RadNet, Inc.
- Open
- 76.99
- Day high
- 76.99
- Day low
- 74.23
- Prev close
- 75.70
- Volume
- 37K
- Mkt cap
- $6.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.4
- P/S
- 2.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.0M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
RadNet, Inc. (RDNT) is a Healthcare company listed on NASDAQ. The stock is up 7% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 1 published research article covering RDNT.
RadNet, Inc. (RDNT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RDNT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $0.20 | $0.29 | +44.0% | $623M | +1.9% |
| May 11, 2026 | $-0.14 | $-0.28 | -100.0% | $576M | +3.2% |
| Feb 27, 2025 | $0.21 | $0.22 | +4.8% | $477M | +3.8% |
| Feb 29, 2024 | $0.11 | $0.20 | +81.8% | $420M | -0.1% |
| Nov 8, 2023 | $0.06 | $0.14 | +133.3% | $402M | -2.5% |
| Feb 28, 2023 | $0.15 | $0.11 | -26.7% | $384M | +10.5% |
| Nov 9, 2022 | $0.16 | $0.09 | -43.8% | $350M | +0.3% |
| Mar 1, 2022 | $0.19 | $0.13 | -31.6% | $333M | -3.3% |
| Mar 8, 2021 | $0.16 | $0.20 | +25.0% | $309M | +2.6% |
| Mar 12, 2020 | $0.15 | $0.21 | +40.0% | $301M | +37.3% |
| Nov 12, 2019 | $0.11 | $0.06 | -45.5% | $293M | -44.1% |
| Aug 8, 2019 | $0.12 | $0.10 | -16.7% | $289M | -15.7% |
RDNT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | SWARTZ DAVID Ldirector | Sell | 2,699 | $53.89 |
| Jun 18, 2026 | Wesdorp Cornelisofficer: Pres & CEO, Digital Health | Sell | 4,750 | $58.11 |
| Jun 16, 2026 | Forthuber Stephen Mofficer: Pres & CEO-Eastern Operations | Sell | 24,214 | $57.79 |
| Jun 16, 2026 | Forthuber Stephen Mofficer: Pres & CEO-Eastern Operations | Sell | 19,853 | $58.61 |
| Jun 3, 2026 | Jacobs Laura Pastredirector | Grant | 2,946 | — |
| Jun 3, 2026 | SWARTZ DAVID Ldirector | Grant | 2,946 | — |
| Jun 3, 2026 | SPURLOCK GREGORY E.director | Grant | 2,946 | — |
| Jun 3, 2026 | Levitt Lawrence Ldirector | Grant | 2,946 | — |
| May 6, 2026 | Berger Howard Gdirector, officer: President, CEO | Option | 25,992 | $18.64 |
| Mar 23, 2026 | Sorensen Alma Gregorydirector, officer: Chief Strategy Officer | Sell | 100 | $63.59 |
| Mar 23, 2026 | Sorensen Alma Gregorydirector, officer: Chief Strategy Officer | Sell | 9,554 | $61.84 |
| Mar 23, 2026 | Sorensen Alma Gregorydirector, officer: Chief Strategy Officer | Sell | 5,346 | $62.82 |
| Mar 18, 2026 | Sorensen Alma Gregorydirector, officer: Chief Strategy Officer | Tax | 5,919 | $61.72 |
| Mar 18, 2026 | Sorensen Alma Gregorydirector, officer: Chief Strategy Officer | Sell | 14,200 | $62.12 |
| Mar 18, 2026 | Sorensen Alma Gregorydirector, officer: Chief Strategy Officer | Sell | 800 | $62.72 |
Source: RDNT SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full RDNT insider & 13F page →RadNet, Inc. company profile
Overview
RadNet, Inc. (NASDAQ:RDNT) is a leading provider of outpatient diagnostic imaging services in the United States, founded in 1981 and headquartered in Los Angeles, California. The company has grown from its origins as a regional imaging provider to become one of the largest outpatient diagnostic imaging networks in the country, operating 398 centers across seven states as of 2024. RadNet went public in 1997 and has since expanded through a combination of organic growth, strategic acquisitions, and joint ventures with hospital systems. In recent years, the company has pivoted toward becoming a technology-driven healthcare organization, investing heavily in artificial intelligence solutions and digital health platforms to enhance diagnostic capabilities and operational efficiency.
Business
RadNet operates in the medical diagnostic imaging industry, providing outpatient imaging services that help physicians diagnose medical conditions without requiring patients to be admitted to hospitals. Diagnostic imaging refers to various technologies that create visual representations of the interior of the body, allowing doctors to see organs, bones, tissues, and other structures to identify diseases, injuries, or abnormalities. The company operates two primary business segments. The Imaging Center segment represents approximately 95% of total revenue and provides a comprehensive range of diagnostic imaging services including magnetic resonance imaging (MRI), which uses powerful magnets and radio waves to create detailed images of organs and tissues; computed tomography (CT), which combines X-rays and computer technology to produce cross-sectional images; positron emission tomography (PET), which uses radioactive tracers to detect metabolic activity often associated with cancer; mammography for breast cancer screening; ultrasound; and traditional X-ray services. The Digital Health segment, representing about 5% of revenue but growing rapidly at over 30% annually, focuses on artificial intelligence solutions and software platforms. This includes the company's Enhanced Breast Cancer Detection (EBCD) program, which uses AI algorithms to improve the accuracy of mammography readings, and DeepHealth OS, a cloud-based operating system designed to streamline imaging center operations through automation and AI-powered diagnostic tools. The company also develops AI solutions for lung and prostate cancer screening. RadNet's network includes both company-owned centers and joint ventures with hospital systems, with approximately 38% of its 398 centers operating through partnerships with health systems. The company has been strategically expanding its presence in key markets including California, Florida, New York, New Jersey, Arizona, Maryland, and Delaware, with recent expansion into Texas through acquisitions.
Revenue model
RadNet generates revenue primarily through fee-for-service reimbursements from insurance providers, including Medicare, Medicaid, and commercial insurance plans. When patients receive imaging services at RadNet centers, the company bills the patient's insurance provider directly, receiving payment based on predetermined reimbursement rates. The company's revenue model is fundamentally based on procedure volume multiplied by average reimbursement rates per procedure. The company's customers are essentially the patients who receive imaging services, but the paying entities are primarily insurance companies and government healthcare programs. Commercial insurance typically provides higher reimbursement rates than government programs, making payor mix a crucial factor in profitability. Advanced imaging procedures like MRI, CT, and PET scans generate significantly higher revenue per procedure compared to routine imaging like basic X-rays. Several factors influence RadNet's margins and profitability. Positive margin drivers include the ongoing shift of imaging services from more expensive hospital settings to lower-cost outpatient centers, an aging population requiring more diagnostic imaging, technological advances that enable new types of scans and procedures, and the company's AI initiatives that can improve operational efficiency and potentially command premium reimbursement rates. The company's joint venture strategy with health systems also provides access to patient referrals and can improve utilization rates. Margin pressures come from periodic Medicare reimbursement cuts, which the government implements to control healthcare costs. Labor shortages, particularly for specialized technologists who operate imaging equipment, can increase wage costs and limit capacity. Equipment costs are substantial, as imaging machines can cost millions of dollars and require regular upgrades. Competition from hospital-based imaging centers and other outpatient providers can pressure pricing, while regulatory changes in healthcare policy can impact reimbursement structures. The company's significant debt load also creates interest expense that affects net margins.
Competitive moat
RadNet's competitive moat is moderate but strengthening through its strategic positioning and technology investments. The company's primary moat derives from its scale advantages as one of the largest outpatient imaging networks in the United States, which provides negotiating leverage with equipment suppliers, insurance companies, and enables operational efficiencies across its network. The company's extensive joint venture relationships with hospital systems create a form of competitive protection, as these partnerships often include patient referral agreements and can limit competitors' access to prime locations and patient flow. The company's growing AI and digital health capabilities represent an emerging moat, particularly its EBCD breast cancer screening program and DeepHealth OS platform. These technologies can potentially differentiate RadNet's services and create switching costs for healthcare partners who integrate these systems into their workflows. The company's data advantage from processing millions of imaging studies annually provides valuable training data for AI algorithm development. However, RadNet's moat faces several challenges. The diagnostic imaging industry has relatively low barriers to entry for well-capitalized competitors, as the core business model relies primarily on expensive equipment and qualified technologists rather than proprietary technology or unique intellectual property. Hospital systems can develop their own outpatient imaging capabilities, potentially competing directly with RadNet's services. Large healthcare companies or technology firms with substantial resources could enter the market and replicate RadNet's services. Regulatory and reimbursement risks pose ongoing threats, as government policy changes can significantly impact the entire industry's economics. The company's dependence on third-party reimbursement creates vulnerability to payor consolidation and rate pressure. While RadNet's AI initiatives show promise, the healthcare technology space is highly competitive, with numerous well-funded companies developing similar solutions.
Risks & safety
RadNet demonstrates strong financial safety with substantial liquidity and manageable debt levels, though profitability remains modest. • Liquidity and Cash Position: Excellent cash position of $717 million as of Q1 2025, providing significant financial flexibility and runway for operations and growth investments • Debt Management: Net debt-to-adjusted EBITDA ratio slightly above 1.0x, which is conservative for the industry. Total debt-to-equity ratio of 1.94x is elevated but manageable given the asset-heavy nature of the business • Operational Cash Flow: Positive operating cash flow of $233 million for full year 2024, though free cash flow was minimal at $1.3 million due to significant capital expenditures for equipment and facility expansion • Valuation Metrics: Trading at elevated multiples with EV/EBITDA of approximately 24x for 2024, reflecting growth expectations but suggesting limited margin of safety at current prices • Profitability Concerns: Net income margins remain thin at around 2% of revenue, with Q1 2025 showing a net loss of $29.7 million, indicating sensitivity to operational leverage and reimbursement pressures • Capital Intensity: High capital requirements for imaging equipment and facility development create ongoing cash flow demands that limit financial flexibility
Recent development
Over the past few years, RadNet has undergone a significant strategic transformation from a traditional imaging services provider to a technology-driven healthcare company. The company's most significant pivot has been its aggressive investment in artificial intelligence and digital health solutions, positioning itself as a leader in AI-powered diagnostic imaging. The company launched its Enhanced Breast Cancer Detection (EBCD) program, which uses AI algorithms to improve mammography accuracy, achieving adoption rates of 42% on the East Coast and 30% on the West Coast by 2024. This AI initiative has shown remarkable growth, with AI revenues increasing 278% in 2023 and continuing to grow over 30% annually. In 2024, RadNet commercially launched DeepHealth OS, a comprehensive cloud-based operating system designed to automate imaging center operations and enhance diagnostic capabilities through AI integration. Strategic partnerships have become a cornerstone of RadNet's growth strategy. The company announced collaborations with major equipment manufacturers GE Healthcare and Siemens to integrate AI solutions directly into imaging equipment. RadNet acquired iCAD Inc. to enhance its AI breast health solutions and expanded internationally by acquiring a majority stake in Heart&Lung Health, a UK-based teleradiology network. The company has aggressively expanded its joint venture strategy with hospital systems, growing from 119 centers (33% of network) in 2022 to 153 centers (38% of network) by 2024, with a target of reaching over 50% within three years. This strategy provides access to patient referrals and prime locations while sharing capital investment with healthcare partners. Geographic expansion has accelerated, particularly with entry into the Texas market through acquisitions in Houston, viewing it as a platform for future growth. The company has also invested approximately $20 million in infrastructure to support external customers for its digital health solutions, preparing to commercialize its AI and software platforms beyond its own network. Operational technology initiatives include the deployment of TechLive, a remote technologist solution installed on 255 of 400 MRI scanners, helping address labor shortages and improve operational efficiency. The company has also focused on expanding advanced imaging services, which now represent 26.9% of procedural volume and command higher reimbursement rates than routine imaging.
RDNT company profile · for informational purposes only — not investment advice.
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