RadNet Posts Record $547.7M Q4 Revenue, Anticipates $5M Digital Health EBITDA Loss
RDNT•RadNet reported record Q4 2025 revenue of $547.7 million (up 14.8%) and adjusted EBITDA of $87.7 million (up 16.9%), while maintaining $776 million cash and 1.0x net debt/EBITDA leverage. The Paris-based Gleamer acquisition will drive Digital Health revenue growth but incur a $5 million EBITDA loss in 2026.
1. Q4 Financial Performance
RadNet posted revenue of $547.7 million in Q4 2025, up 14.8% year-over-year, and adjusted EBITDA of $87.7 million, up 16.9%. Adjusted EPS remained flat at $0.23 compared with $0.24 in the prior-year quarter.
2. Gleamer Acquisition Impact
The acquisition of Paris-based Gleamer adds over 700 customer contracts and positions RadNet as the largest provider of radiology clinical AI solutions worldwide, though integration is expected to generate a $5 million EBITDA loss in the Digital Health division during 2026.
3. Digital Health Segment Growth
RadNet’s Digital Health division delivered 48.2% revenue growth to $27.9 million and an 8.9% rise in adjusted EBITDA to $4.9 million in Q4, driven by iCAD and AI workflow solutions, with annual recurring revenue reaching $75.4 million at year-end 2025.
4. Balance Sheet and Leverage
RadNet ended 2025 with $776 million in cash and a net debt to adjusted EBITDA ratio of approximately 1.0x, providing strong liquidity to fund seven new de novo facilities and tuck-in acquisitions across multiple states.
