RadNet posts positive Q3

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RadNet has reported positive unaudited financial results for its fiscal 2007 third quarter (end-Sept. 30).

For the quarter, the company reported its revenue rose to $110.2 million as compared to a revenue of $40 million in the same quarter last year.

RadNet booked a net loss of $1.9 million as compared to a net loss of $2.5 million in the third quarter of 2006. The company said the results reflect improved volume and margin performance from existing imaging centers as well as cost-saving measures.

“Despite the traditionally slower summer months and this quarter having one less business day (63 days), we managed to improve our operating performance through driving volume growth and managing our costs,” Howard Berger said, president and chief executive officer. “We had key accomplishments announced within the quarter including the acquisition of three centers in Victorville, Calif., the establishment of the RadNet Managed Imaging Services business and the exiting of our non-core Colorado market.”