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RadNet Reports Second Quarter Financial Results And Reaffirms 2012 Full-Year Guidance

  • Service Fee Revenue, net of contractual allowances and discounts ("Revenue") was $171.7 million, an increase of 12.0% from $153.4 million in the second quarter of 2011
  • Adjusted EBITDA (1) was $31.4 million, an increase of 2.8% from $30.5 million in the prior year's second quarter; RadNet's trailing twelve month Adjusted EBITDA (1) rises to $119.8 million
  • RadNet reports diluted per share Net Income of $0.07 compared to diluted per share Net Income $0.09 in the prior year's second quarter; excluding a $1.7 million gain in the second quarter of 2011 from the disposal of imaging center assets, net income increased from $0.05 per share in the second quarter of 2011 to $0.07 per share in the second quarter of 2012
  • On a sequential basis, comparing the second quarter's performance in 2012 with the first quarter of 2012, Revenue increased $3.2 million, Adjusted EBITDA (1) increased $2.3 million and Net Income increased $3.1
  • Same Center procedural volumes increased 0.8% as compared with the second quarter of 2011
  • RadNet reaffirms 2012 guidance levels

LOS ANGELES, Aug. 9, 2012 (GLOBE NEWSWIRE) -- RadNet, Inc. (Nasdaq:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 237 owned and/or operated outpatient imaging centers (inclusive of 21 facilities held in Joint Ventures), today reported financial results for its second quarter of 2012.

Second Quarter Financial Results

For the second quarter of 2012, RadNet reported Revenue, Adjusted EBITDA (1) and Net Income Attributable to RadNet, Inc. Common Stockholders ("Net Income") of $171.7 million, $31.4 million and $2.9 million, respectively. Revenue increased $18.4 million (or 12.0%), Adjusted EBITDA (1) increased $0.9 million (or 2.8%) and Net Income decreased $575 thousand, respectively, over the second quarter of 2011. Net Income for the second quarter was $0.07 per diluted share, compared to a Net Income of $0.09 per diluted share in the second quarter of 2011 (based upon a weighted average number of diluted shares outstanding of 39.4 million and 39.8 million for these periods in 2012 and 2011, respectively). Excluding a $1.7 million gain (or $0.04 per share) from property and casualty insurance settlement proceeds in the second quarter of 2011 from the disposal of imaging center assets in California, Net Income increased from $0.05 per share to $0.07 per share in the second quarter of 2012. On a sequential basis, comparing the second quarter's performance in 2012 with the first quarter of 2012, Revenue increased $3.2 million, Adjusted EBITDA (1) increased $2.3 million and Net Income increased $3.1.

Affecting operating results in the second quarter of 2012 were certain non-cash expenses and non-recurring items including: $531,000 of non-cash employee stock compensation expense resulting from the vesting of certain options and warrants; $163,000 of severance paid in connection with headcount reductions related to cost savings initiatives from previously announced acquisitions; $276,000 loss on the disposal of certain capital equipment; $771,000 of non-cash Deferred Financing Expense related to the amortization of financing fees paid as part of our existing credit facilities; and $1.2 million fair value gain from our interest rate swaps, net of the amortization of an Accumulated Comprehensive Loss existing prior to April 6, 2010.

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