RadNet reported third‑quarter 2025 results on Nov. 9, 2025, delivering record quarterly revenue of $522.9 million, up 13.4% year‑over‑year, and adjusted EBITDA of $84.9 million, a 15.2% increase. Digital Health revenue rose 51.6% to $24.8 million, reflecting strong uptake of AI‑driven solutions. The company’s cash balance stood at $804.7 million, with a net debt‑to‑adjusted EBITDA ratio of roughly 1.0, underscoring a solid liquidity position.
The results were driven by a 153‑basis‑point shift in the advanced imaging mix to 28.2% of all procedures, up from 26.7% a year earlier. Volume growth was robust across modalities: MRI volume increased 14.8% YoY, CT 9.4%, and PET/CT 21.1%. On a same‑center basis, MRI, CT, and PET/CT volumes grew 11.5%, 6.7%, and 14.9% respectively, while overall same‑center volume rose 4.9% YoY, indicating healthy demand and efficient capacity utilization.
RadNet raised its 2025 Imaging Center revenue guidance range by $10 million at both the low and high ends and increased Adjusted EBITDA guidance by $3 million at both ends. Digital Health revenue guidance was also lifted, reflecting the rapid expansion of its AI and informatics offerings. The guidance revision signals management confidence in continued growth momentum, a favorable mix shift, and the ability to sustain margin expansion amid ongoing investments in technology and network expansion.
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