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Jun 30, 2023
Radnet Q2 2023 Earnings Report
RadNet reported record quarterly revenue and adjusted EBITDA.
Key Takeaways
RadNet's second quarter results showed strong performance in the core imaging center business, with revenue increasing by 13.8% and adjusted EBITDA increasing by 14.7%. The AI segment also demonstrated accelerated growth, with revenue up 52.8% compared to the previous year. RadNet has revised upwards its 2023 full year Imaging Center segment Revenue and Adjusted EBITDA guidance levels.
Imaging Center segment Revenue increased 13.8% and Adjusted EBITDA increased 14.7% compared to last year's second quarter.
AI revenue grew 52.8% compared with last year’s second quarter.
One de novo facility was opened during the second quarter.
Overall volume increased 11.4% over the prior year’s second quarter.
Forward Guidance
RadNet has increased its guidance ranges in its core Imaging Center reporting segment for Revenue and Adjusted EBITDA to reflect the strong financial results in the first half of 2023 as compared with budget. Additionally, RadNet has lowered guidance ranges for Revenue and Adjusted EBITDA for the AI Segment to reflect delays resulting from optimizing the implementation of Enhanced Breast Cancer Detection program.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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