Ongoing improvement in imaging volumes helped outpatient imaging services provider RadNet to a 6.1% increase in revenue in its second quarter.
For the period (end-June 30), RadNet had $354.4 million in revenue, compared with $333.9 million in the second quarter of 2021. Excluding revenue from its RadNet's artificial intelligence (AI) reporting segment, the company's imaging center operations produced $352.8 million in revenue, up 5.7% from the same period a year ago. Aggregate procedural volumes grew by 4.5%, while same-center procedural volumes rose by 2.2% compared with the second quarter of 2021.
RadNet had second-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $51.3 million, compared with adjusted EBITDA of $56.7 million in the 2021 second quarter. Excluding losses from the AI segment and the loss of provider relief funding, the company would have had adjusted EBITDA of $55.5 million, compared with adjusted EBITDA of $57.3 million.
Net income was $7.9 million, compared with $2.9 million for the second quarter of 2021. The company also reaffirmed its full-year guidance levels for 2022.
