RadNet Raises Imaging Center Outlook After Record Quarter

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue reached $638.3 million and Adjusted EBITDA $105.0 million as the company lifted 2026 Imaging Center ranges.

RadNet, Inc. (RDNT), a national provider of outpatient diagnostic imaging, reported record third-quarter revenue of $638.3 million, up 22.1% from $522.9 million a year earlier, and raised its 2026 Imaging Center guidance for a third consecutive quarter.

Total Company Adjusted EBITDA was $105.0 million, up 23.8% from $84.9 million in the third quarter of 2025. Adjusted EBITDA margin increased to 16.5% from 16.2%. Adjusted diluted earnings were $0.30 a share versus $0.24 a year earlier. Unadjusted net income attributable to common stockholders was $4.2 million, or $0.05 a share, compared with $5.4 million, or $0.07 a share, a year earlier.

President and Chief Executive Officer Dr. Howard Berger said the results were driven by capacity creation at existing centers, new openings, a shift toward advanced imaging, tuck-in acquisitions, improved commercial reimbursement, health-system joint ventures and Digital Health revenue growth. Year-over-year revenue growth slowed from 25.0% in the second quarter.

Aggregate advanced imaging volumes (MRI, CT and PET/CT) increased 19.9% from the third quarter of 2025, and same-center advanced imaging volumes increased 8.9%. Advanced imaging accounted for 30.6% of all procedures, up 232 basis points from 28.2% a year earlier. MRI volume rose 18.3%, CT 22.0% and PET/CT 30.4%. Overall volume, including routine exams, increased 10.8%. On a same-center basis, MRI rose 8.2%, CT 10.2% and PET/CT 8.2%; overall same-center volume increased 3.2%. Aggregate advanced-imaging volume growth slowed from 21.2% in the second quarter; same-center advanced-imaging growth slowed from 9.6%.

Digital Health revenue, inclusive of intersegment revenue, increased 32.6% to $32.9 million from $24.8 million a year earlier. Digital Health Adjusted EBITDA decreased 11.8% to $3.0 million from $3.5 million. Year-over-year Digital Health revenue growth slowed from 56.5% in the second quarter.

The quarter included unusual items, among them a $7.5 million gain on the contribution of imaging centers into joint ventures, $5.4 million of equipment-disposal losses, $7.3 million of Digital Health intangibles amortization, $5.6 million of non-capitalized research and development, $2.8 million of legal settlements, $2.7 million of acquisition costs, an $8.3 million non-cash change in contingent consideration and $2.1 million of lease abandonment charges.

Cash was $750.6 million as of September 30, 2026, and the Net Debt to Adjusted EBITDA ratio was 1.66x. Commercial insurance accounted for 56.4% of payments, Medicare 24.8%, capitation 4.9%, Medicaid 2.3% and workers’ compensation/personal injury 2.1%. MRI represented 38.6% of payments by modality and PET/CT 10.2%.

RadNet raised 2026 Imaging Center guidance after third-quarter results to revenue of $2,385 million to $2,435 million, Adjusted EBITDA of $350 million to $363 million and free cash flow of $120 million to $130 million, from after-second-quarter ranges of $2,370 million to $2,420 million, $345 million to $358 million and $115 million to $125 million. Berger said the Imaging Center segment has outperformed projections in each of the first three quarters and that full-year results are anticipated to exceed both original expectations and the ranges issued after the first and second quarters. Digital Health revenue guidance remained $135 million to $145 million; Digital Health Adjusted EBITDA before non-capitalized R&D was raised to $11 million to $13 million from $10 million to $12 million, which Berger attributed to expense management and faster-than-projected integration of acquired operations.

Berger said the company is raising Imaging Center ranges for revenue, Adjusted EBITDA and free cash flow and pointed to a pending acquisition of ONRAD, saying inbound interest from joint-venture partners and potential customers has exceeded expectations.