RadNet losses narrow for Q2

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RadNet has posted a second quarter loss. The Los Angeles-based diagnostic imaging services provider reported a loss of $336,000 for the three months ending June 30, compared with a net loss of $2.1 million for the same quarter in 2008.

The company said its net loss was affected by items including a $1.8 million non-cash amortization expense associated with interest rate swaps related to the company’s credit facilities, a $1.4 million bargain purchase gain on the acquisition of acquired centers in New Jersey and a $1 million loss related to a legal dispute.

RadNet reported revenue of $131.1 million in the second quarter, a 3.6 percent increase over the $126.5 million posted in the year-ago quarter.

"We are pleased with our performance this quarter. When compared with both the second quarter of 2008 and the first quarter of 2009, we experienced aggregate and same-center growth in procedural volumes, revenue and adjusted EBITDA [Earnings before interest, taxes, depreciation and amortization]," said Howard Berger, MD, chairman and CEO of RadNet.