RadNet reports revenue increases for Q1

By AuntMinnie.com staff writers

May 13, 2022 -- Outpatient imaging services provider RadNet is reporting increased revenue for the first quarter of the company's 2022 fiscal year.

The company said its revenue increased by 8.4% to $341.8 million in the quarter (end-March 31) from $315.3 million in the first quarter of 2021. RadNet also said that after excluding revenue from its artificial intelligence (AI) reporting segment, revenue from the imaging center segment in the first quarter of 2022 was $341.2 million, an increase of 8.2% from the first quarter of 2021.

The company's net income attributable to RadNet shareholders for the period was $3 million, down compared with net income of $9.5 million in the same period of 2021. The company said there were a number of one-time expenses that affected net income for the period.

RadNet noted that in January it acquired two AI companies, Aidence and Quantib. The company said the combination of these two companies with RadNet's existing DeepHealth mammography AI operations formed its new artificial intelligence reporting segment.

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