RadNet to Enter the Houston, Texas Market through Platform Acquisition of Houston Medical Imaging
27 Febbraio 2024 - 10:05PM
RadNet, Inc. (NASDAQ: RDNT), a national leader in providing
high-quality, cost-effective outpatient diagnostic imaging
services, today announces that it has signed a definitive agreement
to purchase the assets of seven imaging centers in the greater
Houston, Texas metropolitan area from Houston Medical Imaging, LLC.
Upon closing the acquisition, which is anticipated to occur during
the second quarter, 2024, RadNet will be entering its first new
market since 2020. The acquisition is subject to customary closing
conditions.
The seven centers, once acquired, will continue to operate under
the Houston Medical Imaging brand, and will offer multi-modality
services, including MRI, CT, PET/CT, X-ray, ultrasound, mammography
and other procedures. During 2023, these seven centers collectively
performed over 135,000 procedures and produced over $28 million of
Revenue.
RadNet’s President and Chief Executive Officer, Howard Berger,
MD, explained, “The Houston metropolitan marketplace, encompassing
about 7.3 million people, is the fourth most populous city and the
second fastest growing metropolitan area in the United States. We
believe this initial acquisition forms a strong platform from which
to grow a new core network for RadNet. We are confident of the
opportunity for further acquisitions, de novo build-outs, health
system partnerships and other means of expansion, which include
bringing our AI and leading edge clinical and operating digital
health solutions to the patient and referring communities of
greater Houston.”
Dr. Berger added, “We are very intentional and methodical in our
approach to entering new markets. As is the case with other
markets, in Houston, we will be committed to expanding patient
access and services. The Houston market exhibits many of the
characteristics that have permitted us to be successful in other
RadNet core geographies. We welcome the over 20 affiliated
radiologists and the approximately 140 additional team members who
currently support these Houston facilities, and look forward to
growing this practice with them in the near future.”
About RadNet, Inc.
RadNet, Inc., is the leading national provider of freestanding,
fixed-site diagnostic imaging services and related information
technology solutions (including artificial intelligence) in the
United States based on the number of locations and annual imaging
revenue. RadNet has a network of 366 owned and/or operated
outpatient imaging centers. RadNet's markets include California,
Maryland, Delaware, New Jersey, New York, Florida and Arizona.
Together with affiliated radiologists, including full-time and per
diem employees and technologists, RadNet has approximately 9,000
employees. For more information, visit http://www.radnet.com
Forward Looking Statements
This press release contains certain statements that constitute
"forward-looking statements" within the meaning of federal
securities laws, including statements regarding the effects of the
proposed transaction. These statements are based on the assumptions
and beliefs of RadNet, Inc. management in light of the information
currently available to it. Such statements are indicated by words
or phrases such as "accelerate," "create," "committed,"
"confident," "continue," "deliver," "driving," "expect," "future,"
"guidance," "positioned," "strategy," "target," "synergies,"
"trends," and "will." Various uncertainties and other factors could
cause actual results to differ materially from those contained in
the forward-looking statements. These include the specific risk
factors identified in "Risk Factors" in RadNet, Inc.’s annual
report on Form 10-K for the last fiscal year and any subsequent
filings, as well as the following:
the expected timing and likelihood of completion of the proposed
transaction, including the timing, receipt and terms and conditions
of any required governmental and regulatory clearance of the
proposed transaction; the occurrence of any event, change or other
circumstances that could give rise to the termination of the
acquisition agreement; the inability to consummate the proposed
transaction due to the failure to satisfy other conditions to
complete the proposed transaction; the ability to identify and
recognize the anticipated benefits of the proposed transaction,
including anticipated revenue and procedural volumes; and the
ability of RadNet, Inc. to successfully integrate the business and
related operations; risks related to the potential impact of
general economic, political and market factors on the companies or
the proposed transaction. The ability of RadNet, Inc. to achieve
the goals for the proposed transaction may also be affected by its
ability to manage the factors identified above.
The forward-looking statements by RadNet, Inc. included in this
press release speak only as of the date the statements were made.
RadNet, Inc. does not assume any obligation to update the
information contained herein unless required by applicable law.
Please refer to the reports and filings of RadNet, Inc. with the
Securities and Exchange Commission for a further discussion of the
risks and uncertainties that affect it and its business.
Mark StolperExecutive Vice President and Chief Financial
OfficerRadNet, Inc.310-445-2800
Grafico Azioni RadNet (NASDAQ:RDNT)
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