RadNet reports increase in revenue in Q3

2021 10 27 18 08 3227 Business Costs Rising Arrow Up 400

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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