RadNet reports second quarter financial results

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RadNet reports second quarter financial results

Press releases may be edited for formatting or style | August 11, 2020 Business Affairs
As a result of taking immediate expense and cash savings measures to react to the impact of COVID-19 on patient volume, RadNet finished the quarter with a cash balance exceeding $84 million and was undrawn on its $137.5 million revolving line of credit
RadNet has re-opened 77 of the 102 facilities temporarily closed because of COVID-19
Procedural volumes have returned to approximately 90% of pre-COVID-19 per day volumes, from a low point in mid-April of 28% of pre-COVID-19 per day volumes
For the quarter, and as a result of COVID-19, Revenue decreased 34.1% to $190.6 million in the second quarter of 2020 from $289.1 million in the second quarter of 2019
Adjusted EBITDA(1) decreased 47.6% to $22.6 million in the second quarter of 2020 from $43.1 million in the second quarter of 2019

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Adjusted diluted loss per share was $(0.16) in the second quarter of 2020, as adjusted on a tax-effected basis for the non-cash change in the fair value of an interest rate hedge, as compared with diluted earnings per share of $0.10 from the prior year’s second quarter
Aggregate procedural volumes decreased 43.7% and same-center procedural volumes decreased 43.4% from the second quarter of 2019
Subsequent to quarter end, RadNet and Hologic, Inc. announced a comprehensive collaboration to improve breast cancer care, including the co-development of Artificial Intelligence tools, data-sharing and an upgrade of RadNet’s fleet of Hologic mammography units to cutting-edge technology
LOS ANGELES, Aug. 10, 2020 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 332 owned and/or operated outpatient imaging centers, today reported financial results for its second quarter of 2020.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I am extremely pleased with the recovery we are experiencing relative to the low point of our procedural volumes during this COVID-19 period. Our procedural volumes reached a low point during the second week of April, at roughly 28% of the pre-COVID-19 per day averages of January and February. Currently, we are close to 90% of our pre-COVID per day volumes and are optimistic about further recovery as the year progresses.”

Dr. Berger continued, “Our operations teams and executive management moved with great urgency in March to aggressively take the actions necessary to lower our costs and conserve cash under very extreme health and social conditions and substantially reduced patient volume. The actions we took, which included temporarily closing facilities, consolidating patient volume into the centers of excellence which remained open, negotiating and restructuring agreements with vendors and landlords and reducing employee costs through furloughs and temporary salary cuts, among other actions, proved to secure our business in this difficult period. I want to thank the employees of RadNet, who are meeting the challenges during these difficult times and who are making great personal sacrifices for the benefit of our Company, our referring physicians, and most importantly, our patients.”

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