RadNet raises 2026 guidance after record Q1 revenue

RadNet has raised its 2026 imaging center financial guidance after reporting record first-quarter revenue and adjusted EBITDA.

Total company revenue increased 22.1% to $575.6M in Q1 2026, compared with $471.4M in the same period of 2025. Adjusted EBITDA rose 36.3% to $63.3M from $46.4M, according to the company.

The Los Angeles-based outpatient imaging provider also reduced its net loss. Net loss for the quarter was $33.5M, compared with $37.9M in Q1 2025. Adjusted diluted loss per share was $0.28, compared with $0.34 a year earlier.

Advanced imaging volumes helped drive the quarter. Aggregate MRI, CT, and PET/CT procedural volumes increased 19.7% year over year, while same-center advanced imaging volumes rose 8.2%.

Same-center MRI volume increased 10.3%, CT volume increased 4.8%, and PET/CT volume increased 14.9%, according to RadNet’s results. The company said its advanced imaging mix increased to 29.3% of total procedural volume, compared with 27% in Q1 2025.

Digital health revenue also grew. The segment generated $29.1M in Q1 2026, up 51.5% from $19.2M in the prior-year quarter. Annual recurring revenue increased to $96.9M as of March 31, 2026, compared with $49.8M a year earlier.

Severe winter weather in the Northeast affected January and February results, reducing revenue by an estimated $13M and adjusted EBITDA by about $9M, RadNet said. Business rebounded in March, contributing to the company’s record first-quarter performance.

Updated 2026 imaging center guidance now projects revenue of $2.355B to $2.405B, up from the previous range of $2.325B to $2.375B. Adjusted EBITDA guidance for the imaging center segment was increased to $341M to $353M, compared with the prior range of $336M to $348M.

Free cash flow guidance was also raised to $112M to $122M, up from $105M to $115M. Digital health guidance remained unchanged, with projected revenue of $138M to $145M and adjusted EBITDA of $8M to $12M.

Howard G. Berger, MD, RadNet’s president and CEO, said the company’s balance sheet “continues to be among the strongest in the diagnostic imaging industry.”

Recent acquisitions remain part of the company’s growth strategy. In March, RadNet completed its acquisition of Gleamer, a French imaging AI company, expanding its DeepHealth portfolio across clinical AI products.

RadNet said its portfolio now includes interpretive AI products across most imaging modalities. By the end of 2026, the company expects more than 70% of RadNet studies to run through clinical AI and all radiologist reports to be processed through DeepHealth Reporting Pro, its AI-powered auto-impression and summarization engine.

As of March 31, RadNet operated 432 centers. The company said it had $429M in cash and cash equivalents and total net debt of about $1.5B.