LOS ANGELES, Aug. 10, 2015 (GLOBE NEWSWIRE) — RadNet, Inc. (NASDAQ:RDNT), a civic baton in accouterment high-quality, cost-effective, fixed-site outpatient analytic imaging casework through a arrangement of 276 endemic and/or operated outpatient imaging centers, today appear banking after-effects for its additional division of 2015.
Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “We are absolute admiring with the advance in our additional division achievement about to our banking after-effects in the aboriginal quarter. All of our operating metrics added during the quarter, including Revenue, Adapted EBITDA(1), Net Assets and procedural volumes. Best notably, our operating amount arrangement bigger significantly, bottomward from 92.9% of Acquirement in the aboriginal division of this year to 86.1% in this additional quarter.”
Dr. Berger continued, “In particular, the investments we fabricated during the end of aftermost year and into this additional division of this year are alpha to pay dividends. Higher accommodating volumes apprenticed these investments. Our capitation business, which included the accomplishing of a new arrangement in this year’s additional quarter, has added over 35% from aftermost year’s additional quarter. The investments we fabricated accept developed our accommodation to anniversary beyond accommodating volumes in abounding of our California markets.”
“This year, we broadcast our alarm centers, pre-authorization teams and accommodating anniversary coordinators, implemented a arrangement of advice technology systems (like eRAD, time and attendance, amount and animal assets systems) and complete new facilities. We additionally purchased accessories in key markets area we had little or no advantage previously. The after-effects of abounding of these investments bigger our anniversary levels and banking after-effects in the additional quarter. I apprehend this advance to continue. Even admitting we bargain our operating amount arrangement from the aboriginal division of 2015, we are appetite to abatement this arrangement to aftermost year’s operating levels. This can be able through growing revenues in absolute facilities, leveraging the accommodation and investments we accept afresh made. Historically, already we accept congenital accommodation at our sites, approaching incremental accommodating volumes aftereffect in essentially added Adapted EBITDA(1) and profitability.”
Dr. Berger added, “Aside from the amoebic advance we are experiencing, I am aflame about initiatives we accept afresh completed with two aloft bloom systems. On Friday, we appear an all-encompassing amplification of our absolute collective adventure with Barnabas Bloom in New Jersey. As allotment of the transaction, Barnabas Bloom and RadNet are affairs our agnate wholly endemic imaging accessories to the collective venture, and we will be advancing a state-wide advance and alliance strategy. Pending its alliance with Robert Wood Johnson Bloom System, Barnabas Bloom will be the arch bloom arrangement in New Jersey and will accept $4.5 billion in anniversary Revenue. Our transaction with the Barnabas Bloom collective adventure brings $35.5 actor of new basic into RadNet and has cogent added banking and cardinal benefits. In addition, aftermost week, we accustomed a new collective adventure with Lifebridge Health, one of the arch hospital systems in the Baltimore, Maryland and surrounding areas. In affiliation with establishing the new collective venture, we awash to Lifebridge a 25% absorption in two of our imaging centers for $5 actor and the abeyant for added banknote application should assertive banking targets be met. I accept there are ample opportunities to abound this new adventure and anniversary from the adeptness Lifebridge has in the communities surrounding its medical centers, including opportunities for advance with its endemic and affiliated medical groups.”
“These partnerships and others to appear will be a key allotment of RadNet’s cardinal administration and abide to validate our archetypal of accouterment regionally concentrated, aerial affection multi modality imaging casework to ample accommodating populations. We accept that we abide an adorable accomplice to any hospital, bloom arrangement or Accountable Care Organization gluttonous a ample arrangement imaging expertise,” accomplished Dr. Berger.
Second Division Banking Results
For the additional division of 2015, RadNet appear Acquirement of $204.3 million, Adapted EBITDA(1) of $33.5 actor and Net Assets of $3.4 million, respectively. Revenue added $25.2 actor (or 14.1%), Adapted EBITDA(1) added $0.1 actor (or 0.4%) and Net Assets decreased $1.7 million, respectively, over the additional division of 2014. Per allotment Net Assets for the additional division was $0.08, compared to per allotment Net Assets in the additional division of 2014 of $0.12 (based aloft a abounding boilerplate cardinal of adulterated shares outstanding of 44.7 actor and 43.3 actor for these periods in 2015 and 2014, respectively).
Affecting Net Assets in the additional division of 2015 were assertive non-cash costs and non-recurring items including: $2.0 actor of non-cash agent banal advantage amount consistent from the vesting of assertive options and belted stock; $94,000 of severance paid in affiliation with headcount reductions accompanying to amount accumulation initiatives; $74,000 accident on the auction of assertive basic equipment; and $1.4 actor of non-cash acquittal of Deferred Costs Amount and abatement on debt issuances.
For the additional division of 2015, as compared with the above-mentioned year’s additional quarter, MRI aggregate added 17.9%, CT aggregate added 26.6% and PET/CT aggregate added 11.0%. Overall volume, demography into anniversary accepted imaging exams, across-the-board of x-ray, ultrasound, mammography and added exams, added 15.5% over the above-mentioned year’s additional quarter. On a same-center basis, including alone those centers which were allotment of RadNet for both the additional abode of 2015 and 2014, MRI aggregate added 9.0%, CT aggregate added 21.0% and PET/CT aggregate added 4.0%. Overall same-center volume, demography into anniversary accepted imaging exams, across-the-board of x-ray, ultrasound, mammography and added exams, added 7.6% over the above-mentioned year’s aforementioned quarter.
Six Ages Banking Results
For the six months concluded June 30, 2015, RadNet appear Revenue, Adapted EBITDA(1) and Net Accident of $385.6 million, $53.7 actor and $(1.2) million, respectively. Revenue added $37.6 actor (or 10.8%), Adapted EBITDA(1) decreased $7.3 actor (or 12.0%) and Net Assets decreased $4.8 actor (excluding the tax adapted accident on concealment of debt in the six ages aeon of 2014), respectively, over the aboriginal six months of 2014. Net Accident Per Allotment for the six ages aeon concluded June 30, 2015 was $(0.03) per adulterated share, compared to Net Assets of $0.09 per adulterated allotment in agnate six ages aeon of 2014 (also excluding the tax adapted accident on concealment of debt during the aboriginal six months of 2014) based aloft a abounding boilerplate cardinal of absolutely adulterated shares outstanding of 43.1 actor and 42.2 actor for these periods in 2015 and 2014, respectively).
Affecting operating after-effects in the six months concluded June 30, 2015 were assertive non-cash costs and non-recurring items including: $5.6 actor of non-cash agent banal advantage amount consistent from the vesting of assertive options and restricted stock; $130,000 of severance paid in affiliation with headcount reductions accompanying to amount accumulation initiatives; $36,000 accident on the auction of assertive basic equipment; and $2.6 actor of non-cash acquittal of Deferred Costs Amount and abatement on debt issuances.
2015 Advice Update
RadNet reaffirms the ahead appear 2015 budgetary year advice ranges as follows:
Conference Alarm for Today
Dr. Howard Berger, President and Chief Executive Officer, and Mark Stolper, Executive Vice President and Chief Banking Officer, will host a appointment alarm to altercate its additional division 2015 after-effects on Monday, August 10th, 2015 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).
Conference Alarm Details:
It is recommended that participants punch in about 5 to 10 account above-mentioned to the alpha of the 10:30 a.m. call. There will additionally be accompanying and archived webcasts accessible at http://public.viavid.com/index.php?id=115820 or http://www.radnet.com beneath the “About RadNet” card area and “News & Columnist Releases” sub-menu of the website. An archived epitomize of the alarm will additionally be accessible and can be accessed by dialing 877-870-5176 from the U.S., or 858-384-5517 for all-embracing callers, and application the passcode 7817070.
Regulation G: GAAP and Non-GAAP Banking Information
This absolution contains assertive banking advice not appear in accordance with GAAP. The Company uses both GAAP and non-GAAP metrics to admeasurement its banking results. The Company believes that, in accession to GAAP metrics, these non-GAAP metrics abetment the Company in barometer its cash-based performance. The Company believes this advice is advantageous to investors and added absorbed parties because it removes abnormal and nonrecurring accuse that action in the afflicted aeon and provides a base for barometer the Company’s banking action adjoin added quarters. Such advice should not be advised as a acting for any measures affected in accordance with GAAP, and may not be commensurable to added analogously blue-blooded measures of added companies. Non-GAAP banking measures should not be advised in a from, or as a acting for, banking advice able in accordance with GAAP. Reconciliation of this advice to the best commensurable GAAP measures is included in this absolution in the tables which follow.
About RadNet, Inc.
RadNet, Inc. is the arch civic provider of freestanding, fixed-site analytic imaging casework in the United States based on the cardinal of locations and anniversary imaging revenue. RadNet has a arrangement of 276 endemic and/or operated outpatient imaging centers. RadNet’s amount markets accommodate California, Maryland, Delaware, New Jersey, New York and Rhode Island. In addition, RadNet provides radiology advice technology solutions, teleradiology able casework and added accompanying articles and casework to barter in the analytic imaging industry. Together with affiliated radiologists, and across-the-board of full-time and per diem advisers and technicians, RadNet has a absolute of about 6,300 employees. For added information, appointment http://www.radnet.com.
Forward Looking Statements
This columnist absolution contains advanced statements aural the acceptation of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements apropos auspiciously amalgam acquired operations, auspiciously accomplishing 2015 banking guidance, accomplishing amount savings, auspiciously developing and amalgam new curve of business, continuing to abound its business by breeding accommodating referrals and affairs with radiology practices, and accepting third-party agreement for analytic imaging services, are advanced statements aural the acceptation of the Safe Harbor. Advanced statements are based on management’s current, basic expectations and are accountable to risks and uncertainties, which may account the Company’s absolute after-effects to alter materially from the statements independent herein. Added advice on abeyant accident factors that could affect RadNet’s business and its banking after-effects are abundant in its best contempo Anniversary Report on Form 10-K, as filed with the Securities and Exchange Commission. Undue assurance should not be placed on advanced statements, abnormally advice on approaching banking performance, which speaks alone as of the date they are made. RadNet undertakes no obligation to amend about any advanced statements to reflect new information, contest or affairs afterwards the date they were made, or to reflect the accident of hasty events.
(1) The Company defines Adapted EBITDA as balance afore interest, taxes, abrasion and amortization, anniversary from continuing operations and adapted for losses or assets on the auction of equipment, added assets or loss, debt extinguishments and non-cash disinterestedness compensation. Adjusted EBITDA includes disinterestedness balance in unconsolidated operations and subtracts allocations of balance to non-controlling interests in subsidiaries, and is adapted for non-cash or amazing and ancient contest taken abode during the period.
Adjusted EBITDA is accommodated to its aing commensurable GAAP banking measure. Adjusted EBITDA is a non-GAAP banking admeasurement acclimated as analytic indicator by RadNet administration and the healthcare industry to appraise business performance, and is a admeasurement of advantage accommodation and adeptness to anniversary debt. Adjusted EBITDA should not be advised a admeasurement of banking achievement beneath GAAP, and the items afar from Adapted EBITDA should not be advised in a or as alternatives to net income, banknote flows generated by operating, advance or costs activities or added banking account abstracts presented in the circumscribed banking statements as an indicator of banking achievement or liquidity. As Adapted EBITDA is not a altitude bent in accordance with GAAP and is accordingly affected to capricious methods of calculation, this metric, as presented, may not be commensurable to added analogously blue-blooded measures of added companies.
(2) As acclaimed above, the Company defines Free Banknote Breeze as Adapted EBITDA beneath absolute Basic Expenditures (whether completed with banknote or financed) and Banknote Absorption paid. Free Banknote Breeze is a non-GAAP banking measure. The Company uses Free Banknote Breeze because the Company believes it provides advantageous advice for investors and administration because it measures our accommodation to accomplish banknote from our operating activities. Free Banknote Breeze does not represent absolute banknote breeze back it does not accommodate the banknote flows generated by or acclimated in costs activities. In addition, our analogue of Free Banknote Breeze may alter from definitions acclimated by added companies.
Free Banknote Breeze should not be advised a admeasurement of banking achievement beneath GAAP, and the items afar from Adapted EBITDA should not be advised in a or as alternatives to net income, banknote flows generated by operating, advance or costs activities or added banking account abstracts presented in the circumscribed banking statements as an indicator of banking achievement or liquidity. As Adapted EBITDA is not a altitude bent in accordance with GAAP and is accordingly affected to capricious methods of calculation, this metric, as presented, may not be commensurable to added analogously blue-blooded measures of added companies.
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