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RadNet, Inc. reports recurring developments in outpatient diagnostic imaging, digital health, and radiology technology. The company operates owned and managed imaging centers that provide MRI, CT, PET/CT, mammography, ultrasound, X-ray, fluoroscopy, nuclear medicine, and related procedures for physicians and patients across U.S. markets.
RadNet news commonly covers financial results, imaging-center procedure volumes, guidance updates, joint ventures, acquisitions, and customer or technology collaborations. Its Digital Health segment includes DeepHealth, which provides radiology information technology, AI-powered health informatics, clinical AI applications, patient engagement tools, operational AI, teleradiology services, and related products for the diagnostic imaging industry.
RadNet, Inc. (NASDAQ: RDNT) has acquired a 75% interest in London-based Heart & Lung Imaging Limited, enhancing its capacity in lung cancer diagnostics. HLH operates a network of over 70 radiologists and is a leader in NHS England's Targeted Lung Health Check (TLHC) program, which aims to screen one million lung cancer patients by 2026. This acquisition leverages RadNet’s AI technology to improve diagnostic accuracy and reduce mortality rates in lung cancer. CEO Dr. Howard Berger emphasized the strategic importance of early detection in improving patient outcomes and reducing healthcare costs.
RadNet, Inc. (NASDAQ: RDNT) announced the hosting of a conference call on November 9, 2022, at 7:30 a.m. PT (10:30 a.m. ET) to discuss its third quarter 2022 financial results. Investors can join by calling 800-239-9838 (domestic) or 929-477-0448 (international). The call will also be available via archived webcast. RadNet, recognized as a leader in diagnostic imaging services, operates 353 outpatient imaging centers across multiple states and employs approximately 9,000 people.
RadNet, Inc. (NASDAQ: RDNT) announced its joint venture, New Jersey Imaging Network (NJIN), has acquired the outpatient radiology assets of Montclair Radiology, enhancing NJIN's presence in northern New Jersey. Montclair Radiology operates six imaging centers and serves a patient population of 16 million, performing over 200,000 procedures annually. The acquisition is expected to add over $40 million in annual revenue to NJIN, supporting RadNet's mission to provide high-quality, cost-effective imaging services, while also benefitting Montclair Radiology's established reputation in the community.
RadNet reported a 6.1% increase in revenue for Q2 2022, totaling $354.4 million, compared to $333.9 million in Q2 2021. Revenue from the Imaging Centers segment rose by 5.7% to $352.8 million. Adjusted EBITDA, excluding AI losses, was $55.5 million, a 3.2% decrease year-over-year. The company reaffirmed its 2022 guidance, maintaining revenue expectations between $1.36 billion to $1.41 billion. Despite inflation and Medicare reimbursement cuts, RadNet remains optimistic about future growth from new centers and joint ventures.
RadNet, Inc. (NASDAQ: RDNT) announced it will host a conference call on August 9, 2022, at 7:30 a.m. PT to discuss its second-quarter 2022 financial results. Investors can participate by calling 800-458-4148 or 929-477-0324 for international access. The event will also feature archived webcasts. RadNet is a leading provider of diagnostic imaging services in the U.S., operating 351 outpatient imaging centers, and employing approximately 9,000 personnel across multiple states.
RadNet, a leader in diagnostic imaging services, announced that Mark Stolper, CFO, will present at the Jefferies 2022 Global Healthcare Conference on June 8, 2022, at 9:00 a.m. ET. The event will take place in New York, NY, and will be accessible via live and archived webcasts. RadNet operates 351 outpatient imaging centers across multiple states, including California and New York, employing approximately 9,000 staff members. For more details on the presentation, visit RadNet's website.
RadNet, Inc. (NASDAQ: RDNT) announced FDA clearances for its AI-based diagnostic tools: DeepHealth Saige-DX™ mammography and Quantib® Prostate 2.0 MRI algorithms. Saige-DX enhances breast cancer detection, resulting in improved accuracy and reduced false positives among radiologists. Quantib Prostate 2.0 streamlines prostate MRI reporting with new automated features. The approvals align with RadNet's commitment to improving cancer care and patient outcomes, echoing the Biden administration's Cancer Moonshot initiative to reduce cancer mortality rates.
RadNet, Inc. (NASDAQ: RDNT) announced that CEO Howard Berger will participate in the Cancer Moonshot Goals Forum, aimed at reducing cancer mortality by 50% over 25 years. The White House has invited RadNet, a leader in outpatient diagnostic imaging, to leverage its expertise in cancer screening and artificial intelligence. Currently performing 5% of mammograms nationally, RadNet plans to expand its AI-driven tools for detecting other cancers. Dr. Berger emphasized the importance of early detection for improving cancer outcomes and called for collaboration to drive substantial changes in care.
RadNet reported an 8.4% increase in revenue to $341.8 million for Q1 2022 compared to Q1 2021. Excluding AI revenue, the Imaging Center segment saw an 8.2% rise to $341.2 million. Adjusted EBITDA for Imaging Centers increased 4.1% to $41.7 million. However, net income dropped to $3.0 million from $9.5 million, and diluted EPS fell to $0.05. Despite a projected loss from new AI investments, RadNet has revised its 2022 revenue guidance upward to between $1.36 billion and $1.41 billion.
RadNet (NASDAQ: RDNT) announced that Mark Stolper, Executive Vice President and Chief Financial Officer, will present at the Bank of America Securities 2022 Health Care Conference. The event is scheduled for May 11, 2022, at 10:00 a.m. Pacific Time, held at the Encore Hotel in Las Vegas, NV. The presentation will also be available via simultaneous and archived webcasts. RadNet is recognized as a national leader in diagnostic imaging services, operating 347 outpatient imaging centers across several states, employing approximately 9,000 individuals.