Imaging services provider RadNet reported an over 10% increase in revenue and a lower net loss in its first quarter.
For the period (end-March 31), RadNet produced revenue of $431.7 million, up from $390.6 million a year ago. The company reported that its total revenue increased by 10.5% to $431.7 million in the quarter from $390.6 million in the first quarter of 2023. Also, revenue from the digital health reportable segment increased 32.3% to $14.7 million in the quarter from $11.1 million in the first quarter of 2023.
RadNet also reported that its digital health revenue growth partly resulted from a $2.5 million (118.8%) increase in AI revenue, which climbed to $4.7 million from $2.1 million in the 2023 first quarter. Company leaders said this stemmed from the continued success of its rollout of the Enhanced Breast Cancer Detection (EBCD) DeepHealth AI-powered screening mammography program. Finally, RadNet reported that its Imaging Center segment achieved a revenue of $417.0 million, an increase of 9.9% over the previous year's first quarter.
For the period, RadNet had a net loss of $2.8 million, compared with a net loss of $21 million a year ago.
