Record Quarterly Revenue and Adjusted EBITDA
Q4 2025 total company revenue rose 14.8% year-over-year to $547.7M, and adjusted EBITDA increased 16.9% year-over-year to $87.7M — both quarterly records for RadNet.
Digital Health Strong Growth
Digital Health Q4 2025 revenue grew 48.2% year-over-year to $27.9M and adjusted EBITDA increased 8.9% to $4.9M. Full-year Digital Health revenue finished at $92.7M with adjusted EBITDA of $15.5M.
Material Growth in Advanced Imaging Volumes and Mix
Aggregate advanced imaging procedural volume growth for Q4 was 14.1%, with same-center advanced imaging up 9.6% year-over-year. Advanced imaging accounted for 28.6% of procedural volume in Q4, up 178 basis points from prior-year quarter.
Large-Scale Strategic Acquisition — Gleamer
Announced and closed acquisition of Gleamer (Paris-based AI company) for cash up to €230M (inclusive of milestones). Gleamer adds ~700 customer contracts, ~130 employees, four FDA-cleared and six CE-marked solutions, and is expected to contribute approximately $30M ARR toward Digital Health.
Digital Health ARR Momentum
Digital Health ARR at 12/31/2025 was $75.4M. Company expects ARR to approach $140M by year-end 2026 (pro forma including Gleamer and other acquisitions). Gleamer reported ARR CAGR >90% (2022–2025).
Expanding Imaging Footprint and Partnerships
Opened 7 de novo centers in 2025 and completed tuck-ins including 13 centers in Southwest Florida, six in Indiana and one in Virginia early 2026. 151 of 418 centers (36.1%) operate within health system partnerships, supporting JV expansion opportunities.
Strong Liquidity and Industry-Leading Receivables Performance
Year-end cash balance reported around $767M–$776M and full availability of a $282M revolver. Net debt to adjusted EBITDA was approximately 1.0 at 12/31/2025. Days sales outstanding (DSO) improved to a record low of 29.5 days.
Guidance Indicates Continued Growth and Margin Expansion
2026 guidance calls for Imaging Center revenue growth of 17%–19% vs. 2025, Digital Health revenue growth of 45%–55%, EBITDA growth outpacing revenue in Imaging Centers, and free cash flow growth of 29%–41% vs. 2025.