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RadNet, Inc. is a leading provider of diagnostic imaging services in the United States, operating a network of outpatient imaging centers and offering advanced radiology solutions. The company specializes in multi-modality imaging services, including MRI, CT, PET, and X-ray, to support the diagnosis and treatment of various medical conditions. Additionally, RadNet develops and deploys AI-powered digital health solutions to enhance radiology workflows and improve diagnostic accuracy.
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Imaging Centers - Operates outpatient diagnostic imaging centers offering services such as MRI, CT, PET, X-ray, ultrasound, mammography, and other imaging procedures. Includes eRad, Inc., which provides software systems for managing digital images.
- Multi-Modality Imaging - Provides multiple imaging services at single locations to enhance convenience and operational efficiency.
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Digital Health - Develops and delivers AI-powered health informatics solutions to improve radiology quality and efficiency. Includes eRad, Inc. software and AI tools for cancer screening and radiology workflow optimization.
- SaigeQ - Triage and workflow product for breast mammography.
- SaigeDX - Advanced diagnostic tool for breast imaging.
- Saige-Density - Breast density assessment software.
- Aidence Holding B.V. - AI solutions for lung cancer screening using chest and lung CT scans.
- Quantib B.V. - Prostate MRI post-processing software for prostate cancer screening.
Name | Position | External Roles | Short Bio | |
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A. Gregory Sorensen ExecutiveBoard | Executive Vice President and Chief Science Officer at RadNet | Executive Chairman at IMRIS, Deerfield Imaging, Inc. ; Board Member at RealmIDX, Inc. ; Supervisory Board Member at Fresenius Medical Care AG & Co KGaA | A. Gregory Sorensen has served as the Executive Vice President and Chief Science Officer at RadNet since August 8, 2023. He is also a Director on the Board at RadNet and was previously the CEO of DeepHealth, Inc. (a RadNet subsidiary) since June 2020, with prior leadership roles at Siemens Healthcare and Siemens Healthineers. | |
Christine N. Gordon ExecutiveBoard | Senior Vice President of Operations, Northern California | Christine N. Gordon is the Senior Vice President of Operations for RadNet's Northern California Operations and has served on the Board of Directors since 2021. She began her career in radiology in 1984 and joined RadNet in 1994, bringing extensive expertise in multi-site operations and management. | ||
Howard G. Berger ExecutiveBoard | Chief Executive Officer | President/Co-President of Beverly Radiology Medical Group III | Howard G. Berger, M.D. has served as RadNet’s CEO and President since 1987 and as Chairman of the Board since 1992, playing a pivotal role in guiding the company's strategic direction. | View Report → |
David J. Katz Executive | Executive Vice President and Chief Legal Officer | David J. Katz has served as Executive Vice President and Chief Legal Officer at RDNT since March 2020 and as Corporate Secretary since April 2021, bringing extensive legal expertise and over 20 years of experience from Perkins Coie LLP. | ||
Mark D. Stolper Executive | Executive Vice President and Chief Financial Officer | Member of the Board of Directors of Surgalign Holdings, Inc. since March 2017 ; Member of the Board of Directors of Coherus BioSciences, Inc. since January 2021 | Mark D. Stolper has served as the Executive Vice President and Chief Financial Officer at RadNet, Inc. since July 2004. He previously contributed to RadNet’s governance as an independent Board member and brings extensive experience from investment banking and private equity roles outside the company. | |
Michael M. Murdock Executive | Executive Vice President, Mergers and Acquisitions | Michael M. Murdock has been RadNet’s Executive Vice President, Mergers and Acquisitions since 2021. He joined RadNet in November 2006 and previously served as Senior Vice President and Chief Financial Officer of Radiologix starting in January 2005. | ||
Mital Patel Executive | Executive Vice President of Financial Planning and Analysis | Mital Patel serves as the Executive Vice President of Financial Planning and Analysis at RDNT since 2016 and also holds the role of Chief Administrative Officer since 2021. He began his RDNT career in 2010 after being part of the management team at Truxtun Radiology. | ||
Norman R. Hames Executive | President and Chief Operating Officer - Western Operations | Norman R. Hames has served as the President and Chief Operating Officer - Western Operations at RadNet since 1996. He previously served on the Board of Directors from 2000 until 2019 and held leadership roles at Diagnostic Imaging Services, Inc. and American Medical International. | ||
Ranjan Jayanathan Executive | Executive Vice President and Chief Information Officer | Ranjan Jayanathan has led RDNT as Executive Vice President and Chief Information Officer since 2021, driving the IT strategy for eRAD. | ||
Stephen M. Forthuber Executive | President and Chief Operating Officer - Eastern Operations | Stephen M. Forthuber has served as RadNet's President and Chief Operating Officer - Eastern Operations and executive officer since 2006 following the acquisition of Radiologix, where he held various leadership roles. He has extensive experience from his previous roles at Radiologix and Per-Se Technologies. | ||
David L. Swartz Board | Lead Independent Director | Owner of consulting services firm | David L. Swartz has served as the Lead Independent Director at RadNet since 2011 and as Chair of the Audit Committee since 2004. He has extensive experience in the accounting field, having owned his consulting services firm since 2010 and held several significant roles in accounting firms. | |
Gregory E. Spurlock Board | Director | Senior Advisor to LLR Partners; Senior Advisor to Global Medical Response | Gregory E. Spurlock has served as a Director on RadNet's Board since 2021. He brings extensive healthcare operations expertise and also serves as a Senior Advisor to LLR Partners and Global Medical Response. | |
Laura P. Jacobs Board | Director | Senior Advisor at Sg2 ; Vice-Chair at Front Porch | Laura P. Jacobs has served as a Director at RadNet (RDNT) since 2020, bringing over 40 years of healthcare management expertise, including notable advisory roles and broad industry experience. | |
Lawrence L. Levitt Board | Director | President and Chief Financial Officer of Canyon Management Company | Lawrence L. Levitt has served as a Director at RDNT since 2005 and holds key committee roles including Audit Committee Member since March 2005, Nominating and Governance Committee Member since 2011, and Chair of the Compensation Committee since 2007. He is a certified public accountant with an MBA in Accounting from UCLA, bringing extensive financial expertise to RDNT. |
- Given the ongoing labor pressures and wage inflation, how do you plan to manage margin compression in the Imaging Center segment while maintaining service quality and meeting demand?
- You've invested significantly in the Digital Health segment, including a planned $20 million investment in 2025. Can you provide more clarity on when you expect these investments to translate into meaningful revenue growth and profitability improvements?
- With a substantial cash balance and low leverage, what specific acquisition targets are you considering in 2025, and how do you plan to utilize your capital to drive growth, particularly in the competitive imaging center market?
- Capitation revenue has been declining as a percentage of total revenue, and you have mentioned flipping some capitation contracts to fee-for-service. How sustainable is this strategy in the long term, and what risks does it pose to patient volume and payer relationships?
- The implementation of your DeepHealth OS and cloud-based solutions necessitates customers switching from legacy PACS and RIS systems. How do you plan to overcome the significant switching costs and barriers for potential customers who may be reluctant to replace existing systems despite the benefits you offer?
Competitors mentioned in the company's latest 10K filing.
Company | Description |
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Akumin, Inc. | The company competes with independent imaging operators, including this competitor, which is mentioned as an example of a diagnostic imaging company that provides competition in the highly competitive market for diagnostic imaging services. Some competitors may have access to greater financial resources and newer, more advanced equipment, which could impact the company's ability to compete effectively. |
Notable M&A activity and strategic investments in the past 3 years.
Company | Year | Details |
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Stanislaus Surgical Hospital, LLC | 2024 | Acquired on September 16, 2024 for a total of $3.0 million with detailed allocations to property, right‐of‐use assets, goodwill, and intangibles, enhancing RadNet’s presence in the California imaging center segment. |
Global Imaging LLP | 2024 | Acquired on September 1, 2024 for $2.9 million, with key assets including $1.266 million in property & equipment and $1.584 million in goodwill, supporting expansion in Sugar Land, Texas. |
U.S. Imaging, Inc. | 2024 | Acquired on June 1, 2024 for $4.2 million, comprising significant assets—$4.025 million in property & equipment and $5.597 million in right‐of‐use assets—to expand into the Houston market with its six imaging centers. |
American Health Imaging Centers (Houston) | 2024 | Completed on June 1, 2024, involving the acquisition of six imaging centers that were integrated with earlier Houston operations, part of RadNet’s broader strategy to establish a strong footprint in the Houston area. |
Houston Medical Imaging, LLC | 2024 | Completed on April 1, 2024 with a purchase consideration of approximately $22.7 million, acquiring multiple asset categories (property, right‐of‐use, goodwill, intangibles) to underpin growth in Houston and facilitate further expansion. |
Grossman Imaging Center of CMH, LLC | 2024 | Acquired on March 31, 2024 for approximately $10.5 million with an initial asset allocation (including property, right‐of‐use assets, and goodwill) that was later adjusted, aimed at boosting RadNet’s position in the California market. |
Providence Health System - Southern California | 2024 | Acquired on March 31, 2024 for $7.1 million, with assets including property, right‐of‐use, and significant goodwill, strengthening the California presence and contributing centers to the Tri Valley Imaging Group, LLC joint venture. |
Antelope Valley Outpatient Imaging | 2024 | Acquired on February 1, 2024 for approximately $3.5 million, with assets such as $2,794,000 in property & equipment and $687,000 in goodwill, adding four multi‐modality centers in Palmdale to enhance RadNet’s California market reach. |
Delaware Diagnostic Imaging, P.A. | 2023 | Acquired on August 1, 2023 for about $0.6 million; the deal included assets such as property & equipment, right‐of‐use assets, and goodwill for a single radiology center in Wilmington, Delaware. |
Madison Radiology Medical Group, Inc. | 2023 | Acquired on April 1, 2023 for $250,000 with allocated assets in property & equipment and goodwill, reinforcing RadNet’s growth in the California market without assuming any significant liabilities. |
Inglewood Imaging Center, LLC | 2023 | Acquired on February 1, 2023 for $2,600,000, with key allocations including $877,000 in property, $1,188,000 in right‐of‐use assets, and $1,658,000 in goodwill, further expanding RadNet’s imaging operations. |
Ramapo Radiology Associates, P.C. | 2023 | Acquired on February 1, 2023 for $2,000,000 with assets comprising property, right‐of‐use, and goodwill, strategically targeting expansion in the New York market via its Imaging Center segment. |
C.C.D.G.L.R. & S Services Inc. | 2023 | Acquired on January 1, 2023 for $3.5 million with assets such as property, right‐of‐use, and significant goodwill, aimed at reinforcing RadNet's footprint in the California market. |
Southern California Diagnostic Imaging, Inc. | 2023 | Acquired on January 1, 2023 for $1,815,000 where the allocation included property, right‐of‐use assets, goodwill, and other intangibles, supporting a key strategy to expand the imaging center portfolio in California. |
Aidence Holding B.V. | 2022 | Acquired on January 20, 2022 for a total consideration of approximately $45.2 million (including cash, shares, assumed liabilities, contingent amounts, and holdbacks), this deal bolstered RadNet’s AI capabilities for lung cancer screening and expanded its AI segment. |
Quantib B.V. | 2022 | Acquired on January 20, 2022 for about $42.3 million through a mix of RadNet-issued shares, cash, additional contingent shares, and a cash holdback, enhancing the company’s AI offerings in prostate, brain, and other imaging applications with robust intangible assets and goodwill. |
Recent press releases and 8-K filings for RDNT.
- RadNet, Inc. announced a definitive merger agreement to acquire iCAD, Inc. under which iCAD stockholders will receive 0.0677 shares of RadNet common stock per share, with the transaction valued at approximately $103 million and a 98% premium on iCAD’s closing price ( , ).
- The acquisition will integrate iCAD’s AI-powered breast health solutions into RadNet’s DeepHealth portfolio, expanding its market reach and enhancing early breast cancer detection capabilities ( ).
- A conference call is scheduled for April 16, 2025, at 10:30 a.m. ET to discuss the transaction details, which is expected to close in Q2 or Q3 2025, subject to stockholder approval and customary closing conditions ( , ).
- Record Q4 Performance: RadNet achieved a quarterly record revenue of $477.1 million (up 13.5% YoY) and a record Adjusted EBITDA of $75.0 million, driven by robust procedural volume growth.
- Digital Health Strength: The Digital Health segment delivered strong growth with revenue up by 28.1% and Adjusted EBITDA increasing by 61.6%, supporting ongoing efficiency and automation initiatives.
- Solid Liquidity and 2025 Outlook: The company retained a healthy cash balance of $740 million with net debt to Adjusted EBITDA below 1.0x, and provided detailed 2025 financial guidance for both the imaging center and Digital Health segments.
- Record Q4 performance: Total company revenue increased 13.5% to $477.1M and adjusted EBITDA rose 14% from last year's fourth quarter, marking the strongest quarter in company history.
- Digital Health growth: Digital Health revenue climbed 28.1% to $18.9M with adjusted EBITDA up 61.6%, highlighting rapid progress in AI and tech-enabled solutions.
- Operational enhancements: An 8% aggregate procedural volume increase with 4% same-center growth and advanced imaging now representing 26.8% of total procedures supported a robust revenue mix.
- Financial stability & investments: RadNet ended 2024 with a strong liquidity position of $740M in cash and is investing $20M in Digital Health infrastructure to fuel future growth.
- RadNet emphasized its status as the largest owner-operator of fixed-site diagnostic imaging centers in the U.S., leveraging a concentrated geographic footprint to improve operational efficiency and pricing dynamics.
- The company is aggressively advancing its digital health initiatives with the DeepHealth OS platform, already serving 350 external customers and set to bolster growth and efficiency.
- Strong financial performance was noted with nearly $1.8 billion in revenue in 2024, alongside strategic capital allocation for new center projects and technology investments while maintaining low leverage.