Improved volume and margin performance from existing imaging centers and cost savings from its Radiologix acquisition helped RadNet offset the impact of the Deficit Reduction Act (DRA) of 2005 on the company's operations in the first quarter (end-March 31).
In its first full quarter of operations since the Radiologix deal closed, the Los Angeles-based outpatient imaging services provider reported net revenue of $105.8 million, up 1% compared with $104.8 million in the first quarter of 2006. (The 2006 numbers include revenues from both RadNet and Radiologix as if the companies had been combined prior to January 1, 2006.)
The company's earnings before interest, taxes, deprecation, and amortization (EBITDA) in the most recent quarter were $20.3 million, down 0.6% compared with EBITDA of $20.5 million if RadNet and Radiologix had been operating together in the first quarter of 2006.
RadNet's net loss increased to $4.4 million for the most recent quarter. RadNet cited certain noncash expenses and one-time nonrecurring items, including $2.2 million of noncash employee stock compensation from the vesting of certain management and board of directors options and warrants, for the greater net loss.
By AuntMinnie.com staff writers
May 22, 2007
Related Reading
RadNet gets Nasdaq global listing, February 13, 2007
RadNet revenue up in fiscal 2006, February 8, 2007
Primedex changes name, November 30, 2006
Primedex finishes Radiologix deal, November 16, 2006
Radiologix posts Q3 report, updates merger plans, November 9, 2006
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