Increased imaging procedure volumes and benefits realized from a cost-saving plan contributed to record pretax earnings for imaging services provider RadNet in its second quarter.
For the period (end-June 30), RadNet posted revenue of $179.1 million, up 1.5% from the $176.5 million booked in the second quarter of 2013. The firm had adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $33.4 million, compared with $30 million in the same period a year ago. Net income was $5.1 million, compared with $2.6 million last year.
The company said it achieved a 2.6% increase in MRI volume and a 5.7% increase in CT volume during the quarter; PET/CT volume dipped 0.3%. Taking into account routine imaging exams, overall volume climbed 6.2% over the second quarter of last year.
Based on its first-half results, RadNet is slightly increasing its 2014 guidance. The firm said it now expects to have 2014 revenue ranging between $705 million and $735 million, up from its previous guidance of $700 million to $730 million. Adjusted EBITDA is now projected to reach $115 million to $130 million, an increase over the previous estimate of $110 million to $120 million.
