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RadNet Reports Record 2010 Fourth Quarter Results And Releases 2011 Financial Guidance

Stocks in this article: RDNT

  • For the fourth quarter, RadNet reports record Revenue of $145.3 million and record Adjusted EBITDA (1) of $30.2 million; increases of 10.2% and 11.8%, respectively, over the prior year's quarter
  • Fourth quarter 2010 Net Income was $3.3 million as compared with Net Income of $637,000 from last year's fourth quarter; fourth quarter 2010 per share Net Income was $0.09 compared to a per share Net Income of $0.02 for the prior year's quarter
  • For the year, RadNet reports record annual Revenue of $548.5 million and record annual Adjusted EBITDA (1)of $106.2 million; increases of 4.6% and 0.3%, respectively, over the prior year's results
  • For the year, RadNet reports a per share net loss of $(0.35) compared to a per share loss of $(0.06)in the prior year; 2010 per share loss would have been $(0.08), excluding the Loss on Extinguishment of Debt from RadNet's April 6, 2010 $585 million debt refinancing
  • RadNet announces 2011 guidance, including expected increases in Revenue and Adjusted EBITDA (1)

LOS ANGELES, March 8, 2011 (GLOBE NEWSWIRE) -- (Nasdaq:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 201 owned and/or operated outpatient imaging centers (inclusive of 19 facilities held in Joint Ventures), today reported financial results for its fourth quarter and full year ended December 31, 2010.

Financial Results

Fourth Quarter Report:

For the fourth quarter of 2010, RadNet reported Revenue, Adjusted EBITDA (1) and Net Income of $145.3 million, $30.2 million and $3.3 million, respectively. Revenue increased $13.5 million (or 10.2%), Adjusted EBITDA (1) increased $3.2 million (or 11.8%) and Net Income increased $2.7 million (or 418.1%) over the fourth quarter of 2009. On a sequential year-over-year basis, compared with the first, second and third quarters of 2010, Revenue increased $21.1 million (or 17.0%), $6.4 million (or 4.6%) and $5.2 million (or 3.7%), respectively. On a sequential basis, compared with the first, second and third quarters of 2010, Adjusted EBITDA (1) increased $9.7 million (or 47.1%), $2.8 million (or 10.0%) and $2.1 million (or 7.6%), respectively.

Net Income for the fourth quarter was $0.09 per share, compared with a Net Income of $0.02 per share in the fourth quarter of 2009 (based upon a weighted average number of fully diluted shares outstanding of 37.8 million and 37.4 million for these periods in 2010 and 2009, respectively). Excluding non-cash gains from the mark-to-market of our interest rate swaps of $1.8 million, a $306,000 non-cash charge to interest expense related to the amortization of accumulated unrealized losses on interest rate swaps, losses from the disposal of equipment of $530,000 and non-cash stock compensation of $898,000, RadNet would have reported Net Income of $3.2 million, or $0.08 per fully diluted share, for the fourth quarter of 2010 compared with a Net Income of $1.5 million, or $0.04 per share, for the fourth quarter of 2009 excluding those same non-cash losses and expenses.

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