RadNet Inc. (NASDAQ: RDNT) completed the acquisition of imaging centers in Brooklyn and Orchard Park, New York from Presgar Imaging and affiliated entities for cash consideration of $2.2 million plus the assumption of about $700,000 of debt. The acquired entities are located in Orchard Park and both are multimodality facilities offering a combination of MRI, CT, PET/CT, ultrasound, mammography, bone density and X-ray. The two centers are expected to add around $7 million of revenue to RadNet on an annualized basis.
The company also reported strong results for the fourth quarter as compared to last year, with record revenues, adjusted EBITDA and net income.�This improved performance was driven by its geographic clustering operating model, relative size and operational efficiency.
The company reported revenues of $145.3 million, an increase of $13.5 million as compared to same period last year. This quarter�s revenue compared with the first, second and third quarters of 2010, increased $21.1 million (17.0%), $6.4 million (4.6%) and $5.2 million (3.7%), respectively. The company reported adjusted EBITDA of $30.2 million, an increase of 11.8 as compared with last year. The adjusted EBITDA compared with the first, second and third quarters of 2010, increased $9.7 million (47.1%), $2.8 million (10.0%) and $2.1 million (7.6%), respectively. The net income was $3.3 million, or $0.09 per share as compared with net Income of $637,000, or $0.02 per share from last year’s period. The MRI volume increased 16.4%, CT volume increased 4.6% and PET/CT volume decreased 7.4% as compared to same period prior year.
For the full year, the company reported revenue, adjusted EBITDA and net loss of $548.5 million, $106.2 million and $(12.9) million, respectively.
The company expects revenue in the range of $575 million – $605 million for fiscal 2011. The adjusted EBITDA is expected in the range of $110 million – $120 million.
RadNet stock is currently trading at $3.65. The stock is up 5.18 percent from its previous close. RadNet shares touched the high of $3.70 and lowest price in today�s session is $3.38.
The company stock has traded in the range of $1.80 and $4.20 during the past 52 weeks. The company�s market cap is $134.24 million.
RadNet operates a group of regional networks comprising 180 diagnostic imaging facilities located in seven U.S. states.
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