Growth across all of its modalities and the addition of Radiologix last year powered imaging services firm RadNet of Los Angeles to increased revenues and a profit in the second quarter of 2007 (end-June 30).
The company's revenue increased to $107 million, compared with $40.3 million in the second quarter of 2006. Net income totaled $1.3 million, compared with a net loss of $500,000 in the same quarter of 2006.
RadNet attributed the results to improved volume and margin performance from existing imaging centers, as well as cost-saving measures, which helped offset negative reimbursement effects of the Deficit Reduction Act of 2005.
For the six-month period, revenue reached $212.8 million, compared with $80.5 million in the first half of 2006. RadNet had a net loss of $3.4 million for the six-month period, compared with a net loss of $3.5 million in the year-ago period.
By AuntMinnie.com staff writers
August 14, 2007
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