Post-Q1 Views: 26 EBITDA Growth's 82% Organic; Lots of Positives in Dig. Health

研报英文原文证据摘录

Post-Q1 Views: 26 EBITDA Growth's 82% Organic; Lots of Positives in Dig. Health

RadNet, Inc. (RDNT)

Equity Research

May 12, 2026

The Long View: RadNet, Inc.

Investment Thesis Risk/Reward - 12 Month View

Our Buy rating is driven by our expectations for EBITDA upside resulting from

Upside : Downside

both continued organic growth strength and the accretive deployment of the 110 6.22 : 1

cash sitting on the company's balance sheet. Additionally, we see stock upside 105 (+88%)

from the continued execution of the company's AI strategy, especially if it 95 (+70%)

can deliver growing traction with patients for its DTC AI offerings, announce 90

agreements with OEM/equipment manufacturers or large provider orgs for the 80

distribution of its AI to third-party diagnostic imaging centers, and receive T-

code reimbursement for the utilization of its clinical AI devices.

50 48 (-14%)

2025 2026 +12 mo.

Base Case, Upside Scenario, Downside Scenario,

$95, +70% $105, +88% $48, -14%

• Organic Rev growth remains elevated vs. pre- • Q1 weather impact overcome by increased • Organic Rev returns to pre-COVID levels at +LSD

COVID at 3-5% demand in the remaining quarters %

• AI contributes 2-3% to enterprise EBITDA • AI contributes 3-4% to enterprise EBITDA • Q1 weather impact drags on demand and

growth through 2027 growth through 2027 volumes are weaker than expected

• T-Code reimbursement: We est. HSD % • T-Code reimbursement: Mid-teens % • AI ramp stalls and remains at roughly break

contribution to FY28 EBITDA solely through contribution to FY28 EBITDA driven by even as a business line;

Medicare widespread payor adoption • T-Code reimbursement; zero contribution

• Margins compress slightly as investments in • Margin expansion continues • Margins suffer and compress below ~14%