TLDR: RadNet, a leading provider of diagnostic imaging services, announced record financial results for the second quarter of 2025, with total company revenue reaching $498.2 million and Adjusted EBITDA hitting $81.2 million. The company’s Digital Health segment saw significant growth, and RadNet has subsequently raised its full-year 2025 financial guidance for both revenue and Adjusted EBITDA, driven by strong procedural volumes and strategic investments.
RadNet, Inc. (NASDAQ: RDNT), a prominent national provider of freestanding, fixed-site diagnostic imaging services and digital health solutions, has reported exceptional financial performance for the second quarter ended June 30, 2025. The company achieved record quarterly revenue and Adjusted EBITDA, leading to an upward revision of its full-year 2025 financial guidance.
For the second quarter of 2025, RadNet’s total company revenue soared to a record $498.2 million, marking an impressive 8.4% increase compared to $459.7 million in the second quarter of 2024. Concurrently, Adjusted EBITDA reached a new quarterly high of $81.2 million, representing a 12.3% rise from $72.3 million in the same period last year. The Adjusted EBITDA margin also saw an improvement, increasing by 57 basis points to 16.3% over Q2 2024.
The company’s Digital Health segment was a significant contributor to this growth, with revenue surging by 30.9% to $20.7 million. This segment’s performance underscores RadNet’s successful expansion into digital health solutions, including workflow software and artificial intelligence (AI) solutions marketed under its DeepHealth brand.
RadNet also reported a substantial improvement in its profitability. Total Company Net Income for Q2 2025 was $14.5 million, a stark contrast to a net loss of $3.0 million in the second quarter of 2024. Net Income Per Share for the quarter stood at $0.19, compared to a net loss per share of $(0.04) in the prior year. Adjusted Earnings for the quarter were $23.8 million, resulting in an Adjusted Earnings Per Share of $0.31, up from $0.16 in Q2 2024.
Dr. Howard Berger, CEO of RadNet, highlighted the drivers behind the strong results, stating, “Growth was driven by strong increases in aggregate and same center procedural volumes, improved reimbursement from commercial and capitated payors, a continuing shift in procedural volumes towards advanced imaging modalities and incremental Digital Health sales and licenses of workflow software and AI solutions.” The company observed notable increases in advanced imaging procedural volumes, with MRI growing by 9.0%, CT by 8.1%, and PET/CT by 22.4% compared to the previous year. These gains are partly attributed to investments in MRI software upgrades that enable shorter scan times and the expansion of CT programs to offer complex procedures.
In response to the robust performance and sustained growth trends, RadNet has revised its 2025 financial guidance upwards. The company now anticipates full-year revenue to be between $1,850 million and $1,900 million, and Adjusted EBITDA to range from $271 million to $279 million.
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Strategically, RadNet continues to pursue capacity expansion to meet high demand and address patient backlogs. One new facility was opened in East Brunswick, New Jersey, during the second quarter, with nine additional de novo facility openings projected for the remainder of 2025. As of June 30, 2025, RadNet’s balance sheet cash stood at $833.2 million, with a healthy Net Debt to Adjusted EBITDA ratio of 0.96x.
