RadNet, Inc. Acquires See-Mode Technologies for Innovation in AI-Powered Ultrasound Diagnostics

Rhea-AI Summary

RadNet (NASDAQ: RDNT) has acquired See-Mode Technologies, an AI innovator in ultrasound imaging diagnostics. See-Mode's FDA-approved AI solutions for thyroid and breast ultrasound detection will be integrated into RadNet's DeepHealth population health solutions. The acquisition demonstrates significant operational benefits, with early deployment showing up to 30% reduction in scan time across RadNet's imaging centers. RadNet performs approximately 250,000 annual thyroid ultrasounds and over two million total ultrasound studies yearly across 900+ units. The integration aims to improve diagnostic accuracy, enhance workflow efficiency, and generate standardized reports. The acquisition strengthens RadNet's position in AI-powered healthcare solutions, particularly in addressing thyroid and breast cancer diagnostics, which represent approximately 20 million ultrasound exams annually in the US alone.

Positive

• Early deployment shows up to 30% reduction in scan time, improving operational efficiency
• Additional reimbursement eligibility for thyroid ultrasounds through existing code
• Access to large-scale clinical data through RadNet's network of 900+ ultrasound units
• Potential revenue growth through increased capacity and improved appointment availability
• Integration expands DeepHealth's AI portfolio to include thyroid and breast diagnostics

Negative

• Integration of new technology may require additional training and adaptation period
• Success depends on effective commercialization of offerings to third parties
• Investment costs and potential impact on debt structure not disclosed

Insights

Healthcare Technology Analyst

RadNet's acquisition of See-Mode adds AI ultrasound tech that increases efficiency by 30%, creating capacity and revenue opportunities.

RadNet's acquisition of See-Mode Technologies represents a strategic expansion of its AI capabilities in the high-volume ultrasound market. The integration of See-Mode's FDA-approved AI algorithms for thyroid and breast ultrasound into RadNet's DeepHealth division addresses a significant market opportunity - the 20 million ultrasound exams performed annually in the US for these conditions alone.

The acquisition's value proposition is compelling from both operational and financial perspectives. Initial deployment has demonstrated up to 30% reduction in scan time, which directly addresses capacity constraints across RadNet's 900+ ultrasound units. This efficiency gain creates two revenue opportunities: increased patient throughput without additional capital expenditure and access to existing reimbursement codes for AI-enhanced thyroid ultrasounds.

From a market positioning standpoint, this acquisition strengthens RadNet's competitive advantage in the evolving healthcare AI landscape. By vertically integrating advanced imaging AI into its existing infrastructure, RadNet is building defensibility against both traditional imaging center competitors and potential disruptors. The company can leverage See-Mode's technology across its two million annual ultrasound studies, while simultaneously commercializing the solution to third parties through DeepHealth.

This transaction aligns with the broader industry trend toward AI-augmented diagnostics that improve both clinical outcomes and operational efficiency. The focus on thyroid and breast cancer - among the most common cancers affecting women - positions RadNet favorably in these high-volume screening markets where early detection significantly impacts treatment outcomes and costs.

• See-Mode’s commercially available AI-powered ultrasound detection, characterization, and reporting solutions for thyroid and breast will be integrated into RadNet’s DeepHealth population health solutions
• Real-world deployment of See-Mode’s FDA-approved thyroid ultrasound solution at RadNet imaging centers demonstrates improved workflow efficiency and enhanced diagnostic accuracy
• The acquisition positions RadNet at the forefront of AI innovation in ultrasound
  

LOS ANGELES, June 04, 2025 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT) (“RadNet”), a national leader in providing high-quality, cost-effective diagnostic imaging services and digital health solutions through its wholly-owned subsidiary DeepHealth, announced today that it has completed the acquisition of See-Mode Technologies PTE LTD ("See-Mode"), a global innovator in AI for ultrasound imaging. See-Mode’s initial applications to detect and characterize thyroid nodules and breast lesions in ultrasound imaging improve diagnostic accuracy and enhance clinical workflows by generating standardized reports.¹ These applications and others to be developed in the future using See-Mode’s technology and expertise will strengthen DeepHealth’s leadership in population health solutions.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “Thyroid cancer is one of the fastest growing cancer diagnoses worldwide² and, alongside breast cancer, is among the most common cancers affecting women³. In the US alone, approximately 20 million ultrasound exams are performed annually for thyroid and breast combined.⁴ With ultrasound imaging inherently complex and user and radiologist-dependent, the opportunity to improve care through AI is significant.”

Dr. Berger added, “Early deployment of See-Mode’s FDA-approved thyroid ultrasound AI across a portion of our imaging centers has demonstrated up to a 30% reduction in scan time as a result of increased workflow efficiency from See-Mode’s automated detection and reporting.⁵ With demand exceeding available appointment slots for many of our over 900 ultrasound units, the increase in capacity created by See-Mode’s technology should improve our ability to drive better access and more revenue through RadNet’s existing centers. Furthermore, there is already a reimbursement code that makes a portion of our approximately 250,000 annual thyroid ultrasounds eligible for additional reimbursement. We aim to expand these efficiencies to breast screening and other clinical areas in our more than two million annual ultrasound studies. These opportunities will also be sold and marketed by DeepHealth to third parties as we further commercialize the offerings.”

Dr. Milad Mohammadzadeh, Co-Founder of See-Mode, added: “Ultrasound is complex, time-consuming, and high-volume—exactly where AI can make a difference. By joining RadNet and DeepHealth’s combined access to real-world clinical data and expertise at an unprecedented scale, we have an extraordinary platform to build the future of ultrasound.”

Kees Wesdorp, President and CEO of RadNet’s Digital Health division, commented: “We are excited to integrate See-Mode’s technology in thyroid and breast ultrasound into DeepHealth’s comprehensive portfolio of AI-powered solutions for breast, lung, prostate, and brain, to address clinical and operational challenges in high-volume care settings. The technology and the team’s expertise will be the basis for future AI-powered ultrasound solutions that will add to the growth engine of DeepHealth.”

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods.

Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

our ability to service our indebtedness, make principal and interest payments as those payments become due and remain in compliance with applicable debt covenants, in addition to our ability to refinance such indebtedness on acceptable terms;

changes in general economic conditions nationally and regionally in the markets in which we operate;

our ability to acquire, develop, implement and monetize artificial intelligence algorithms and applications;

the impact of the political environment and related developments on the current healthcare marketplace and on our business, including with respect to the future of the Affordable Care Act;

the extent to which the ongoing implementation of healthcare reform, or changes in or new legislation, regulations or guidance, enforcement thereof by federal and state regulators or related litigation result in a reduction in coverage or reimbursement rates for our services, or other material impacts to our business;

the occurrence of hostilities, political instability or catastrophic events;

noncompliance by us with any privacy or security laws or any cybersecurity incident or other security breach by us or a third party involving the misappropriation, loss or other unauthorized use or disclosure of confidential information.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere. Additional information concerning risks, uncertainties and assumptions can be found in RadNet's filings with the SEC, including the risk factors discussed in RadNet's most recent Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and future filings with the SEC.

Any forward-looking statement contained in this release is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.

About RadNet
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 401 owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Maryland, New Jersey, New York and Texas. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has a total of over 11,000 employees. For more information, visit http://www.radnet.com.

About DeepHealth
DeepHealth is a wholly-owned subsidiary of RadNet, Inc. (NASDAQ: RDNT) and serves as the umbrella brand for all companies within RadNet’s Digital Health segment. DeepHealth provides AI-powered health informatics with the aim of empowering breakthroughs in care through imaging. Building on the strengths of the companies it has integrated and is rebranding (i.e., eRAD Radiology Information and Image Management Systems and Picture Archiving and Communication System, Aidence lung AI, DeepHealth and Kheiron breast AI and Quantib prostate and brain AI), DeepHealth leverages advanced AI for operational efficiency and improved clinical outcomes in lung, breast, prostate, and brain health. At the heart of DeepHealth’s portfolio is a cloud-native operating system – DeepHealth OS – that unifies data across the clinical and operational workflow and personalizes AI-powered workspaces for everyone in the radiology continuum. Thousands of radiologists at hundreds of imaging centers and radiology departments around the world use DeepHealth solutions to enable earlier, more reliable, and more efficient disease detection, including in large-scale cancer screening programs. DeepHealth’s human-centered, intuitive technology aims to push the boundaries of what’s possible in healthcare. https://deephealth.com/

About See-Mode
See-Mode enhances clinical workflows by utilizing AI to analyze thyroid and breast ultrasound images, enabling clinicians to improve diagnostic accuracy and efficiency. With regulatory approvals in the United States, Canada, Australia, New Zealand, and Singapore, the company’s AI-powered solutions can transform healthcare delivery. See-Mode, based in Singapore and operating in Australia, is dedicated to driving better outcomes for patients worldwide. For more information, visit https://www.see-mode.com/.

RadNet Contact
Mark Stolper
Executive Vice President and Chief Financial Officer
310-445-2800

DeepHealth Contact
Andra Axente
Director of Communications
+31614440971
andra.axente@deephealth.com

See-Mode Contact
Milad Mohammadzadeh
Co-Founder & Director
milad-@see-mode.com

^{_____________________________}

¹See-Mode’s thyroid and breast solutions are cleared for distribution and marketing in Canada, Singapore, Australia, and New Zeeland, and its thyroid solution has additional FDA clearance in the United States.
²American Thyroid Association. (2017, February). Clinical Thyroidology for the Public, 10(2), 9. https://www.thyroid.org/patient-thyroid-information/ct-for-patients/february-2017/vol-10-issue-2-p-9/
³https://cancerstatisticscenter.cancer.org/
⁴ Diagnostic Imaging Procedure Volumes Database 2024. Signify Research. Published October 4, 2024.
⁵ Data on file. Initial deployment at 12 RadNet outpatient imaging centers.

FAQ

What is the strategic importance of RadNet's acquisition of See-Mode Technologies?

The acquisition strengthens RadNet's AI capabilities in ultrasound diagnostics, particularly for thyroid and breast cancer detection, while improving workflow efficiency and diagnostic accuracy across its imaging centers.

How will See-Mode's technology impact RadNet's operations?

Early deployment has shown up to 30% reduction in scan time, increasing capacity and revenue potential across RadNet's 900+ ultrasound units, while also qualifying for additional reimbursement for thyroid ultrasounds.

What is the market opportunity for RDNT's ultrasound AI solutions?

In the US alone, approximately 20 million ultrasound exams are performed annually for thyroid and breast combined, representing a significant market opportunity for AI-powered diagnostic solutions.

How many ultrasound studies does RadNet perform annually?

RadNet performs over two million annual ultrasound studies, including approximately 250,000 thyroid ultrasounds.

What are the key benefits of See-Mode's AI technology for RDNT?

The technology improves diagnostic accuracy, enhances workflow efficiency, generates standardized reports, and creates additional capacity through reduced scan times, while qualifying for additional reimbursement.