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Sep 30, 2022
Radnet Q3 2022 Earnings Report
RadNet reported financial results for its third quarter of 2022, with revenue increasing but profitability impacted by higher costs and labor shortages.
Key Takeaways
RadNet's Q3 2022 revenue increased by 5.2% year-over-year to $350.0 million, but net income decreased to $668,000 from $16.2 million in the prior year. The company faced challenges managing costs, particularly related to labor, which impacted Adjusted EBITDA and profitability.
Revenue from imaging centers increased by 5.1% to $349.1 million.
Overall volume increased 5.7% and same-center volume increased 3.9% over the prior year’s third quarter.
Net income was $668,000, compared to $16.2 million for the third quarter of 2021.
Diluted net income per share was $0.01, compared to $0.30 in the third quarter of 2021.