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RadNet, Inc. (NASDAQ: RDNT) reported first-quarter 2026 results, highlighting a rebound in March after severe winter weather in the Northeast reduced revenue and adjusted EBITDA earlier in the quarter. The company also pointed to growth in advanced imaging and continued momentum in its Digital Health business, including a March 2, 2026 acquisition in France.
RadNet said severe winter weather conditions in the Northeast during January and February reduced Revenue and Adjusted EBITDA(1) by an estimated $13 million and $9 million, respectively. Management reported that the business “strongly rebounded in March,” driving Total Company Revenue up 22.1% and Total Company Adjusted EBITDA(1) up 36.3% versus the first quarter of 2025.
The company attributed record first-quarter performance to advanced imaging growth. Aggregate advanced imaging (MRI, CT and PET/CT) increased 19.7%, while same-center advanced imaging rose 8.2% compared with the prior-year quarter.
RadNet also reported a shift in procedural volume mix toward advanced imaging. The growth in MR, CT and PET/CT contributed to a 235 basis point increase in advanced imaging procedural volume mix (relative to routine imaging), rising from 26.9% in the first quarter of 2025 to 29.3% in the first quarter of 2026. Imaging Center Adjusted EBITDA(1) margin increased by 52 basis points, after adjusting for lost revenue and adjusted EBITDA from the severe winter weather in the first quarter of 2026 and the severe winter weather and California wildfires in the first quarter of 2025.
On April 30, RadNet announced the commencement of a new health system joint venture with Trinity Health’s Saint Alphonsus Health System, initially involving five outpatient imaging centers in Boise, Idaho. RadNet said the partnership will implement modules of DeepHealth OS and AI-powered solutions for radiologist reporting, patient engagement and clinical interpretation.
RadNet also said its Digital Health division gained momentum following its March 2, 2026 acquisition of Gleamer SAS in France. The company estimated that by the end of 2026, over 70% of RadNet studies could be running through clinical AI, and that all radiologist reports are expected to be processed through DeepHealth’s Reporting Pro auto-impression/summarization engine. RadNet said these initiatives are intended to improve workflow productivity and enhance operating expense performance.
In addition, RadNet reported that its Digital Health sales pipeline with third-party customers continued to build during the first quarter. The company signed more than $16 million (Total Contract Value) of new DeepHealth business, spanning clinical AI, operating and diagnostic workflow, and TechLive solutions.
For the first quarter of 2026, RadNet reported Total Company Revenue of $575.6 million and Adjusted EBITDA(1) of $63.3 million. Revenue increased $104.2 million (22.1%) and Adjusted EBITDA(1) increased $16.9 million (36.3%) compared with the first quarter of 2025.
Digital Health Revenue (inclusive of intersegment revenue) was $29.1 million, with Adjusted EBITDA(1) of $1.3 million. Revenue increased $9.9 million (51.5%) versus the first quarter of 2025, while Adjusted EBITDA(1) decreased $2.4 million.
At March 31, 2026, Annual Recurring Revenue(4) (ARR) for Digital Health was $96.9 million, compared with $49.8 million as of March 31, 2025.
RadNet listed several unusual or one-time items affecting the first quarter of 2026, including: $0.9 million of lease expense for de novo facilities under construction; $3.5 million of acquisition transaction costs; $2.6 million loss on sale and disposal of equipment; $1.5 million of severance costs; $2.8 million change in contingent consideration related to past acquisitions; and $4.6 million of non-capitalized research and development expenses related to DeepHealth Cloud OS and generative AI.
After adjusting for these items, Total Company Adjusted Loss(3) was $21.6 million and diluted Adjusted Loss Per Share(3) was $(0.28) for the first quarter of 2026. This compares with Total Company Adjusted Loss(3) of $25.2 million and diluted Adjusted Loss Per Share(3) of $(0.34) in the first quarter of 2025.
Unadjusted for unusual or one-time items, Total Company Net Loss for the first quarter of 2026 was $33.5 million, compared with a Total Company Net Loss of $37.9 million in the first quarter of 2025. Net Loss Per Share was $(0.43) versus $(0.51) in the first quarter of 2025, based on a weighted average number of diluted shares outstanding of 77.1 million in 2026 and 74.4 million in 2025.
On a systemwide basis (including unconsolidated joint venture centers), MRI volume increased 20.3%, CT volume increased 17.7%, and PET/CT volume increased 35.2% versus the prior-year first quarter. Overall volume, including routine imaging exams (x-ray, ultrasound, mammography and other exams), increased 10.1%.
On a same-center systemwide basis (centers included in both first quarters of 2026 and 2025), MRI volume increased 10.0%, CT volume increased 4.7%, and PET/CT volume increased 14.7%. Overall same-center volume increased 2.4% versus the prior-year same quarter.
RadNet said its balance sheet remains among the strongest in the diagnostic imaging industry. At quarter end, reflecting the Gleamer acquisition and recent imaging center transactions, the company reported a cash balance of $455.3 million and a leverage ratio of Net Debt to Adjusted EBITDA(1) slightly below 2.0.
RadNet amended its previously announced guidance levels as follows:
Dr. Howard Berger and Mark Stolper will host a conference call to discuss first-quarter 2026 results on Monday, May 11, 2026 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).
Dial-in numbers: 844-744-1280 (U.S.) and 412-564-6465 (international). A webcast and archived replay were also described in the company’s release.
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