RadNet, Inc. - RDNT STOCK NEWS

RadNet reported a record fourth quarter 2020 with Total Net Revenue of $308.5 million, marking a 2.5% increase from Q4 2019. Adjusted EBITDA reached $50.7 million, up 8.1%. The enhanced revenue was attributed to improved reimbursement from 3D mammography and increased cash collections. Though net income dropped to $6.0 million from $10.4 million in the prior year, adjusted net income rose to $10.2 million. The company anticipates 2021 revenue guidance between $1,250 million and $1,300 million.

RadNet, Inc. (NASDAQ: RDNT) announced a conference call to discuss its fourth quarter 2020 financial results on March 8, 2021, at 7:30 a.m. PT (10:30 a.m. ET). Investors can join by dialing 800-437-2398 or 786-204-3966 for international calls. The call will also be available via a webcast and archived replay. RadNet is the leading provider of diagnostic imaging services in the U.S. with 334 outpatient imaging centers and approximately 8,600 employees. Core markets include California, Maryland, and New York, among others.

RadNet, the largest outpatient imaging provider in the U.S., has signed a long-term lease for a 24,000-square-foot space in the Strauss Building at Park Central, Phoenix. This move, in partnership with Dignity Health, aims to enhance local medical services, including MRI, CT, Nuclear Imaging, and Mammography. RadNet's President described the site as an ideal location for their new center of excellence, contributing to the emerging medical hub in central Phoenix. The lease aligns with RadNet's plans for growth in Arizona and increasing access to essential healthcare services.

RadNet, Inc. (NASDAQ: RDNT) announced that its subsidiary DeepHealth has published results in Nature Medicine demonstrating AI algorithms that can detect breast cancer up to two years earlier than current methods, outperforming expert radiologists. This advancement may enhance early cancer detection and generalizability across various clinical scenarios. The AI technology's initial product, aimed at mammogram prioritization, was submitted for FDA approval in late 2020, with expectations for approval in 2021. DeepHealth's innovations aim to improve mammography and broader medical imaging applications.

On December 2, 2020, eRAD announced the implementation of its Patient Portal, Mammography Tracking module, communications platform (RADAR), and Radiology Information System (RIS) at Abercrombie Radiology in Knoxville. Abercrombie, established in 1925, opted to replace its legacy RIS to enhance workflow efficiency. eRAD's solutions, which automate manual processes and facilitate HIPAA-compliant communication, are pivotal in improving patient care. The deployment faced unique challenges due to COVID, but eRAD's team quickly adapted to meet requirements.

eRAD, a subsidiary of RadNet (NASDAQ: RDNT), has successfully implemented its radiology information system (RIS), Referring Physician Portal, Patient Portal, and RADAR platform at Hutchinson Clinic, Kansas. This deployment enhances data integration and workflows, addressing interoperability challenges as the clinic's radiology volumes increased. Despite COVID-19 disruptions, eRAD's solutions have improved daily operations and position the clinic for advanced workflows. Hutchinson Clinic's diagnostic imaging department conducts nearly 70,000 exams annually, emphasizing the importance of these enhancements.

RadNet, a leader in diagnostic imaging services, announces Mark Stolper's presentation at the BofA Securities 2020 Virtual Leveraged Finance Conference on November 30, 2020, at 12:45 p.m. PT. The event will include both live and archived webcasts available on RadNet's website. RadNet operates a network of 334 outpatient imaging centers and employs approximately 8,600 individuals. It offers radiology information technology solutions and related services across major U.S. markets including California and New York.

eRAD, a subsidiary of RadNet (NASDAQ: RDNT), announced that Advanced Imaging Concepts (AIC) has chosen its complete suite of solutions to streamline workflows. AIC, located in Brooksville, FL, faces challenges like increasing competition and workforce reductions due to the COVID-19 pandemic. The deployment of eRAD's RIS, PACS, Speech Recognition, and Physician Portal aims to enhance efficiency, allowing AIC to schedule patients more effectively while maintaining safety and quality. eRAD continues to focus on providing innovative solutions to meet the needs of its clients.

RadNet, Inc. (NASDAQ: RDNT) reported a 53.1% sequential increase in Total Net Revenue for Q3 2020, totaling $291.8 million, although this reflects a slight decrease of 0.3% year-over-year. Adjusted EBITDA reached $45.8 million, a 102.8% rise from Q2 2020 and up 11.7% from the previous year. The company recorded a Net Income of $6.2 million compared to a loss in Q2. The quarter saw a 66.2% increase in procedural volumes. Additionally, RadNet announced strategic partnerships to enhance growth prospects.