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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Service Fee Revenue | Our total revenues for the years ended December 31, 2024, 2023, and 2022 are presented in the table below. Our patient service revenue is displayed as the estimated service fee, broken down by classification of insurance coverage type, along with revenue generated from our management services and other sources such as software and AI..
In Thousands | 2024 |  | 2023 |  | 2022
Commercial insurance | $ | 1,018,327 |  |  | $ | 879,792 |  |  | $ | 769,753 |
Medicare | 410,072 |  |  | 356,506 |  |  | 305,031 |
Medicaid | 44,736 |  |  | 42,302 |  |  | 37,530 |
Workers' compensation/personal injury | 43,666 |  |  | 46,406 |  |  | 50,333 |
Other payors | 104,888 |  |  | 87,675 |  |  | 65,911 |
Management fee revenue | 24,676 |  |  | 17,936 |  |  | 22,235 |
Other revenue | 46,724 |  |  | 32,580 |  |  | 27,223 |
Revenue under capitation arrangements | 136,575 |  |  | 153,433 |  |  | 152,045 |
Total revenue | $ | 1,829,664 |  |  | $ | 1,616,630 |  |  | $ | 1,430,061 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses were comprised of the following (in thousands):
| December 31,
| 2024 |  | 2023
Accounts payable | $ | 96,450 |  |  | $ | 122,888 |
Accrued expenses | 153,252 |  |  | 124,059 |
Accrued salary and benefits | 68,242 |  |  | 71,297 |
Accrued professional fees | 33,520 |  |  | 24,696 |
Total | $ | 351,464 |  |  | $ | 342,940 |
Schedule of Foreign Currency Translation Amounts | The following is a reconciliation of Foreign Currency Translation amounts for the years ended December 31, 2024, 2023 and 2022 is provided below (in thousands):
|  | Currency Translation
Balance as of Balance as of December 31, 2021 |  | $ | (442) |
Currency Translation Adjustments |  | (3,943) |
Balance as of Balance as of December 31, 2022 |  | (4,385) |
Currency Translation Adjustments |  | 4,617 |
Balance as of Balance as of December 31, 2023 |  | 232 |
Currency Translation Adjustments |  | (5,929) |
Balance as of Balance as of December 31, 2024 |  | $ | (5,697) |
Schedule of Effect of Derivative Instruments on Comprehensive (Loss) Income | A tabular presentation of the effect of derivative instruments on our other comprehensive income of the 2019 Swaps which remain ineffective is as follows (amounts in thousands):
For the years ended |  | Account |  | Beginning Balance |  | Amount of comprehensive loss recognized on derivative net of taxes |  | Amount of loss reclassified out of accumulated OCI into income (prior period effective portion), net of taxes* |  | Ending Balance |  |
December 31, 2024 |  | Accumulated Other Comprehensive Loss, net of taxes |  | $ | (11,625) |  |  | $ | — |  |  | $ | 9,352 |  |  | $ | (2,273) |  |  |
December 31, 2023 |  | Accumulated Other Comprehensive Loss, net of taxes |  | $ | (15,201) |  |  | $ | — |  |  | $ | 3,576 |  |  | $ | (11,625) |  |  |
December 31, 2022 |  | Accumulated Other Comprehensive Loss, net of taxes |  | $ | (18,888) |  |  | $ | — |  |  | $ | 3,687 |  |  | $ | (15,201) |  |  |
*Net of taxes of $3.0 million, $1.4 million and $1.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. A tabular presentation of the effect of derivative instruments on our statement of operations of the 2019 Swaps for the Swaps that became ineffective in 2020 is as follows (amounts in thousands):
For the year ended | Amount of gain (loss) recognized in income on derivative (current period ineffective portion) | Location of gain (loss) recognized in Income on derivative (current period ineffective portion) | Amount of loss reclassified from accumulated other comprehensive income (loss) into income (prior period effective portion) | Net receipts (payments) associated with swap | Location of loss reclassified from accumulated other comprehensive income (loss) into income (prior period effective portion) and net receipts (payments) associated with swap
December 31, 2024 | $(8,006) | Non-cash change in fair value of interest rate swaps | $(9,352) | $13,126 | Interest Expense
December 31, 2023 | $(8,185) | Non-cash change in fair value of interest rate swaps | $(3,576) | $14,541 | Interest Expense
December 31, 2022 | $39,621 | Non-cash change in fair value of interest rate swaps | $(3,687) | $(2,826) | Interest Expense
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | A tabular roll-forward of contingent consideration is as follows (amounts in thousands):
For the year ended December 31, 2024
Entity |  | Account |  | December 31, 2023 Balance |  | Settlement of Contingent Consideration |  | Change in Valuation of Contingent Consideration |  | Currency Translation |  | December 31, 2024 Balance |  |
Heart & Lung Limited |  | Accrued Expenses & Other Long Term Liabilities |  | $ | 6,242 |  |  | $ | (8,221) |  |  | $ | 1,060 |  |  | $ | 919 |  |  | $ | — |  |  |
For the year ended December 31, 2023
Entity |  | Account |  | January 1, 2023 Balance |  | Settlement of Contingent Consideration |  | Change in Valuation of Contingent Consideration |  | Currency Translation |  | December 31, 2023 Balance |  |
Aidence |  | Other Long Term Liabilities |  | $ | 7,158 |  |  | $ | — |  |  | $ | (7,158) |  |  | $ | — |  |  | $ | — |  |  |
Quantib |  | Accrued Expenses & Other Long Term Liabilities |  | $ | 2,134 |  |  | $ | (3,535) |  |  | $ | 1,401 |  |  | $ | — |  |  | $ | — |  |  |
Montclair |  | Accrued Expenses |  | $ | 1,200 |  |  | $ | — |  |  | $ | (1,200) |  |  | $ | — |  |  | $ | — |  |  |
Heart & Lung Limited |  | Accrued Expenses & Other Long Term Liabilities |  | $ | 11,053 |  |  | $ | (7,854) |  |  | $ | 2,476 |  |  | $ | 567 |  |  | $ | 6,242 |  |  |
For the year ended December 31, 2022 |
Entity |  |  |  | January 1, 2022 Balance |  | Addition |  | Change in Valuation of Contingent Consideration |  | Currency Translation |  | December 31, 2022 Balance |
Aidence |  |  |  | $ | — |  |  | $ | 7,477 |  |  | $ | (362) |  |  | $ | 43 |  |  | $ | 7,158 |  |
Quantib |  |  |  | $ | — |  |  | $ | 3,019 |  |  | $ | (903) |  |  | $ | 18 |  |  | $ | 2,134 |  |
Montclair |  |  |  | $ | — |  |  | $ | 1,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,200 |  |
Heart & Lung Limited |  |  |  | $ | — |  |  | $ | 10,225 |  |  | $ | 566 |  |  | $ | 262 |  |  | $ | 11,053 |  |
Schedule of Fair Value of Assets and Liabilities | The table below summarizes the estimated fair values of certain of our financial assets that are subject to fair value measurements, and the classification of these assets in our consolidated balance sheets, as follows (in thousands):
| As of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Other Current Assets |  |  |  |  |  |  |
2019 SWAPS - Interest Rate Contracts | $ | — |  |  | $ | 7,112 |  |  | $ | — |  |  | $ | 7,112 |
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Deposits and Other |  |  |  |  |  |  |
2019 SWAPS - Interest Rate Contracts | $ | — |  |  | $ | 15,118 |  |  | $ | — |  |  | $ | 15,118 |
The tables below summarize the estimated fair values of contingencies and holdbacks relating to our acquisitions that are subject to fair value measurements and the classification of these liabilities on our consolidated balance sheets, as follows (in thousands):
| As of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Accrued expenses and other non-current liabilities |  |  |  |  |  |  |
Heart & Lung Imaging Limited | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Accrued expenses and other non-current liabilities |  |  |  |  |  |  |
Heart & Lung Imaging Limited | $ | — |  |  | $ | — |  |  | $ | 6,242 |  |  | $ | 6,242 |
The table below summarizes the estimated fair value and carrying amount of our Barclays Term Loans and Trust Term Loan long-term debt as follows (in thousands):
| As of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Total Face Value
Barclays Term Loans and Truist Term Loan | $ | — |  |  | $ | 1,006,713 |  |  | $ | — |  |  | $ | 1,006,713 |  |  | $ | 1,005,625 |
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Total Face Value
Barclays Term Loans and Truist Term Loan | $ | — |  |  | $ | 824,759 |  |  | $ | — |  |  | $ | 824,759 |  |  | $ | 823,063 |
Schedule of Earnings Per Share | Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding, net of common stock held in treasury, as follows (in thousands except share and per share data):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Net income attributable to RadNet, Inc. common stockholders | $ | 2,793 |  |  | $ | 3,044 |  |  | $ | 10,650 |
BASIC NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |
Weighted average number of common shares outstanding during the period | 73,037,237 |  |  | 63,580,059 |  |  | 56,293,336 |
Basic net income per share attributable to RadNet, Inc. common stockholders | $ | 0.04 |  |  | $ | 0.05 |  |  | $ | 0.19 |
DILUTED NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |
Weighted average number of common shares outstanding during the period | 73,037,237 |  |  | 63,580,059 |  |  | 56,293,336 |
Add nonvested restricted stock subject only to service vesting | 296,849 |  |  | 202,995 |  |  | 172,139 |
Add additional shares issuable upon exercise of stock options, warrants and holdback shares | 1,428,246 |  |  | 875,245 |  |  | 855,395 |
Weighted average number of common shares used in calculating diluted net income per share | 74,762,332 |  |  | 64,658,299 |  |  | 57,320,870 |
Changes in fair value associated with contingently issuable shares | $ | — |  |  | $ | — |  |  | $ | (724) |
Net income attributable to RadNet, Inc's common stockholders for diluted share calculation | $ | 2,793 |  |  | $ | 3,044 |  |  | $ | 9,926 |
Diluted net income per share attributable to RadNet, Inc. common stockholders | $ | 0.04 |  |  | $ | 0.05 |  |  | $ | 0.17 |
Stock options and non-vested restricted awards excluded from the computation of diluted per share amounts as their effect would be antidilutive: |  |  |  |  |
Shares issuable upon the exercise of stock options | — |  |  | 754,131 |  |  | 152,723 |
Weighted average shares for which the exercise price exceeds the average market price of common stock | — |  |  | 70,760 |  |  | — |
Schedule of Investment in Joint Ventures | The table below summarizes our ownership interest in these joint ventures as of December 31, 2024:
Joint Venture | Percentage Ownership
Franklin Imaging, LLC | 49 | %
Greater Baltimore Diagnostic Imaging | 50 | %
Advanced Imaging at St. Joseph Medical Center, LLC | 49 | %
Carroll County Radiology, LLC | 40 | %
Baltimore Washington Imaging Center, LLC | 35 | %
Calvert Medical Imaging Centers, LLC | 50 | %
Montgomery Community Magnetic Imaging Ctr LP | 49 | %
Mt. Airy Imaging Center, LLC | 40 | %
Orange County Radiation Oncology, LLC | 40 | %
Arizona Diagnostic Radiology Group LLC | 49 | %
Glendale Advanced Imaging Center, LLC | 55 | %
Santa Monica Imaging Group LLC | 49 | %
The following table is a summary of our investment in joint ventures during the years ended December 31, 2024 and 2023 (in thousands):
Balance as of December 31, 2022 | $ | 57,893 |
Equity in earnings in these joint ventures | 6,427 |
Distribution of earnings | (15,603) |
Equity contributions in existing and purchase of interest in joint ventures | 43,993 |
Balance as of December 31, 2023 | $ | 92,710 |
Equity in earnings in these joint ventures | 14,472 |
Distribution of earnings | (4,546) |
Equity contributions in existing and purchase of interest in joint ventures | 1,496 |
Impairment loss | (75) |
Balance as of December 31, 2024 | $ | 104,057 |
Schedule of Joint Venture Investment and Financial Information | The following table is a summary of key financial data for these joint ventures as of December 31, 2024 and 2023, respectively, and for the years ended December 31, 2024, 2023 and 2022, respectively, (in thousands):
| December 31,
Balance Sheet Data: | 2024 |  | 2023
Current assets | $ | 61,158 |  |  | $ | 39,819 |
Noncurrent assets | 232,750 |  |  | 224,936 |
Current liabilities | (53,182) |  |  | (46,587) |
Noncurrent liabilities | (70,241) |  |  | (70,834) |
Total net assets | $ | 170,485 |  |  | $ | 147,334 |
| 2024 |  | 2023 |  | 2022
Net revenue | $ | 264,471 |  |  | $ | 184,194 |  |  | $ | 145,256 |
Net income | $ | 30,833 |  |  | $ | 12,968 |  |  | $ | 21,169 |

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