$RDNT

RadNet, Inc.

CIK:0000790526|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Total service revenue	$ 622,720	$ 498,230	$ 1,198,351	$ 969,629
OPERATING EXPENSES
Cost of operations, excluding depreciation and amortization	534,640	429,085	1,085,152	882,565
Lease abandonment charges	1,306	123	1,306	5,511
Depreciation and amortization	45,529	35,993	90,496	71,476
Loss on sale and disposal of equipment and other	1,117	1,724	3,708	2,126
Severance costs	660	426	2,124	1,173
Total operating expenses	583,252	467,351	1,182,786	962,851
INCOME FROM OPERATIONS	39,468	30,879	15,565	6,778
OTHER INCOME AND EXPENSES
Interest expense	18,153	17,189	35,810	34,428
Equity in earnings of joint ventures	(4,710)	(4,356)	(8,535)	(6,955)
Non-cash change in fair value of interest rate swap	0	1,956	0	4,062
Debt restructuring and extinguishment expenses	3,368	0	3,368	0
Other income, net	(3,960)	(7,764)	(8,867)	(15,476)
Total other expenses	12,851	7,025	21,776	16,059
INCOME (LOSS) BEFORE INCOME TAXES	26,617	23,854	(6,211)	(9,281)
(Provision for) benefit from income taxes	(6,363)	(820)	1,733	2,578
NET INCOME (LOSS)	20,254	23,034	(4,478)	(6,703)
Net income attributable to noncontrolling interest	12,724	8,580	21,458	16,769
NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS	$ 7,530	$ 14,454	$ (25,936)	$ (23,472)
BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS (in dollars per share)	$ 0.10	$ 0.19	$ (0.33)	$ (0.32)
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS (in dollars per share)	$ 0.10	$ 0.19	$ (0.33)	$ (0.32)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	77,788,452	74,352,498	77,425,061	74,070,438
Diluted (in shares)	78,731,021	75,531,743	77,425,061	74,070,438
Service fee revenue
REVENUE
Total service revenue	$ 592,589	$ 468,063	$ 1,137,807	$ 907,412
Revenue under capitation arrangements
REVENUE
Total service revenue	$ 30,131	$ 30,167	$ 60,544	$ 62,217

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,478)	$ (6,703)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	90,496	71,476
Noncash operating lease expense	32,658	29,356
Equity in earnings of joint ventures, net of dividends	(4,679)	(1,267)
Amortization of deferred financing costs and loan discount	1,550	1,471
Loss on sale and disposal of equipment	3,708	2,126
Loss on extinguishment of debt	407	0
Lease abandonment charges	1,306	5,511
Amortization of cash flow hedge	0	2,712
Non-cash change in fair value of interest rate swap	0	4,062
Stock-based compensation	41,915	37,235
Change in fair value of contingent consideration	(393)	0
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions:
Accounts receivable	(23,413)	(14,159)
Other current assets	(1,131)	22,381
Other assets	(7,443)	(2,544)
Deferred taxes	(3,784)	(3,511)
Operating leases	(29,238)	(34,726)
Deferred revenue	1,016	145
Accounts payable, accrued expenses and other	74,574	48,264
Net cash provided by operating activities	173,071	161,829
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of imaging facilities and other acquisitions, net of cash acquired	(315,707)	(31,985)
Purchase of property and equipment and other	(126,215)	(101,776)
Proceeds from sale of equipment	744	40
Equity contributions in existing and purchase of interest in joint ventures	0	(20,480)
Collection of notes receivable	6,651	0
Net cash used in investing activities	(434,527)	(154,201)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes and leases payable	(11,767)	(3,461)
Payments on term loan debt	(11,140)	(10,252)
Proceeds from issuance of new debt, net of issuance costs	248,937	99,001
Purchase of noncontrolling interests by third party	0	2,389
Distributions paid to noncontrolling interests	(3,927)	(3,313)
Proceeds from issuance of common stock upon exercise of options	612	554
Net cash provided by financing activities	222,715	84,918
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(2,202)	586
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(40,943)	93,132
CASH AND CASH EQUIVALENTS, beginning of period	767,215	740,020
CASH AND CASH EQUIVALENTS, end of period	726,272	833,152
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest	35,632	35,018
Cash paid during the period for income taxes	$ 2,143	$ 2,428

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 726,272	$ 767,215
Accounts receivable	241,845	200,317
Prepaid expenses and other current assets	60,776	52,003
Total current assets	1,035,756	1,032,127
PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS
Property and equipment, net	879,904	807,702
Operating lease right-of-use assets	759,225	690,250
Total property, equipment and right-of-use assets	1,639,129	1,497,952
OTHER ASSETS
Goodwill	1,122,468	907,663
Other intangible assets	245,348	148,508
Deferred financing costs	1,393	1,684
Investment in joint ventures	135,019	130,340
Deposits and other	47,238	40,289
Total assets	4,226,351	3,758,563
CURRENT LIABILITIES
Accounts payable, accrued expenses and other	489,818	422,029
Deferred revenue	16,480	7,272
Current operating lease liability	69,557	61,934
Current portion of notes payable	30,669	25,424
Total current liabilities	697,822	586,763
LONG-TERM LIABILITIES
Long-term finance lease liability	4,288	0
Long-term operating lease liability	776,329	707,001
Notes payable, net of current portion	1,301,862	1,064,495
Deferred tax liability, net	39,005	21,903
Other non-current liabilities	12,994	22,515
Total liabilities	2,832,300	2,402,677
EQUITY
Common stock - $0.0001 par value, 200,000,000 shares authorized; 78,646,805 and 77,399,615 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	8	8
Additional paid-in-capital	1,222,961	1,180,434
Accumulated other comprehensive (loss) income	(5,504)	4,885
Accumulated deficit	(121,373)	(95,437)
Total RadNet, Inc.'s Stockholders' equity:	1,096,092	1,089,890
Noncontrolling interests	297,959	265,996
Total equity	1,394,051	1,355,886
Total liabilities and equity	4,226,351	3,758,563
Affiliates
CURRENT ASSETS
Due from affiliates	6,863	12,592
CURRENT LIABILITIES
Due to affiliates	$ 91,298	$ 70,104