imaging, with regulatory approvals in multiple countries, including the U.S., Canada, and Australia [12] Market Context - Thyroid cancer is one of the fastest-growing cancer diagnoses globally, with approximately 20 million ultrasound exams performed annually in the U.S. for thyroid and breast conditions combined [2] - The deployment of See-Mode's FDA-approved thyroid ultrasound AI has shown a 30% reduction in scan time, indicating significant potential for improved workflow efficiency [2] - The existing reimbursement code for thyroid ultrasounds may enhance revenue opportunities for RadNet, with plans to extend these efficiencies to breast screening and other areas [2][5]

PART I – FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) RadNet reported Q1 2025 service revenue of $471.4 million, a net loss of $29.7 million, and total assets of $3.34 billion, with increased operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20at%20March%2031%2C%202025%20and%20December%2031%2C%202024) Total assets increased to **$3.34 billion**, driven by property and goodwill, while cash and equivalents slightly decreased to **$717.3 million** Condensed Consolidated Balance Sheet Highlights | Account | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $717,323 | $740,020 | | Accounts receivable | $200,127 | $185,821 | | Goodwill | $717,480 | $710,663 | | **Total assets** | **$3,336,264** | **$3,286,690** | | Total current liabilities | $505,399 | $479,712 | | Total long-term liabilities | $1,694,348 | $1,673,568 | | **Total liabilities** | **$2,199,747** | **$2,153,280** | | **Total equity** | **$1,136,517** | **$1,133,410** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024) Q1 2025 service revenue grew to **$471.4 million**, but a **17.9%** rise in operating expenses led to a **$24.1 million** operating loss and a **$37.9 million** net loss Q1 2025 vs Q1 2024 Statement of Operations | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Total service revenue | $471,399 | $431,707 | | Total operating expenses | $495,500 | $420,368 | | (Loss) Income from operations | ($24,101) | $11,339 | | Net (loss) income | ($29,737) | $5,410 | | Net loss attributable to RadNet, Inc. | ($37,926) | ($2,779) | | Basic and diluted net loss per share | ($0.51) | ($0.04) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024) Operating cash flow significantly increased to **$41.5 million**, while investing activities used **$56.8 million**, resulting in a **$22.7 million** cash decrease Q1 2025 vs Q1 2024 Cash Flow Summary | Cash Flow Activity | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $41,481 | $17,088 | | Net cash used in investing activities | ($56,751) | ($60,938) | | Net cash (used in) provided by financing activities | ($7,510) | $228,296 | | **Net (decrease) increase in cash** | **($22,697)** | **$184,410** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail RadNet's **401** imaging centers, revenue recognition, segment performance, credit facilities, and the subsequent iCAD acquisition agreement - RadNet is a national provider of outpatient diagnostic imaging services, operating **401** centers as of March 31, 2025[27](index=27&type=chunk) - During Q1 2025, the company acquired assets from HALO Centers LLC and Hillcroft Medical Clinic for a total consideration of **$4.9 million**, adding to its Imaging Center segment[83](index=83&type=chunk)[84](index=84&type=chunk) - Subsequent to the quarter's end, on April 15, 2025, RadNet entered into a definitive agreement to acquire iCAD, Inc., a provider of AI-powered breast health solutions[124](index=124&type=chunk) Revenue by Payor | Payor | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Commercial insurance | $262,488 | $240,629 | | Medicare | $108,199 | $93,525 | | Revenue under capitation arrangements | $32,050 | $34,518 | | Other | $58,128 | $57,035 | | **Total service revenue** | **$471,399** | **$431,707** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue grew **9.2%** from same-center and acquisitions, but higher operating costs and a **$5.4 million** charge reduced Adjusted EBITDA to **$46.4 million** [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Imaging Center revenue grew **8.4%** with **1.2%** same-center growth, but operating expenses rose **16.8%** due to higher costs and a **$5.4 million** lease abandonment charge Imaging Center Revenue | Revenue Type | Q1 2025 (in thousands) | Q1 2024 (in thousands) | $ Increase (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | | Total | $452,178 | $417,046 | $35,132 | 8.4% | | Same Center | $411,528 | $406,451 | $5,077 | 1.2% | - Same-center revenue growth was driven by a **2.2%** increase in average fees per procedure, as advanced modality imaging volume grew **3.0%**, while routine imaging volume declined **2.2%** due to severe weather[154](index=154&type=chunk) - Medical supplies expense increased **35.4%** (**20.4%** on a same-center basis), driven by higher utilization of high-cost isotope tracers for PET/CT procedures and price increases for these tracers[161](index=161&type=chunk) - The Digital Health segment's revenue increased **31.1%** to **$19.2 million**, while its operating loss grew to **$6.1 million** from **$3.0 million** year-over-year due to investments in product development and commercial support[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) [Non-GAAP Financial Measures](index=36&type=section&id=Non-GAAP%20Financial%20Measures) Consolidated Adjusted EBITDA decreased to **$46.4 million** in Q1 2025, primarily due to a decline in the Imaging Center segment's contribution Reconciliation of Net Loss to Adjusted EBITDA | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net loss attributable to RadNet, Inc. | ($37,926) | ($2,779) | | Adjustments (Interest, Taxes, D&A, etc.) | $84,325 | $61,241 | | **Adjusted EBITDA - Total Company** | **$46,399** | **$58,462** | | Adjusted EBITDA - Imaging Center | $42,688 | $54,942 | | Adjusted EBITDA - Digital Health Segment | $3,711 | $3,520 | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) RadNet maintains strong liquidity with **$717.3 million** cash, **$41.5 million** operating cash flow, and **$324.4 million** available credit - Cash provided by operating activities increased to **$41.5 million** for Q1 2025 from **$17.1 million** in Q1 2024[194](index=194&type=chunk) - Cash used in financing activities was **$7.5 million** in Q1 2025, compared to cash provided of **$228.3 million** in Q1 2024, which was boosted by a **$218.4 million** common stock offering[196](index=196&type=chunk) - As of March 31, 2025, the company had total term loan debt of **$1.0 billion** and total available borrowing capacity of **$324.4 million** under its revolving credit facilities[199](index=199&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency fluctuations and variable-rate debt, with a **1%** SOFR increase potentially raising interest expense by approximately **$6.0 million** annually - The company is exposed to foreign exchange risk from operations in the Pound Sterling, Euro, Canadian Dollar, Hungarian Forint, and Indian Rupee. A hypothetical **1%** decline in these exchange rates would increase annual operating expenses by about **$0.4 million**[201](index=201&type=chunk)[202](index=202&type=chunk) - The company has **$468.4 million** in variable-rate debt under the Barclays Term Loan unprotected by swaps. A hypothetical **1%** increase in SOFR would increase annual interest expense by **$4.7 million** on this portion[205](index=205&type=chunk) - The company has **$132.2 million** in variable-rate debt under the Truist term loan. A hypothetical **1%** increase in SOFR would increase annual interest expense by approximately **$1.3 million**[206](index=206&type=chunk) [Controls and Procedures](index=40&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[207](index=207&type=chunk) - There were no material changes to the company's internal control over financial reporting during the first quarter of 2025[208](index=208&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, not expecting a material adverse impact on its financial condition or operations - The company does not expect current legal proceedings to have a material adverse impact on its business, financial condition, or operations[210](index=210&type=chunk) [Risk Factors](index=41&type=section&id=ITEM%201A.%20Risk%20Factors) This section refers to the comprehensive risk factors detailed in the company's Annual Report on Form 10-K - For information about business risks and uncertainties, the report refers to the risk factors described in the company's Annual Report[211](index=211&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the reporting period - None[212](index=212&type=chunk) [Other Information](index=41&type=section&id=ITEM%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the first quarter of 2025 - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the fiscal quarter ended March 31, 2025[215](index=215&type=chunk) [Exhibits](index=42&type=section&id=ITEM%206.%20Exhibits) The report includes filed exhibits such as CEO and CFO certifications and financial statements in Inline XBRL format - Exhibits filed with the report include Sarbanes-Oxley certifications and financial data in Inline XBRL format[216](index=216&type=chunk)

Financial Data and Key Metrics Changes - For Q1 2025, RadNet reported total revenue of $471.4 million, an increase of $39.7 million or 9.2% compared to Q1 2024, while adjusted EBITDA decreased by $12.1 million or 20.6% [21][22] - Adjusting for the estimated $22 million impact from severe weather and wildfires, revenue would have increased by 14.3% year-over-year, and adjusted EBITDA would have increased by 5% [22] - The company ended Q1 2025 with a cash balance of $717 million and a net debt to adjusted EBITDA ratio of slightly more than one [17][25] Business Line Data and Key Metrics Changes - The Digital Health segment reported revenue of $19.2 million, a 31.1% increase year-over-year, with adjusted EBITDA increasing by 5.4% [22][23] - AI revenue within Digital Health grew by 33.3%, driven by improved adoption of the EBCD program [23][24] - Aggregate PET CT volumes increased by 22.9%, indicating strong growth in advanced imaging despite adverse weather conditions [9][42] Market Data and Key Metrics Changes - The company noted a gradual shift towards advanced imaging, with 26.9% of procedural volume coming from advanced imaging in Q1 2025, compared to 25.7% in Q1 2024 [8] - The company continues to expand its Hospital and Health System joint venture business, with 154 centers currently held within system partnerships [16] Company Strategy and Development Direction - RadNet is focused on enhancing its digital health initiatives, including the TechLive remote technologist solution and the EVCD AI-powered breast cancer screening program [10][12] - The acquisition of iCAD Inc. is expected to enhance RadNet's capabilities in AI-powered breast health solutions, positioning the company for leadership in this area [14][15] - The company plans to open 11 new centers by the end of 2025 and an additional 11 in 2026, indicating a commitment to expanding its operational footprint [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of business operations following the adverse weather conditions in early 2025, with strong procedural and revenue growth trends observed in March, April, and May [8][21] - The management anticipates continued growth in advanced imaging and routine imaging, driven by technological advancements and increased demand [41][44] - The company expects to see improved margins due to the growth of advanced imaging and the implementation of AI tools [72] Other Important Information - The company has an active pipeline of acquisitions for both its core Imaging Center division and Digital Health division [18] - RadNet's liquidity position remains strong, with full availability of a $282 million revolving credit facility [24] Q&A Session Summary Question: What are the growth prospects for advanced imaging in the next three to five years? - Management expects growth in advanced imaging to continue, driven by AI tools and new equipment investments [40][41] Question: Can you provide insights on the M&A pipeline? - The pipeline is robust, with ongoing discussions with hospitals recognizing the value of RadNet's radiology solutions [45][46] Question: What is the current status of technologist hiring trends? - There are improvements in hiring trends, and the company remains comfortable with the projected $45 million increase in labor costs [52][58] Question: How did revenue perform against internal expectations? - Revenue was strong and aligned with internal guidance, with a notable recovery in March following weather impacts [65][66] Question: What is driving the expected increase in EBITDA margins? - The growth of advanced imaging and the implementation of AI programs are primary drivers for improved margins [72][73] Question: What is the outlook for Medicare reimbursement? - The outlook for Medicare reimbursement is stable, with expectations for potential increases in the coming years [81][82]

Financial Data and Key Metrics Changes - For Q1 2025, RadNet reported total revenue of $471.4 million, an increase of $39.7 million or 9.2% compared to Q1 2024. Adjusted EBITDA was $46.4 million, a decrease of $12.1 million or 20.6% year-over-year [21][22] - Adjusting for the estimated $22 million impact from severe weather and wildfires, revenue would have increased by 14.3% year-over-year. Adjusted EBITDA, accounting for a $15 million impact, would have increased by 5% [22] - The company ended Q1 2025 with a cash balance of $717 million and a net debt to adjusted EBITDA ratio of slightly more than one [17][24] Business Line Data and Key Metrics Changes - The Digital Health segment reported revenue of $19.2 million, a 31.1% increase year-over-year, with adjusted EBITDA of $3.7 million, up 5.4% [22][23] - AI revenue within Digital Health grew by 33.3%, driven by improved adoption of the EBCD program [23] - PET CT volumes increased by 22.9%, attributed to the growth of newer prostate and brain procedures [8] Market Data and Key Metrics Changes - The company experienced a gradual shift towards advanced imaging, with 26.9% of procedural volume coming from advanced imaging in Q1 2025, compared to 25.7% in Q1 2024 [7] - The adoption rate of the EBCD program reached over 40% nationally, indicating strong market acceptance [12] Company Strategy and Development Direction - RadNet is focused on expanding its digital health initiatives, including the TechLive remote technologist solution and the EBCD AI-powered breast cancer screening program [10][12] - The company announced the acquisition of iCAD Inc, aiming to enhance its AI-powered breast health solutions and expand its market presence [14][15] - RadNet plans to open 11 new centers by the end of 2025 and has a robust pipeline for joint ventures and acquisitions [16][18] Management's Comments on Operating Environment and Future Outlook - Management noted that the severe weather conditions in early 2025 negatively impacted performance but expressed confidence in recovery and strong growth trends in subsequent months [6][9] - The company anticipates continued growth in advanced imaging and routine imaging, driven by technological advancements and increased demand [41][43] - Management expects to see improved margins due to the growth of advanced imaging and the implementation of AI tools [75] Other Important Information - The company has an active pipeline of acquisitions and is evaluating opportunities to advance its strategic objectives [18] - RadNet's liquidity position remains strong, with full availability of a $282 million revolving credit facility [23] Q&A Session Summary Question: What is the outlook for growth in advanced imaging over the next few years? - Management expects growth in advanced imaging to continue, driven by AI tools and new equipment investments [39][41] Question: Can you provide insights on the M&A pipeline? - The pipeline is robust, with ongoing discussions with hospitals recognizing the value of RadNet's radiology solutions [44][46] Question: What are the trends in technologist hiring? - There are improvements in hiring trends, and the company remains comfortable with the projected $45 million increase in labor costs [52][58] Question: How did revenue perform against internal expectations? - Revenue was strong and aligned with internal guidance, with a bounce back in March after weather-related impacts [66][67] Question: What is driving the expected increase in EBITDA margins? - Growth in advanced imaging and the implementation of AI programs are primary drivers for improved margins [75] Question: What is the status of stock-based compensation? - The increase in stock-based compensation is due to vesting from past years and new hires, but it is expected to decrease in subsequent quarters [76]

RadNet Q1 2025 Financial Results and Revised Guidance [Executive Summary and Highlights](index=1&type=section&id=Executive%20Summary%20and%20Highlights) RadNet's Q1 2025 revenue grew 9.2% to $471.4 million, but Adjusted EBITDA fell 20.6% due to weather, prompting revised 2025 guidance and the iCAD acquisition Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Company Revenue | $471.4 million | $431.7 million | +9.2% | | Total Company Adjusted EBITDA | $46.4 million | $58.5 million | -20.6% | | Digital Health Revenue | $19.2 million | $14.7 million | +31.1% | | Adjusted Diluted EPS | $(0.35) | $0.07 | - | - First quarter results were negatively impacted by approximately **$22 million** in Revenue and **$15 million** in Adjusted EBITDA due to Southern California wildfires and severe winter weather conditions[3](index=3&type=chunk)[4](index=4&type=chunk) - On April 15, 2025, RadNet announced a definitive agreement to acquire **iCAD, Inc.** to accelerate AI-powered early detection and diagnosis of breast cancer[4](index=4&type=chunk)[6](index=6&type=chunk) - The company revised its **full-year 2025 guidance**, increasing its outlook for both **Revenue and Adjusted EBITDA**[1](index=1&type=chunk)[4](index=4&type=chunk) [Operational and Strategic Developments](index=2&type=section&id=Operational%20and%20Strategic%20Developments) RadNet expanded TechLive to 255 MRI systems, achieved over 40% EBCD AI adoption, saw strong PET/CT volume growth, and plans to acquire iCAD, maintaining a strong balance sheet - The TechLive remote scanning capability has been implemented on approximately **255 MRI systems**, with testing now extending to ultrasound systems[5](index=5&type=chunk) - The EBCD AI-powered breast cancer diagnostic program has reached a blended adoption rate of **over 40%** nationwide, and the company is progressing in discussions with payors for reimbursement[5](index=5&type=chunk) - Advanced imaging procedural volume grew, with **PET/CT volume** increasing by almost **23%** compared to the same quarter last year, driven by prostate and brain imaging[5](index=5&type=chunk) - The acquisition of **iCAD** is expected to add **over 1,500 healthcare provider locations** and accelerate RadNet's global leadership in AI-powered breast cancer screening[6](index=6&type=chunk) - RadNet ended the quarter with a strong balance sheet, featuring a cash balance of **$717 million** and a Net Debt to Adjusted EBITDA leverage ratio **slightly above 1.0x**[6](index=6&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) Q1 2025 Total Revenue grew 9.2% to $471.4 million, but Adjusted EBITDA fell 20.6% to $46.4 million, resulting in a $37.9 million net loss due to one-time charges Q1 2025 Performance vs. Q1 2024 | Metric | Q1 2025 (Million USD) | Q1 2024 (Million USD) | Change | | :--- | :--- | :--- | :--- | | Total Company Revenue | $471.4M | $431.7M | +9.2% | | Total Company Adjusted EBITDA | $46.4M | $58.5M | -20.6% | | Total Company Net Loss | $(37.9)M | $(2.8)M | - | | Net Loss Per Share | $(0.51) | $(0.04) | - | Q1 2025 Digital Health Segment Performance | Metric | Q1 2025 (Million USD) | Q1 2024 (Million USD) | Change | | :--- | :--- | :--- | :--- | | Revenue | $19.2M | $14.7M | +31.1% | | Adjusted EBITDA | $3.7M | $3.5M | +5.4% | - Adjusted Diluted Loss Per Share was **$(0.35)** for Q1 2025 after accounting for one-time items such as **$5.4 million** in lease abandonment charges and **$3.6 million** in non-capitalized R&D expenses[10](index=10&type=chunk) Q1 2025 Procedural Volume Growth vs. Q1 2024 | Volume Type | Aggregate Growth | Same-Center Growth | | :--- | :--- | :--- | | MRI | +8.4% | +3.4% | | CT | +8.3% | +3.0% | | PET/CT | +22.9% | +12.2% | | Overall | +3.6% | -0.3% | [2025 Revised Guidance](index=3&type=section&id=2025%20Revised%20Guidance) RadNet increased its full-year 2025 guidance for the Imaging Center segment's Revenue and Adjusted EBITDA, while Digital Health guidance remains unchanged Revised 2025 Guidance - Imaging Center Segment | Metric | Original Guidance Range (Million USD) | Revised Guidance Range (Million USD) | | :--- | :--- | :--- | | Total Net Revenue | $1,825 - $1,875 million | $1,835 - $1,885 million | | Adjusted EBITDA | $265 - $273 million | $268 - $276 million | | Capital Expenditures | $140 - $150 million | $145 - $155 million | 2025 Guidance (Unchanged) - Digital Health Segment | Metric | Guidance Range (Million USD) | | :--- | :--- | | Total Net Revenue | $80 - $90 million | | Adjusted EBITDA Before Non-Capitalized R&D | $15 - $17 million | [Financial Statements](index=8&type=section&id=Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Q1 2025, including the Balance Sheet, Statement of Operations, and Statement of Cash Flows [Condensed Consolidated Balance Sheets](index=8&type=section&id=RADNET%2C%20INC.%20AND%20SUBSIDIARIES%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, RadNet's total assets were $3.336 billion, with total liabilities at $2.200 billion and cash at $717.3 million Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash equivalents | $717,323 | $740,020 | | Total current assets | $1,015,861 | $1,019,252 | | Total Assets | $3,336,264 | $3,286,690 | | Total current liabilities | $505,399 | $479,712 | | Total liabilities | $2,199,747 | $2,153,280 | | Total Equity | $1,136,517 | $1,133,410 | [Condensed Consolidated Statement of Operations](index=9&type=section&id=RADNET%2C%20INC.%20AND%20SUBSIDIARIES%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20OPERATIONS) Q1 2025 total service revenue was $471.4 million, but higher expenses led to a $24.1 million loss from operations and a $37.9 million net loss Statement of Operations Highlights (in thousands) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total service revenue | $471,399 | $431,707 | | Income (Loss) from Operations | $(24,101) | $11,339 | | Net Income (Loss) | $(29,737) | $5,410 | | Net Loss Attributable to RadNet, Inc. | $(37,926) | $(2,779) | | Diluted Net Loss Per Share | $(0.51) | $(0.04) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=RADNET%2C%20INC.%20AND%20SUBSIDIARIES%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASHFLOWS) Q1 2025 net cash from operations was $41.5 million, with $56.8 million used in investing and $7.5 million in financing, resulting in a $22.7 million cash decrease Cash Flow Highlights (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $41,481 | $17,088 | | Net cash used in investing activities | $(56,751) | $(60,938) | | Net cash (used in) provided by financing activities | $(7,510) | $228,296 | | Net (Decrease) Increase in Cash | $(22,697) | $184,410 | | Cash and Cash Equivalents, end of period | $717,323 | $526,980 | [Supplementary Data and Non-GAAP Reconciliations](index=11&type=section&id=Supplementary%20Data%20and%20Non-GAAP%20Reconciliations) This section provides supplementary operating data, including payor and procedural volumes, and reconciles GAAP Net Loss to Adjusted EBITDA ($46.4M) and Adjusted Diluted Loss Per Share ($(0.35)) [Reconciliation to Adjusted EBITDA](index=11&type=section&id=RECONCILIATION%20OF%20GAAP%20NET%20INCOME%20ATTRIBUTABLE%20TO%20RADNET%2C%20INC.%20COMMON%20SHAREHOLDERS%20TO%20ADJUSTED%20EBITDA) Reconciliation from GAAP Net Loss to Adjusted EBITDA for Q1 2025 shows a total of $46.4 million, with $42.7 million from Imaging Center and $3.7 million from Digital Health Adjusted EBITDA Reconciliation (in thousands) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss attributable to Radnet, Inc. | $(37,926) | $(2,779) | | Plus: Interest, Taxes, D&A, etc. | $84,325 | $59,487 | | **Adjusted EBITDA - Radnet, Inc.** | **$46,399** | **$58,462** | | Adjusted EBITDA - Imaging Center | $42,688 | $54,942 | | Adjusted EBITDA - Digital Health | $3,711 | $3,520 | [Payments and Procedures Data](index=12&type=section&id=Payments%20and%20Procedures%20Data) In Q1 2025, commercial insurance was the largest payor at 58.0%, with MRI leading modalities, and total procedural volume increased 3.6% year-over-year Payments by Payor Class - Q1 2025 | Payor Class | Percentage | | :--- | :--- | | Commercial Insurance | 58.0% | | Medicare | 23.0% | | Capitation | 6.8% | | Other | 12.2% | Procedures by Modality | Modality | Q1 2025 (count) | Q1 2024 (count) | Change | | :--- | :--- | :--- | :--- | | MRI | 447,330 | 412,821 | +8.4% | | CT | 271,170 | 250,365 | +8.3% | | PET/CT | 20,389 | 16,594 | +22.9% | | Total | 2,742,973 | 2,646,951 | +3.6% | [Reconciliation to Adjusted Earnings Per Share](index=13&type=section&id=SCHEDULE%20OF%20ADJUSTED%20EARNINGS%20AND%20EARNINGS%20PER%20SHARE) After adjustments for non-recurring items, Q1 2025 Adjusted Net Loss was $26.2 million, resulting in an Adjusted Diluted Loss Per Share of $(0.35) Adjusted EPS Reconciliation (in thousands) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net (Loss) Income Attributable to RadNet | $(37,926) | $(2,779) | | Total Adjustments (pre-tax) | $13,070 | $5,096 | | **Adjusted Net Loss / Income** | **$(26,196)** | **$4,992** | | **Adjusted Diluted (Loss) / Earnings Per Share** | **$(0.35)** | **$0.07** | [Company Information and Disclosures](index=4&type=section&id=Company%20Information%20and%20Disclosures) This section provides Q1 2025 earnings call details, RadNet's operational overview, and important legal disclosures regarding the iCAD transaction, forward-looking statements, and non-GAAP measures - RadNet will host a conference call on **May 12, 2025**, at **10:30 a.m. Eastern Time** to discuss the first quarter results[16](index=16&type=chunk)[17](index=17&type=chunk) - RadNet is a leading national provider of diagnostic imaging services with a network of **401 owned/operated outpatient centers** and **over 11,000 employees**[18](index=18&type=chunk) - Important information regarding the proposed merger with **iCAD, Inc.** has been filed with the SEC in a **Form S-4 registration statement**, which investors are urged to read[20](index=20&type=chunk) - The press release contains **forward-looking statements** that are subject to **risks and uncertainties**, including those related to the iCAD merger, economic conditions, and healthcare reform[22](index=22&type=chunk)[23](index=23&type=chunk) - The company uses **non-GAAP financial measures** like **Adjusted EBITDA** and **Adjusted Earnings Per Share** to assist in measuring cash-based performance, and provides reconciliations to the most comparable GAAP measures[26](index=26&type=chunk)

Core Viewpoint - RadNet, Inc. reported its financial results for the first quarter of 2025, highlighting a revenue increase despite challenges from severe weather and wildfires, and announced an acquisition of iCAD to enhance its AI-powered cancer detection capabilities [1][4][3]. Financial Performance - Total Company Revenue for Q1 2025 was $471.4 million, a 9.2% increase from $431.7 million in Q1 2024 [4][6]. - Adjusted EBITDA for Q1 2025 was $46.4 million, down 20.6% from $58.5 million in Q1 2024 [4][6]. - The Digital Health segment saw a revenue increase of 31.1%, reaching $19.2 million in Q1 2025 compared to $14.7 million in Q1 2024 [4][7]. Operational Highlights - Procedural volumes increased by 3.6% overall, with advanced imaging growing 1.26% year-over-year [4][10]. - PET/CT procedural volume surged nearly 23% compared to the same quarter last year, driven by growth in prostate and brain imaging [2][4]. - The company implemented TechLive™ remote scanning capabilities, enabling approximately 255 MRIs, and began testing this technology on ultrasound systems [2]. Acquisition and Strategic Initiatives - RadNet signed a definitive agreement to acquire iCAD, which will enhance its Digital Health division and support over eight million annual mammograms globally [3][4]. - The acquisition is expected to strengthen RadNet's position in AI-powered breast cancer screening and improve population health initiatives [3]. Revised Guidance - RadNet revised its full-year 2025 guidance, increasing the revenue range to $1,835 - $1,885 million and Adjusted EBITDA to $268 - $276 million [12][11]. Balance Sheet and Cash Flow - As of March 31, 2025, RadNet had a cash balance of $717 million and a leverage ratio of Net Debt to Adjusted EBITDA slightly above 1.0x [5]. - The company reported a net loss of $37.9 million for Q1 2025, compared to a net loss of $2.8 million in Q1 2024 [8][42]. Market Position - RadNet operates a network of 401 outpatient imaging centers across several states, making it a leading provider in the diagnostic imaging industry [16]. - The company employs over 11,000 individuals, including contracted radiologists and technologists [16].

LOS ANGELES, May 09, 2025 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of fully-owned and operated outpatient imaging centers, today announced that Mark Stolper, Executive Vice President and Chief Financial Officer will be presenting at the Bank of America Securities 2025 Healthcare Conference in Las Vegas, NV on Tuesday, May 13, 2025 at 5:00 p.m. Pacific Time. There will be simultaneous and archive ...

LOS ANGELES, April 24, 2025 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ:RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of owned and operated outpatient imaging centers, announced today that it will host a conference call to discuss its first quarter 2025 financial results on Monday, May 12, 2025 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time). Investors are invited to listen to RadNet's conference call by dialing 844-826-3035. International ...

LOS ANGELES, March 13, 2025 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ:RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of fully-owned and operated outpatient imaging centers, today announced that Mark Stolper, Executive Vice President and Chief Executive Officer, will be presenting virtually at the 35th Oppenheimer Healthcare MedTech & Services Conference on Monday, March 17, 2025 at 12:40 p.m. Eastern Time. A live webcast of RadNet's presentati ...