RadNet Reports 14.8% Q4 Revenue Increase to $547.7M and €230M Gleamer Acquisition
RadNet delivered Q4 revenue of $547.7 million, up 14.8% year over year, and raised adjusted EBITDA 16.9% to $87.7 million with a 16.0% margin. The company also agreed to acquire Paris-based AI firm Gleamer for up to €230 million to bolster digital health automation.
1. Quarter Four Financial Highlights
RadNet posted fourth-quarter revenue of $547.7 million, a 14.8% increase from a year earlier, beating the $515.7 million consensus. Adjusted EBITDA rose 16.9% to $87.7 million, expanding the margin to 16.0%, while adjusted EPS reached $0.23 versus $0.20 estimates.
2. Advanced Imaging and Digital Health Performance
Advanced imaging procedures climbed 14.1% year over year, led by strong PET/CT growth and driving same-center imaging up 9.6%. Digital Health revenue surged 48.2% to $27.9 million, with segment EBITDA rising to $4.9 million as platform adoption accelerated.
3. Strategic Rationale Behind Gleamer Acquisition
RadNet agreed to acquire Paris-based AI specialist Gleamer for up to €230 million ($270 million), adding 130 employees and over 700 contracts in 44 countries. Gleamer’s annual recurring revenue grew more than 90% compound annually from 2022 to 2025 and is expected to reach about $30 million ARR in 2026.
4. 2026 Growth Guidance and Strategic Initiatives
For 2026, RadNet guided Imaging Center revenue growth of 17%–19%, adjusted EBITDA growth of 18%–22%, and free cash flow growth of 29%–41%. The company plans new centers, tuck-in acquisitions, and rollout of AI automation tools to enhance throughput and cost efficiency.