RadNet Q2 Earnings Top Consensus On Recovery Of Procedural Volumes, Raises FY21 Guidance

RadNet Inc RDNT reports Q2 revenue of $333.9 million, up 75.2% Y/Y, beating the consensus of $325.09 million and adjusted EBITDA of $56.6 million compared to $22.6 million a year ago.
Dr. Howard Berger, President, and CEO commented, "We set all-time quarterly records for Revenue and Adjusted EBITDA, and achieved an Adjusted EBITDA margin of 17.0%, higher by 5.1% and 2.1% from the second quarters of 2020 and 2019, respectively. The solid operating performance resulted from recovering procedural volumes in combination with lower costs due to actions we took during the COVID-19 period in 2020 and continued cost-containment measures implemented in 2021. Additionally, improvements in our revenue cycle and cash collections have contributed to our improving results and lower DSOs."
MRI volume increased 88.1%, CT volume increased 67.6%, and PET/CT volume increased 28.8%.
Overall volume, taking into account routine imaging exams, including x-ray, ultrasound, mammography, and other exams, increased 92.7%.
On a same-center basis, MRI volume increased 73.0%, CT volume increased 54.9%, and PET/CT volume increased 26.5%. Overall same-center volume increased 80.5%.
Operating income was $27.68 million, compared to a mere $0.18 million a year ago.
Adjusted EPS of $0.27 surpassed the estimate of $0.15 and was better than the loss of $(0.14) a year ago.
FY21 Guidance: RadNet increased revenue guidance to 1.3 billion - $1.35 billion (consensus $1.31 billion), from $1.275 billion - $1.325 billion .
It expects Adjusted EBITDA of $200 million - $210 million, up from prior guidance of $187 million - $197 million.
Price Action: RDNT shares are down 6.13% at $35.81 during the market session on the last check Monday.

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