RadNet, Inc. Files Q2 2024 10-Q

TL;DR

RadNet's Q2 2024 10-Q is in - check financials for latest performance.

AI Summary

RadNet, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results and provided updates on its operations. Key financial metrics and operational details for the second quarter of 2024 were disclosed.

Why It Matters

This filing provides investors with a detailed look at RadNet's financial performance and operational status for the second quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details and operational updates within can reveal medium-level risks or opportunities.

Key Numbers

• Q2 2024 — Reporting Period (Financial results for the second quarter of 2024 are detailed.)

Key Players & Entities

• RadNet, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date

FAQ

Filing Documents

• rdnt-20240630.htm (10-Q) — 1888KB
• q22024exhibit311.htm (EX-31.1) — 16KB
• q22024exhibit312.htm (EX-31.2) — 17KB
• q22024exhibit321.htm (EX-32.1) — 7KB
• q22024exhibit322.htm (EX-32.2) — 6KB
• rdnt-20240630_g1.jpg (GRAPHIC) — 65KB
• rdnt-20240630_g2.jpg (GRAPHIC) — 68KB
• 0001628280-24-036466.txt ( ) — 9842KB
• rdnt-20240630.xsd (EX-101.SCH) — 50KB
• rdnt-20240630_cal.xml (EX-101.CAL) — 77KB
• rdnt-20240630_def.xml (EX-101.DEF) — 379KB
• rdnt-20240630_lab.xml (EX-101.LAB) — 755KB
• rdnt-20240630_pre.xml (EX-101.PRE) — 541KB
• rdnt-20240630_htm.xml (XML) — 1541KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1

Financial Statements

ITEM 1. Financial Statements 1 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statement of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

ITEM 4. Controls and Procedures 45

– OTHER INFORMATION

PART II – OTHER INFORMATION 46

Legal Proceedings

ITEM 1. Legal Proceedings 46

Risk Factors

ITEM 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 46

Other Information

ITEM 5. Other Information 46

Exhibits

ITEM 6. Exhibits 46

SIGNATURES

SIGNATURES 47 i Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements RADNET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS EXCEPT SHARE DATA) June 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 741,679 $ 342,570 Accounts receivable 195,288 163,707 Due from affiliates 29,221 25,342 Prepaid expenses and other current assets 38,536 47,657 Total current assets 1,004,724 579,276 PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS Property and equipment, net 652,882 604,401 Operating lease right-of-use assets 624,081 596,032 Total property, equipment and right-of-use assets 1,276,963 1,200,433 OTHER ASSETS Goodwill 708,980 679,463 Other intangible assets 84,049 90,615 Deferred financing costs 2,505 1,643 Investment in joint ventures 100,844 92,710 Deposits and other 51,358 46,333 Total assets $ 3,229,423 $ 2,690,473 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable, accrued expenses and other $ 353,898 $ 342,940 Due to affiliates 32,375 15,910 Deferred revenue 4,462 4,647 Current operating lease liability 59,251 55,981 Current portion of notes payable 24,215 17,974 Total current liabilities 474,201 437,452 LONG-TERM LIABILITIES Long-term operating lease liability 632,385 605,097 Notes payable, net of current portion 1,002,392 812,068 Deferred tax liability, net 17,471 15,776 Other non-current liabilities 10,134 6,721 Total liabilities 2,136,583 1,877,114 EQUITY Common stock - $ 0.0001 par value, 200,000,000 shares authorized; 73,968,042 and 67,956,318 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 7 7 Additional paid-in-capital 974,355 722,750 Accumulated other comprehensive loss ( 8,057 ) ( 12,484 ) Accumulated deficit ( 85,339 ) ( 79,578 ) Total RadNet, Inc.'s Stockholders' equity: 880,966 630,695 Noncontrolling interests 211,874 182,664 Total equity 1,092,840 813,359 Total liabilities and equity $ 3,229,423 $ 2,690,473 The accompanying notes are a

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