RadNet, Inc.

Employment

RadNet itself is not the employer of most radiologists. Affiliated independent practices that contract with RadNet set their own compensation structures. Direct employment exists for some employed radiologist positions but this is not the primary model.

History

Founded 1981 in Los Angeles by Dr. Howard Berger. Only publicly traded pure-play outpatient imaging chain in the U.S. 398–405+ centers (2024–2025). Acquired iCAD (AI breast imaging, NASDAQ: ICAD) via DeepHealth subsidiary Jul 2025 for ~$103M. $340M+ in acquisitions already announced in 2026. Consistently low leverage (<1.0x debt/EBITDA) positions RadNet as potential consolidator of PE-distressed assets. TechLive remote technologist system allows remote operation of imaging equipment. UPDATES (2025–2026): • Q4 2025: Record revenue $547.7M (+14.8%); record Adj. EBITDA $87.7M (+16.9%). Advanced imaging 28.6% of total volume. • Digital Health FY2025: $92.7M revenue; $15.5M Adj. EBITDA. ARR $75.4M as of Dec 2025. • iCAD acquisition completed Jul 2025 (~$103M all-stock). Adds 1,500+ provider locations in 50+ countries; scales mammogram reach to 10M+ annually. • Gleamer acquisition (Paris AI firm) for up to €230M in cash (late 2025/early 2026). 700 customer contracts, 130 employees, 4 FDA-cleared + 6 CE-marked AI solutions, ~$30M ARR. Significantly scales European/global AI footprint. • Jan 2026: Acquired 13 Radiology Regional FL centers from LucidHealth for $65M. • Feb 2026: Acquired 6 NWR (Northwest Radiology, Indianapolis) outpatient centers. First Midwest market entry. NWR radiologists (18 physicians) continue contracted services. • Center count at various 2025 filings: 398 (Apr 2025) → 401 (May 2025). Now 401+ after FL and IN acquisitions. • Cash position: $740M (Dec 2024); $717M (Mar 2025) + $100M incremental borrowing. • Leverage: <1.0x EBITDA — conservative balance sheet vs. PE-backed peers (RP ~7.7x, Lumexa ~3.5x). ADDITIONAL UPDATES (2026): • Mar 2026: RadNet disclosed $340M+ allocated to acquisitions in 2026 alone (iCAD, CMI, NWR, Gleamer). • CMI (Chesapeake Medical Imaging) acquired Nov 2025 for $29M — 12 Annapolis MD centers. RadNet now has ~68 Maryland centers. • NWR (Northwest Radiology, Indianapolis) — 6 outpatient centers acquired Feb 2026 for $9M. NWR's 18 physicians continue contracted reading services for these locations. $18M annual revenue contribution expected. • Gleamer acquisition adds 2,700+ combined AI customers with iCAD (26 FDA-cleared devices, 75 indications). "Largest provider of radiology AI tools in the world" per RadNet CEO Berger. • Gleamer achieved 90%+ CAGR 2022–2025; expected ~$30M ARR in 2026. • Q4 2025 Adj. EBITDA margin: 16.0% (imaging) — strong for center-based model. • CEO Howard Berger: pipeline of hospital system TC partnership opportunities being evaluated.

Technical Component

430+ owned/operated outpatient imaging centers as of early 2026 (post-CMI and NWR acquisitions). Markets: AZ, CA, DE, FL, IN, MD, NJ, NY, TX. CMI (Annapolis MD): 12 centers added Nov 2025 for $29M. NWR (Indianapolis IN): 6 centers added Feb 2026 for $9M — first Midwest market entry. iCAD acquired Jul 2025 (~$103M all-stock): 1,500+ global provider locations, AI breast health platform. Gleamer (Paris) acquired Q4 2025/Q1 2026 for up to €230M: 700+ customer contracts, ~$30M ARR, 4 FDA-cleared + 6 CE-marked AI solutions. DeepHealth (digital health subsidiary) is umbrella brand for all AI/informatics assets.