Imaging services provider RadNet reported 10% growth in revenue and an increase in net income in the company's fourth quarter (end-December 31).
For the period, RadNet posted sales of $145.3 million, up 10.2% compared to revenues of $131.8 million in the same period of 2009. The company recorded net income for the most recent quarter of $3.3 million, compared with net income of $637,000 in the corresponding quarter of 2009.
For the year, RadNet turned in sales of $548.5 million, up 4.6% compared to $524.4 million in 2009. The company's net loss grew in 2010 to $12.7 million, compared with a net loss of $2.2 million in 2009.
The company said that its 2010 net loss was primarily the result of a $9.9 million loss on debt extinguishment relating to an April 2010 debt refinancing, as well as several noncash expenses.
