RadNet Reports Third Quarter Financial Results with Record Quarterly Revenue and Adjusted EBITDA(1) and Revises Upwards 2026 Financial Guidance Ranges
Key Highlights
- ➤Q3 revenue $638.3 million, up 22.1% year over year
- ➤Q3 Adjusted EBITDA $105.0 million, up 23.8%; margin reached 16.5%
- ➤2026 Imaging Center revenue guidance raised to $2.385-$2.435 billion
- ➤2026 Imaging Center Adjusted EBITDA guidance raised to $350-$363 million
- ➤2026 Imaging Center free cash flow guidance raised to $120-$130 million
Expert Statements
Howard Berger, President and Chief Executive Officer of RadNet
“We delivered record quarterly Revenue and Adjusted EBITDA(1) in the third quarter. Total Company Revenue grew 22.1% and Adjusted EBITDA(1) grew 23.8% compared with last year’s third quarter, and Adjusted EBITDA(1) margin expanded 23 basis points. These results were driven by continued initiatives to create and fill capacity at existing imaging centers, new center openings, the continued shift in the business mix towards advanced imaging, tuck-in acquisitions, improved reimbursement from commercial payors, the expansion of our health system joint ventures and 32.6% Revenue growth in the Digital Health segment.”
Howard Berger, President and Chief Executive Officer of RadNet
“Advanced imaging growth continues to be strong, both in aggregate and on a same-center basis. Compared with last year’s third quarter, aggregate advanced imaging procedural volumes increased 19.9% and same-center advanced imaging procedural volumes increased 8.9%. As a result, RadNet’s advanced imaging business mix increased 232 basis points, from 28.2% of all procedures in the third quarter of 2025 to 30.6% in the third quarter of 2026.”
Howard Berger, President and Chief Executive Officer of RadNet
“With strong performance across nearly every part of the core imaging center business, we are again raising certain guidance ranges in anticipation that full-year results will exceed both our original expectations and the revised ranges issued in conjunction with first and second quarter 2026 results. We are raising 2026 Imaging Center guidance ranges for Revenue, Adjusted EBITDA(1) and Free Cash Flow(2).”
Howard Berger, President and Chief Executive Officer of RadNet
“We are particularly excited about the opportunities for growth and expansion that will be made possible as a result of the recently announced pending acquisition of ONRAD. The inbound interest from current joint venture partners and potential new partners and customers has exceeded our expectations. The strategic fit that ONRAD’s capabilities have with both RadNet’s core imaging center business and Digital Health solutions is already being recognized in the imaging marketplace, and we look forward to the opportunities that could result once the acquisition is closed.”
Howard Berger, President and Chief Executive Officer of RadNet
“RadNet’s balance sheet remains healthy and continues to provide the operating flexibility necessary to achieve further growth. We ended the third quarter with $750.6 million in cash and a Net Debt to Adjusted EBITDA(1) leverage ratio of 1.66x. This liquidity enables us to keep investing in organic growth and to pursue attractive strategic acquisitions in the coming quarters.”
Howard Berger, President and Chief Executive Officer of RadNet
“The Imaging Center segment has outperformed projections in each of the first three quarters of this year. As a result, we are raising its guidance ranges for Revenue, Adjusted EBITDA(1) and Free Cash Flow(2). In the Digital Health segment, we are raising the Adjusted EBITDA(1) guidance range as a result of effective expense management and faster-than-projected integration of acquired operations.”
* Total Company Revenue increased 22.1% to $638.3 million in the third quarter of 2026 from $522.9 million in the third quarter of 2025; Revenue from the Digital Health reportable segment (inclusive of intersegment revenue) increased 32.6% to $32.9 million in the third quarter of 2026 from $24.8 million in the third quarter of 2025 * Total Company Adjusted EBITDA(()(1)) was $105.0 million in the third quarter of 2026 as compared with $84.9 million in the third quarter of 2025, an increase of 23.8%; Digital Health reportable segment Adjusted EBITDA(()(1)) decreased 11.8% to $3.0 million in the third quarter of 2026 from $3.5 million in the third quarter of 2025 * Total Company Adjusted EBITDA(()(1)) margin increased to 16.5% in the third quarter of 2026 as compared with 16.2% in the third quarter of 2025 * Adjusting for unusual or one-time items in the quarter, Adjusted Diluted Earnings Per Share(()(3)) was $0.30 for the third quarter of 2026; This compares with Adjusted Diluted Earnings Per Share(()(3)) of $0.24 for the third quarter of 2025 * In the third quarter of 2026, aggregate advanced imaging (MRI, CT and PET/CT) procedural volumes increased 19.9% and same-center advanced imaging procedural volumes increased 8.9% as compared with the third quarter of 2025 * As of September 30, 2026, we had a cash balance of $750.6 million and Net Debt to Adjusted EBITDA(()(1)) ratio of 1.66x * RadNet revises full-year 2026 guidance levels to increase Imaging Center Revenue, Adjusted EBITDA((1))and Free Cash Flow(()(2)) ranges LOS ANGELES, Nov. 08, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective outpatient diagnostic imaging services and a premier global developer of digital health solutions, today reported financial results for its third quarter of 2026.
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