RadNet, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsRadNet, Inc. is a leading U.S. provider of fixed-site outpatient diagnostic imaging services, operating 442 centers as of June 30, 2026.
What they do
RadNet operates a network of diagnostic imaging centers offering MRI, CT, PET, nuclear medicine, mammography, ultrasound, X-ray, and fluoroscopy. The company also has a Digital Health segment (DeepHealth) that sells AI-powered software, workflow solutions, and cloud-native operating systems for radiology. Internationally, its HLH Imaging subsidiary provides teleradiology services under the UK's National Health Service.
Revenue drivers
- Imaging Centers segment — Core business; generates revenue from diagnostic imaging procedures at owned and joint-venture centers. Q2 2026 revenue was $622.7 million total company, with segment Adjusted EBITDA margin of 16.1%.
- Digital Health segment (DeepHealth) — Sells AI software, RIS/PACS, and DeepHealth OS. Q2 2026 revenue (including intersegment) was $32.4 million, up 56.5% year-over-year; ARR reached $105.5 million, with external customers comprising ~63% of revenue.
- Advanced imaging procedures (MRI, CT, PET/CT) — Higher-margin procedures; mix improved to 29.9% of volumes in Q2 2026. Aggregate advanced imaging volumes grew 21.2% year-over-year, same-center volumes grew 9.6%.
Recent performance
Q2 2026 total revenue was a record $622.7 million, up 25.0% from $498.2 million a year earlier. Adjusted EBITDA was $99.7 million, up 22.7% year-over-year. Adjusted EPS was $0.29, down from $0.34 in Q2 2025 due to infrastructure investments. Net income for 2025 was -$18.6 million, reflecting continued losses despite revenue growth. Operating cash flow for 2025 was $298.8 million.
Strategy
RadNet seeks to grow through a combination of organic expansion and acquisitions, building density in regional markets. The company is investing heavily in Digital Health, including AI suites for breast, lung, and prostate imaging, and its DeepHealth OS platform. Management emphasizes a shift toward advanced imaging procedures to improve margins and reduce reimbursement risk. Recent acquisitions (e.g., Aidence, Quantib) support the Digital Health portfolio. In 2026, the company signed new Digital Health business with Total Contract Value of approximately $37 million in the first half.
Risks
- Macroeconomic conditions — Inflation, recession, energy costs, and geopolitical issues could reduce patient volumes or pressure reimbursement.
- Regulatory and reimbursement changes — Changes in government or private payer policies could lower imaging reimbursement rates and impact revenue.
- Acquisition integration — Failure to successfully integrate acquired businesses could hurt expected synergies and operating results.
- Digital Health investments — Continued infrastructure spending in Digital Health may pressure near-term segment profitability, as seen in Q2 2026.
Outlook
Management revised up full-year 2026 Imaging Center guidance for revenue, Adjusted EBITDA, and free cash flow, while reaffirming all Digital Health guidance ranges. The company expects continued growth from procedural volume increases, advanced imaging mix shifts, and Digital Health sales. Q2 2026 Net Debt to Adjusted EBITDA ratio was 1.8x, with cash of $726.3 million.