RadNet: 1Q26 First Look: Strong Advanced Imaging Volumes Drive Beat Despite Weather; Guidance Raised

研报英文原文证据摘录

RadNet: 1Q26 First Look: Strong Advanced Imaging Volumes Drive Beat Despite Weather; Guidance Raised

Equity Research

U.S. Healthcare Facilities & Managed Care

11 May 2026

RadNet

1Q26 First Look: Strong Advanced

Imaging Volumes Drive Beat

RDNT OVERWEIGHTDespite Weather; Guidance Raised

U.S. Healthcare Facilities & NEUTRAL

Recent acquisitions contributed to the strong volume Managed Care Price Target USD 70.00

performance, while sustained margin gains underscore the Price (08-May-26) USD 58.19

growing impact of DeepHealth on the core imaging business. Potential Upside/Downside +20.3% Source: Bloomberg, Barclays Research

Strong Advanced Imaging Growth Drives Beat: On Sunday (5/10), RDNT reported 1Q revenue

U.S. Healthcare Facilities & Managed

of $576 mn (+2% beat) and adjusted EBITDA of $63 mn (+7% beat). Top-line results were driven Care

by accelerating total volume growth of +10% y/y, including total advanced imaging growth of Andrew Mok, CFA

+20% and same-store advanced imaging volume growth of +8%. Adjusted EBITDA margins +1 212 526 5496

expanded to 11.0% (+120 bps y/y) despite weather-related disruptions that reduced revenue by andrew.mok@barclays.com

$13 mn and EBITDA by $9 mn. We believe recent acquisitions contributed to the strong volume BCI, US

performance, while sustained margin gains underscore the growing impact of DeepHealth on Thomas Walsh

the core imaging business. +1 212 526 5096

thomas.walsh@barclays.com

2026 Guidance Raised: RDNT raised 2026 imaging center revenue guidance by +$30 mn BCI, US

(+1.3%), adjusted EBITDA by +$5 mn (+1.5%), and free cash flow by +$7 mn (+6.4%), implying a

Mingchuan Song

relatively unchanged EBITDA margin outlook. Despite digital health segment revenue and

+1 212 526 9787