RadNet NASDAQ: RDNT executives highlighted record fourth-quarter results and outlined plans to accelerate growth in 2026, while also detailing the company’s acquisition of Paris-based radiology AI provider Gleamer and its broader push to expand its Digital Health platform, DeepHealth.
Fourth quarter marked “strongest” performance in company history
Chief Executive Officer Dr. Howard Berger said the fourth quarter of 2025 was the strongest quarter in RadNet’s history, delivering record revenue and Adjusted EBITDA. Total company revenue rose 14.8% year over year to $547.7 million, while Adjusted EBITDA increased 16.9% to $87.7 million.
RadNet’s Digital Health segment also grew sharply in the quarter. Digital Health revenue increased 48.2% to $27.9 million, and segment Adjusted EBITDA rose 8.9% to $4.9 million. CFO Mark Stolper noted that the acquisition of iCAD in July contributed to the quarter’s Digital Health growth; excluding iCAD’s contribution, Digital Health revenue would have increased 25.9% year over year.
Imaging center demand and advanced imaging mix drove growth
Berger said imaging center revenue benefited from increasing diagnostic imaging utilization and an ongoing shift in volume away from hospital settings toward lower-cost freestanding centers. RadNet reported 14.1% aggregate advanced imaging procedural volume growth and 9.6% same-center advanced imaging growth in the fourth quarter compared with the prior-year period.
Management emphasized the importance of advanced imaging (MRI, CT, and PET/CT), which Berger said accounts for more than 60% of RadNet revenue and is a key driver of margin and profitability. In the fourth quarter, advanced imaging represented 28.6% of RadNet procedural volume, up 178 basis points from the prior-year quarter, reflecting what Berger described as an industry trend and RadNet’s capital investments in advanced imaging equipment as well as the implementation of TechLive and AI-powered dynamic scheduling.
Berger also said 2025 was a year of significant investment, including the opening of seven de novo facilities to add capacity in markets with backlogs or to improve access for identified patient populations. He said those centers “should be material contributors” to growth in 2026 and beyond.
Acquisitions and joint ventures remain central to strategy
RadNet discussed acquisition activity across both segments. Berger said the company expanded in higher-margin markets through imaging facility acquisitions in California, New York, and Maryland during 2025. In Digital Health, the company acquired iCAD, See-Mode, and CIMAR, which Berger said have been integrated into the DeepHealth portfolio.
After year-end, RadNet acquired 13 centers in Southwest Florida, entered Indiana through the acquisition of six facilities from Northwest Radiology, and bought a single center in Virginia.
On partnerships, Berger said RadNet continued to expand joint venture relationships and was in discussions for new opportunities. He noted that 151 of RadNet’s 418 centers (36.1%) are held within health system partnerships, with health systems seeking outpatient imaging strategies as volume migrates toward freestanding centers. In the Q&A, Berger said inbound interest from hospital systems “dramatically increased” over the last 12 to 18 months, driven in part by radiologist staffing shortages and broader needs around workflow tools, AI solutions, and outpatient growth.
On liquidity and leverage, Berger said RadNet ended 2025 with a cash balance of $776 million and net debt to Adjusted EBITDA of about 1.0x, reiterating a commitment to low leverage. Stolper separately said the company ended 2025 with $767 million in cash, full availability under a $282 million revolving credit facility, and a term loan priced at SOFR plus 225 basis points. He also pointed to record-low days sales outstanding of 29.5 days.
2026 outlook and new ARR metric for Digital Health
Stolper said 2026 guidance assumes imaging center revenue growth of 17% to 19% year over year, driven by same-center performance, tuck-in acquisitions, reimbursement efforts, and de novo openings. He said the company expects EBITDA to grow faster than revenue, implying margin improvement, and projected free cash flow growth of 29% to 41% versus 2025. Embedded in guidance, he said, are about 4% same-center labor cost growth and the impact of severe winter weather in Mid-Atlantic and Northeast regions.
For Digital Health, RadNet guided for 2026 revenue growth of 45% to 55% compared with 2025. The company introduced annual recurring revenue (ARR) as a new non-GAAP metric for the segment. Stolper said Digital Health ARR was $75.4 million at December 31, 2025, and management expects ARR to “approach” $140 million by the end of 2026. In the Q&A, Stolper provided a bridge to that figure, citing roughly $30 million of ARR from Gleamer, about $7 million from annualizing iCAD, and the remaining growth from sales of SaaS-based AI workflow and clinical solutions.
Management also expects the proportion of Digital Health revenue derived from RadNet’s imaging centers to decline from 45% in 2025 to about 33% in 2026. On product development, Stolper said the company anticipates at least four FDA clearances in 2026 across areas including mammography, lung, prostate, thyroid, brain, and musculoskeletal applications following the Gleamer acquisition.
Gleamer acquisition expands DeepHealth’s AI portfolio and global footprint
Digital Health President and CEO Kees Wesdorp said RadNet’s strategy combines its outpatient imaging network with DeepHealth’s clinical AI and imaging informatics to validate, deploy, and scale AI solutions. He said the acquisition of Gleamer makes DeepHealth “the largest provider of radiology clinical AI solutions worldwide.”
Wesdorp described Gleamer as a cloud-native SaaS radiology AI company with more than 700 customer contracts across 44 countries and a team of more than 130 professionals, including a commercial team of 40 and more than 76 R&D members. He said Gleamer’s portfolio includes four FDA-cleared and six CE-marked solutions supporting more than 25 clinical indications across musculoskeletal, breast, lung, and neurologic applications, and that Gleamer achieved compound annual ARR growth exceeding 90% from 2022 to 2025. Management said Gleamer is expected to reach about $30 million of ARR in 2026.
Chief Operating and Technical Officer of Digital Health Sham Sokka outlined four expected benefits:
- Expanded modality coverage: Adding Gleamer strengthens DeepHealth’s portfolio across MR, CT, X-ray, mammography, and ultrasound.
- Greater commercial scale: Gleamer adds contracts and expands the global sales force, particularly in Europe.
- Operational efficiency at RadNet: RadNet plans to deploy Gleamer’s AI and workflow capabilities, especially for X-ray, which Sokka said represents nearly 25% of RadNet imaging volume. Management expects benefits beginning as early as the third quarter of 2026.
- Advancing automated diagnostics: Sokka said Gleamer has automated reporting capabilities already in early deployment in Europe.
Wesdorp said the transaction was completed with cash valued at up to EUR 230 million, including post-closing milestones. He said the acquisition is expected to generate cost synergies estimated at about a $7 million run rate and to accelerate Gleamer’s path to positive Adjusted EBITDA by mid-2027. Stolper later said guidance assumes up to a $5 million Adjusted EBITDA loss from Gleamer in 2026.
In the Q&A, management said the combined DeepHealth and Gleamer installed base exceeds 2,700 customers across more than 44 countries, with a combined portfolio including 26 FDA-cleared and 22 CE-marked devices supporting more than 75 indications, and a global footprint of more than 550 employees across four continents.
Berger framed AI as a tool to address rising demand and labor shortages rather than a replacement for clinicians, arguing it can enhance productivity, accuracy, and workflow efficiency. He said AI in breast screening has increased early cancer detection by 20% to 22%, underscoring what he views as AI’s potential to improve patient outcomes through earlier diagnosis.
About RadNet NASDAQ: RDNT
RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.
Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.
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