RadNet Q4 Highlights A Strong Volume Trend

RadNet’s fourth quarter made a strong case for optimism going into 2026, balancing growth, margins, and continued momentum in their Digital Health segment. For the fourth quarter of 2025, RadNet reported record total revenue of $547.7 million, up 14.8% from a year earlier, and record adjusted EBITDA of $87.7 million, up 16.9%. Management said the growth translated into a 29 basis point margin improvement, helped by procedural growth and continued efficiency work across its imaging center footprint.

The more important signal was procedure growth, especially in advanced imaging. RadNet said aggregate advanced imaging procedures (MRI, CT and PET/CT) rose 14.1% year over year, with same center advanced imaging up 9.6%. Digital Health kept scaling too, with fourth quarter Digital Health revenue (including intersegment revenue) of $27.9 million, up 48.2%, and segment adjusted EBITDA of $4.9 million. For full year 2025, RadNet reported total revenue of $2.040 billion and adjusted EBITDA of $300.2 million, while Digital Health revenue was $92.7 million and Digital Health ARR ended 2025 at $75.4 million.

For 2026, RadNet’s Imaging Center segment guidance calls for total net revenue of $2.325 billion to $2.375 billion, adjusted EBITDA of $335 million to $348 million, and free cash flow of $105 million to $115 million, which management said implies revenue growth of 17% to 19%, adjusted EBITDA growth of 18% to 22%, and free cash flow growth of 29% to 41% versus 2025. The company also flagged embedded headwinds from higher same center labor costs and severe winter weather in January and February.

Digital Health guidance is aiming for $135 million to $145 million of total net revenue in 2026, and the company said the range includes about $16 million of revenue from the Gleamer acquisition announced that morning. Management said 2026 Digital Health growth is expected to be driven by the DeepHealth AI portfolio and related products such as TechLive, plus contributions from prior acquisitions, with a minimum of four FDA clearances anticipated during 2026. They also said Digital Health guidance implies 45% to 55% revenue growth, expects Digital Health ARR at December 31, 2026 to approach or exceed $140 million, and expects the share of Digital Health revenue coming from RadNet’s own Imaging Center segment to decline from about 45% in 2025 to about 33% in 2026.

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