RadNet Inc. (RDNT) Posts Q1 Results, Increases Profit by 17%
Seeking Alpha Analyst Since 2008
RadNet Inc., a national market leader providing high-quality, cost-effective diagnostic imaging services, today posted its financial results for the first quarter of 2011.
Revenue for the first quarter increased 17.7 percent to $146.2 million compared to $124.2 million reported in the first quarter of the year prior.
Net loss for the quarter was $867,000, or $(0.02) per share, compared to a net loss of $(0.11) per share in the first quarter of 2011.
Dr. Howard Berger, president and CEO of RadNet, said the first quarter is generally the most difficult as it is affected by weather in the northeastern United States.
“We are pleased with our first quarter results. Typically, our first quarter is our most challenging quarter due to seasonality from the effects of adverse weather in the northeastern U.S. and from increasing patient participation in higher deductible health plans, which shifts procedural volumes into subsequent quarters. Despite these factors, our results this quarter showed marked improvement from last year’s first quarter …” Dr. Berger stated in the press release.
He also noted that the company was able to increase its same center revenue and procedural growth, which may suggest general recovery for the healthcare industry.
In the first quarter of 2011, RadNet acquired Imaging On Call, a leading teleradiology provider to hospitals, radiology practices and imaging centers. Paired with the company’s acquisition of its eRAD software subsidiary in the fourth quarter of 2010, Dr. Berger said the company is equipped with the necessary tools to be a full-service outsourced radiology partner.
For more information visit radnet.com
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