RadNet Reports Record Q3 2025 Results and Raises Full-Year Guidance
a leading national provider of high-quality outpatient diagnostic imaging services and global developer of digital health solutions, announced strong financial results for the third quarter of 2025, delivering record revenue, EBITDA growth, and notable expansion across both operating segments.
Third Quarter Highlights
- Total Company Revenue rose 13.4% to $522.9 million, up from $461.1 million in Q3 2024.
- Digital Health segment revenue (including intersegment revenue) increased 51.6% to $24.8 million, compared with $16.4 million in the prior-year quarter.
- Total Company Adjusted EBITDA grew 15.2% to $84.9 million, compared with $73.7 million in Q3 2024.
- Digital Health Adjusted EBITDA increased 6.9% to $3.5 million, from $3.2 million last year.
- Adjusted EBITDA margins improved 26 bps, reaching 16.2%.
- Adjusted Diluted EPS, excluding one-time items, rose to $0.20, compared with $0.18 in Q3 2024.
- Advanced imaging volumes increased 13.0% (aggregate) and 9.9% on a same-center basis.
- As of September 30, 2025, RadNet reported a cash balance of $804.7 million and a Net Debt to Adjusted EBITDA ratio of ~1.0x.
Management Commentary
President and CEO Dr. Howard Berger highlighted continued strong operational momentum across the Imaging Center and Digital Health segments. Growth was driven by capacity expansion, new centers, improved reimbursement trends, strategic acquisitions, joint venture expansion, and accelerating Digital Health revenue.
Advanced imaging mix increased by 153 basis points year-over-year, representing 28.2% of all procedures, compared with 26.7% in Q3 2024.
Berger also announced upward revisions to full-year 2025 guidance, reflecting confidence that results will exceed both initial expectations and previous updates.
Detailed Quarterly Performance
- Revenue increased by $61.7 million year-over-year.
- Adjusted EBITDA increased by $11.2 million year-over-year.
- Digital Health revenue rose $8.4 million, and Adjusted EBITDA increased by $223,000.
Unadjusted Net Income for Q3 2025 was $5.4 million, compared with $3.2 million last year. Fully diluted EPS was $0.07, up from $0.04.
Several one-time items impacted the quarter, including:
- $2.6 million non-cash interest rate swap loss
- $1.4 million severance expenses
- $621k de novo facility lease expenses
- $5.5 million in non-capitalized R&D for DeepHealth
- $2.1 million acquisition costs
- $2.8 million in lease abandonment charges
After these adjustments, Adjusted Earnings were $15.8 million, or $0.20 per share, versus $13.3 million and $0.18 respectively last year.
Imaging Volume Strength
Comparing Q3 2025 to Q3 2024:
- MRI volume: +14.8%
- CT volume: +9.4%
- PET/CT volume: +21.1%
- Total routine imaging volume: +6.9%
On a same-center basis:
- MRI: +11.5%
- CT: +6.7%
- PET/CT: +14.9%
- Total routine imaging: +4.9%
Nine-Month Financial Results
For the first nine months of 2025:
- Total Revenue was $1.49 billion, up 10.3%
- Adjusted EBITDA totaled $212.5 million, up 3.9%
- Digital Health revenue rose 38.2% to $64.8 million
- Digital Health Adjusted EBITDA increased 5.5% to $10.6 million
Unadjusted Net Loss for the period was $18.1 million, compared with a $2.6 million loss in the same period of 2024. Diluted loss per share was $(0.24) versus $(0.04) last year.
Conference Call Information
RadNet will host a conference call on:
- Date: Monday, November 10, 2025
- Time: 10:30 a.m. Eastern Time
- Dial-in: 844-826-3035 (U.S.) / 412-317-5195 (International)
A webcast and replay will be available on RadNet’s website in the Investor Relations section.
About RadNet, Inc.
RadNet, Inc. is a leading provider of outpatient diagnostic imaging services in the United States, with a network of 407 owned and operated imaging centers. The company’s markets include Arizona, California, Delaware, Florida, Maryland, New Jersey, New York and Texas. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members.
source link: https://www.radnet.com
