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Radnet (RDNT)

RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 334 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey, New York and Arizona. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 8,600 employees.

Company profile

Ticker
RDNT
Exchange
Website
CEO
Howard Berger
Employees
Incorporated
Location
Fiscal year end
Former names
PRIMEDEX HEALTH SYSTEMS INC
SEC CIK
Subsidiaries
Radnet Managed Imaging Services, Inc. • Radnet Management, Inc. • Radnet Management I, Inc. • Radnet Management II, Inc. • Radnet Sub, Inc. • Beach Imaging Group, LLC • Diagnostic Village, LLC • FRI II, Inc. • FRI, Inc. • Glendale Advanced Imaging Center, LLC ...
IRS number
133326724

RDNT stock data

Calendar

10 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 70.71M 70.71M 70.71M 70.71M 70.71M 70.71M
Cash burn (monthly) 21.3M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 94.03M n/a n/a n/a n/a n/a
Cash remaining -23.31M n/a n/a n/a n/a n/a
Runway (months of cash) -1.1 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Jun 22 Swartz David L Common Stock Grant Acquire A No No 0 6,269 0 237,410
8 Jun 22 Levitt Lawrence L Common Stock Grant Acquire A No No 0 6,269 0 201,000
8 Jun 22 Laura Pastre Jacobs Common Stock Grant Acquire A No No 0 6,269 0 17,651
8 Jun 22 Gregory E. Spurlock Common Stock Grant Acquire A No No 0 6,269 0 10,268
1 Jun 22 Hames Norman R Common Stock Sell Dispose S No No 20.531 10,000 205.31K 280,179
67.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 163 172 -5.2%
Opened positions 11 21 -47.6%
Closed positions 20 27 -25.9%
Increased positions 73 60 +21.7%
Reduced positions 49 56 -12.5%
13F shares Current Prev Q Change
Total value 848.33M 1.71B -50.5%
Total shares 37.84M 36.03M +5.0%
Total puts 80.5K 162.9K -50.6%
Total calls 78.6K 119.3K -34.1%
Total put/call ratio 1.0 1.4 -25.0%
Largest owners Shares Value Change
BLK Blackrock 6.42M $143.69M +0.2%
Vanguard 3.26M $73.02M +3.8%
Beck Mack & Oliver 2.69M $60.08M +5.9%
JB Capital Partners 2.09M $46.84M 0.0%
Edmond De Rothschild Holding 1.7M $37.93M +58.1%
STT State Street 1.52M $33.98M +5.1%
Dimensional Fund Advisors 1.49M $33.38M +0.2%
Global Alpha Capital Management 1.39M $31.17M +44.6%
American Century Companies 1.06M $23.67M -6.5%
FMR 1.01M $22.58M +22.8%
Largest transactions Shares Bought/sold Change
Edmond De Rothschild Holding 1.7M +622.96K +58.1%
Global Alpha Capital Management 1.39M +429.77K +44.6%
Candriam Luxembourg S.C.A. 0 -346.68K EXIT
Woodline Partners 512.26K +303.19K +145.0%
GS Goldman Sachs 598.63K +214K +55.6%
P2 Capital Partners 200K +200K NEW
FMR 1.01M +187.47K +22.8%
Beck Mack & Oliver 2.69M +150.6K +5.9%
Renaissance Technologies 736.77K -141.8K -16.1%
Russell Investments 107.67K -124.41K -53.6%

Financial report summary

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Risks
  • If our contracted radiology practices terminate their agreements with us, our business could substantially diminish.
  • If our contracted radiology practices, including the Group, lose a significant number of their radiologists, our financial results could be adversely affected.
  • Our ability to generate revenue depends in large part on referrals from physicians.
  • We may become subject to professional malpractice liability, which could be costly and negatively impact our reputation and business.
  • We may not receive payment from some of our healthcare provider customers because of their financial circumstances.
  • Capitation fee arrangements could reduce our operating margins.
  • Changes in the method or rates of third-party reimbursement could have a negative impact on our results
  • Disruption or malfunction in our information systems could adversely affect our business.
  • Technological change in our industry could reduce the demand for our services and require us to incur significant costs to upgrade our equipment.
  • We face various risks related to health epidemics and other outbreaks, which may have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • We experience competition from other diagnostic imaging companies and hospitals, and this competition could adversely affect our revenue and business.
  • Our success depends in part on our key personnel and loss of key executives could adversely affect our operations.
  • Our failure to successfully, and in a timely manner, integrate acquired businesses and/or new lines of businesses could reduce our profitability.
  • We may not be able to successfully grow our business, which would adversely affect our financial condition and results of operations.
  • A restriction in our ability to make capital expenditures would restrict our growth and could adversely affect our business.
  • The regulatory framework in which we operate is uncertain and evolving.
  • We may be impacted by eligibility changes to government and private insurance programs.
  • State and federal anti-kickback and anti-self-referral laws may adversely affect income.
  • Complying with federal and state regulations is an expensive and time-consuming process, and any failure to comply could result in substantial penalties.
  • If we fail to comply with various licensure, certification and accreditation standards, we may be subject to loss of licensure, certification or accreditation, which would adversely affect our operations.
  • Our agreements with the contracted radiology practices must be structured to avoid the corporate practice of medicine and fee-splitting.
  • Some of our imaging modalities use radioactive materials, which generate regulated waste and could subject us to liabilities for injuries or violations of environmental and health and safety laws.
  • Adverse changes in general domestic and worldwide economic conditions and instability and disruption of credit markets could adversely affect our operating results, financial condition, or liquidity.
  • Business disruptions and interruptions due to external events beyond our control can adversely affect our business, financial condition or results of operations.
  • Possible volatility in our stock price could negatively affect us and our stockholders.
  • Our substantial debt could adversely affect our financial condition and prevent us from fulfilling our obligations under our outstanding indebtedness.
  • We may not be able to finance future needs or adapt our business plan to changes because of restrictions placed on us by our credit facilities and instruments governing our other indebtedness.
  • Our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting.
  • We are subject to tax audits, challenges to our tax positions, or adverse changes or interpretations of tax laws.
  • We may be required to recognize an impairment of our goodwill or other indefinite-lived intangible assets, which could have an adverse effect on our financial position and results of operations.
  • Because we have high fixed costs, lower scan volumes per system could adversely affect our business.
  • Provisions of the Delaware General Corporation Law and our organizational documents may discourage an acquisition of us.
Management Discussion
  • ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and notes thereto for the year ended December 31, 2021 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (SEC) on March 1, 2022.
  • .

Content analysis

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