실적분석 2026년 8월 10일

RadNet ($RDNT) Q2 2026 Earnings Analysis — Record Quarterly Revenue and Adjusted EBITDA, Annual Guidance Raised Again

Earnings Scorecard

Revenue: $622.7 million (+25.0% year-over-year, all-time quarterly high) — vs. consensus: pending due to thin estimate coverage

EPS: GAAP diluted EPS attributable to common shareholders $0.10; adjusted $0.29 (prior-year quarter $0.19 and $0.34, respectively) — vs. consensus: pending

Guidance: Raised — full-year imaging-center revenue $2.370–$2.420 billion, adjusted EBITDA $345–$358 million, free cash flow $115–$125 million (additional raise vs. Q1 update). Digital Health guidance maintained

Stock reaction: +4.30% after-hours ($75.5) — as of 08-10 20:47 Korea time

Positives

Record quarterly revenue: Total revenue of $622.7 million, up 25.0% year-over-year

Strong advanced imaging growth: Advanced imaging procedure volume +21.2%; same-center +9.6%

Additional guidance raise: Imaging-center full-year revenue, adjusted EBITDA, and free cash flow ranges lifted again

Growth drivers were procedure volume, acquisition contribution, a higher advanced imaging mix, and Digital Health revenue and licensing. Digital Health revenue (including intersegment) reached $32.4 million (+56.5%), a quarterly record, with annual recurring revenue of $105.5 million, roughly double the year-ago level. Adjusted EBITDA also set a quarterly record at $99.7 million (+22.7%).

Negatives

EPS weakness: GAAP diluted EPS attributable to common shareholders of $0.10, below the prior-year $0.19

Adjusted profit also down: Adjusted net income of $23.2 million and adjusted EPS of $0.29, both lower than the prior year ($25.7 million and $0.34, respectively)

Digital Health margin pressure: Segment adjusted EBITDA of $2.5 million (vs. $3.4 million prior year) on investments in growth staffing

Revenue was strong, but one-time and investment-related costs — including M&A transaction expenses, intangible amortization, DeepHealth R&D, and debt refinancing losses — weighed on GAAP profitability. On a first-half cumulative basis, the company posted a net loss attributable to common shareholders of $25.9 million (–$0.33 per share), reflecting visibility lag on earnings during the growth-investment phase. Digital Health is gaining scale, but near-term margins remain thin as infrastructure investment continues.

What Management Said

The CEO characterized the quarter as delivering strong growth and record results across both Imaging Centers and Digital Health, citing procedure volume, acquisitions, advanced imaging mix, and DeepHealth solution sales as the engines. Based on Q2 trends, management raised the imaging-center full-year guidance again and noted that FDA clearance for DeepHealth's breast ultrasound AI, alongside in-house center rollout by year-end, should contribute to second-half revenue and cost savings.

Market Reaction and What to Watch Next

The combination of record quarterly revenue and adjusted EBITDA alongside an additional imaging-center guidance raise suggests the market is leaning into the growth story and the higher full-year outlook first.

Track whether the higher advanced imaging mix and same-center procedure growth carry into Q3.

Watch whether Digital Health's annual recurring revenue growth and new contracts translate into segment profit recovery.

Monitor progress against the raised imaging-center full-year revenue, adjusted EBITDA, and free cash flow ranges.