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RadNet To Enter The Houston, Texas Market Through Platform Acquisition Of Houston Medical Imaging

RadNet, Inc.

LOS ANGELES, Feb. 27, 2024 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective outpatient diagnostic imaging services, today announces that it has signed a definitive agreement to purchase the assets of seven imaging centers in the greater Houston, Texas metropolitan area from Houston Medical Imaging, LLC. Upon closing the acquisition, which is anticipated to occur during the second quarter, 2024, RadNet will be entering its first new market since 2020. The acquisition is subject to customary closing conditions.

The seven centers, once acquired, will continue to operate under the Houston Medical Imaging brand, and will offer multi-modality services, including MRI, CT, PET/CT, X-ray, ultrasound, mammography and other procedures. During 2023, these seven centers collectively performed over 135,000 procedures and produced over $28 million of Revenue.

RadNet's President and Chief Executive Officer, Howard Berger, MD, explained, "The Houston metropolitan marketplace, encompassing about 7.3 million people, is the fourth most populous city and the second fastest growing metropolitan area in the United States. We believe this initial acquisition forms a strong platform from which to grow a new core network for RadNet. We are confident of the opportunity for further acquisitions, de novo build-outs, health system partnerships and other means of expansion, which include bringing our AI and leading edge clinical and operating digital health solutions to the patient and referring communities of greater Houston."

Dr. Berger added, "We are very intentional and methodical in our approach to entering new markets. As is the case with other markets, in Houston, we will be committed to expanding patient access and services. The Houston market exhibits many of the characteristics that have permitted us to be successful in other RadNet core geographies. We welcome the over 20 affiliated radiologists and the approximately 140 additional team members who currently support these Houston facilities, and look forward to growing this practice with them in the near future."

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About RadNet, Inc.

RadNet, Inc., is the leading national provider of freestanding, fixed-site diagnostic imaging services and related information technology solutions (including artificial intelligence) in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 366 owned and/or operated outpatient imaging centers. RadNet's markets include California, Maryland, Delaware, New Jersey, New York, Florida and Arizona. Together with affiliated radiologists, including full-time and per diem employees and technologists, RadNet has approximately 9,000 employees. For more information, visit http://www.Radnet.Com

Forward Looking Statements

This press release contains certain statements that constitute "forward-looking statements" within the meaning of federal securities laws, including statements regarding the effects of the proposed transaction. These statements are based on the assumptions and beliefs of RadNet, Inc. Management in light of the information currently available to it. Such statements are indicated by words or phrases such as "accelerate," "create," "committed," "confident," "continue," "deliver," "driving," "expect," "future," "guidance," "positioned," "strategy," "target," "synergies," "trends," and "will." Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" in RadNet, Inc.'s annual report on Form 10-K for the last fiscal year and any subsequent filings, as well as the following:

the expected timing and likelihood of completion of the proposed transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory clearance of the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the acquisition agreement; the inability to consummate the proposed transaction due to the failure to satisfy other conditions to complete the proposed transaction; the ability to identify and recognize the anticipated benefits of the proposed transaction, including anticipated revenue and procedural volumes; and the ability of RadNet, Inc. To successfully integrate the business and related operations; risks related to the potential impact of general economic, political and market factors on the companies or the proposed transaction. The ability of RadNet, Inc. To achieve the goals for the proposed transaction may also be affected by its ability to manage the factors identified above.

The forward-looking statements by RadNet, Inc. Included in this press release speak only as of the date the statements were made. RadNet, Inc. Does not assume any obligation to update the information contained herein unless required by applicable law. Please refer to the reports and filings of RadNet, Inc. With the Securities and Exchange Commission for a further discussion of the risks and uncertainties that affect it and its business.

Mark StolperExecutive Vice President and Chief Financial OfficerRadNet, Inc.310-445-2800

AsiaMedic Achieves Record Revenue Of S$23.5 Million For FY2023 Amid Expansion Of Its Medical Imaging And Aesthetics Businesses

· Significant capacity expansion for the Group's diagnostic imaging and radiology service following the addition of SIGNA™ Hero 3T MRI scanner· Maiden contribution post-acquisition of LE Private Clinic contributed to the increase in medical aesthetics services revenue· The Group continues to explore potential opportunities for further expansion following 3rd consecutive year of revenue growth, backed by resilient balance sheet

Financial Highlights

FY2023

FY2022

Change (%)

(S$'000)

 

 

 

Revenue

23,513

18,882

25

Net Profit[1]

1,921

2,186

(12)

EBITDA[2]

3,356

3,433

(2)

 

 

 

 

Group

31 Dec 2023

31 Dec 2022

 

Net Assets

13,257

10,941

21

Net Asset Value per share (cents)

1.15

0.98

20

[1] Net profit attributable to owners of the Company[2] Earnings before interest, taxes, depreciation, and amortisation

SINGAPORE, Feb 28, 2024 - (ACN Newswire) - SGX Catalist-listed AsiaMedic Limited (the "Company" and together with its subsidiaries, the "Group") announced its financial results for the financial year ended 31 December 2023 ("FY2023").

The Group's FY2023 revenue increased by S$4.6 million or 25% from S$18.9 million for FY2022 to S$23.5 million due to the increase in revenue from the imaging and aesthetic businesses. The Group's other income also increased by 71% to S$0.7 million due mainly to higher interest income from short- term investments and sub-lease income.

The Group's EBITDA held steady at S$3.4 million for FY2023.

Mr Arifin Kwek, Chief Executive Officer of AsiaMedic Limited, said, "We are encouraged by the record high revenue achieved for FY2023 following three consecutive years of revenue growth.

The growing referrals from specialist clinics and hospitals reflect the Group's position as a preferred provider of diagnostic imaging and radiology services. We will continue to invest in the latest technology to enhance the patient experience."

In September 2023, the Group became the first in Asia Pacific to commence operations of the SIGNA™ Hero 3T MRI scanner which delivers higher image quality with improved efficiency, comfort, and productivity. In February 2024, the Group replaced its CT scanner with a new cutting-edge platform with best-in-class technology.

"Our immediate priorities are to ensure the smooth integration of the Group's newly acquired medical aesthetics business, strengthening the operations of our primary healthcare services and intensify our collaboration with insurance companies to open new opportunities for the Group's medical wellness and health screening services," he added.

FY2023 Income Statement

With the increase in revenue, the Group's consumables expenses increased by 12% to S$1.7 million, personnel expenses increased by 22% to S$12.2 million, laboratory and consultancy fees increased by 55% to S$3.6 million, and other operating expenses increased by 17% to S$2.8 million.

Depreciation of plant and equipment increased by 232% to S$0.9 million due to equipment purchased in FY2022 and FY2023, as well as depreciation charge with the reversal of impairment for equipment in 2H2022.

Depreciation of right-of-use assets increased due to the depreciation charge with the reversal of impairment of right-of-use assets in 2H2022, and the leasing of new clinic space at Orchard Building.

Finance costs increased by 75% to S$0.4 million due mainly to a higher interest rate applied for the lease modification recognised in 2H2022, the leasing of new clinic space at Orchard Building, and the bank financing obtained for the purchase of the MRI scanner in September 2023.

As a result of the above, the Group registered a net profit of S$1.9 million for FY2023, translating to a net margin of 8.2%.

Financial Position and Cashflow

The Group's balance sheet remained resilient, with net assets increasing from S$10.9 million as at 31 December 2022 to S$13.3 million as at 31 December 2023.

For FY2023, the Group achieved strong net cash flow from operations of S$3.4 million, more than double compared with S$1.2 million recorded in FY2022 due to the improved performance of the imaging business and a lower working capital requirement in FY2023.

The Group continues to explore potential opportunities for further expansion and long-term growth.

This press release should be read in conjunction with the financial statements announcement for FY2023 uploaded on SGXNet.

For media and analysts' queries, please contact:Waterbrooks ConsultantsWayne KooT: (65) 9338 8166E: wayne.Koo@waterbrooks.Com.Sg

About AsiaMedic Limited

AsiaMedic Limited together with its subsidiaries ("AsiaMedic" or the "Group") is a leading healthcare provider in Singapore which provides holistic solutions through integrated application of the latest medical technologies to prevent and detect early illnesses to achieve positive experiences and clinical outcomes for patients.

The Group is committed to helping clients through practical and personalised solutions delivered with the highest professional standards of service and expertise in a timely, safe and consistent manner. Conveniently located at Orchard Road, AsiaMedic is a preferred one-stop centre for:

· Diagnostic imaging and radiology services· Medical wellness and health screening services· Primary healthcare services· Medical aesthetic services and products

For more information, please visit www.Asiamedic.Com.Sg

Copyright 2024 ACN Newswire. All rights reserved. Www.Acnnewswire.Com

Visage Imaging

Diagnostic imaging and multimedia company Visage Imaging announced the launch of Visage Ease VP, an immersive imaging platform that can be used on Apple's augmented reality headset, Apple Vision Pro. Visage offers cloud-based, AI-enabled enterprise imaging software, including Visage 7, Visage Ease and Visage Ease Pro, that allows users to examine diagnostic images and collaborate with colleagues...

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