Friday, RadNet, Inc. (RDNT), a provider of diagnostic imaging services reported a reduced loss for its second quarter on improved procedural volumes in existing centers as well as contribution of acquisitions and improved operating performance.
Net loss for the second quarter of 2009 was $0.336 million, or $0.01 per share, compared with a loss of $2.1 million or a loss of $0.06 per share, reported for the three month period ended June 30, 2008.
On average, five analysts polled by Thomson Reuters expected the company to earn $0.02 per share. Analysts' estimates typically exclude one-time items.
The company's net revenue increased by $4.6 million or 3.6% to $131.14 million from $126.55 million in the year-ago period. Analysts estimated revenues of $131.64 million.
Looking forward, RadNet reaffirmed its fiscal 2009 revenue outlook of $515 million to $545 million. On average, five analysts polled by Thomson Reuters estimate revenues of $525.67 million for the period.
Adjusted EBITDA for the year is still expected in the range of $105 million - $115 million.
According to Dr. Howard Berger, chairman and chief executive officer of RadNet, "We see positive indications that our business will continue to exhibit year-over-year performance gains into the third quarter, which is typically our strongest, and for the remainder of 2009. We also have observed that the acquisition of eight New Jersey facilities completed in mid-June has begun to contribute to our revenue and adjusted EBITDA performance."
For the six months ended June 30, 2009, the net loss was $1.178 million, compared with a net loss of $7.62 million year-ago. The loss per share was $0.03, compared with a loss per share of $0.21 year-ago.
Year-to-date revenues increased by $18.7 million or 7.8% to $259.14 million, from $240.45 million year-ago.
RDNT closed Thursday's regular trade on NASDAQ at $2.65.
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