RadNet, Inc. (NASDAQ: RDNT) experienced a notable surge of 17.14% in its stock value during the most recent trading session, culminating at $44.35. This upturn in RadNet’s stock performance stems from a strategic maneuver alongside the anticipation surrounding a significant forthcoming event.
It is announced that Mark Stolper, the company’s Executive Vice President and Chief Financial Officer, will deliver a presentation at the prestigious 45th Raymond James Annual Institutional Investors Conference in Orlando, Florida, at 3:25 p.m. Eastern Time, today.
In addition, RadNet has entered into a formal agreement with Houston Medical Imaging, LLC regarding the acquisition of seven imaging centers in the greater Houston, Texas metropolitan area. This deal will mark RadNet’s first entry into a new market since 2020 when it is completed in the second quarter of 2024.
The customary closing conditions must be met for the seamless progression of this transaction. Post-acquisition, these seven facilities will retain their operations under the Houston Medical Imaging banner, extending a diverse range of multi-modality services, encompassing mammography, MRIs, CT scans, PET/CT scans, X-rays, ultrasounds, and specialized treatments.
Collectively, these clinics conducted over 135,000 procedures in 2023, resulting in revenue exceeding $28 million. With a population of 7.3 million residents, the Houston metropolitan area stands as the second-fastest-growing in the United States and the fourth most populous city overall.
This initial acquisition presents a robust foundation for RadNet to establish a new core network. The potential for subsequent acquisitions, de novo expansions, health system collaborations, and other avenues of growth, alongside the introduction of advanced AI and clinical solutions, promises to extend RDNT’s footprint within the patient and referring communities across greater Houston.
RadNet approaches its market entries with meticulous planning and methodical execution. Similar to its endeavors in other regions, the company is committed to enhancing patient accessibility and service offerings within the Houston market.
Leveraging the familiar traits that have underpinned its success in prior core geographies, RadNet eagerly welcomes the addition of over 20 affiliated radiologists and approximately 140 additional staff members supporting the Houston facilities. The company looks forward to nurturing this expanded practice in the near future.
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