RadNet Inc
NASDAQ:RDNT
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RadNet Inc
NASDAQ:RDNT
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Seach Medical Group Ltd
TASE:SEMG
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RadNet Inc
RadNet Inc. stands as a formidable entity in the realm of diagnostic imaging services, charting its course as a crucial component within the broader healthcare sector. Founded in 1980, the company has evolved into a vital provider of outpatient imaging services across the United States, leveraging both organic growth and strategic acquisitions. RadNet operates a network of imaging centers, equipped with cutting-edge technology and staffed by experienced radiologists and technicians. These centers offer a range of diagnostic imaging procedures, including MRI, CT, mammography, X-ray, and ultrasound. By positioning itself at the intersection of healthcare efficiency and innovation, RadNet marries technology with patient care, optimizing the process of disease detection and diagnosis.
Revenue streams for RadNet primarily flow from patient payments and insurance reimbursements for services rendered. With the increasing reliance on advanced imaging techniques in modern medicine, RadNet capitalizes on the demand for accurate, timely diagnostic data from healthcare providers aiming to enhance patient care protocols. Another key revenue avenue stems from partnerships with hospitals and healthcare systems, wherein RadNet provides the technical platform and expertise, thus enabling these institutions to focus on core patient care activities. This business model not only underscores the importance of diagnostic services in preventive and restorative healthcare but also sharpens RadNet’s competitive edge through scale, efficiency, and an extensive network of service locations.
RadNet Inc. stands as a formidable entity in the realm of diagnostic imaging services, charting its course as a crucial component within the broader healthcare sector. Founded in 1980, the company has evolved into a vital provider of outpatient imaging services across the United States, leveraging both organic growth and strategic acquisitions. RadNet operates a network of imaging centers, equipped with cutting-edge technology and staffed by experienced radiologists and technicians. These centers offer a range of diagnostic imaging procedures, including MRI, CT, mammography, X-ray, and ultrasound. By positioning itself at the intersection of healthcare efficiency and innovation, RadNet marries technology with patient care, optimizing the process of disease detection and diagnosis.
Revenue streams for RadNet primarily flow from patient payments and insurance reimbursements for services rendered. With the increasing reliance on advanced imaging techniques in modern medicine, RadNet capitalizes on the demand for accurate, timely diagnostic data from healthcare providers aiming to enhance patient care protocols. Another key revenue avenue stems from partnerships with hospitals and healthcare systems, wherein RadNet provides the technical platform and expertise, thus enabling these institutions to focus on core patient care activities. This business model not only underscores the importance of diagnostic services in preventive and restorative healthcare but also sharpens RadNet’s competitive edge through scale, efficiency, and an extensive network of service locations.
Record quarter: Total company revenue reached $547.7 million in Q4 (up 14.8% YoY) and adjusted EBITDA was $87.7 million (up 16.9% YoY), both quarterly records.
Digital Health growth: Digital Health Q4 revenue was $27.9 million (up 48.2% YoY) with Q4 adjusted EBITDA of $4.9 million; full-year Digital Health revenue was $92.7 million and adjusted EBITDA $15.5 million.
Gleamer acquisition: RadNet completed the acquisition of Paris-based Gleamer for cash up to EUR 230 million; Gleamer brings ~700 customer contracts, is expected to contribute about $30 million of ARR in 2026 and is anticipated to reach positive adjusted EBITDA by mid-2027 (with up to ~$5 million EBITDA drag in 2026).
ARR and Digital Health scale: Digital Health ARR was $75.4 million at Dec 31, 2025 and management expects ARR to approach $140 million by year-end 2026 (Gleamer ~ $30 million of that).
Imaging demand and modality mix: Advanced imaging continues to drive results — advanced imaging was 28.6% of procedural volume in Q4 (up 178 bps YoY); same-center advanced imaging procedural volume was up 9.6% YoY in Q4.
2026 guidance: Imaging Center revenue guidance +17% to +19% YoY; Digital Health revenue guidance +45% to +55% YoY; free cash flow expected to grow 29% to 41% vs. 2025.
Balance sheet & liquidity: Year-end net debt was $323.5 million and net debt / adjusted EBITDA was approximately 1.0 at year-end 2025; pro forma leverage after transactions is expected in the ~1.6x–1.8x range.
