XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.25.2

SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Accounting Policies [Abstract] |
Schedule of Service Fee Revenue | Our total revenues for the three and six months ended June 30, 2025 and 2024 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 | Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Commercial insurance | $ | 278,902 |  |  | $ | 256,517 |  |  | $ | 541,410 |  |  | $ | 497,145 |
Medicare | 116,331 |  |  | 101,719 |  |  | 224,499 |  |  | 195,186 |
Medicaid | 12,597 |  |  | 11,001 |  |  | 24,283 |  |  | 21,906 |
Workers' compensation/personal injury | 10,642 |  |  | 10,997 |  |  | 21,114 |  |  | 22,837 |
Other payors | 29,394 |  |  | 26,568 |  |  | 57,087 |  |  | 51,948 |
Management fee revenue | 6,688 |  |  | 6,106 |  |  | 12,967 |  |  | 12,014 |
Other revenue | 13,509 |  |  | 9,837 |  |  | 26,052 |  |  | 18,898 |
Revenue under capitation arrangements | 30,167 |  |  | 36,969 |  |  | 62,217 |  |  | 71,487 |
Total service revenue | $ | 498,230 |  |  | $ | 459,714 |  |  | $ | 969,629 |  |  | $ | 891,421 |
Schedule of Goodwill | Activity in goodwill for the six months ended June 30, 2025 is provided below (in thousands):
| Imaging Center segment |  | Digital Health segment |  | Total
Balance as of December 31, 2024 | 628,537 |  |  | $ | 82,126 |  |  | $ | 710,663 |
Goodwill from acquisitions | 12,120 |  |  | 19,843 |  |  | 31,963 |
Measurement period and other adjustments | — |  |  | 87 |  |  | 87 |
Currency translation | 2,221 |  |  | 6,579 |  |  | 8,800 |
Balance as of June 30, 2025 | $ | 642,878 |  |  | $ | 108,636 |  |  | $ | 751,514 |
Schedule of Annual Amortization Expense | The components of intangible assets, both finite and indefinite lived, along with annual amortization expense that will be recorded over the next five years at June 30, 2025 and December 31, 2024 are as follows (in thousands): As of June 30, 2025:
| 2025* |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total |  | Weighted average amortization period remaining in years
Management service contracts | $ | 1,144 |  |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 4,384 |  |  | $ | 14,676 |  |  | 6.7
Covenant not to compete and other contracts | 501 |  |  | 749 |  |  | 455 |  |  | 365 |  |  | 197 |  |  | 23 |  |  | 2,290 |  |  | 3.1
Customer lists | 562 |  |  | 1,041 |  |  | 866 |  |  | 822 |  |  | 822 |  |  | 10,545 |  |  | 14,658 |  |  | 17.0
Patent and trademarks | 205 |  |  | 410 |  |  | 388 |  |  | 322 |  |  | 88 |  |  | 128 |  |  | 1,541 |  |  | 4.2
Developed technology | 4,399 |  |  | 8,625 |  |  | 8,091 |  |  | 8,091 |  |  | 3,396 |  |  | 6,539 |  |  | 39,141 |  |  | 6.2
Trade names amortized | 39 |  |  | 77 |  |  | 77 |  |  | 63 |  |  | 18 |  |  | 8 |  |  | 282 |  |  | 4.0
Trade names indefinite life | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,500 |  |  | 8,500 |  |  |
IPR&D | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,990 |  |  | 9,990 |  |  |
Total annual amortization | $ | 6,850 |  |  | $ | 13,189 |  |  | $ | 12,164 |  |  | $ | 11,950 |  |  | $ | 6,808 |  |  | $ | 40,117 |  |  | $ | 91,078 |  |  |
*Excluding the six months ended June 30, 2025 As of December 31, 2024:
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total |  | Weighted average amortization period remaining in years
Management service contracts | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 2,291 |  |  | $ | 4,384 |  |  | $ | 15,823 |  |  | 6.9
Covenant not to compete and other contracts | 947 |  |  | 660 |  |  | 365 |  |  | 275 |  |  | 106 |  |  | — |  |  | 2,353 |  |  | 3.2
Customer lists | 1,084 |  |  | 962 |  |  | 786 |  |  | 750 |  |  | 750 |  |  | 9,628 |  |  | 13,960 |  |  | 17.2
Patent and trademarks | 293 |  |  | 293 |  |  | 293 |  |  | 293 |  |  | 51 |  |  | 121 |  |  | 1,344 |  |  | 5.0
Developed technology | 7,329 |  |  | 7,289 |  |  | 6,755 |  |  | 6,755 |  |  | 1,848 |  |  | 4,610 |  |  | 34,586 |  |  | 5.4
Trade names amortized | 77 |  |  | 77 |  |  | 77 |  |  | 63 |  |  | 19 |  |  | 8 |  |  | 321 |  |  | 4.3
Trade names indefinite life | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,500 |  |  | 8,500 |  |  |
IPR&D | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,464 |  |  | 4,464 |  |  |
Total annual amortization | $ | 12,017 |  |  | $ | 11,568 |  |  | $ | 10,563 |  |  | $ | 10,423 |  |  | $ | 5,065 |  |  | $ | 31,715 |  |  | $ | 81,351 |  |  |
Schedule of Foreign Currency Translation Amounts | The following is a reconciliation of Foreign Currency Translation amounts for the three and six months ended June 30, 2025 and 2024 is provided below (in thousands):
For the three months ended June 30, 2025
|  | March 31, 2025 Balance |  | Currency Translation Adjustments Balance |  | June 30, 2025 Balance
Currency Translation Adjustments |  | $(1,588) |  | $9,523 |  | $7,935
For the six months ended June 30, 2025
|  | December 31, 2024 Balance |  | Currency Translation Adjustments Balance |  | June 30, 2025 Balance
Currency Translation Adjustments |  | $(5,697) |  | $13,632 |  | $7,935
Schedule of Effect of Derivative Instruments on Comprehensive Income( Loss) | A tabular presentation of the effect of derivative instruments on our consolidated statement of comprehensive loss of the 2019 Swaps is as follows (amounts in thousands):
For the three months ended June 30, 2025
Account |  | March 31, 2025 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* |  | June 30, 2025 Balance |  | Location
Accumulated Other Comprehensive Loss, net of taxes |  | $(1,240) |  | $— |  | $1,023 |  | $(217) |  | Equity
*Net of taxes of $0.3 million for the three months ended June 30, 2025.
For the six months ended June 30, 2025
Account |  | December 31, 2024 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* |  | June 30, 2025 Balance |  | Location
Accumulated Other Comprehensive Loss, net of taxes |  | $(2,273) |  | $— |  | $2,056 |  | $(217) |  | Equity
*Net of taxes of $0.7 million for the six months ended June 30, 2025. A tabular presentation of the effect of derivative instruments on our statement of operations of the 2019 Swaps is as follows (amounts in thousands):
For the three months ended June 30, 2025
Ineffective interest rate swap |  | Amount recognized (current period ineffective portion) |  | Location recognized in profit and loss (current period ineffective portion) |  | Amount reclassified from accumulated OCI (prior period effective portion) |  | Location reclassified from accumulated OCI into profit and loss (prior period effective portion)
Interest rate contracts |  | $ | 1,956 |  |  | Other income (expense) |  | $ | 1,023 |  |  | Interest Expense
For the six months ended June 30, 2025 |  |
Ineffective interest rate swap |  | Amount recognized (current period ineffective portion) |  | Location recognized in profit and loss (current period ineffective portion) |  | Amount reclassified from accumulated OCI (prior period effective portion) |  | Location reclassified from accumulated OCI into profit and loss (prior period effective portion) |  |
Interest rate contracts |  | $ | 4,062 |  |  | Other income (expense) |  | $ | 2,056 |  |  | 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 three months ended June 30, 2025
Entity |  | Account |  | March 31, 2025 Balance |  | Additions |  | Settlement of contingent consideration |  | Change in valuation of contingent consideration |  |  |  | June 30, 2025 Balance
See-Mode Technologies Pte. Ltd. |  | Accrued expenses |  | — |  |  | $ | 2,114 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 2,114 |
See-Mode Technologies Pte. Ltd. |  | Other non-current liabilities |  | — |  |  | $ | 6,652 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 6,652 |
Schedule of Fair Value of Assets and Liabilities | The tables below summarize the estimated fair values of certain of our financial assets that are subject to fair value measurements, and the classification of these assets on our condensed consolidated balance sheets, as follows (in thousands):
| As of June 30, 2025
Level 1 |  | Level 2 |  | Level 3 |  | Total
Current assets |  |  |  |  |  |  |
2019 Swaps - Interest Rate Contracts | $ | — |  |  | $ | 3,050 |  |  | $ | — |  |  | $ | 3,050 |
| As of December 31, 2024
Level 1 |  | Level 2 |  | Level 3 |  | Total
Current assets |  |  |  |  |  |  |
2019 Swaps - Interest Rate Contracts | $ | — |  |  | $ | 7,112 |  |  | $ | — |  |  | $ | 7,112 |
The table below summarizes the estimated fair values of contingent consideration relating to our See-Mode Technologies acquisition on June 2, 2025 that are subject to fair value measurements and the classification of these liabilities on our condensed consolidated balance sheets, as follows (in thousands):
| As of June 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Accrued expenses and other non-current liabilities |  |  |  |  |  |  |
See-Mode Technologies | $ | — |  |  | $ | — |  |  | $ | 8,766 |  |  | $ | 8,766 |
The table below summarizes the estimated fair value compared to the face value of our long-term debt as follows (in thousands):
| As of June 30, 2025
Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Total Face Value
Barclays Term Loan and Truist Term Loan | $ | — |  |  | $ | 1,096,581 |  |  | $ | — |  |  | $ | 1,096,581 |  |  | $ | 1,095,373 |
| As of December 31, 2024
Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Total Face Value
Barclays Term Loan and Truist Term Loan | $ | — |  |  | $ | 1,006,713 |  |  | $ | — |  |  | $ | 1,006,713 |  |  | $ | 1,005,625 |
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):
| Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 14,454 |  |  | $ | (2,982) |  |  | $ | (23,472) |  |  | $ | (5,761) |
BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |  |  |
Weighted average number of common shares outstanding during the period | 74,352,498 |  |  | 73,419,124 |  |  | 74,070,438 |  |  | 71,795,080 |
Basic net income (loss) per share attributable to RadNet, Inc.'s common stockholders | $ | 0.19 |  |  | $ | (0.04) |  |  | $ | (0.32) |  |  | $ | (0.08) |
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |  |  |
Weighted average number of common shares outstanding during the period | 74,352,498 |  |  | 73,419,124 |  |  | 74,070,438 |  |  | 71,795,080 |
Add non-vested restricted stock subject only to service vesting | 65,276 |  |  | — |  |  | — |  |  | — |
Add additional shares issuable upon exercise of stock options and contingently issuable shares | 1,113,969 |  |  | — |  |  | — |  |  | — |
Weighted average number of common shares used in calculating diluted net income per share | 75,531,743 |  |  | 73,419,124 |  |  | 74,070,438 |  |  | 71,795,080 |
Net income (loss) attributable to RadNet, Inc's common stockholders for diluted share calculation | $ | 14,454 |  |  | $ | (2,982) |  |  | $ | (23,472) |  |  | $ | (5,761) |
Diluted net income (loss) income per share attributable to RadNet, Inc.'s common stockholders | $ | 0.19 |  |  | $ | (0.04) |  |  | $ | (0.32) |  |  | $ | (0.08) |
Stock options and non-vested restricted awards excluded from the computation of diluted per share amounts as their effect would be antidilutive: |  |  |  |  |  |  |
Non-vested restricted stock subject to service vesting | — |  |  | 670,486 |  |  | 924,045 |  |  | 685,104 |
Shares issuable upon the exercise of stock options | — |  |  | 799,502 |  |  | 868,999 |  |  | 831,647 |
Schedule of Investment in Joint Ventures | The following table is a summary of our investment in joint ventures during the six months ended June 30, 2025 (in thousands):
Balance as of December 31, 2024 | $ | 104,057 |
Equity in earnings in joint ventures | 6,955 |
Distribution of earnings | (5,688) |
Equity contributions in existing joint ventures | 20,480 |
Balance as of June 30, 2025 | $ | 125,804 |
Schedule of Joint Venture Investment and Financial Information | The following table is a summary of key balance sheet data for these joint ventures as of June 30, 2025 and December 31, 2024 and income statement data for the six months ended June 30, 2025 and 2024 (in thousands):
Balance Sheet Data: | June 30, 2025 |  | December 31, 2024
Current assets | $ | 66,995 |  |  | $ | 61,158 |
Noncurrent assets | 231,281 |  |  | 232,750 |
Current liabilities | (11,949) |  |  | (53,182) |
Noncurrent liabilities | (71,524) |  |  | (70,241) |
Total net assets | $ | 214,803 |  |  | $ | 170,485 |
Income statement data for the six months ended June 30, | 2025 |  | 2024
Net revenue | $ | 138,711 |  |  | $ | 130,546 |
Net income | $ | 14,908 |  |  | $ | 14,657 |

X
- Definition Joint Venture Investment And Financial Information + References No definition available. + Details
Name: | rdnt_JointVentureInvestmentAndFinancialInformationTableTextBlock
Namespace Prefix: | rdnt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Foreign Currency Translation Amounts + References No definition available. + Details
Name: | rdnt_ScheduleOfForeignCurrencyTranslationAmountsTableTextBlock
Namespace Prefix: | rdnt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479581/805-30-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479581/805-30-50-1 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue by reporting categories or types of financial instruments, including derivatives but excluding dividends and interests, from trading for own account by broker dealers. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479048/940-320-50-1 + Details
Name: | us-gaap_ScheduleOfPrincipalTransactionsRevenueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration