RadNet reports increase in revenue in Q3

By AuntMinnie.com staff writers

November 9, 2021 -- Outpatient diagnostic imaging services company RadNet posted an increase in revenue in the third quarter over last year, despite a hit due to hurricanes Henry and Ida.

For the period (end-September 30), the company posted revenues of $332.7 million, up 14% from $291.8 million in the third quarter of 2020. RadNet's revenue was negatively impacted by over $2.5 million in the quarter due to hurricanes Henry and Ida, the company said.

Increasing imaging volumes played a role in the increase in revenue, RadNet said. Including only those centers which were part of RadNet for both the third quarters of 2021 and 2020, MRI volume increased 11.2%, CT volume increased 7%, and PET/CT volume increased 4.8%, according to the company.

The company's net income was $16.2 million for the period, up sharply compared to net income of $6.2 million in the same period of fiscal 2020. The most recent numbers included a one-time gain of $7.7 million due to federal payroll tax forgiveness.

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