RadNet Reports Record Third Quarter 2026 Revenue and Adjusted EBITDA, Raises Full-Year Financial Guidance
RadNet, a leading provider of high-quality, cost-effective outpatient diagnostic imaging services and a global developer of digital health solutions, has announced its financial results for the third quarter of 2026. The company reported record quarterly revenue and Adjusted EBITDA, supported by continued growth across its imaging center operations and Digital Health business.
During the third quarter, RadNet achieved significant improvements in its financial performance compared with the same period last year. Total company revenue increased by 22.1%, while Adjusted EBITDA grew by 23.8%. The company also reported an expansion in its Adjusted EBITDA margin, reflecting improvements in operational performance and business growth.
The results demonstrate continued demand for diagnostic imaging services and the company’s efforts to expand its operational capacity. RadNet attributed its performance to several initiatives, including improving utilization at existing imaging centers, opening new locations, expanding advanced imaging services and completing smaller strategic acquisitions.
The company also benefited from improved reimbursement from commercial payors and the expansion of its health system joint ventures. In addition, its Digital Health segment delivered substantial revenue growth, contributing to the overall financial performance.
Record Revenue and Adjusted EBITDA Reflect Business Growth
Dr. Howard Berger, President and Chief Executive Officer of RadNet, highlighted the company’s record financial results for the third quarter. He stated that RadNet achieved its highest quarterly revenue and Adjusted EBITDA during the reporting period.
According to Berger, total company revenue increased 22.1% compared with the third quarter of 2025, while Adjusted EBITDA rose 23.8%. The company also recorded a 23-basis-point expansion in its Adjusted EBITDA margin.
These results were supported by continued improvements across the company’s imaging center operations and digital health activities. RadNet has been focusing on creating additional capacity within its existing facilities and increasing the number of imaging procedures performed at its centers.
The company has also been expanding its network through new center openings and strategic acquisitions. These initiatives are intended to strengthen its geographic presence and increase its ability to provide diagnostic imaging services to patients.
Improved reimbursement from commercial payors also contributed to the company’s performance. Together, these factors supported revenue growth and improved profitability during the third quarter.
Imaging Center Capacity Expansion Supports Revenue Growth
One of the major contributors to RadNet’s third-quarter performance was its continued focus on creating and filling capacity across existing imaging centers.
The company has been working to improve the utilization of its current facilities while increasing the availability of diagnostic imaging services. Better utilization allows imaging centers to handle additional procedures using their existing infrastructure and operational resources.
RadNet’s growth strategy also includes opening new imaging centers to expand its service network. These new locations provide additional opportunities to reach patients and increase access to outpatient diagnostic imaging.
Alongside organic expansion, the company has continued pursuing tuck-in acquisitions. These smaller acquisitions support its broader expansion strategy by strengthening its existing operations and extending its presence in selected markets.
The company also highlighted the growing contribution of its health system joint ventures. Expanding these partnerships provides opportunities to collaborate with healthcare organizations and strengthen imaging service capabilities.
Advanced Imaging Procedures Continue to Increase
Advanced imaging services remained an important growth driver for RadNet during the third quarter of 2026. The company reported strong increases in advanced imaging procedural volumes, both across its overall network and at existing centers.
Compared with the third quarter of 2025, aggregate advanced imaging procedural volumes increased by 19.9%. Same-center advanced imaging procedural volumes also recorded growth of 8.9%.
The difference between aggregate and same-center growth reflects the broader expansion of the company’s imaging operations, including contributions from new facilities and other business expansion activities.
Advanced imaging services represent an increasingly important part of RadNet’s business mix. These services include specialized diagnostic imaging procedures that support the evaluation and diagnosis of different medical conditions.
As demand for advanced diagnostic capabilities continues to develop, imaging providers are focusing on expanding their equipment, facilities and service offerings. RadNet’s latest results demonstrate continued growth in this area.
Advanced Imaging Business Mix Reaches 30.6%
RadNet also reported an increase in the proportion of its total imaging procedures represented by advanced imaging services.
During the third quarter of 2025, advanced imaging accounted for 28.2% of all procedures performed by the company. In the third quarter of 2026, that proportion increased to 30.6%.
This represents an improvement of 232 basis points over the comparable period last year.
The increase highlights the continued shift in RadNet’s business mix toward advanced imaging procedures. The company has identified this shift as an important element of its growth strategy.
The expansion of advanced imaging services is supported by investments in imaging center capacity and the continued development of its diagnostic service network.
As the company’s advanced imaging operations grow, they are contributing an increasingly significant share of its overall procedural activity. RadNet’s reported volume increases indicate that this trend is continuing across both its overall network and established imaging centers.
RadNet Raises 2026 Financial Guidance
Following its strong third-quarter performance, RadNet announced that it is increasing certain financial guidance ranges for the full year 2026.
Dr. Howard Berger stated that the company is experiencing strong performance across nearly every part of its core imaging center business. Based on these results, management expects full-year performance to exceed its original expectations and the revised guidance ranges previously issued alongside its first-quarter and second-quarter 2026 results.
The company is raising its 2026 Imaging Center guidance for three important financial measures: revenue, Adjusted EBITDA and free cash flow.
The updated outlook reflects management’s confidence in the continued performance of the imaging center business. The company’s growth initiatives, including increased capacity utilization, new center openings and improvements in its business mix, have supported its financial performance.
The decision to revise guidance also reflects the contribution of improved commercial payor reimbursement and the continued expansion of strategic partnerships.
By increasing its guidance ranges, RadNet is communicating its expectation of stronger financial results for the remainder of 2026. The revised outlook is based on the performance and business trends described by management.
Pending ONRAD Acquisition Creates Additional Growth Opportunities
RadNet also highlighted the potential opportunities associated with its recently announced pending acquisition of ONRAD.
According to Dr. Berger, the company is particularly encouraged by the growth and expansion opportunities that could become available through the transaction.
The interest expressed by existing joint venture partners, potential new partners and customers has exceeded management’s expectations. This response indicates that the strategic combination has attracted attention from organizations operating within the imaging marketplace.
RadNet believes ONRAD’s capabilities complement both its core imaging center operations and its Digital Health solutions.
The company expects the strategic fit between these businesses to create opportunities across different areas of its operations. The combination could strengthen the relationship between its imaging center network and digital healthcare capabilities.
Management also noted that the benefits of the acquisition are already being recognized within the imaging marketplace. However, the transaction remains pending, and the company looks forward to exploring the opportunities once the acquisition is completed.
The proposed acquisition represents another part of RadNet’s broader strategy to expand its healthcare services and digital capabilities.
Digital Health Segment Records 32.6% Revenue Growth
RadNet’s Digital Health segment also contributed to the company’s third-quarter performance, reporting revenue growth of 32.6%.
The segment is an important part of RadNet’s broader business strategy, which combines traditional diagnostic imaging services with the development of digital health solutions.
The company operates across the outpatient diagnostic imaging market while continuing to develop technology-enabled healthcare capabilities. The growth of its Digital Health business provides an additional source of revenue beyond its core imaging center operations.
The 32.6% increase demonstrates the segment’s contribution to the company’s overall growth during the reporting period.
RadNet identified Digital Health performance as one of the factors supporting its record quarterly results. The company also highlighted the potential relationship between its digital capabilities and the recently announced pending ONRAD acquisition.
Management expects the combination of imaging services and digital healthcare solutions to create additional opportunities as the business continues to expand.
Strong Balance Sheet Supports Future Investments
RadNet reported that its balance sheet remained healthy at the end of the third quarter, providing the company with financial flexibility to support future business development.
At the close of the reporting period, the company held $750.6 million in cash. It also reported a Net Debt to Adjusted EBITDA leverage ratio of 1.66x.
According to Dr. Berger, the company’s financial position provides the operational flexibility required to continue investing in organic growth and pursuing strategic acquisition opportunities.
Maintaining sufficient liquidity is important for healthcare companies seeking to expand their operations, invest in technology and strengthen their service networks.
For RadNet, available cash and its reported leverage position provide resources to support its expansion strategy. The company intends to continue evaluating opportunities that align with its business objectives.
Its investment priorities include developing existing imaging center operations, expanding capacity and pursuing acquisitions that can strengthen its position in the diagnostic imaging and digital health markets.
Strategic Focus on Organic Growth and Acquisitions
RadNet’s third-quarter results reflect a business strategy that combines internal expansion with external growth opportunities.
Organic growth remains an important component of the company’s approach. By increasing capacity at existing imaging centers, opening new facilities and expanding advanced imaging services, RadNet aims to increase procedural volumes and improve operational performance.
Strategic acquisitions also remain part of its expansion plans. Tuck-in acquisitions and the pending ONRAD transaction represent different opportunities to strengthen its imaging and digital healthcare operations.
The company is also focusing on developing relationships with health systems and other industry partners. These collaborations can support the expansion of its imaging services and create opportunities to serve additional patient populations.
Together, these initiatives are intended to support sustainable business growth and strengthen RadNet’s position in the outpatient diagnostic imaging industry.
RadNet Looks Ahead After Strong Third Quarter Results
RadNet’s third-quarter 2026 financial results demonstrate continued growth across its imaging center operations and Digital Health segment. Record quarterly revenue and Adjusted EBITDA, increased advanced imaging volumes and improved profitability contributed to the company’s decision to raise selected full-year financial guidance ranges.
The company’s financial position also provides flexibility to continue investing in its existing operations and evaluate additional acquisition opportunities.
Management remains focused on expanding imaging center capacity, increasing advanced imaging services, strengthening health system partnerships and developing digital healthcare solutions.
The pending ONRAD acquisition represents another potential opportunity to connect the company’s imaging center operations with its digital health capabilities. RadNet expects to explore these opportunities further following the completion of the transaction.
With strong third-quarter performance and an improved financial outlook, RadNet is continuing to pursue its growth strategy across diagnostic imaging and digital health services.
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