RadNet Acquires Gleamer for €230M, Guides 17–19% Imaging Growth in 2026
RadNet posted Q4 revenue of $547.7 million, up 14.8% year-over-year, and digital health revenue of $27.9 million, up 48.2%, each topping estimates. It will acquire AI firm Gleamer in a €230 million (≈$270 million) cash deal and forecasts 2026 imaging revenue growth of 17–19% and digital health growth of 46–56%.
1. Q4 Financial Performance
RadNet delivered fourth-quarter revenue of $547.7 million, a 14.8% increase year-over-year, driven by a 14.1% rise in advanced imaging procedures. Adjusted EBITDA climbed 16.9% to $87.7 million and digital health segment revenue rose 48.2% to $27.9 million, while net loss of $0.6 million reflected one-time items.
2. Gleamer Acquisition Details
RadNet agreed to acquire Paris-based AI developer Gleamer for up to €230 million in cash, including post-closing milestones. Gleamer’s cloud-first platform supports over 700 contracts in 44 countries, employs 130+ staff, and generated compound ARR growth above 90% from 2022 to 2025, with projected ARR of $30 million in 2026.
3. 2026 Growth Guidance
The company forecasts 2026 imaging center revenue growth of 17–19%, adjusted EBITDA growth of 18–22% and free cash flow growth of 29–41% over 2025 levels. Digital health revenue is expected to rise 46–56%, buoyed by the integration of Gleamer’s AI solutions into the existing platform.
4. AI Strategy and Integration
RadNet plans to deploy Gleamer’s AI tools to automate high-volume modalities such as X-ray, addressing radiologist shortages and boosting throughput. Management anticipates measurable productivity gains and cost efficiencies to materialize by Q3 2026, enhancing patient-care performance across its imaging centers.