RadNet to Make its Second Acquisition in Houston, Texas
10 Abril 2024 - 5:00AM
RadNet, Inc. (NASDAQ: RDNT), a national leader in providing
high-quality, cost-effective outpatient diagnostic imaging
services, today announces that it has signed a definitive agreement
to purchase the assets of six imaging centers in the greater
Houston, Texas metropolitan area. This acquisition, which is
anticipated to be completed before the end of the second quarter of
2024, is RadNet’s second announced transaction in Houston, and upon
closing, will bring the number of RadNet centers in this geography
to 13. The previously announced acquisition of seven imaging
centers from Houston Medical Imaging, LLC was completed on April
1st, 2024.
The six multimodality centers to be acquired offer a broad range
of imaging services, including MRI, CT, mammography, ultrasound and
x-ray, and currently operate under the American Health Imaging
brand. Shortly after the completion of the acquisition, we intend
to transition the branding of these centers to Houston Medical
Imaging. RadNet anticipates that the acquired centers will add over
100,000 procedures and $15 million of revenue on an annual
basis.
RadNet’s President and Chief Executive Officer, Howard Berger,
MD explained, “We are excited to announce our second transaction in
Houston, where RadNet can provide the patients and referring
physicians of the greater Houston area increased access to
high-quality, cost-effective outpatient diagnostic imaging
services. Houston encompasses about 7.3 million people, making it
the fourth most populous city and the second fastest growing
metropolitan area in the United States. Houston presents an
exciting opportunity for further growth, including de novo
build-outs and potential health system partnerships, and we plan to
introduce our AI and digital health solutions to the patient and
referring communities in the near future.”
The asset acquisition is subject to customary closing
conditions.
About RadNet, Inc.
RadNet, Inc., is the leading national provider of freestanding,
fixed-site diagnostic imaging services and related information
technology solutions (including artificial intelligence) in the
United States based on the number of locations and annual imaging
revenue. RadNet has a network of 366 owned and/or operated
outpatient imaging centers. RadNet's markets include California,
Maryland, Delaware, New Jersey, New York, Florida and Arizona.
Together with affiliated radiologists, including full-time and per
diem employees and technologists, RadNet has approximately 9,700
employees. For more information, visit http://www.radnet.com
Forward Looking Statements
This press release contains certain statements that constitute
"forward-looking statements" within the meaning of federal
securities laws, including statements regarding the effects of the
proposed transaction. These statements are based on the assumptions
and beliefs of RadNet, Inc. management in light of the information
currently available to it. Such statements are indicated by words
or phrases such as "accelerate," "create," "committed,"
"confident," "continue," "deliver," "driving," "expect," "future,"
"guidance," "positioned," "strategy," "target," "synergies,"
"trends," and "will." Various uncertainties and other factors could
cause actual results to differ materially from those contained in
the forward-looking statements. These include the specific risk
factors identified in "Risk Factors" in RadNet, Inc.’s annual
report on Form 10-K for the last fiscal year and any subsequent
filings, as well as the following:
the expected timing and likelihood of completion of the proposed
transaction, including the timing, receipt and terms and conditions
of any required governmental and regulatory clearance of the
proposed transaction; the occurrence of any event, change or other
circumstances that could give rise to the termination of the
acquisition agreement; the inability to consummate the proposed
transaction due to the failure to satisfy other conditions to
complete the proposed transaction; the ability to identify and
recognize the anticipated benefits of the proposed transaction,
including anticipated revenue and procedural volumes; and the
ability of RadNet, Inc. to successfully integrate the business and
related operations; risks related to the potential impact of
general economic, political and market factors on the companies or
the proposed transaction. The ability of RadNet, Inc. to achieve
the goals for the proposed transaction may also be affected by its
ability to manage the factors identified above.
The forward-looking statements by RadNet, Inc. included in this
press release speak only as of the date the statements were made.
RadNet, Inc. does not assume any obligation to update the
information contained herein unless required by applicable law.
Please refer to the reports and filings of RadNet, Inc. with the
Securities and Exchange Commission for a further discussion of the
risks and uncertainties that affect it and its business.
Mark Stolper
Executive Vice President and Chief Financial Officer
RadNet, Inc.
310-445-2800
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