RadNet, Inc. (NASDAQ: RDNT), of which DeepHealth is a wholly-owned subsidiary, reported on May 8, 2024, first quarter financial results with record first quarter revenue, Adjusted EBITDA(1) and adjusted earnings(3) and revises upwards 2024 financial guidance ranges.
Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “Despite experiencing some adverse impact from severe winter weather conditions during the first quarter, both the Imaging Center and newly established Digital Health reportable operating segments demonstrated strong growth and achieved first quarter record results. Total Company Revenue grew 10.5% as compared with last year’s first quarter to a record $431.7 million. The Digital Health segment Revenue of $14.7 million increased 32.3% from last year’s same quarter. The strong growth in Digital Health was, in part, driven by our AI businesses, whose Revenue increased 118% as compared with last year’s first quarter, mainly on the continuing success of the rollout of our Enhanced Breast Cancer Detection (EBCD) DeepHealth AI-powered screening mammography program.”
Dr. Berger continued, “Digital Health initiatives continue to expand, including the further rollout of the EBCD program along with other clinical AI for lung and prostate cancers. Development of our DeepHealth OS technology platform is driving toward implementation within RadNet beginning in the third quarter of this year and within external customers as early as the first quarter of 2025. This DeepHealth OS will integrate new generative AI capabilities to help us and external customers automate and drive efficiencies for many of the back-office and support functions involved with running imaging centers.”
Read the full press release here.
