RadNet Inc. (RDNT) Posts Q1 Results, Increases Profit by 17%

QualityStocks would like to highlight RadNet (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of 198 owned and operated outpatient imaging centers. With operations in seven states, including California, Maryland, Delaware, New Jersey, New York, Florida, and Kansas, the company considers itself the largest owner and operator of fixed diagnostic imaging centers in the United States.

In the company’s news yesterday,

RadNet 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.

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