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 (NASDAQ: RDNT), a leading provider of diagnostic imaging services, has announced its participation in the BofA Securities 2024 Leveraged Finance Conference. Mark Stolper, Executive Vice President and CFO, will present at the conference in Boca Raton, FL on December 3, 2024, at 8:10 a.m. Eastern Time (5:10 a.m. Pacific Time).
The presentation will be accessible through simultaneous and archived webcasts available on both the BofA conference platform and RadNet's corporate website under the 'About RadNet' section and 'News and Press Releases' sub-menu.
Siemens Healthineers and DeepHealth, a RadNet subsidiary (NASDAQ: RDNT), announced a strategic collaboration to enhance ultrasound operations through AI-powered SmartTechnology™. The partnership combines Siemens' Acuson Sequoia ultrasound system with DeepHealth's SmartSonography™ solution to address workforce shortages and operational challenges. The technology includes a remote-acquisition platform for real-time scanning and monitoring, plus a cloud-native enterprise viewer for improved diagnostic accuracy. The collaboration aims to reduce scan time, decrease operator variability, and enable better patient care through standardized protocols and enhanced imaging capabilities.
Maverick Medical AI has completed deploying its real-time autonomous AI-powered medical coding solution across all 399 RadNet (NASDAQ: RDNT) sites. The mCoder solution, which uses deep learning and synthetic data generation, has processed over 10 million medical reports to date, generating reimbursement codes in real-time. RadNet plans to implement Maverick CodePilot™ into radiologists' workflow, enabling them to resolve coding-related issues before signing reports. The implementation has significantly increased RadNet's direct-to-bill rate, reducing errors, avoiding billing backlogs, and easing administrative burden.
RadNet's subsidiary DeepHealth has announced a strategic collaboration with CARPL.ai to develop an advanced AI control system for image interpretation in radiology. The partnership aims to create a monitoring system for AI performance, safety, and scalability, integrating CARPL.ai's AI orchestration capabilities with DeepHealth's cloud-native operating system. The system will automate the measurement of performance metrics such as specificity, sensitivity, and model drift, while enabling radiologists to access and monitor FDA-cleared AI models within their workflows.
RadNet's DeepHealth has received expanded FDA 510(k) clearance for its SmartMammo Dx AI algorithm to be compatible with GE HealthCare's Senographe Pristina™ mammography systems. This expansion follows the initial FDA clearance in May 2021 for HOLOGIC systems. The AI-powered software helps identify suspicious soft tissue lesions and calcifications in digital breast tomosynthesis mammograms, assigning specific suspicion levels with enhanced diagnostic accuracy.
The technology has already supported millions of exams through RadNet's Enhanced Breast Cancer Detection program. This new clearance advances DeepHealth's mission to enhance breast cancer screening programs by broadening system compatibility and improving clinical accuracy, operational efficiency, and patient care.
RadNet's DeepHealth subsidiary has received expanded FDA 510(k) clearance for its SmartMammo Dx AI algorithm, making it compatible with GE HealthCare's Senographe Pristina™ mammography systems. The software, which helps identify suspicious soft tissue lesions and calcifications in digital breast tomosynthesis (DBT) mammograms, was previously cleared for use with HOLOGIC systems in May 2012. The technology has already supported millions of exams through RadNet's Enhanced Breast Cancer Detection program and aims to improve cancer detection accuracy, operational efficiency, and patient care through AI-powered screening.
RadNet announced the completion of pricing and allocations for Amendment No. 1 to its Credit Agreement, which will reduce interest rates by 0.25% on its $872.8 million outstanding term loans. The new rates will be either Term SOFR plus 2.25% or alternate base rate plus 1.25%. This amendment is expected to result in approximately $2.2 million in annual cash interest expense reduction. The company maintains a strong financial position with nearly $750 million in cash, a leverage ratio under 1.0x, and term loans maturing in 2031.
GE HealthCare (GEHC) and RadNet's DeepHealth announced a strategic collaboration to advance AI in medical imaging. The partnership will combine GE HealthCare's imaging expertise with RadNet's DeepHealth AI solutions to create SmartTechnology™ solutions. Their first initiative integrates DeepHealth's AI-powered SmartMammo™ with GE's Senographe Pristina™ mammography system to enhance breast cancer screening. The collaboration includes Smart Alerts, aimed at enabling rapid AI processing for potentially suspicious lesions. GE HealthCare will distribute SmartMammo and other DeepHealth solutions in the United States as part of their imaging technologies portfolio.
GE HealthCare (GEHC) and RadNet's DeepHealth (RDNT) have announced a strategic collaboration to advance AI in medical imaging. The partnership will combine GE HealthCare's imaging expertise with RadNet's DeepHealth AI solutions to develop SmartTechnology™ solutions. Their first initiative integrates DeepHealth's AI-powered SmartMammo™ with GE's Senographe Pristina™ mammography system to enhance breast cancer screening. The collaboration includes Smart Alerts, aimed at enabling rapid AI processing for potentially suspicious lesions. GE HealthCare will distribute SmartMammo and other DeepHealth solutions in the United States, with plans to explore additional AI-based workflows in other imaging modalities.
RadNet (RDNT) reported strong Q3 2024 financial results with record quarterly performance. Total revenue increased 14.7% to $461.1 million, while Adjusted EBITDA grew 27.2% to $73.7 million. Digital Health segment revenue rose 34.3% to $16.4 million, driven by a 75.8% increase in AI revenue. The company reported adjusted diluted EPS of $0.18, up from $0.13 in Q3 2023. Aggregate procedural volumes increased 9.0%, with same-center volumes up 5.5%. Based on strong performance, RadNet revised upward its 2024 guidance for Revenue, Adjusted EBITDA, and Free Cash Flow. The company maintained a strong balance sheet with $748.9 million in cash and a Net Debt to Adjusted EBITDA ratio below 1.0x.