RadNet Inc. (NASDAQ: RDNT) last month announced the completion of the acquisition of imaging centers in Brooklyn and Orchard Park from Presgar Imaging and its affiliated entities. The company acquired the imaging centers for a cash consideration of $2.2 million plus the assumption of around $700,000 of debt.
The two centers offer a combination of MRI, CT, PET/CT, ultrasound, mammography, bone density and x-ray. RadNet said that the two centers are expected to add almost $7 million in annual revenue.
In December last year, RadNet reported the execution of a definitive agreement to buy Imaging on Call LLC for $5.5 million plus contingent compensation of up to $2.5 million if certain milestones are achieved.
In third quarter 2010, the company reported quarterly revenue of $140.1 million, which is a quarterly record. The company�s third-quarter revenue increase 5% on a year-over-year basis.
RadNet reported adjusted EBITDA of $28 million for the third quarter of 2010, representing an increase of $2.5 million over the third quarter of 2009. The company posted a net loss of $285,000 for the third quarter of 2010.
For the first nine months of 2010, RadNet reported revenue of $403.2 million, adjusted EBITDA of $76 million and a net loss of $16.2 million.
The company is slated to present at the UBS 21st Annual Healthcare Services Conference in New York, NY, today at 1:30 p.m. PST.
RadNet shares have a 52-week range of $1.80-$4.20. The stock is currently trading above its 50-day and 200-day moving averages. In the last one year, RadNet shares gained 52.44%. Year-to-date, the small cap stock is up 37.75%.
Los Angeles, California-based RadNet is an operator of a group of regional networks comprising of 180 diagnostic, imaging facilities locates in seven states. The company offers diagnostic imaging services. Its centers also provide multi-modality imaging services.
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