RadNet Posts Q1 Results: Revenue, Assets Up

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After a quarter of aggressive partnerships and acquisitions in early 2012, RadNet still posted a 17 percent increase in year-over-year revenues for the quarter, which totaled $168.5 million. Per-share net income for the quarter was flat, an improvement over Q1 2011 figures, when shares lost $0.02 apiece.

The company numbers $626.3 million in assets for the quarter, up nearly two percent from year-ago assets of $619.2 million, against $111.1 million in total liabilities for the quarter, up eight percent from $103.1 in liabilities during the first quarter of 2011.

Also in Q1, RadNet reported MRI volume was up 23.8 percent year-over-year, CT volume was up 23 percent, and PET/CT volume increased 14.6 percent.

President and CEO Dr. Howard Berger said in a statement that the results were encouraging in what is typically a challenging quarter for the company.

“We continued to execute on our operating plan of enhancing our regional market penetration and presence, driving operational efficiencies and broadening growth opportunities in our existing core markets,” Berger said.