On Sunday, RadNet, Inc. (NASDAQ:RDNT) reported revenue of $461.1 million for the third quarter of 2024, beating the consensus of $437.88 million.
Revenue from the Digital Health reportable segment increased 34.3% to $16.4 million, partly due to a $2.2 million increase in AI Revenue, which climbed to $5.1 million during the third quarter. The increase was mainly due to the continuing success of the rollout of the Enhanced Breast Cancer Detection DeepHealth AI-powered screening mammography program.
Aggregate procedural volumes in the third quarter of 2024 increased 9%, and same-center procedural volumes increased 5.5% compared with the third quarter of 2023.
Howard Berger, President and CEO of RadNet, commented, “We continue to demonstrate strong growth and record results in each of our Imaging Center and Digital Health reportable operating segments.”
The outpatient imaging centers network reported an adjusted EBITDA of $73.7 million, an increase of 27.2%.
“Despite continued inflation in staffing costs, improved reimbursement from commercial and capitated payors, strong demand for advanced imaging modalities, the growth of the Digital Health businesses and effective cost controls resulted in an increase to Adjusted EBITDA margins,” Berger added.
The company reported adjusted EPS of $0.18, up from $0.13 a year ago and beating the consensus of $0.15.
Guidance: RadNet raised its previously announced guidance levels.
The company expects Imaging Center Segment 2024 sales of $1.71 billion—$1.76 billion, up from prior guidance of $1.685 billion—$1.735 billion.
The company maintains its 2024 revenue guidance for the Digital Health Segment at $60 million—$70 million.
“Given the positive trends we continue to experience in virtually all aspects of our business and the strong financial performance of the third quarter, we are revising upwards certain guidance levels in anticipation of financial results that we believe will exceed both our original expectations and the adjustments we made to the guidance ranges upon releasing our first and second quarter 2024 results,” added Berger.
Furthermore, the company adds that it has 15 centers in various stages of construction and development that it intends to open in 2025.
Price Action: At last check on Monday, RDNT stock was up 17.20% at $85 during the premarket session.
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