RadNet, Inc. Files Q3 2024 10-Q Report

TL;DR

**RadNet Q3 2024 10-Q filed. Check financials.**

AI Summary

RadNet, Inc. filed its Q3 2024 10-Q report on November 12, 2024, detailing financial performance for the period ending September 30, 2024. The company, headquartered in Los Angeles, CA, operates in the medical laboratories sector. This filing covers the nine months ended September 30, 2024, and provides comparative data from the previous year.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for RadNet, Inc., crucial for understanding the company's operational health and future prospects in the healthcare services sector.

Risk Assessment

Risk Level: medium — As a publicly traded company in the healthcare sector, RadNet faces inherent risks related to regulatory changes, reimbursement policies, and competitive pressures, which are typically detailed in 10-Q filings.

Key Numbers

• 20240930 — Q3 2024 End Date (Reporting period for the 10-Q)
• 20241112 — Filing Date (Date the 10-Q was submitted to the SEC)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Nine months of financial data reported)

Key Players & Entities

• RadNet, Inc. (company) — Filer
• 1510 COTNER AVE (location) — Business Address
• LOS ANGELES (location) — Business City
• CA (location) — Business State
• 90025 (location) — Business Zip
• PRIMEDEX HEALTH SYSTEMS INC (company) — Former Company Name
• CCC FRANCHISING CORP (company) — Former Company Name

FAQ

Filing Documents

• rdnt-20240930.htm (10-Q) — 1933KB
• q32024exhibit311.htm (EX-31.1) — 16KB
• q32024exhibit312.htm (EX-31.2) — 17KB
• q32024exhibit322.htm (EX-32.1) — 6KB
• q32024exhibit321.htm (EX-32.2) — 7KB
• rdnt-20240930_g1.jpg (GRAPHIC) — 164KB
• rdnt-20240930_g2.jpg (GRAPHIC) — 167KB
• 0001628280-24-047285.txt ( ) — 10465KB
• rdnt-20240930.xsd (EX-101.SCH) — 51KB
• rdnt-20240930_cal.xml (EX-101.CAL) — 78KB
• rdnt-20240930_def.xml (EX-101.DEF) — 384KB
• rdnt-20240930_lab.xml (EX-101.LAB) — 762KB
• rdnt-20240930_pre.xml (EX-101.PRE) — 546KB
• rdnt-20240930_htm.xml (XML) — 1570KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1

Financial Statements

ITEM 1. Financial Statements 1 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statement of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10

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 29

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 47

Controls and Procedures

ITEM 4. Controls and Procedures 48

– OTHER INFORMATION

PART II – OTHER INFORMATION 49

Legal Proceedings

ITEM 1. Legal Proceedings 49

Risk Factors

ITEM 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 49

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 49

Other Information

ITEM 5. Other Information 49

Exhibits

ITEM 6. Exhibits 49

SIGNATURES

SIGNATURES 50 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) September 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 748,916 $ 342,570 Accounts receivable 199,076 163,707 Due from affiliates 30,210 25,342 Prepaid expenses and other current assets 38,051 47,657 Total current assets 1,016,253 579,276 PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS Property and equipment, net 663,867 604,401 Operating lease right-of-use assets 646,750 596,032 Total property, equipment and right-of-use assets 1,310,617 1,200,433 OTHER ASSETS Goodwill 711,841 679,463 Other intangible assets 84,441 90,615 Deferred financing costs 2,416 1,643 Investment in joint ventures 104,514 92,710 Deposits and other 45,260 46,333 Total assets $ 3,275,342 $ 2,690,473 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable, accrued expenses and other $ 338,737 $ 342,940 Due to affiliates 44,872 15,910 Deferred revenue 4,392 4,647 Current operating lease liability 58,751 55,981 Current portion of notes payable 23,378 17,974 Total current liabilities 470,130 437,452 LONG-TERM LIABILITIES Long-term operating lease liability 658,434 605,097 Notes payable, net of current portion 996,272 812,068 Deferred tax liability, net 20,795 15,776 Other non-current liabilities 10,077 6,721 Total liabilities 2,155,708 1,877,114 EQUITY Common stock - $ 0.0001 par value, 200,000,000 shares authorized; 73,976,284 and 67,956,318 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 7 7 Additional paid-in-capital 979,279 722,750 Accumulated other comprehensive loss ( 1,843 ) ( 12,484 ) Accumulated deficit ( 82,130 ) ( 79,578 ) Total RadNet, Inc.'s Stockholders' equity: 895,313 630,695 Noncontrolling interests 224,321 182,664 Total equity 1,119,634 813,359 Total liabilities and equity $ 3,275,342 $ 2,690,473 The accompanying not

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