RadNet, Inc. Announces Agreement to Acquire ONRAD, Inc.
Key Highlights
- ➤RadNet (RDNT) to acquire ONRAD for $350 million cash and 5 million shares
- ➤ONRAD expected to add $190 million-$200 million revenue in first operating year
- ➤ONRAD expected to contribute $60 million-$65 million adjusted EBITDA after closing
- ➤Earnout adds up to $210 million based on ONRAD’s 2027 EBITDA performance
- ➤ONRAD supports more than 225 hospitals across 26 states with 130-plus radiologists
Expert Statements
Howard Berger, President and CEO of RadNet
“This is the next step in building an imaging company with comprehensive solutions that brings technology, radiology professional services and imaging operations together to address some of healthcare’s most pressing challenges and needs.”
Howard Berger, President and CEO of RadNet
“Connecting RadNet’s established AI-enabled digital health technology and imaging center operational expertise with ONRAD’s teleradiology and professional staffing solutions unites the capabilities needed to address the entire continuum of diagnostic imaging under one company.”
Howard Berger, President and CEO of RadNet
“The acquisition will enhance RadNet’s portfolio of solutions for hospitals and health systems, outpatient freestanding centers, urgent care facilities, freestanding emergency departments and physician offices.”
Howard Berger, President and CEO of RadNet
“I welcome ONRAD’s executive team, its contracted radiologists and all other ONRAD team members into the RadNet family.”
Howard Berger, President and CEO of RadNet
“This transaction is a significant additional step in leading our industry forward and demonstrating the impact that a transformation to workflow solutions in diagnostic imaging can have in advancing early detection, population health and improved patient outcomes.”
Dave Engert, President and CEO of ONRAD
“For 20 years, ONRAD has built long-standing relationships with hospitals and health systems delivering reliable, high-quality radiology coverage.”
Dave Engert, President and CEO of ONRAD
“Joining RadNet not only gives us the scale, resources and technology to meet the growing needs of our current and prospective customers, but it also enables us to offer a unique imaging model that addresses the full continuum of care from outpatient imaging centers to the acute care environment.”
Dave Engert, President and CEO of ONRAD
“The potential to further meet the ever-increasing demand for imaging services along with improving patient outcomes is what excites me most about our future together.”
* Adds a radiology professional services platform offering teleradiology and in-hospital staffing for hospitals and health systems
* Enables RadNet to seamlessly combine radiology professional services, AI-powered technology solutions and outpatient imaging operations into an integrated offering, transforming radiology workflows and ultimately improving patient care * Uniquely positions RadNet with an expanded offering to address the full range of care settings where imaging is performed inside and outside of hospitals * Acquisition adds to RadNet a capital-light, high-margin management services platform supporting more than 225 hospital facilities across 26 states with more than 130 contracted radiologists * ONRAD is expected to add $190 million to $200 million of Revenue and $60 million to $65 million of Adjusted EBITDA(()(1)) to RadNet in its first year of operation after closing * RadNet and ONRAD management will host a conference call and webcast to discuss the transaction in more detail on Tuesday, October 27 LOS ANGELES, Oct. 26, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT) (“RadNet” or the “Company”), a national leader in providing high-quality, cost-effective outpatient diagnostic imaging services and a global developer of digital health solutions, today announced that it has entered into a definitive agreement to acquire ONRAD, Inc. (ONRAD). ONRAD, through its more than 130 contracted radiologists, is a provider of teleradiology and in-hospital professional radiology staffing services for hospitals, health systems and other diagnostic imaging sites of care. The transaction is expected to close in early 2027 and is subject to customary regulatory review and closing conditions. Upon closing, ONRAD shareholders will receive a cash payment of $350 million and 5 million shares of RadNet, Inc. common stock, subject to customary adjustments. In addition, an earnout of up to $210 million in value will be payable upon achievement of target EBITDA for 2027. The earnout is payable in cash, RadNet common stock, or a combination thereof, at RadNet’s election.
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