RadNet, Inc. reported a total revenue of $2.04 billion for the fiscal year ending December 31, 2025, marking a 11.5% increase from $1.83 billion in 2024. The growth was primarily driven by an increase in procedure volumes and higher fees per imaging procedure, particularly in advanced imaging modalities such as PET/CT scans. Despite this revenue growth, the company experienced a net loss attributable to common stockholders of $18.7 million, compared to a net income of $2.8 million in the previous year. This shift to a loss was attributed to rising operational costs, including a 13.2% increase in total operating expenses, which rose to $1.98 billion, largely due to increased staffing and medical supply costs.
In terms of operational developments, RadNet expanded its footprint significantly, operating 418 imaging centers across nine states as of December 31, 2025, up from 398 centers in 2024. The company also made strategic acquisitions, including iCAD, Inc. and See-Mode Technologies, which are expected to enhance its Digital Health segment focused on AI-powered health informatics solutions. The Digital Health segment generated $92.7 million in revenue, a 41.1% increase from the previous year, driven by a substantial rise in AI-related revenue and an expansion of its customer base from 486 to over 2,000.
RadNet's workforce also grew, with a total headcount of 8,844 full-time employees, alongside 432 part-time and 1,988 per diem employees. The company emphasized its commitment to employee development and diversity, implementing various programs aimed at enhancing workplace culture and employee engagement. However, the competitive labor market and rising wage costs, particularly in California, have posed challenges, contributing to increased operational expenses.
Looking ahead, RadNet's management expressed optimism about future growth, particularly in the Digital Health segment, which is expected to continue operating at a net loss in the near term as integration of recent acquisitions progresses. The company plans to leverage its investments in AI and technology to enhance service offerings and operational efficiency. However, management also acknowledged potential risks, including changes in reimbursement rates from third-party payors and the impact of economic conditions on patient volumes and collections. The company remains focused on maximizing performance at existing centers and expanding its geographic presence through both organic growth and acquisitions.
About RadNet, Inc.
RadNet, Inc. is a leading provider of diagnostic imaging services in the U.S., operating hundreds of outpatient centers offering MRI, CT, PET, nuclear medicine, ultrasound, mammography, X-ray, and fluoroscopy. The company serves healthcare providers, payors, and patients, leveraging multi-modality imaging, advanced technology, and AI solutions. Its business model focuses on organic growth, acquisitions, regional networks, and strong physician relationships to deliver high-quality, cost-effective diagnostic imaging.
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