Radnet Q2 2022 Earnings Report
Key Takeaways
RadNet reported a 6.1% increase in revenue to $354.4 million and a net income of $7.9 million for the second quarter of 2022. The company reaffirmed its full-year 2022 financial guidance ranges, anticipating that revenue growth from new centers and operating initiatives will mitigate the impact of inflation and reimbursement reductions.
Revenue from the Imaging Centers reporting segment was $352.8 million, an increase of $18.9 million (or 5.7%) compared to last year's second quarter.
Net Income for the second quarter of 2022 was $7.9 million, compared to $2.9 million for the second quarter of 2021.
Diluted Net Income Per Share for the second quarter of 2022 was $0.13, compared with $0.05 in the second quarter of 2021.
Overall volume increased 4.5% over the prior year’s second quarter, with MRI volume up 7.7%, CT volume up 7.0%, and PET/CT volume up 10.4%.
Radnet
Radnet
Forward Guidance
RadNet reaffirmed its previously announced guidance ranges with the exception of increasing its Capital Expenditures level by $2 million to reflect additional investments in growth opportunities we have identified in several of our core regional markets for the second half of the year.