Artificial Intelligence
RadNet Reports Second Quarter Financial Results, Including Record Quarterly Revenue and Adjusted EBITDA(1), and Revises Upwards 2021 Financial Guidance Ranges
- Revenue increased 75.2% to an all-time quarterly record of $333.9 million in the second quarter of 2021 from $190.6 million in the second quarter of 2020
- Adjusted EBITDA(1) increased 150.7% to an all-time quarterly record of $56.6 million in the second quarter of 2021 from $22.6 million in the second quarter of 2020
- Adjusting for one-time items impacting Net Income in the quarter, Adjusted Earnings Per Share(3) was $0.27 for the second quarter of 2021; This compares with Adjusted Net Loss(3) of $(0.14) per diluted share for the second quarter of 2020
- Aggregate procedural volumes increased 92.7%; Same-center procedural volumes increased 80.5% compared to the second quarter of 2020
- RadNet has completed deployment of its FDA approved DeepHealth Saige-Q™ mammography AI software within its northeast and mid-Atlantic centers with positive physician reception
- RadNet further revises full-year 2021 guidance levels to increase Revenue, Adjusted EBITDA(1) and Free Cash Flow ranges
LOS ANGELES, Aug. 09, 2021 (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 353 owned and/or operated outpatient imaging centers, today reported financial results for its second quarter of 2021.
Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I am extremely pleased with our financial results in the second quarter. We set all-time quarterly records for Revenue and Adjusted EBITDA(1), and achieved an Adjusted EBITDA(1) margin of 17.0%, higher by 5.1% and 2.1% from the second quarters of 2020 and 2019, respectively. The strong operating performance was the result of recovering procedural volumes in combination with lower costs as a result of 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. We are seeing opportunity in virtually all aspects of our multi-faceted business. We project significant growth ahead from the strategic capital investments we are making in equipment, our development efforts in artificial intelligence, the pipeline for tuck-in acquisitions and discussions surrounding new hospital health system joint ventures.”
Dr. Berger continued, “Given the positive trends we are experiencing in our business and the strong financial performance of both the first and second quarters, we have elected to further revise our guidance levels upwards. The increased 2021 guidance ranges for Revenue, Adjusted EBITDA(1) and Free Cash Flow also anticipate improved operating margins. While our revised guidance is reflective of our confidence and optimism regarding the rest of the year’s performance, we remain cognizant of the possibility of an additional surge of COVID-19 or its Delta variant in any or all of our regional markets, and are prepared to respond appropriately,” added Dr. Berger.
Dr. Berger concluded, “On April 19th, we announced that we received FDA clearance for our DeepHealth AI mammography triage software, Saige-Q™, which is a worklist prioritization tool that enables radiologists to more effectively manage their mammography cases with the use of artificial intelligence. We are in the process of deploying this technology across our various markets and are pleased to announce that we have completed installation of this technology in our northeast and mid-Atlantic markets. We expect to complete nationwide deployment, to include our radiologists in California, by the end of the third quarter. Early feedback from our radiologists is excellent. While we are observing improved productivity, most importantly, we are providing our patients and payors with greater accuracy, fewer patient call-backs and the possibility of detecting breast disease one to two years earlier than otherwise possible. We continue to evaluate further areas of AI that can improve effectiveness, decrease costs and drive new revenue streams through providing innovative cost effective screening programs to large insurance companies who are interested in new population health models to improve patient care.”
Second Quarter Financial Results
For the second quarter of 2021, RadNet reported Revenue of $333.9 million and Adjusted EBITDA(1) of $56.6 million. Revenue increased $143.4 million (or 75.2%) and Adjusted EBITDA(1) increased $34.0 million (or 150.7%) from the second quarter of 2020.
Adjusted Diluted Net Income Attributable to RadNet, Inc. Common Stockholders (Adjusted Earnings(3)) for the second quarter of 2021 was $14.2 million, or $0.27 per diluted share as compared with Adjusted Net Loss of $6.9 million, or $(0.14) per diluted share for the same period in 2020. Unadjusted for one-time items, Net Income Attributable to RadNet, Inc. Common Shareholders (“Net Income”) for the second quarter of 2021 was $2.9 million, or $0.05 per diluted share. This compares to Net Loss of $10.6 million, or $(0.21) per diluted share, in the second quarter of 2020. These per share values are based upon weighted average number of diluted shares outstanding of 53.1 million in the second quarter of 2021 and 50.7 million of diluted shares outstanding in the second quarter of 2020.
Affecting Net Income in the second quarter of 2021 were certain non-cash expenses and non-recurring items including: $8.9 million of non-cash employee stock compensation expense; $268,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $1.6 million gain on the disposal of certain capital equipment; $1.2 million of non-cash loss from interest rate swaps; $6.0 million expense from debt restructuring and extinguishment as a result of our recent refinancing transaction; and $812,000 of amortization of deferred financing costs and loan discount related to our existing credit facilities.
For the second quarter of 2021, as compared with the prior year’s second quarter, 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, inclusive of x-ray, ultrasound, mammography and other exams, increased 92.7% over the prior year’s second quarter. On a same-center basis, including only those centers which were part of RadNet for both the second quarters of 2021 and 2020, MRI volume increased 73.0%, CT volume increased 54.9% and PET/CT volume increased 26.5%. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 80.5% from the prior year’s same quarter.
Six Month Financial Results
For the six months ended June 30, 2021, RadNet reported Revenue of $649.2 million and Adjusted EBITDA(1) of $102.1 million. Revenue increased $177.1 million (or 37.5%) and Adjusted EBITDA(1) increased $59.2 million (or 137.8%) from the same six month period last year.
For the six month period in 2021, RadNet reported Net Income of $12.3 million, an increase of approximately $39.3 million over the first six months of 2020. Per share diluted Net Income for the first six months of 2021 was $0.23, compared to a diluted Net Loss of $(0.53) in the same six month period of 2020 (based upon a weighted average number of diluted shares outstanding of 52.9 million in 2021 and 50.5 million in 2020).
Affecting Net Income for the six month period of 2021 were certain non-cash expenses and non-recurring items including: $17.1 million of non-cash employee stock compensation expense; $551,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $2.9 million gain on the disposal of certain capital equipment; $8.8 million of non-cash gain from interest rate swaps; $6.0 million expense from debt restructuring and extinguishment as a result of our recent refinancing transaction; and $2.0 million of amortization of deferred financing costs and loan discount related to our existing credit facilities.
2021 Guidance Update
RadNet amends its previously announced guidance levels as follows:
Original Guidance Range |
Revised Guidance Range After Q1 Results |
Revised Guidance Range After Q2 Results |
|||||
Total Net Revenue | $1,250 – $1,300 million | $1,275 – $1,325 million | $1,300 – $1,350 million | ||||
Adjusted EBITDA(1) | $180 – $190 million | $187 – $197 million | $200 – $210 million | ||||
Capital Expenditures(a) | $70 – $75 million | $72 – $77 million | $80 – $85 million | ||||
Cash Interest Expense | $39 – $44 million | $35 – $40 million | $35 – $40 million | ||||
Free Cash Flow (b)(2) | $60 – $70 million | $70 – $80 million | $75 – $85 million | ||||
(a) | Net of proceeds from the sale of equipment, imaging centers and joint venture interests, and excludes New Jersey Imaging Network capital expenditures. |
(b) | Defined by the Company as Adjusted EBITDA(1) less Capital Expenditures and Cash Paid for Interest. |
Dr. Berger highlighted, “Based upon the strong financial results in our first and second quarters and our confidence in projected performance for the remainder of the year, we have increased guidance ranges for Revenue, Adjusted EBITDA(1) and Free Cash Flow(2). Additionally, we have raised our Capital Expenditures level to reflect additional investments in growth opportunities we have identified in several of our core regional markets.”
Conference Call for Today
Dr. Howard Berger, President and Chief Executive Officer, and Mark Stolper, Executive Vice President and Chief Financial Officer, will host a conference call to discuss its second quarter 2021 results on Monday, August 9th, 2021 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).
Conference Call Details:
Date: Monday, August 9, 2021
Time: 10:30 a.m. Eastern Time
Dial In-Number: 888-394-8218
International Dial-In Number: 646-828-8193
It is recommended that participants dial in approximately 5 to 10 minutes prior to the start of the 10:30 a.m. call. There will also be simultaneous and archived webcasts available at http://public.viavid.com/index.php?id=146019 or http://www.radnet.com under the “Investors” menu section and “News Releases” sub-menu of the website. An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers, and using the passcode 3277272.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements in this press release include, among others, statements we make regarding response to and the expected future impacts of COVID-19, including statements about our anticipated business results, balance sheet and liquidity and our future liquidity, burn rate and our continuing ability to service or refinance our current indebtedness.
Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:
- the ongoing impact of the COVID-19 pandemic on our business, suppliers, payors, customers, referral sources, partners, patients and employees, including (i) government’s unprecedented action regarding existing and potential restrictions and/or obligations related to citizen and business activity to contain the virus; (ii) the consequences of an economic downturn resulting from the impacts of COVID-19 and the possibility of a global economic recession; (iii) the impact of the volume of canceled or rescheduled procedures, whether as a result of government action or patient choice; (iv) measures we are taking to respond to the COVID-19 pandemic, including changes to business practices; (v) the impact of government and administrative regulation, guidance and appropriations; (vi) changes in our revenues due to declining patient procedure volumes, changes in payor mix; (vii) potential increased expenses or workforce disruptions related to our employees that could lead to unavailability of key personnel; (viii) workforce disruptions related to our key partners, suppliers, vendors and others we do business with; (ix) the impact of return to work orders in certain states in which we operate; and (x) increased credit and collectability risks;
- the availability and terms of capital to fund our business;
- our ability to service our indebtedness, make principal and interest payments as those payments become due and remain in compliance with applicable debt covenants, in addition to our ability to refinance such indebtedness on acceptable terms;
- changes in general economic conditions nationally and regionally in the markets in which we operate;
- the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities;
- our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so;
- volatility in interest and exchange rates, or credit markets;
- the adequacy of our cash flow and earnings to fund our current and future operations;
- changes in service mix, revenue mix and procedure volumes;
- delays in receiving payments for services provided;
- increased bankruptcies among our partner physicians or joint venture partners;
- the impact of the political environment and related developments on the current healthcare marketplace and on our business, including with respect to the future of the Affordable Care Act;
- the extent to which the ongoing implementation of healthcare reform, or changes in or new legislation, regulations or guidance, enforcement thereof by federal and state regulators or related litigation result in a reduction in coverage or reimbursement rates for our services, or other material impacts to our business;
- closures or slowdowns and changes in labor costs and labor difficulties, including stoppages affecting either our operations or our suppliers’ abilities to deliver supplies needed in our facilities;
- the occurrence of hostilities, political instability or catastrophic events;
- the emergence or reemergence of and effects related to future pandemics, epidemics and infectious diseases; and
- noncompliance by us with any privacy or security laws or any cybersecurity incident or other security breach by us or a third party involving the misappropriation, loss or other unauthorized use or disclosure of confidential information.
Any forward-looking statement contained in this current report is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.
Regulation G: GAAP and Non-GAAP Financial Information
This release contains certain financial information not reported in accordance with GAAP. The Company uses both GAAP and non-GAAP metrics to measure its financial results. The Company believes that, in addition to GAAP metrics, these non-GAAP metrics assist the Company in measuring its cash-based performance. The Company believes this information is useful to investors and other interested parties because it removes unusual and nonrecurring charges that occur in the affected period and provides a basis for measuring the Company’s financial condition against other quarters. Such information should not be considered as a substitute for any measures calculated in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Reconciliation of this information to the most comparable GAAP measures is included in this release in the tables which follow.
CONTACTS:
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer
RADNET, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA) | ||||||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 140,852 | $ | 102,018 | ||||
Accounts receivable | 157,328 | 129,585 | ||||||
Due from affiliates | 6,290 | 5,836 | ||||||
Prepaid expenses and other current assets | 30,449 | 32,985 | ||||||
Total current assets | 334,919 | 270,424 | ||||||
PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS | ||||||||
Property and equipment, net | 435,172 | 399,335 | ||||||
Operating lease right-of-use assets | 593,574 | 483,661 | ||||||
Total property, equipment and right-of-use assets | 1,028,746 | 882,996 | ||||||
OTHER ASSETS | ||||||||
Goodwill | 502,331 | 472,879 | ||||||
Other intangible assets | 51,783 | 52,393 | ||||||
Deferred financing costs | 2,386 | 1,767 | ||||||
Investment in joint ventures | 41,375 | 34,528 | ||||||
Deferred tax assets, net of current portion | 29,390 | 34,687 | ||||||
Deposits and other | 41,268 | 36,983 | ||||||
Total assets | $ | 2,032,198 | $ | 1,786,657 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable, accrued expenses and other | $ | 244,536 | 236,684 | |||||
Due to affiliates | 22,596 | 14,010 | ||||||
Deferred revenue | 31,947 | 39,257 | ||||||
Current finance lease liability | – | 2,578 | ||||||
Current operating lease liability | 71,399 | 65,794 | ||||||
Current portion of notes payable | 10,789 | 39,791 | ||||||
Total current liabilities | 381,267 | 398,114 | ||||||
LONG-TERM LIABILITIES | ||||||||
Long-term finance lease liability | – | 743 | ||||||
Long-term operating lease liability | 567,674 | 463,096 | ||||||
Notes payable, net of current portion | 749,079 | 612,913 | ||||||
Other non-current liabilities | 34,899 | 53,488 | ||||||
Total liabilities | 1,732,919 | 1,528,354 | ||||||
EQUITY | ||||||||
RadNet, Inc. stockholders’ equity: | ||||||||
Common stock – $.0001 par value, 200,000,000 shares authorized; 52,678,030 and 51,640,537 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 5 | 5 | ||||||
Additional paid-in-capital | 324,954 | 307,788 | ||||||
Accumulated other comprehensive loss | (22,227 | ) | (24,051 | ) | ||||
Accumulated deficit | (105,668 | ) | (117,999 | ) | ||||
Total RadNet, Inc.’s stockholders’ equity | 197,064 | 165,743 | ||||||
Noncontrolling interests | 102,215 | 92,560 | ||||||
Total equity | 299,279 | 258,303 | ||||||
Total liabilities and equity | $ | 2,032,198 | $ | 1,786,657 | ||||
RADNET, INC. AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
REVENUE | ||||||||||||||||
Service fee revenue | $ | 295,494 | $ | 155,698 | $ | 575,071 | $ | 404,031 | ||||||||
Revenue under capitation arrangements | 38,424 | 34,868 | 74,166 | 68,099 | ||||||||||||
Total service revenue | 333,918 | 190,566 | 649,237 | 472,130 | ||||||||||||
Provider relief funding | 43 | 25,475 | 6,291 | 25,475 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Cost of operations, excluding depreciation and amortization | 283,571 | 194,217 | 565,851 | 461,635 | ||||||||||||
Depreciation and amortization | 24,011 | 21,355 | 46,667 | 43,289 | ||||||||||||
(Gain) loss on sale and disposal of equipment and other | (1,567 | ) | (569 | ) | (2,874 | ) | 202 | |||||||||
Severance costs | 268 | 859 | 551 | 1,076 | ||||||||||||
Total operating expenses | 306,283 | 215,862 | 610,195 | 506,202 | ||||||||||||
INCOME (LOSS) FROM OPERATIONS | 27,678 | 179 | 45,333 | (8,597 | ) | |||||||||||
OTHER INCOME AND EXPENSES | ||||||||||||||||
Interest expense | 12,171 | 10,831 | 24,997 | 22,382 | ||||||||||||
Equity in earnings of joint ventures | (3,121 | ) | (945 | ) | (5,406 | ) | (2,900 | ) | ||||||||
Non-cash change in fair value of interest rate hedge | (35 | ) | 3,843 | (11,280 | ) | 3,843 | ||||||||||
Debt restructuring and extinguishment expenses | 6,044 | – | 6,044 | – | ||||||||||||
Other expenses (income) | 1,658 | (115 | ) | 1,867 | (108 | ) | ||||||||||
Total other (income) expenses | 16,717 | 13,614 | 16,222 | 23,217 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 10,961 | (13,435 | ) | 29,111 | (31,814 | ) | ||||||||||
(Provision for) benefit from income taxes | (2,874 | ) | 4,475 | (7,249 | ) | 8,856 | ||||||||||
NET INCOME (LOSS) | 8,087 | (8,960 | ) | 21,862 | (22,958 | ) | ||||||||||
Net income attributable to noncontrolling interests | 5,214 | 1,634 | 9,531 | 3,994 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 2,873 | $ | (10,594 | ) | $ | 12,331 | $ | (26,952 | ) | ||||||
BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 0.05 | $ | (0.21 | ) | $ | 0.24 | $ | (0.53 | ) | ||||||
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 0.05 | $ | (0.21 | ) | $ | 0.23 | $ | (0.53 | ) | ||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Basic | 52,238,709 | 50,672,219 | 52,004,653 | 50,483,274 | ||||||||||||
Diluted | 53,133,091 | 50,672,219 | 52,890,561 | 50,483,274 | ||||||||||||
RADNET, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS | ||||||||
(IN THOUSANDS) | ||||||||
(unaudited) | ||||||||
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 21,862 | $ | (22,958 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 46,667 | 43,289 | ||||||
Amortization of operating lease assets | 36,834 | 34,094 | ||||||
Equity in earnings of joint ventures | (5,406 | ) | (2,900 | ) | ||||
Amortization deferred financing costs and loan discount | 1,959 | 2,163 | ||||||
(Gain) loss on sale and disposal of equipment | (2,874 | ) | 202 | |||||
Loss on extinguishment of debt | 1,496 | – | ||||||
Amortization of cash flow hedge | 1,845 | 892 | ||||||
Non-cash change in fair value of interest rate hedge | (11,280 | ) | 3,843 | |||||
Stock-based compensation | 17,145 | 8,078 | ||||||
Change in fair value of contingent consideration | 1,292 | (97 | ) | |||||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions: | ||||||||
Accounts receivable | (28,156 | ) | 29,018 | |||||
Other current assets | 2,963 | 9,884 | ||||||
Other assets | (4,997 | ) | (4,257 | ) | ||||
Deferred taxes | 5,297 | (11,678 | ) | |||||
Operating leases | (36,564 | ) | (30,182 | ) | ||||
Deferred revenue | (7,147 | ) | 44,384 | |||||
Accounts payable, accrued expenses and other | 17,765 | 27,690 | ||||||
Net cash provided by operating activities | 58,701 | 131,465 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of imaging facilities and other acquisitions | (64,918 | ) | (4,188 | ) | ||||
Purchase of property and equipment | (53,799 | ) | (64,193 | ) | ||||
Proceeds from sale of equipment | 500 | 779 | ||||||
Equity contributions in existing joint ventures | (1,441 | ) | – | |||||
Net cash used in investing activities | (119,658 | ) | (67,602 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Principal payments on notes and leases payable | (3,304 | ) | (1,814 | ) | ||||
Payments on Term Loan Debt | (613,279 | ) | (21,648 | ) | ||||
Proceeds from issuance of new debt, net of issuing costs | 716,369 | – | ||||||
Proceeds from payment protection plan | – | 4,023 | ||||||
Proceeds from revolving credit facility | 128,300 | 250,900 | ||||||
Payments on revolving credit facility | (128,300 | ) | (250,900 | ) | ||||
Proceeds from issuance of common stock upon exercise of options | 26 | – | ||||||
Net cash provided by (used in) financing activities | 99,812 | (19,439 | ) | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (21 | ) | (6 | ) | ||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 38,834 | 44,418 | ||||||
CASH AND CASH EQUIVALENTS, beginning of period | 102,018 | 40,165 | ||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 140,852 | $ | 84,583 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
Cash paid during the period for interest | $ | 13,774 | $ | 22,826 | ||||
RADNET, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON SHAREHOLDERS TO ADJUSTED EBITDA(1)
(IN THOUSANDS)
Three Months Ended | ||||||||||
June 30, | ||||||||||
2021 | 2020 | |||||||||
Net Income (Loss) Attributable to RadNet, Inc. Common Shareholders | $ | 2,873 | $ | (10,594 | ) | |||||
Plus Interest Expense | 12,171 | 10,831 | ||||||||
Plus Provision (Benefit) for Income Taxes | 2,874 | (4,475 | ) | |||||||
Plus Depreciation and Amortization | 24,011 | 21,355 | ||||||||
Plus Other Expenses (Income) | 1,658 | (115 | ) | |||||||
Plus Severance Costs | 268 | 859 | ||||||||
Plus (Gain) on Sale of Equipment | (1,567 | ) | (569 | ) | ||||||
Plus Debt Restructuring and Loss on Extinguishment Expenses | 6,044 | – | ||||||||
Plus Non-cash Change in Fair Value of Interest Rate Hedge | (35 | ) | 3,843 | |||||||
Plus Other Adjustment to Joint Venture Investment | (565 | ) | – | |||||||
Plus Non Cash Employee Stock Compensation | 8,897 | 1,456 | ||||||||
Adjusted EBITDA(1) | $ | 56,629 | $ | 22,591 | ||||||
Six Months Ended | ||||||||||
June 30, | ||||||||||
2021 | 2020 | |||||||||
Net Income (Loss) Attributable to RadNet, Inc. Common Shareholders | $ | 12,331 | $ | (26,952 | ) | |||||
Plus Interest Expense | 24,997 | 22,382 | ||||||||
Plus Provision (Benefit) for Income Taxes | 7,249 | (8,856 | ) | |||||||
Plus Depreciation and Amortization | 46,667 | 43,289 | ||||||||
Plus Other Expenses (Income) | 1,867 | (108 | ) | |||||||
Plus Severance Costs | 551 | 1,076 | ||||||||
Plus (Gain) Loss on Sale of Equipment | (2,874 | ) | 202 | |||||||
Plus Debt Restructuring and Loss on Extinguishment Expenses | 6,044 | – | ||||||||
Plus Non-cash Change in Fair Value of Interest Rate Hedge | (11,280 | ) | 3,843 | |||||||
Plus Other Adjustment to Joint Venture Investment | (565 | ) | – | |||||||
Plus Non Cash Employee Stock Compensation | 17,145 | 8,078 | ||||||||
Adjusted EBITDA(1) | $ | 102,132 | $ | 42,954 | ||||||
PAYOR CLASS BREAKDOWN | |||||
Second Quarter | |||||
2021 | |||||
Commercial Insurance | 57.7 | % | |||
Medicare | 21.4 | % | |||
Capitation | 11.5 | % | |||
Medicaid | 2.7 | % | |||
Workers Compensation/Personal Injury | 3.2 | % | |||
Other | 3.6 | % | |||
Total | 100.0 | % | |||
RADNET PAYMENTS BY MODALITY | |||||||||||||
Second Quarter | Full Year | Full Year | Full Year | ||||||||||
2021 | 2020 | 2019 | 2018 | ||||||||||
MRI | 36.7 | % | 35.4 | % | 35.8 | % | 35.2 | % | |||||
CT | 17.6 | % | 17.6 | % | 16.9 | % | 16.5 | % | |||||
PET/CT | 5.5 | % | 6.0 | % | 5.6 | % | 5.7 | % | |||||
X-ray | 7.2 | % | 7.3 | % | 8.1 | % | 8.4 | % | |||||
Ultrasound | 12.6 | % | 12.3 | % | 12.4 | % | 12.2 | % | |||||
Mammography | 14.6 | % | 15.7 | % | 15.2 | % | 15.8 | % | |||||
Nuclear Medicine | 1.1 | % | 1.0 | % | 1.0 | % | 1.1 | % | |||||
Other | 4.6 | % | 4.7 | % | 4.9 | % | 5.1 | % | |||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Footnotes
(1) The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events taken place during the period.
Adjusted EBITDA is reconciled to its nearest comparable GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.
(2) As noted above, the Company defines Free Cash Flow as Adjusted EBITDA less total Capital Expenditures (whether completed with cash or financed) and Cash Interest paid. Free Cash Flow is a non-GAAP financial measure. The Company uses Free Cash Flow because the Company believes it provides useful information for investors and management because it measures our capacity to generate cash from our operating activities. Free Cash Flow does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of Free Cash Flow may differ from definitions used by other companies.
Free Cash Flow should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.
RADNET, INC. AND SUBSIDIARIES | ||||||||||||
SCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE (3) | ||||||||||||
(IN THOUSANDS EXCEPT SHARE DATA) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
June 30, | June 30, | |||||||||||
2021 | 2020 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. | ||||||||||||
COMMON STOCKHOLDERS | $ | 2,873 | $ | (10,594 | ) | |||||||
Add COVID-19-related stock awards to front-line employees | 6,503 | – | ||||||||||
Add non-cash revaluation of DeepHealth acquisiton shares | 1,093 | – | ||||||||||
Add non-cash impact of cash flow hedges (i) | 1,210 | 4,735 | ||||||||||
Add severance costs | 268 | 859 | ||||||||||
Add debt restructuring and extinguishment expenses | 6,044 | – | ||||||||||
Total adjustments – loss (gain) | 15,118 | 5,594 | ||||||||||
Subtract tax impact of Adjustments (ii) | (3,754 | ) | (1,863 | ) | ||||||||
Tax effected impact of adjustments | 11,364 | 3,731 | ||||||||||
TOTAL ADJUSTMENT TO NET INCOME ATTRIBUTABLE | ||||||||||||
TO RADNET, INC. COMMON SHAREHOLDERS | 11,364 | 3,731 | ||||||||||
ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. | 14,237 | (6,863 | ) | |||||||||
COMMON STOCKHOLDERS | ||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||
Diluted | 53,133,091 | 50,672,219 | ||||||||||
ADJUSTED DILUTED NET INCOME PER SHARE | ||||||||||||
ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 0.27 | $ | (0.14 | ) | |||||||
(i) Impact is the combination of (a) the gain in fair value of the hedges during the quarter of $35,000 in 2021 and | ||||||||||||
loss of $3,843 in 2020 and (b) the amortization of the accumulation of the changes in fair value out of Other Comprehensive Income | ||||||||||||
that existed prior to the hedges becoming ineffective of $1,245,000 in 2021 and $892,000 in 2020. | ||||||||||||
(ii) Tax effected using 24.83% blended federal and state effective tax rate for 2021 and 33.31% for 2020. | ||||||||||||
Artificial Intelligence
RepTrak Announces 2024 Global RepTrak® 100 Report
BOSTON, April 18, 2024 /PRNewswire/ — The RepTrak™ Company, the world’s leading reputation data and insights company, released its annual Global RepTrak 100 report. Utilizing its advanced reputation monitoring software, RepTrak gathered data from more than 243,000 survey responses across 14 major economies to rank the world’s 100 most reputable companies. They share that ranking alongside a full analysis of global corporate reputation trends and corresponding public sentiment in the 2024 report.
After two years of consecutive Reputation Score declines, this year’s Score is back up with an increase from 73.2 in 2023 to 73.8 in 2024. It’s a small increase after 2023’s full one-point drop. However, it’s an encouraging sign that companies have begun to recover from reputation falls driven by many challenges: macroeconomic issues, workplace difficulties, product problems, and corporate responsibility skepticism.
“This year’s report underscores a pivotal shift in the corporate landscape, spotlighting the remarkable adaptability and dedication of the Top 100 companies in responding to the dynamic needs of stakeholders,” states RepTrak CEO Mark Sonders. “The companies featured in our report are not just riding the wave of change; they are the ones steering it, proving that the best approach to business is one that embraces evolution and champions progress.”
RepTrak’s report explores how people thought, felt, and acted toward companies over the past year. Findings include notable increases in Conduct and Citizenship efforts, stakeholders’ rising willingness to invest, culturally resonant brand communications, and ESG Scores that soared despite skepticism around the acronym.
To read the full 2024 Global RepTrak 100 report, please visit: www.reptrak.com/globalreptrak
About RepTrak
The RepTrak™ Company is the world’s leading reputation data and insights company. We help companies by organizing and grading a variety of reputational elements, offering a real-world report card on their corporate reputation. Subscribers to the RepTrak program use our predictive insights to protect business value, improve return on investment, and increase their positive impact on society. RepTrak’s pairing of advanced metrics and dedicated reputation advisors offers clients an actionable analysis of their reputation data, aligning business objectives with stakeholder sentiment across different markets and sectors.
Established in 2004, The RepTrak Company owns the world’s largest reputation benchmarking database, gathering over 1 million company ratings per year used by CEOs, boards, and executives in more than 60 countries worldwide. For more information, please visit: www.reptrak.com
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Artificial Intelligence
Group-IB takes part in a global operation to cripple Canadian Phishing-as-a-Service provider LabHost
SINGAPORE, April 18, 2024 /PRNewswire/ — Group-IB, a leading cybersecurity company aimed at investigating, preventing, and fight digital crime announced today that it participated in a coordinated global takedown operation against prominent Canadian Phishing-as-a-Service (PhaaS) provider LabHost, which has led to the arrest of 37 suspects across the United Kingdom and around the world by law enforcement agencies. As part of the operation, Group-IB also conducted an extensive analysis of LabHost’s criminal history and infrastructure, including insights into LabHost’s administrative platform and the services it provides to its purported user base which exceeds 2,000 subscribers worldwide, who illegally obtained around 480,000 card numbers, 64,000 pin numbers, and over 1 million passwords from victims used for websites and other online services, according to law enforcement agencies.
“By leveraging our Threat Intelligence and Digital Risk Protection, we are able to identify and monitor phishing attacks and websites like those deployed by LabHost and its subscribers around the world, enabling us to actively alert and protect our customers, and in turn, their customers as well,” said Dmitry Volkov, Chief Executive Officer of Group-IB. “Today’s takedown operation demonstrates the agility and responsiveness of our decentralized Digital Crime Resistance Centers, and how quickly we can provide immediate and local assistance wherever our customers may be.”
First uncovered in late 2021, LabHost emerged as a fully automated Phishing-as-a-Service (PhaaS) platform, streamlining the creation of phishing websites meticulously mirroring the interface and functionality of prominent banking, postal, and financial entities, aimed at intercepting, seizing, and profiting from users’ personal, credit card, and online banking credentials. Users are prompted to select from various “membership plans,” tailored to target businesses and individuals in either the United States and Canada, or globally, akin to mobile subscription models. These plans encompass “standard,” “premium,” and “world membership” tiers, priced between US$179 and US$300 monthly, with options for monthly, quarterly, or annual billing cycles.
For media inquiries, please contact [email protected]
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Artificial Intelligence
Malaysia Data Center Market to Witness $3.97 Billion Investment Opportunities by 2029, Get Insights on 34 Existing Data Centers and 33 Upcoming Facilities across Malaysia – Arizton
CHICAGO, April 18, 2024 /PRNewswire/ — According to Arizton’s latest research report, the Malaysia data center market is growing at a CAGR of 13.92% during the forecast period.
To Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Malaysia Data Center Market Report Scope
Report Attributes
Details
Market Size (Investment)
USD 3.97 Billion (2029)
Market Size (Area)
883 Thousand Sq. Feet (2029)
Market Size (Power Capacity)
163 MW (2029)
CAGR Investment (2023-2029)
13.92 %
Colocation Market Size (Revenue)
USD 1.23 Billion (2029)
Historic Year
2020-2022
Base Year
2023
Forecast Year
2024-2029
Over the next few years, Malaysia is poised to witness significant growth in data center investments, driven by the influx of operators like AirTrunk, Equinix, Princeton Digital Group, and other leading companies. Key hubs like Cyberjaya, Kuala Lumpur, and Johor Bahru are expected to see heightened activity, hosting most of the country’s data centers.
The wholesale colocation sector is projected to experience a revenue surge fueled by major cloud players like Microsoft, Google, and AWS. These companies have unveiled plans to establish dedicated cloud regions within Malaysia, with expected timelines for deployment within the next one to two years. This trend underscores Malaysia’s growing importance as a regional hub for data infrastructure and cloud services.
Malaysia is among the top expensive markets globally for developing data centers. Malaysia’s data center construction cost in 2023 stood at about $8.5-$10 million per MW, making it the costliest market in the APAC region after Singapore and Jakarta.
Investment Opportunities in the Malaysia Data Center Market
In November 2023, ST Telemedia Global Data Centres announced its plans to develop a new data center campus in Johor. The construction of the first building is likely to begin soon and become operational by 2025. The company formed a joint venture with Basis Bay to develop a new data center campus with two buildings, Cyberjaya DC.2 and STT Kuala Lumpur 1 in Cyberjaya, Selangor.In October 2023, EDGNEX Data Centres by DAMAC announced its plans to enter the APAC market for the first time; the company is considering a facility in Cyberjaya, Selangor. The expected investment can cross the $52 million mark.In October 2023, Infinaxis Data Centre Holdings, the joint venture between Gaw Capital Partners and A3 Capital, announced the construction of its first data center facility in Cyberjaya. The facility will have 10 data halls and will likely be operational by Q2 2025.In September 2023, EdgeConneX announced its plans to expand its footprint in Malaysia with the development of three data centers sites across Bukit Jalil, Kuala Lumpur, and Cyberjaya. The company plans to develop data centers in partnership with Cyberview.To Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Market Trends
According to IRENA, in 2022, hydroenergy accounted for around 69% of the renewable energy capacity in Malaysia, followed by solar energy, which contributed about 21%, along with a 10% contribution by bioenergy.Malaysia aims to achieve the target of net-zero carbon emissions by 2050. To make this goal a reality, WWF-Malaysia is partnering with Boston Consulting Group to develop an independent joint study on the country’s optimal net zero pathway.The government of Malaysia has established a green tariff scheme to support its carbon-neutrality target. Under the scheme, subscribers can get electricity from solar or hydro sources instead of fossil fuel sources.Mergers, acquisitions, joint ventures, and partnerships are key strategies employed by operators to expand their portfolios and global footprint. For example:
In December 2023, Chindata Group merged with BCPE Chivalry Merger Sub, a wholly owned subsidiary of BCPE Chivalry Bidco, completing its transition to a private company from a public one.November 2023 saw ST Telemedia Global Data Centres, in a joint venture with Basis Bay, announcing plans to develop a new data center campus with two buildings in Cyberjaya, Selangor.A3 Capital and Gaw Capital Partners formed a joint venture in February 2023 to establish Infinaxis Data Centre Holdings to develop and operate data centers across Malaysia and Southeast Asia.MN Holdings, an engineering services and solutions company, signed a Memorandum of Understanding (MoU) in April 2023 with Shanghai DC-Science, outlining an investment of approximately $600 million to develop a data center site at the Sedenak Tech Park, Johor.Why Should You Buy This Research?
Market size is available regarding investment, area, power capacity, and Malaysia colocation market revenue.An assessment of the data center investment in Malaysia by colocation, hyperscale, and enterprise operators.Investments in the area (square feet) and power capacity (MW) across cities in the country.A detailed study of the existing Malaysia data center market landscape, an in-depth market analysis, and insightful predictions about market size during the forecast period.Snapshot of existing and upcoming third-party data center facilities in MalaysiaFacilities Covered (Existing): 34Facilities Identified (Upcoming): 33Coverage: 9 LocationsExisting vs. Upcoming (Area)Existing vs. Upcoming (IT Load Capacity)Data Center Colocation Market in MalaysiaColocation Market Revenue & Forecast (2023-2029)Wholesale vs. Retail Colocation Revenue (2023-2029)Retail Colocation PricingWholesale Colocation PricingThe Malaysia data center market investments are classified into IT, power, cooling, and general construction services with sizing and forecast.A comprehensive analysis of the latest trends, growth rate, potential opportunities, growth restraints, and prospects for the industry.Business overview and product offerings of prominent IT infrastructure providers, construction contractors, support infrastructure providers, and investors operating in the industry.A transparent research methodology and the analysis of the demand and supply aspects of the industry.Buy this Research @ https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Post-Purchase Benefit
1hr of free analyst discussion10% off on customizationThe Report Includes the Investment in the Following Areas:
IT InfrastructureServersStorage SystemsNetwork InfrastructureElectrical InfrastructureUPS SystemsGeneratorsSwitches & SwitchgearsPDUsOther Electrical InfrastructureMechanical InfrastructureCooling SystemsRack CabinetsOther Mechanical InfrastructureCooling SystemsCRAC and CRAHChillersCooling Tower and Dry CoolersOther Cooling UnitsGeneral ConstructionCore & Shell DevelopmentInstallation & Commissioning ServicesBuilding & Engineering DesignFire Detection & Suppression SystemsPhysical SecurityData Center Infrastructure Management (DCIM)Tier StandardTier I & Tier IITier IIITier IV GeographySelangorJohorOther StatesVendor Landscape
IT Infrastructure Providers
Cisco SystemsDell TechnologiesFujitsuHewlett Packard EnterpriseHuawei TechnologiesIBMInspurLenovoNetAppData Center Construction Contractors & Sub-Contractors
Advance Power EngineeringAsima ArchitectsAVO TechnologyB-Global TechCTC-GlobalCSF GroupCyclect GroupDSCO GroupGamudaGCM TechnologiesHSS EngineersISGKienta Engineering ConstructionLSK EngineeringMES GroupM+W Group (Exyte)MN HoldingsNakanoNTT FACILITIESPowerware SystemsS5 EngineeringShaw ArchitectSunway Construction GroupUnique CentralSupport Infrastructure Providers
ABBCaterpillarCumminsEatonFuji ElectricHITEC Power ProtectionKOHLER PowerLegrandMitsubishi ElectricNarada Power SourcePiller Power SystemsRittalRolls-RoyceSchneider ElectricSiemensSocomecSTULZTraneVertivData Center Investors
Bridge Data CentresEdge CentresGDS ServicesIRIX (PP TELECOMMUNICATION)Keppel Data CentresNTT DATAOpen DCTM OneVantage Data CentersYTL Data Center HoldingsNew Entrants
AirTrunkAmazon Web Services (AWS)EdgeConneXEquinixFutureData (Cyclect Group + TSG Group)Googlei-BerhadInfinaxis Data Centre HoldingsMN Holdings + Shanghai DC-ScienceMicrosoftNEXTDCPrinceton Digital GroupRegal OrionSingtelST Telemedia Global Data CentresYondrTo Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Key Questions Answered in the Report:
What factors are driving the Malaysian data center industry?
How big is the Malaysia data center market?
How many MW of power capacity will be added across Malaysia during 2024 to 2029?
What is the growth rate of the Malaysia data center market?
Which states are included in the Malaysia data center market report?
Get the Detailed TOC @ https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Check Out Some of the Top-Selling Research Reports:
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Australia Data Center Market – Investment Analysis & Growth Opportunities 2023–2028
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Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Contact UsCall: +1-312-235-2040 +1 302 469 0707 Mail: [email protected] Contact Us: https://www.arizton.com/contact-us Blog: https://www.arizton.com/blog Website: https://www.arizton.com/
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