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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING In the first quarter of 2024, we revised our reportable segments to combine our eRad business, which was included in the Imaging Center segment, with our AI segment to form a new Digital Health reportable segment. Prior period amounts were adjusted retrospectively to reflect the change in reportable segment. Accordingly, our reportable segments currently include our Imaging Center segment and our Digital Health segment. Our Imaging Center segment provides physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders. Services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, mammography, ultrasound, diagnostic radiology (X-ray), fluoroscopy and other related procedures. The vast majority of our centers offer multi-modality imaging services, a strategy that diversifies revenue streams, reduces exposure to reimbursement changes and provides patients and referring physicians one location to serve the needs of multiple procedures. Our Digital Health segment develops and deploys clinical applications to enhance interpretation of medical images and improve patient outcomes with an emphasis on brain, breast, prostate, and pulmonary diagnostics. Included in the segment is our eRad subsidiary, which designs the underlying critical scheduling, data storage and retrieval systems necessary for imaging center operation. Our chief operating decision maker ("CODM"), who is also our CEO, evaluates the financial performance of our segments based upon their respective revenue and segmented internal profit and loss statements prepared on a basis not consistent with GAAP. We do not report balance sheet information by segment since it is not reviewed by our CODM. In the normal course of business, our Imaging Center and Digital Health segments enter into transactions with each other. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues recognized by a segment and expenses incurred by the counterparty are eliminated in consolidation and do not affect consolidated results.
| Three Months Ended September 30, 2024
| Imaging Center |  | Digital Health |  | Intersegment Elimination |  | Consolidated Total
Revenue: |  |  |  |  |  |  |
Third Party | $ | 452,368 |  |  | $ | 8,774 |  |  | $ | — |  |  | $ | 461,142 |
Intersegment | — |  |  | 7,593 |  |  | (7,593) |  |  | — |
Total revenue | $ | 452,368 |  |  | $ | 16,367 |  |  | $ | (7,593) |  |  | $ | 461,142 |
| Three months ended September 30, 2023
| Imaging Center |  | Digital Health |  | Intersegment Elimination |  | Consolidated Total
Revenue: |  |  |  |  |  |  |
Third Party | $ | 395,613 |  |  | $ | 6,355 |  |  | $ | — |  |  | $ | 401,968 |
Intersegment | — |  |  | 5,830 |  |  | (5,830) |  |  | — |
Total revenue | $ | 395,613 |  |  | $ | 12,185 |  |  | $ | (5,830) |  |  | $ | 401,968 |
| Nine Months Ended September 30, 2024
| Imaging Center |  | Digital Health |  | Intersegment Elimination |  | Consolidated Total
Revenue: |  |  |  |  |  |  |
Third Party | $ | 1,325,825 |  |  | $ | 26,738 |  |  | $ | — |  |  | $ | 1,352,563 |
Intersegment | — |  |  | 20,118 |  |  | (20,118) |  |  | — |
Total revenue | $ | 1,325,825 |  | 1325825000 | $ | 46,856 |  |  | $ | (20,118) |  |  | $ | 1,352,563 |
| Nine Months Ended September 30, 2023
| Imaging Center |  | Digital Health |  | Intersegment Elimination |  | Consolidated Total
Revenue: |  |  |  |  |  |  |
Third Party | $ | 1,178,873 |  |  | $ | 17,374 |  |  | $ | — |  |  | $ | 1,196,247 |
Intersegment | — |  |  | 17,492 |  |  | (17,492) |  |  | — |
Total revenue | $ | 1,178,873 |  | 1178873 | $ | 34,866 |  |  | $ | (17,492) |  |  | $ | 1,196,247 |
The table below presents segment information reconciled to our financial results, with segment operating income or loss including revenue less cost of operations, depreciation and amortization, and other operating expenses to the extent specifically identified by segment (in thousands):
| Three months ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue: |  |  |  |  |  |  |
Imaging Center | 444,775 |  |  | 389,783 |  |  | $ | 1,305,707 |  |  | $ | 1,161,381 |
Digital Health | 16,367 |  |  | 12,185 |  |  | 46,856 |  |  | 34,866 |
Total revenue | $ | 461,142 |  |  | 401,968 |  |  | $ | 1,352,563 |  |  | $ | 1,196,247 |
Cost of Operations |  |  |  |  |  |  |
Imaging Center | $ | 374,789 |  |  | $ | 334,580 |  |  | $ | 1,120,542 |  |  | $ | 1,008,814 |
Digital Health | 17,011 |  |  | 7,055 |  |  | 48,571 |  |  | 29,833 |
Total cost of operations | $ | 391,800 |  |  | $ | 341,635 |  |  | $ | 1,169,113 |  |  | $ | 1,038,647 |
Depreciation and Amortization: |  |  |  |  |  |  |
Imaging Center | $ | 32,032 |  |  | $ | 30,221 |  |  | $ | 94,095 |  |  | $ | 89,743 |
Digital Health | 2,947 |  |  | 1,989 |  |  | 7,727 |  |  | 5,962 |
Total depreciation and amortization | $ | 34,979 |  |  | $ | 32,210 |  |  | $ | 101,822 |  |  | $ | 95,705 |
Gain on contribution of imaging centers into joint venture: |  |  |  |  |  |  |
Imaging Center | $ | — |  |  | $ | (16,808) |  |  | $ | — |  |  | $ | (16,808) |
Digital Health | — |  |  | — |  |  | — |  |  | — |
Total (gain) loss on contribution of imaging centers into joint venture | $ | — |  |  | $ | (16,808) |  |  | $ | — |  |  | $ | (16,808) |
Loss (gain) on Disposal of Equipment: |  |  |  |  |  |  |
Imaging Center | $ | 153 |  |  | $ | 524 |  |  | $ | 739 |  |  | $ | 1,185 |
Digital Health | (5) |  |  | 3 |  |  | (4) |  |  | (2) |
Total loss on disposal of equipment | $ | 148 |  |  | $ | 527 |  |  | $ | 735 |  |  | $ | 1,183 |
Severance |  |  |  |  |  |  |
Imaging Center | $ | 271 |  |  | $ | 1,141 |  |  | $ | 720 |  |  | $ | 1,417 |
Digital Health | 33 |  |  | 12 |  |  | 77 |  |  | 1,740 |
Total severance | $ | 304 |  |  | $ | 1,153 |  |  | $ | 797 |  |  | $ | 3,157 |
Income (Loss) from Operations |  |  |  |  |  |  |
Imaging Center | $ | 37,530 |  |  | $ | 40,125 |  |  | $ | 89,611 |  |  | $ | 77,030 |
Digital Health | (3,619) |  |  | 3,126 |  |  | (9,515) |  |  | (2,667) |
Total income from operations | $ | 33,911 |  |  | $ | 43,251 |  |  | $ | 80,096 |  |  | $ | 74,363 |

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- Definition The entire disclosure for reporting segments including data and tables. 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