Investors Baked In Q1 Miss But RDNT Delivers a Beat/Raise; Stock Should Inflect

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Investors Baked In Q1 Miss But RDNT Delivers a Beat/Raise; Stock Should Inflect

elivered 19.7% Y/Y vol growth during Q1. In our view, RDNT's solid volume

performance (easy comps notwithstanding) underscore continued strong demand for outpatient

imaging services, particularly for advanced modalities. At the same time, strong execution is

translating to share gains and continued robust growth that drives positive earnings surprises.

FY26 Guide Raised But Remains Conservative; Look to Trinity Health JV and FL/IN Acquisitions

for Further Upside. Mgmt raised FY26 guidance, reflecting stronger volumes exiting 1Q (post-storm

impacts) and increased confidence in execution through the balance of the year. We see upside

from continued progress on RDNT’s imaging JV and acquisition strategy. See our note here on

the recent Trinity Health/St. Alphonsus JV which provides an attractive entry into the fast-growing

Boise market ($30MM of revs & $2-3MM of EBITDA) and establishes a platform for broader JV

expansion. Also, the SW Florida and Indianapolis acquisitions add ~$130MM of revenue and ~$7–

9MM of EBITDA, with clear opportunities to drive incremental earnings as integrations ramp.

Mgmt Execution and Advanced Imaging Tailwinds Boost Bullish View. Reit Buy; Raise PT to $95.

RDNT shares have been pressured in recent weeks by concerns about Q1 results, largely due to

weather issues. The co's solid Q1 should bring back positive momentum to the stock as mgmt Brian Tanquilut * | Equity Analyst

continues to show solid execution that translates to stock-drivin "beats & raises". Additionally, we (615) 963-8338 | btanquilut@jefferies.com

see continued progress with incremental M&A and JVs, as well as contract wins and likely FDA Brett Grulkowski, CFA * | Equity Associate