RadNet, Inc. (NASDAQ: RDNT), a national leader in
providing high-quality, cost-effective, fixed-site outpatient
diagnostic imaging services through a network of 366 owned and/or
operated outpatient imaging centers, today reported financial
results for its fourth quarter and full year ended December 31,
2023.
Dr. Howard Berger, President and Chief Executive
Officer of RadNet, commented, “Record Revenue and Adjusted
EBITDA(1) in the fourth quarter enabled us to exceed our 2023
full-year revised guidance ranges, ranges that were increased
several times throughout 2023. The performance was the result of a
continuation of strong industry trends and execution on a
multi-pronged growth strategy focused on driving same-center
performance, the expansion of existing and establishment of new
health system partnerships and investments made in de novo imaging
centers and newer technologies (including equipment, software and
AI that drive improved throughput and efficiency). In the fourth
quarter, the core Imaging Center segment experienced same-center
procedural volume growth of 5.5%, Revenue growth of 8.6% and
Adjusted EBITDA(1) growth of 11.0% as compared with the fourth
quarter of 2022. Adjusted EBITDA(1) margins in the Imaging Center
segment improved in the fourth quarter of 2023 relative to 2022 by
30 basis points, from 16.1% to 16.4%.”
“During 2023, we carefully managed liquidity and
financial leverage. This was highlighted with our completion of a
successful stock offering in June of 2023, adding approximately
$245 million of net proceeds to our balance sheet and enabling a
discretionary debt repayment of $30 million in October 2023. As a
result of these actions and a focus on margins and Adjusted
EBITDA(1) growth, at year-end 2023, net debt to Adjusted EBITDA(1)
fell below 2.0x. Liquidity at the end of 2023 remained strong, with
a $342 million cash balance and Days Sales Outstanding (DSO’s) of
32.0, which we believe to be among the best in the industry,” added
Dr. Berger.
“The demand for diagnostic imaging remains
robust moving into 2024. Our solid financial position and
multifaceted operating model have presented us with opportunities
to expand our business, particularly through the construction of
new centers to meet the growing demand and utilization in our
target markets. We project to open approximately a dozen new
facilities during 2024, and believe these sites should be positive
contributors to our performance. Additionally, we expect to
continue expanding existing health system joint ventures and
partnerships and establish new ones during 2024,” explained Dr.
Berger.
“Earlier this week, we were pleased to announce
a new platform acquisition in Houston, which represents our first
new geographic expansion since 2020. 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. In our commitment to improving and expanding
patient access and services, we will look to grow in this market in
various ways, including through de novo build-outs, health system
partnerships and introducing our AI and leading edge clinical and
operating digital health solutions. In the future, we may enter
additional new markets when conditions and opportunities support
such moves,” added Dr. Berger.
Dr. Berger concluded, “We remain enthusiastic
about the initiatives in information technology and digital health.
These include migrating our proprietary software solutions to the
cloud, creating the new DeepHealth OS suite of solutions, new
projects leveraging generative AI to improve operating efficiency
and lower costs and the expansion of AI-enhanced programs in
breast, lung and prostate screening domestically and abroad. The AI
Revenue almost tripled in 2023 as compared with 2022, and if the
continued implementation of the Enhanced Breast Cancer Diagnostic
(EBCD) screening mammography program progresses as planned, AI
Revenue could almost double in 2024 relative to 2023.”
Financial Results
Fourth Quarter Report:
For the fourth quarter of 2023, RadNet reported
Revenue from its Imaging Center reporting segment of $415.3 million
and Adjusted EBITDA(1) of $68.3 million, which excludes Revenue and
Adjusted EBITDA(1) Losses from the AI reporting segment. As
compared with last year’s fourth quarter, Revenue increased $32.8
million (or 8.6%) and Adjusted EBITDA(1) increased $6.7 million (or
11.0%).
Including our AI reporting segment, total
company Revenue was $420.4 million in the fourth quarter of 2023,
an increase of 9.5% from $383.9 million in last year’s fourth
quarter. Including the Adjusted EBITDA(1) losses of the AI
reporting segment of $2.5 million in the fourth quarter of 2023 and
$4.3 million in the fourth quarter of 2022, total company Adjusted
EBITDA(1) was $65.8 million in the fourth quarter of 2023 and $57.2
million in the fourth quarter of 2022, a growth of 15.0%.
On an unadjusted basis, for the fourth quarter
of 2023, RadNet reported a Net Loss of $1.9 as compared with a net
loss of $934,000 for the fourth quarter of 2022. Net Loss Per Share
for the fourth quarter of 2023 was $(0.03), compared with a Net
Loss per share of $(0.02) in the fourth quarter of 2022, based upon
a weighted average number of diluted shares outstanding of 67.9
million shares in 2023 and 57.0 million shares in 2022.
Adjusting for a number of unusual or one-time
items impacting the fourth quarter of 2023, Adjusted Earnings(3)
from the Imaging Center reporting segment was $13.7 million and
diluted Adjusted Earnings Per Share(3) was $0.20 during the fourth
quarter of 2023 as compared with $0.11 during the fourth quarter of
2022.
The unusual or one-time items impacting the
fourth quarter of 2023 excluded in calculating Adjusted Earnings(3)
were as follows: $7.2 million of non-cash loss from interest rate
swaps (excluding the amortization of the accumulation of the
changes in fair value out of Other Comprehensive Income); $621,000
of severance paid in connection with headcount reductions related
to cost savings initiatives; $880,000 expense related to leases for
de novo facilities under construction that have yet to open their
operations; $222,000 acquisition transaction costs; $429,000 gain
from a valuation adjustment for contingent consideration related to
acquisitions; $1.3 million of non-capitalized research and
development investment in DeepHealth Cloud OS and generative AI;
$5.1 million loss on lease abandonment; and $5.0 million of pre-tax
losses related to our AI reporting segment.
Also, affecting Net Income in the fourth quarter
of 2023 were certain non-cash expenses and unusual items including:
$5.4 million of non-cash employee stock compensation expense
resulting from the vesting of certain options and restricted stock;
$1.0 million loss on the disposal of certain capital equipment; and
$747,000 of non-cash amortization of deferred financing costs and
loan discounts related to financing fees paid as part of our
existing credit facilities.
For the fourth quarter of 2023, as compared with
the prior year’s fourth quarter, MRI volume increased 13.2%, CT
volume increased 11.3% and PET/CT volume increased 18.5%. Overall
volume, taking into account routine imaging exams, inclusive of
x-ray, ultrasound, mammography and other exams, increased 7.9% over
the prior year’s fourth quarter. On a same-center basis, including
only those centers which were part of RadNet for both the fourth
quarters of 2023 and 2022, MRI volume increased 10.8%, CT volume
increased 8.2% and PET/CT volume increased 17.4%. Overall
same-center volume, taking into account routine imaging exams,
inclusive of x-ray, ultrasound, mammography and other exams,
increased 5.5% over the prior year’s same quarter.
Annual Report:
For full-year 2023, RadNet reported Revenue from
its Imaging Center reporting segment of $1,604 million and Adjusted
EBITDA(1) Excluding Losses from the AI reporting segment of $245.1
million. In 2023, Revenue increased $178.5 million (or 12.5%) and
Adjusted EBITDA(1) increased $36.1 million (or 17.2%) as compared
with 2022.
Including our AI reporting segment Revenue of
$12.5 million, total company Revenue was $1,617 million for
full-year 2023, an increase of 13.0% from $1,430 million in 2022.
Including Adjusted EBITDA(1) losses from the AI segment of $12.8
million, total company Adjusted EBITDA(1) for 2023 was $232.3
million as compared with $192.5 million in 2022, an increase of
20.7%.
For 2023, RadNet reported Net Income of $3.0
million, a decrease of approximately $7.6 million over 2022. Per
share diluted Net Income for the full year of 2023 was $0.05,
compared to a diluted Net Income per share of $0.17 in 2022 (based
upon a weighted average number of diluted shares outstanding of
64.7 million in 2023 and 57.3 million in 2022).
Affecting Net Income in 2023 were certain
non-cash expenses and unusual items including: $8.2 million of
non-cash loss from interest rate swaps; $3.8 million of severance
paid in connection with headcount reductions related to cost
savings initiatives; $3.6 million expense related to leases for our
de novo facilities under construction that have yet to open their
operations; $22.6 million of pre-tax losses related to our AI
reporting segment; $26.8 million of non-cash employee stock
compensation expense resulting from the vesting of certain options
and restricted stock; $2.2 million loss on the disposal of certain
capital equipment; $5.1 million of lease abandonment charges; and
$16.8 million gain from the contribution of imaging centers into a
joint venture; $1.3 million of non-capitalized research and
development investment in DeepHealth Cloud OS and generative AI;
$4.0 million non-cash charge for intangible adjustments; $4.1
million non-cash gain on contingent consideration; $3.0 million of
non-cash amortization of deferred financing costs and loan
discounts related to financing fees paid as part of our existing
credit facilities.
Actual 2023 Results vs. 2023
Guidance
The following compares the Company’s 2023 performance with
previously announced guidance levels:
Imaging Center Segment |
|
|
|
|
|
Original Guidance Range |
Revised Guidance Range After Q3 Results |
2023 Actual Results |
|
|
|
|
Total Net Revenue |
$1,525 - $1,575 million |
$1,575 - $1,610 million |
$1,604.2 million |
Adjusted EBITDA(1) |
$220 - $230 million |
$235 - $245 million |
$245.2 million |
Capital Expenditures(a) |
$105 - $115 million |
$115 - $125 million |
$153.0 million |
Cash Interest Expense(c) |
$35 - $40 million |
$45 - $50 million |
$38.3 million |
Free Cash Flow (b)(2) |
$70 - $80 million |
$65 - $75 million |
$53.9 million |
|
|
|
|
Artificial Intelligence Segment |
|
|
|
|
|
Original Guidance Range |
Revised Guidance Range After Q3 Results |
2023 Actual Results |
|
|
|
|
Total Net Revenue |
$16 - $18 million |
$11 - $13 million |
$12.5 million |
Adjusted EBITDA(1) |
$(9) - $(11) million |
$(11) - $(13) million |
$(12.8) million |
(a) Net of proceeds
from the sale of equipment, imaging centers and joint venture
interests, New Jersey Imaging Network capital expenditures of $18.6
million, a $19.8 million one-time purchase with a promissory note
of equipment previously leased under operating leases and a $5
million purchase of software and other intellectual property from a
vender.(b) Defined by the Company as Adjusted EBITDA(1) less
Capital Expenditures and Cash Interest Expense. (c) Excludes
payments to and from counterparties on interest rate swaps and nets
interest income from our cash balance recorded in Other Income.
Formation of New Digital Health
Reporting Segment
For its 2024 fiscal year, RadNet is changing its
operating segments, which will impact reportable segments.
Specifically, the eRAD Radiology Information Systems (RIS) and
Picture Archiving and Communication Systems (PACS) and related
health informatics businesses that were reported as part of the
Imaging Center reportable segment through 2023, will now be
combined with the Artificial Intelligence reportable segment
through 2023 to form a new Digital Health financial reportable
segment for 2024. With respect to 2023, the eRAD financial results
embedded in the Imaging Center segment consisted of $37.1 million
of Revenue, $16.4 million of Operating Expenses and $20.7 million
of Adjusted EBITDA(1).
Below, we illustrate what 2023 selected
operating results would have been if RadNet had operated under the
two new reporting segments – Imaging Center and Digital Health:
|
2023 Imaging Center Segment IncludingeRAD Businesses |
2023 eRADBusinesses |
2023 Imaging CenterSegment ExcludingeRAD Businesses |
|
|
|
|
Total Net Revenue |
$1,604.2 million |
$37.1 million |
$1,567.1 million |
Adjusted EBITDA(1) |
$245.2 million |
$20.7 million |
$224.5 million |
Capital Expenditures(a) |
$153.0 million |
$1.2 million |
$151.8 million |
Cash Interest Expense(c) |
$38.3 million |
$0 million |
$38.3 million |
Free Cash Flow(b) |
$53.9 million |
$19.5 million |
$34.4 million |
|
2023 AI Segment |
2023 eRADBusinesses |
2023Digital Health Segment(AI+eRAD Businesses) |
|
|
|
|
Total Net Revenue |
$12.5 million |
$37.1 million |
$49.6 million |
Adjusted EBITDA(1) |
$(12.8) million |
$20.7 million |
$7.9 million |
(a) Net of proceeds
from the sale of equipment, imaging centers and joint venture
interests, New Jersey Imaging Network capital expenditures of $18.6
million, a $19.8 million one-time purchase with a promissory note
of equipment previously leased under operating leases in 2023 and a
$5 million purchase of software and other intellectual property
from a vender in 2023.(b) Defined by the Company as Adjusted
EBITDA(1) less Capital Expenditures and Cash Interest Expense. (c)
Excludes payments to and from counterparties on interest rate swaps
and nets interest income from our cash balance recorded in Other
Income.
2024 Guidance
RadNet reports 2024 guidance ranges as
follows:
Imaging Center Segment |
|
|
2023 Actual Results Restated for New Imaging Center Segment |
2024 Guidance Range |
2023-2024 Implied Growth |
|
|
|
|
Total Net Revenue |
$1,567.1 million |
$1,650 - $1,700 million |
5.3% - 8.5% |
Adjusted EBITDA(1) |
$224.5 million |
$250 - $260 million |
11.4% - 15.8% |
Capital Expenditures(a) |
$151.8 million |
$125 - $135 million |
|
Cash Interest Expense(c) |
$38.3 million |
$40 - $45 million |
|
Free Cash Flow(b) |
$34.4 million |
$65 - $75 million |
|
(a) Net of proceeds from the sale of
equipment, imaging centers and joint venture interests and New
Jersey Imaging Network capital expenditures.(b) Defined by the
Company as Adjusted EBITDA(1) less Capital Expenditures and Cash
Interest Expense.(c) Excludes payments to and from counterparties
on interest rate swaps and nets interest income from our cash
balance recorded in Other Income.
Digital Health Segment |
|
|
2023 Actual Results Restated For New Digital Health Segment |
2024 Guidance Range |
2023-2024 Implied Growth |
|
|
|
|
Total Net Revenue |
$49.6 million |
$60 - $70 million |
21.0% - 41.2% |
|
|
|
|
Adjusted EBITDA(1) Before Non-Capitalized R&D - DeepHealth
Cloud OS & Generative AI |
$7.9 million |
$12 - $14 million |
51.4% - 76.6% |
|
|
|
|
Non-Capitalized R&D - DeepHealth Cloud OS & Generative
AI |
$1.4 million |
$11 - $13 million |
|
|
|
|
|
Capital Expenditures |
$1.2 million |
$3 - $5 million |
|
|
|
|
|
Free Cash Flow(a) Before Non-Capitalized R&D - DeepHealth Cloud
OS & Generative AI |
$6.7 million |
$8 - $10 million |
|
|
|
|
|
Free Cash Flow(a) After Non-Capitalized R&D - DeepHealth Cloud
OS & Generative AI |
$5.3 million |
$(2) - $(5) million |
|
(a) Defined by
the Company as Adjusted EBITDA(1) less Capital Expenditures and
Cash Interest Expense.
Dr. Berger noted, “We are particularly excited
to announce the formation of the Digital Health reporting segment.
This new segment combines our informatics businesses (eRAD and
related solutions) with our AI operations. While the software
solutions of this operating segment are critical to the success of
the imaging center business, the Digital Health segment has over
500 outside customers and has its own unique opportunities for
growth and expansion. We have conviction that the Digital Health
solutions can positively impact how radiology and imaging are
practiced, and we have attracted experienced talent to lead this
new segment who have successfully developed, commercialized and
sold imaging-related information technology solutions in the
past.”
Dr Berger added, “Taking into account all the
current initiatives in progress within both operating segments, our
guidance reflects significant growth in 2024. Within the Imaging
Center segment, we expect to benefit from a continued focus on
same-center performance, tuck-in acquisitions, increased
reimbursement, expanded and new health system joint ventures and de
novo center openings. Combining these opportunities with diligent
expense management, we are projecting to drive double digit growth
in Imaging Center Adjusted EBITDA(1) in 2024. As a result, despite
a continued commitment to capital expenditures in 2024, primarily
on de novo center openings, we anticipate doubling our free cash
flow as compared with 2023 results from our core Imaging Center
segment.”
“Within the new Digital Health segment, we are
expecting significant growth in 2024 primarily from anticipated
incremental AI revenue from both the continued Enhanced Breast
Cancer Detection (EBCD) implementation and from our lung and
prostate AI licensing business, particularly in Europe. We further
anticipate that by year end 2024, our AI businesses will
collectively be on a run-rate of positive Adjusted EBITDA(1). Our
guidance also reflects the substantial investment we are making in
the development of our DeepHealth OS cloud-based operating system
and the generative AI modules that could lower our costs and
increase efficiency in the areas of patient scheduling,
pre-authorization, insurance verification and revenue cycle. We
believe this research and development investment will pay dividends
both in our core imaging center business and for the current and
future customers outside of RadNet,” concluded Dr. Berger.
Conference Call for Today
Dr. Howard Berger, President and Chief Executive
Officer, and Mark Stolper, Executive Vice President and Chief
Financial Officer, will host a conference call tomorrow, March 1st,
at 10:30 a.m. Eastern Time. During the call, management will
discuss the Company's 2023 fourth quarter and year-end results.
Conference Call Details:
Date: Friday, March 1, 2024 Time: 10:30 a.m. ET
Dial In-Number: 844-826-3035 International Dial-In Number:
412-317-5195
There will also be simultaneous and archived
webcasts available
at https://viavid.webcasts.com/starthere.jsp?ei=1657167&tp_key=5b49295358
or http://www.radnet.com under the “About RadNet” menu section and
“News & Press Releases” sub-menu of the website. An archived
replay of the call will also be available and can be accessed by
dialing 844-512-2921 from the U.S., or 412-317-6671 for
international callers, and using the passcode 10186577.
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, and
inclusive of full-time and per diem employees and technologists,
RadNet has a total of approximately 9,700 employees. For more
information, visit http://www.radnet.com.
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements are expressions of our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, and anticipated future
conditions, events and trends. Forward-looking statements can
generally be identified by words such as: “anticipate,” “intend,”
“plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,”
“strategy,” “future,” “likely,” “may,” “should,” “will” and similar
references to future periods. Forward-looking statements in this
press release include, among others, statements we make regarding
response to and the expected future impacts of COVID-19, including
statements about our anticipated business results, balance sheet
and liquidity and our future liquidity, burn rate and our
continuing ability to service or refinance our current
indebtedness.
Forward-looking statements are neither
historical facts nor assurances of future performance. Because
forward-looking statements relate to the future, they are
inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Our actual results and financial condition
may differ materially from those indicated in the forward-looking
statements. Therefore, you should not place undue reliance on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following:
- changes in general economic conditions nationally and
regionally in the markets in which we operate, including their
effects on the cost and availability of labor;
- our ability to service our indebtedness, make principal and
interest payments as those payments become due and remain in
compliance with applicable debt covenants, in addition to our
ability to refinance such indebtedness on acceptable terms;
- the availability and terms of capital to fund the expansion of
our business and improvements to our existing facilities;
- our ability to maintain our current credit rating and the
impact on our funding costs and competitive position if we do not
do so;
- volatility in interest and exchange rates, or credit
markets;
- the adequacy of our cash flow and earnings to fund our current
and future operations;
- changes in service mix, revenue mix and procedure volumes;
- delays in receiving payments for services provided;
- increased bankruptcies among our partner physicians or joint
venture partners;
- the impact of the political environment and related
developments on the current healthcare marketplace and on our
business, including with respect to the future of the Affordable
Care Act;
- the extent to which the ongoing implementation of healthcare
reform, or changes in or new legislation, regulations or guidance,
enforcement thereof by federal and state regulators or related
litigation result in a reduction in coverage or reimbursement rates
for our services, or other material impacts to our business;
- closures or slowdowns and changes in labor costs and labor
difficulties, including stoppages affecting either our operations
or our suppliers' abilities to deliver supplies needed in our
facilities;
- the occurrence of hostilities, political instability or
catastrophic events;
- the emergence or reemergence of and effects related to future
pandemics, epidemics and infectious diseases; and
- noncompliance by us with any privacy or security laws or any
cybersecurity incident or other security breach by us or a third
party involving the misappropriation, loss or other unauthorized
use or disclosure of confidential information.
Any forward-looking statement contained in this
current report is based on information currently available to us
and speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement,
whether written or oral, that we may make from time to time,
whether as a result of changed circumstances, new information,
future developments or otherwise, except as required by applicable
law.
Regulation G: GAAP and Non-GAAP
Financial Information
This release contains certain financial
information not reported in accordance with GAAP. The Company uses
both GAAP and non-GAAP metrics to measure its financial results.
The Company believes that, in addition to GAAP metrics, these
non-GAAP metrics assist the Company in measuring its cash-based
performance. The Company believes this information is useful to
investors and other interested parties because it removes unusual
and nonrecurring charges that occur in the affected period and
provides a basis for measuring the Company's financial condition
against other quarters. Such information should not be considered
as a substitute for any measures calculated in accordance with
GAAP, and may not be comparable to other similarly titled measures
of other companies. Non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. Reconciliation of
this information to the most comparable GAAP measures is included
in this release in the tables which follow.
CONTACTS:
RadNet, Inc.Mark
Stolper, 310-445-2800Executive Vice President and
Chief Financial Officer
RADNET, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(IN THOUSANDS EXCEPT SHARE AND PER SHARE
DATA) |
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash and Cash equivalents |
$ |
342,570 |
|
|
$ |
127,834 |
|
Accounts receivable |
|
163,707 |
|
|
|
166,357 |
|
Due from affiliates |
|
25,342 |
|
|
|
18,971 |
|
Prepaid expenses and other current assets |
|
47,657 |
|
|
|
54,022 |
|
Total current assets |
|
579,276 |
|
|
|
367,184 |
|
PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS |
|
|
|
Property and equipment, net |
|
604,401 |
|
|
|
565,961 |
|
Operating lease right-of-use assets |
|
596,032 |
|
|
|
603,524 |
|
Total property, plant, equipment and right-of-use assets |
|
1,200,433 |
|
|
|
1,169,485 |
|
OTHER ASSETS |
|
|
|
Goodwill |
|
679,463 |
|
|
|
677,665 |
|
Other intangible assets |
|
90,615 |
|
|
|
106,228 |
|
Deferred financing costs |
|
1,643 |
|
|
|
2,280 |
|
Investment in joint ventures |
|
92,710 |
|
|
|
57,893 |
|
Deposits and other |
|
46,333 |
|
|
|
53,172 |
|
Total assets |
$ |
2,690,473 |
|
|
$ |
2,433,907 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Accounts payable, accrued expenses and other |
$ |
342,940 |
|
|
$ |
369,595 |
|
Due to affiliates |
|
15,910 |
|
|
|
23,100 |
|
Deferred revenue |
|
4,647 |
|
|
|
4,021 |
|
Current operating lease liability |
|
55,981 |
|
|
|
57,607 |
|
Current portion of notes payable |
|
17,974 |
|
|
|
12,400 |
|
Total current liabilities |
|
437,452 |
|
|
|
466,723 |
|
LONG-TERM LIABILITIES |
|
|
|
Long-term operating lease liability |
|
605,097 |
|
|
|
604,117 |
|
Notes payable, net of current portion |
|
812,068 |
|
|
|
839,344 |
|
Deferred tax liability, net |
|
15,776 |
|
|
|
9,256 |
|
Other non-current liabilities |
|
6,721 |
|
|
|
23,015 |
|
Total liabilities |
|
1,877,114 |
|
|
|
1,942,455 |
|
EQUITY |
|
|
|
RadNet, Inc. stockholders' equity: |
|
|
|
Common stock - $.0001 par value, 200,000,000 shares authorized;
67,956,318 and 57,723,125 shares issued and outstanding at December
31, 2023 and December 31, 2022, respectively |
|
7 |
|
|
|
6 |
|
Additional paid-in-capital |
|
722,750 |
|
|
|
436,288 |
|
Accumulated other comprehensive loss |
|
(12,484 |
) |
|
|
(20,677 |
) |
Accumulated deficit |
|
(79,578 |
) |
|
|
(82,622 |
) |
Total RadNet, Inc.'s stockholders equity |
|
630,695 |
|
|
|
332,995 |
|
Noncontrolling interests |
|
182,664 |
|
|
|
158,457 |
|
Total equity |
|
813,359 |
|
|
|
491,452 |
|
Total liabilities and equity |
$ |
2,690,473 |
|
|
$ |
2,433,907 |
|
|
|
|
|
|
|
|
|
RADNET, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE
DATA) |
(unaudited) |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
REVENUE |
|
|
|
|
|
Service fee revenue |
$ |
1,463,197 |
|
|
$ |
1,278,016 |
|
|
$ |
1,166,743 |
|
Revenue under capitation arrangements |
|
153,433 |
|
|
|
152,045 |
|
|
|
148,334 |
|
Total service revenue |
|
1,616,630 |
|
|
|
1,430,061 |
|
|
|
1,315,077 |
|
Provider relief funding |
|
- |
|
|
|
- |
|
|
|
9,110 |
|
OPERATING EXPENSES |
|
|
|
|
|
Cost of operations, excluding depreciation and amortization |
|
1,395,239 |
|
|
|
1,264,346 |
|
|
|
1,123,274 |
|
Lease abandonment charges |
|
5,146 |
|
|
|
- |
|
|
|
19,675 |
|
Depreciation and amortization |
|
128,391 |
|
|
|
115,877 |
|
|
|
96,694 |
|
(Gain) on contribution of imaging centers into joint venture |
|
(16,808 |
) |
|
|
- |
|
|
|
- |
|
Loss (gain) on sale and disposal of equipment and other |
|
2,187 |
|
|
|
2,529 |
|
|
|
1,246 |
|
Severance costs |
|
3,778 |
|
|
|
946 |
|
|
|
744 |
|
Total operating expenses |
|
1,517,933 |
|
|
|
1,383,698 |
|
|
|
1,241,633 |
|
INCOME (LOSS) FROM OPERATIONS |
|
98,697 |
|
|
|
46,363 |
|
|
|
82,554 |
|
OTHER INCOME AND EXPENSES |
|
|
|
|
|
Interest expense |
|
64,483 |
|
|
|
50,841 |
|
|
|
48,830 |
|
Equity in earnings of joint ventures |
|
(6,427 |
) |
|
|
(10,390 |
) |
|
|
(10,967 |
) |
Non-cash change in fair value of interest rate hedge |
|
8,185 |
|
|
|
(39,621 |
) |
|
|
(21,670 |
) |
Debt restructuring and extinguishment expenses |
|
- |
|
|
|
731 |
|
|
|
6,044 |
|
Other expenses (income) |
|
(6,354 |
) |
|
|
1,833 |
|
|
|
1,438 |
|
Total other expense (income) |
|
59,887 |
|
|
|
3,394 |
|
|
|
23,675 |
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
38,810 |
|
|
|
42,969 |
|
|
|
58,879 |
|
Provision for income taxes |
|
(8,473 |
) |
|
|
(9,361 |
) |
|
|
(14,560 |
) |
NET INCOME (LOSS) |
|
30,337 |
|
|
|
33,608 |
|
|
|
44,319 |
|
Net income (loss) attributable to noncontrolling interests |
|
27,293 |
|
|
|
22,958 |
|
|
|
19,592 |
|
NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON
STOCKHOLDERS |
$ |
3,044 |
|
|
$ |
10,650 |
|
|
$ |
24,727 |
|
|
|
|
|
|
|
BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET,
INC. COMMON STOCKHOLDERS |
$ |
0.05 |
|
|
$ |
0.19 |
|
|
$ |
0.47 |
|
|
|
|
|
|
|
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET,
INC. COMMON STOCKHOLDERS |
$ |
0.05 |
|
|
$ |
0.17 |
|
|
$ |
0.46 |
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
Basic |
|
63,580,059 |
|
|
|
56,293,336 |
|
|
|
52,496,679 |
|
Diluted |
|
64,658,299 |
|
|
|
57,320,870 |
|
|
|
53,421,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
RADNET, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
CASHFLOWS |
(IN THOUSANDS) |
(unaudited) |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
30,337 |
|
|
$ |
33,608 |
|
|
$ |
44,319 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
128,391 |
|
|
|
115,877 |
|
|
|
96,694 |
|
Amortization of operating right-of-use assets |
|
61,102 |
|
|
|
68,847 |
|
|
|
73,967 |
|
Non-cash portion for
amortization of operating lease right-of-use assets and related
charges due to facilities abandonment |
|
5,146 |
|
|
|
- |
|
|
|
19,675 |
|
Equity in earnings of joint ventures |
|
(6,427 |
) |
|
|
(10,390 |
) |
|
|
(10,967 |
) |
Distributions from joint ventures |
|
15,603 |
|
|
|
4,438 |
|
|
|
4,707 |
|
Amortization and write off of deferred financing costs and loan
discount |
|
2,987 |
|
|
|
2,693 |
|
|
|
3,254 |
|
(Gain) on contribution of imaging centers into joint venture |
|
(16,808 |
) |
|
|
- |
|
|
|
- |
|
Loss on sale and disposal of equipment |
|
2,187 |
|
|
|
2,529 |
|
|
|
1,246 |
|
Gain on extinguishment of
debt |
|
- |
|
|
|
- |
|
|
|
1,496 |
|
Loss on impairment |
|
3,949 |
|
|
|
- |
|
|
|
- |
|
Amortization of cash flow
hedge |
|
3,576 |
|
|
|
3,687 |
|
|
|
3,695 |
|
Non-cash change in fair value
of interest rate hedge |
|
8,185 |
|
|
|
(39,621 |
) |
|
|
(21,670 |
) |
Stock-based compensation |
|
26,785 |
|
|
|
23,770 |
|
|
|
25,203 |
|
Change in value of contingent consideration |
|
(3,880 |
) |
|
|
(325 |
) |
|
|
- |
|
Changes in operating assets
and liabilities, net of assets acquired and liabilities assumed in
purchase transactions: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
2,650 |
|
|
|
(30,078 |
) |
|
|
(5,890 |
) |
Other current assets |
|
(8,441 |
) |
|
|
(3,327 |
) |
|
|
(15,777 |
) |
Other assets |
|
(1,484 |
) |
|
|
(12,166 |
) |
|
|
662 |
|
Deferred taxes |
|
6,056 |
|
|
|
13,356 |
|
|
|
19,834 |
|
Operating lease liability |
|
(54,763 |
) |
|
|
(68,943 |
) |
|
|
(72,553 |
) |
Deferred revenue |
|
626 |
|
|
|
(7,316 |
) |
|
|
(28,319 |
) |
Accounts payable, accrued expenses and other |
|
15,086 |
|
|
|
49,778 |
|
|
|
9,915 |
|
Net cash provided by operating activities |
|
220,863 |
|
|
|
146,417 |
|
|
|
149,491 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Purchase of imaging centers and other operations |
|
(10,918 |
) |
|
|
(129,961 |
) |
|
|
(77,691 |
) |
Purchase of property and equipment |
|
(176,600 |
) |
|
|
(119,451 |
) |
|
|
(137,874 |
) |
Purchase of intangible assets |
|
- |
|
|
|
- |
|
|
|
(5,130 |
) |
Proceeds from sale of equipment |
|
83 |
|
|
|
3,904 |
|
|
|
625 |
|
Equity contributions in existing and purchase of interest in joint
ventures |
|
(14,035 |
) |
|
|
(1,441 |
) |
|
|
(1,441 |
) |
Net cash used in investing activities |
|
(201,470 |
) |
|
|
(246,949 |
) |
|
|
(221,511 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Principal payments on notes and leases payable |
|
(2,930 |
) |
|
|
- |
|
|
|
(3,302 |
) |
Payments on senior notes |
|
(41,063 |
) |
|
|
(53,750 |
) |
|
|
(619,529 |
) |
Additional deferred finance costs on revolving loan amendment |
|
- |
|
|
|
- |
|
|
|
(938 |
) |
Proceeds from debt issuance, net of issuance costs |
|
- |
|
|
|
147,996 |
|
|
|
717,307 |
|
Distributions paid to noncontrolling interests |
|
(5,972 |
) |
|
|
(893 |
) |
|
|
(2,426 |
) |
Proceeds from sale of noncontrolling interest |
|
- |
|
|
|
- |
|
|
|
13,073 |
|
Proceeds from revolving credit facility |
|
- |
|
|
|
- |
|
|
|
128,300 |
|
Payments on revolving credit facility |
|
- |
|
|
|
- |
|
|
|
(128,300 |
) |
Sale of non-controlling interests |
|
5,121 |
|
|
|
- |
|
|
|
- |
|
Payments on contingent consideration |
|
(5,495 |
) |
|
|
- |
|
|
|
- |
|
Proceeds from issuance of stock |
|
245,832 |
|
|
|
- |
|
|
|
- |
|
Proceeds from issuance of common stock upon exercise of
options |
|
142 |
|
|
|
294 |
|
|
|
488 |
|
Net cash provided by (used in) financing activities |
|
195,635 |
|
|
|
93,647 |
|
|
|
104,673 |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
(292 |
) |
|
|
113 |
|
|
|
(65 |
) |
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
214,736 |
|
|
|
(6,772 |
) |
|
|
32,588 |
|
CASH AND CASH EQUIVALENTS, beginning of
period |
|
127,834 |
|
|
|
134,606 |
|
|
|
102,018 |
|
CASH AND CASH EQUIVALENTS, end of period |
$ |
342,570 |
|
|
$ |
127,834 |
|
|
$ |
134,606 |
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for interest |
$ |
64,695 |
|
|
$ |
39,151 |
|
|
$ |
29,042 |
|
Cash paid during the period for income taxes |
$ |
1,587 |
|
|
$ |
587 |
|
|
$ |
1,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
RADNET, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE
DATA) |
(unaudited) |
|
Three Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
REVENUE |
|
|
|
Service fee revenue |
$ |
384,932 |
|
|
$ |
346,197 |
|
Revenue under capitation arrangements |
|
35,451 |
|
|
|
37,679 |
|
Total service revenue |
|
420,383 |
|
|
|
383,876 |
|
OPERATING EXPENSES |
|
|
|
Cost of operations, excluding depreciation and amortization |
|
356,592 |
|
|
|
329,589 |
|
Lease abandonment charges |
|
5,146 |
|
|
|
- |
|
Depreciation and amortization |
|
32,686 |
|
|
|
30,668 |
|
(Gain) on contribution of imaging centers into joint venture |
|
- |
|
|
|
- |
|
Loss (gain) on sale and disposal of equipment and other |
|
1,002 |
|
|
|
1,567 |
|
Severance costs |
|
621 |
|
|
|
450 |
|
Total operating expenses |
|
396,047 |
|
|
|
362,274 |
|
INCOME (LOSS) FROM OPERATIONS |
|
24,336 |
|
|
|
21,602 |
|
OTHER INCOME AND EXPENSES |
|
|
|
Interest expense |
|
16,607 |
|
|
|
15,443 |
|
Equity in earnings of joint ventures |
|
(2,492 |
) |
|
|
(2,040 |
) |
Non-cash change in fair value of interest rate hedge |
|
7,236 |
|
|
|
(45 |
) |
Debt restructuring and extinguishment expenses |
|
- |
|
|
|
731 |
|
Other expenses (income) |
|
(3,745 |
) |
|
|
269 |
|
Total other expense (income) |
|
17,606 |
|
|
|
14,358 |
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
6,730 |
|
|
|
7,244 |
|
Provision for income taxes |
|
(732 |
) |
|
|
(2,274 |
) |
NET INCOME (LOSS) |
|
5,998 |
|
|
|
4,970 |
|
Net income (loss) attributable to noncontrolling interests |
|
7,856 |
|
|
|
5,903 |
|
NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON
STOCKHOLDERS |
$ |
(1,858 |
) |
|
$ |
(933 |
) |
|
|
|
|
BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET,
INC. COMMON STOCKHOLDERS |
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET,
INC. COMMON STOCKHOLDERS |
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
Basic |
|
67,904,999 |
|
|
|
57,040,622 |
|
Diluted |
|
67,904,999 |
|
|
|
57,040,622 |
|
|
|
|
|
|
|
|
|
RADNET, INC. AND SUBSIDIARIES |
RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO RADNET,
INC. COMMON SHAREHOLDERS TO ADJUSTED EBITDA |
(IN THOUSANDS) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Radnet, Inc. common
stockholders |
$ |
(1,858 |
) |
|
$ |
(933 |
) |
|
$ |
3,044 |
|
|
$ |
10,650 |
|
Income taxes |
|
732 |
|
|
|
2,274 |
|
|
|
8,473 |
|
|
|
9,361 |
|
Interest expense |
|
16,607 |
|
|
|
15,443 |
|
|
|
64,483 |
|
|
|
50,841 |
|
Severance costs |
|
621 |
|
|
|
450 |
|
|
|
3,778 |
|
|
|
946 |
|
Depreciation and amortization |
|
32,686 |
|
|
|
30,668 |
|
|
|
128,391 |
|
|
|
115,877 |
|
Non-cash employee stock-based compensation |
|
5,404 |
|
|
|
4,658 |
|
|
|
26,785 |
|
|
|
23,770 |
|
(Gain) loss on sale and disposal of equipment and other |
|
1,002 |
|
|
|
1,567 |
|
|
|
2,187 |
|
|
|
2,529 |
|
Non-cash change in fair value of interest rate hedge |
|
7,236 |
|
|
|
(45 |
) |
|
|
8,185 |
|
|
|
(39,621 |
) |
Debt restructuring and loss on extinguishment expenses |
|
- |
|
|
|
731 |
|
|
|
- |
|
|
|
731 |
|
Gain on contribution of imaging centers into joint venture |
|
- |
|
|
|
- |
|
|
|
(16,808 |
) |
|
|
- |
|
Other expenses |
|
(3,745 |
) |
|
|
269 |
|
|
|
(6,354 |
) |
|
|
1,833 |
|
Lease abandonment charges |
|
5,146 |
|
|
|
- |
|
|
|
5,146 |
|
|
|
- |
|
Legal settlements |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,197 |
|
Non-cash change to contingent consideration |
|
(429 |
) |
|
|
47 |
|
|
|
(4,075 |
) |
|
|
47 |
|
Non-Capitalized R&D - DeepHealth Cloud OS & Generative
AI |
|
1,308 |
|
|
|
- |
|
|
|
1,308 |
|
|
|
- |
|
Change in estimate related to refund liability |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,089 |
|
Acquisition transaction costs |
|
222 |
|
|
|
927 |
|
|
|
222 |
|
|
|
927 |
|
Acquisition related non-cash intangible adjustment |
|
- |
|
|
|
- |
|
|
|
3,950 |
|
|
|
- |
|
Non-operational rent expenses |
|
880 |
|
|
|
1,177 |
|
|
|
3,629 |
|
|
|
4,297 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Including EBITDA Losses from AI
Segment |
$ |
65,812 |
|
|
$ |
57,233 |
|
|
$ |
232,344 |
|
|
$ |
192,474 |
|
|
|
|
|
|
|
|
|
EBITDA Losses from AI Segment |
|
2,483 |
|
|
|
4,320 |
|
|
|
12,764 |
|
|
|
16,575 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA excluding EBITDA Losses from AI
Segment |
$ |
68,295 |
|
|
$ |
61,553 |
|
|
$ |
245,108 |
|
|
$ |
209,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RADNET, INC. AND SUBSIDIARIES |
SCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER
SHARE (3) |
(IN THOUSANDS EXCEPT SHARE DATA) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
NET (LOSS) INCOME ATTRIBUTABLE TO RADNET, INC. COMMON
STOCKHOLDERS |
$ |
(1,858 |
) |
|
$ |
(933 |
) |
|
|
|
|
Add severance costs |
|
621 |
|
|
|
450 |
|
Add loss on lease abandonment/impairment |
|
5,146 |
|
|
|
- |
|
Add debt restructuring and loss on extinguishment expenses |
|
- |
|
|
|
731 |
|
Add non-operational rent expenses (i) |
|
880 |
|
|
|
1,177 |
|
Add AI Segment losses (iv) |
|
4,973 |
|
|
|
6,060 |
|
Add acquisition transaction costs |
|
222 |
|
|
|
927 |
|
Add valuation adjustment for contingent consideration |
|
(429 |
) |
|
|
47 |
|
Add Non-Capitalized R&D - DeepHealth Cloud OS & Generative
AI |
|
1,308 |
|
|
|
- |
|
Add/Subtract non-cash change in fair value of swap valuation
(ii) |
|
7,236 |
|
|
|
(45 |
) |
Total adjustments - loss (gain) |
|
19,957 |
|
|
|
9,347 |
|
Subtract tax impact of Adjustments (iii) |
|
4,357 |
|
|
|
2,031 |
|
|
|
|
|
TOTAL ADJUSTMENT TO NET INCOME ATTRIBUTABLE TO RADNET, INC.
COMMON SHAREHOLDERS |
|
15,600 |
|
|
|
7,316 |
|
|
|
|
|
ADJUSTED NET INCOME ATTRIBUTABLE TO RADNET,
INC. COMMON STOCKHOLDERS |
|
13,742 |
|
|
|
6,383 |
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
Diluted |
|
68,895,322 |
|
|
|
58,164,555 |
|
|
|
|
|
ADJUSTED DILUTED NET INCOME PER SHARE ATTRIBUTABLE TO
RADNET, INC. COMMON STOCKHOLDERS |
$ |
0.20 |
|
|
$ |
0.11 |
|
|
|
|
|
(i) Represents rent expense associated with de novo sites under
construction prior to them becoming operational. |
(ii) Impact from the change in fair value of the swaps during the
quarter. Excludes the amortization of the accumulation of the
changes in fair value out of Other Comprehensive Income that
existed prior to the hedges becoming ineffective. |
(iii) Tax effected using 21.83% and 21.73% blended federal and
state effective tax rate for 2023 and 2022, respectively. |
(iv) Represents pre-tax net losses before income taxes from
Artificial Intelligence reporting segment. |
|
PAYOR CLASS BREAKDOWN |
|
|
|
Fourth Quarter |
|
|
2023 |
|
|
|
Commercial Insurance |
|
58.0 |
% |
Medicare |
|
22.8 |
% |
Capitation |
|
8.4 |
% |
Medicaid |
|
2.9 |
% |
Workers Compensation/Personal Injury |
|
2.8 |
% |
Other |
|
5.0 |
% |
Total |
|
100.0 |
% |
|
|
|
|
RADNET PAYMENTS BY MODALITY |
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Full Year |
|
Full Year |
|
Full Year |
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
MRI |
|
36.9 |
% |
|
|
36.8 |
% |
|
|
36.8 |
% |
|
|
36.0 |
% |
CT |
|
16.6 |
% |
|
|
16.8 |
% |
|
|
17.5 |
% |
|
|
17.2 |
% |
PET/CT |
|
6.3 |
% |
|
|
6.4 |
% |
|
|
5.8 |
% |
|
|
5.5 |
% |
X-ray |
|
6.3 |
% |
|
|
6.5 |
% |
|
|
6.7 |
% |
|
|
3.9 |
% |
Ultrasound |
|
12.9 |
% |
|
|
12.9 |
% |
|
|
12.6 |
% |
|
|
12.7 |
% |
Mammography |
|
16.5 |
% |
|
|
16.0 |
% |
|
|
15.3 |
% |
|
|
16.1 |
% |
Nuclear Medicine |
|
0.7 |
% |
|
|
0.8 |
% |
|
|
0.9 |
% |
|
|
1.0 |
% |
Other |
|
3.8 |
% |
|
|
3.9 |
% |
|
|
4.5 |
% |
|
|
4.6 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROCEDURES BY MODALITY* |
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Fourth Quarter |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
MRI |
|
398,625 |
|
|
|
352,009 |
|
CT |
|
237,937 |
|
|
|
213,716 |
|
PET/CT |
|
15,825 |
|
|
|
13,359 |
|
Nuclear Medicine |
|
8,120 |
|
|
|
8,550 |
|
Ultrasound |
|
617,301 |
|
|
|
578,238 |
|
Mammography |
|
483,687 |
|
|
|
459,068 |
|
X-ray and Other |
|
804,225 |
|
|
|
752,055 |
|
|
|
|
|
|
|
|
|
Total |
|
2,565,720 |
|
|
|
2,376,995 |
|
* Volumes include wholy owned and joint venture centers.
Footnotes
(1) The Company defines Adjusted EBITDA as
earnings before interest, taxes, depreciation and amortization,
each from continuing operations and excludes losses or gains on the
disposal of equipment, other income or loss, loss on debt
extinguishments, bargain purchase gains and non-cash equity
compensation. Adjusted EBITDA includes equity earnings in
unconsolidated operations and subtracts allocations of earnings to
non-controlling interests in subsidiaries, and is adjusted for
non-cash and extraordinary events which took place during the
period.
Adjusted EBITDA is reconciled to its nearest
comparable GAAP financial measure. Adjusted EBITDA is a non-GAAP
financial measure used as analytical indicator by RadNet management
and the healthcare industry to assess business performance, and is
a measure of leverage capacity and ability to service debt.
Adjusted EBITDA should not be considered a measure of financial
performance under GAAP, and the items excluded from Adjusted EBITDA
should not be considered in isolation or as alternatives to net
income, cash flows generated by operating, investing or financing
activities or other financial statement data presented in the
consolidated financial statements as an indicator of financial
performance or liquidity. As Adjusted EBITDA is not a measurement
determined in accordance with GAAP and is therefore susceptible to
varying methods of calculation, this metric, as presented, may not
be comparable to other similarly titled measures of other
companies.
(2) As noted above, the Company defines Free
Cash Flow as Adjusted EBITDA less total Capital Expenditures
(whether completed with cash or financed) and Cash Interest paid.
Free Cash Flow is a non-GAAP financial measure. The Company uses
Free Cash Flow because the Company believes it provides useful
information for investors and management because it measures our
capacity to generate cash from our operating activities. Free Cash
Flow does not represent total cash flow since it does not include
the cash flows generated by or used in financing activities. In
addition, our definition of Free Cash Flow may differ from
definitions used by other companies.
Free Cash Flow should not be considered a
measure of financial performance under GAAP, and the items excluded
from Adjusted EBITDA should not be considered in isolation or as
alternatives to net income, cash flows generated by operating,
investing or financing activities or other financial statement data
presented in the consolidated financial statements as an indicator
of financial performance or liquidity. As Adjusted EBITDA is not a
measurement determined in accordance with GAAP and is therefore
susceptible to varying methods of calculation, this metric, as
presented, may not be comparable to other similarly titled measures
of other companies.
(3) The Company defines Adjusted Earnings Per
Share as net income or loss attributable to RadNet, Inc. common
stockholders and excludes losses or gains on the disposal of
equipment, loss on debt extinguishments, bargain purchase gains,
severance costs, loss on impairment, loss or gain on swap
valuation, gain on extinguishment of debt, unusual or non-recurring
entries that impact the Company’s tax provision, pre-tax loss or
gain from AI segment and any other non-recurring or unusual
transactions recorded during the period.
Adjusted Earnings Per Share is reconciled to its
nearest comparable GAAP financial measure. Adjusted Earnings Per
Share is a non-GAAP financial measure used as analytical indicator
by RadNet management and the healthcare industry to assess business
performance. Adjusted Earnings Per Share should not be considered a
measure of financial performance under GAAP, and the items excluded
from Adjusted Earnings Per Share should not be considered in
isolation or as alternatives to net income, cash flows generated by
operating, investing or financing activities or other financial
statement data presented in the consolidated financial statements
as an indicator of financial performance or liquidity. As Adjusted
Earnings Per Share is not a measurement determined in accordance
with GAAP and is therefore susceptible to varying methods of
calculation, this metric, as presented, may not be comparable to
other similarly titled measures of other companies.
Grafico Azioni RadNet (NASDAQ:RDNT)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni RadNet (NASDAQ:RDNT)
Storico
Da Set 2023 a Set 2024