Radnet Stock Price, News & Analysis

RadNet announced the successful refinancing of its senior secured term loan and revolving credit facilities, totaling $725 million and $195 million, respectively. This refinancing reduces the interest rate margin from 3.75% to 3.25% and extends the maturity date to April 2028 for term loans and April 2026 for revolving credit. The refinancing allows RadNet to reduce borrowing costs, increase operational flexibility, and add $107 million to its balance sheet.

RadNet, Inc. (NASDAQ: RDNT) announced FDA clearance for its AI-driven mammography triage software, Saige-Q. This tool enhances radiologists' efficiency by prioritizing suspicious screening exams, supporting both 2D and 3D mammography. Saige-Q is pivotal for DeepHealth, marking its first FDA-cleared product and aims to improve care efficiency. With nearly 2 million mammography exams performed annually, RadNet plans to deploy the technology to boost accuracy and productivity in radiology, reflecting its commitment to AI in healthcare transformation.

RadNet, Inc. (NASDAQ: RDNT) announced a proposed refinancing of its existing senior secured term loan, amounting to $611 million, and a $195 million revolving credit facility. The plan includes a new seven-year $675 million term loan B facility and a five-year $195 million revolving credit facility. The refinancing aims to lower costs and extend maturities. However, completion is subject to market conditions and negotiations with lenders, with no guarantee of favorable terms. RadNet operates 331 imaging centers across the U.S., employing around 8,300 personnel.

RadNet, a leader in diagnostic imaging services, will present at the Sidoti & Company Spring 2021 Conference on March 24th at 1:00 p.m. Eastern Time. Mark Stolper, Executive Vice President and CFO, will lead the presentation. RadNet operates 331 outpatient imaging centers across key states like California and New York, employing around 8,300 staff. The presentation will be accessible via a webcast on RadNet's website and Sidoti's platform.

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.