RadNet ups revenue, trims losses in Q1
Diagnostic imaging center owner and operator RadNet reported double-digit revenue gains while slashing its losses for the firm’s fiscal 2009 first quarter (end-March 31).
RadNet reported first quarter revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $128 million and $26.3 million, respectively. Revenue increased 12.4 percent (or $14.1 million) and adjusted EBITDA increased 19.4 percent (or $4.3 million), respectively, over the prior year's quarter.
The results reflect improved procedural volume in existing centers as well as the contribution of acquisitions and operating initiatives, according to the company.
For the first quarter of 2009, as compared with the prior year's quarter, MRI volume increased 14.8 percent, CT volume increased 12.4 percent and PET/CT volume increased 1.4 percent. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased a healthy 9.3 percent over the prior year's quarter.
On a same-center basis, including only those centers which were part of RadNet for both the first quarters of 2009 and 2008, MRI volume increased 5.7 percent, CT volume increased 5.6 percent and PET/CT volume increased 1 percent. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 2.8 percent over the prior year's quarter.
Net loss for the first quarter of 2009 was $842,000, a significant turnaround compared with a net loss of $5.5 million reported for the same period the prior year.
`We are pleased with our progress in the first quarter of 2009. In particular, we noted an increase in our EBITDA margins to 20.6 percent from our full-year 2008 margin of 19.6 percent. We are encouraged that some of our more recent operational and cost savings initiatives are beginning to pay dividends, as evidenced by a significant improvement in our bottom-line performance. We continue to see strong volumes in our markets and have yet to see a material negative impact on our business from the broader national economic troubles,'' said Howard Berger, MD, chairman and CEO of RadNet.
RadNet reported first quarter revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $128 million and $26.3 million, respectively. Revenue increased 12.4 percent (or $14.1 million) and adjusted EBITDA increased 19.4 percent (or $4.3 million), respectively, over the prior year's quarter.
The results reflect improved procedural volume in existing centers as well as the contribution of acquisitions and operating initiatives, according to the company.
For the first quarter of 2009, as compared with the prior year's quarter, MRI volume increased 14.8 percent, CT volume increased 12.4 percent and PET/CT volume increased 1.4 percent. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased a healthy 9.3 percent over the prior year's quarter.
On a same-center basis, including only those centers which were part of RadNet for both the first quarters of 2009 and 2008, MRI volume increased 5.7 percent, CT volume increased 5.6 percent and PET/CT volume increased 1 percent. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 2.8 percent over the prior year's quarter.
Net loss for the first quarter of 2009 was $842,000, a significant turnaround compared with a net loss of $5.5 million reported for the same period the prior year.
`We are pleased with our progress in the first quarter of 2009. In particular, we noted an increase in our EBITDA margins to 20.6 percent from our full-year 2008 margin of 19.6 percent. We are encouraged that some of our more recent operational and cost savings initiatives are beginning to pay dividends, as evidenced by a significant improvement in our bottom-line performance. We continue to see strong volumes in our markets and have yet to see a material negative impact on our business from the broader national economic troubles,'' said Howard Berger, MD, chairman and CEO of RadNet.