Notable News Spotlight: RadNet (NASDAQ:RDNT)

RadNet (NASDAQ:RDNT) stock reported trading -36.97% off 52-week high price. On the other end, the stock has been noted 27.41% away from low price over the last 52-weeks. The stock disclosed a move of -30.32% away from 50 day moving average and -12.15% away from 200 day moving average. Moving closer, we can see that shares have been trading -29.46% off 20-day moving average. It has market cap of $843.49M.

On March 12, 2020, RadNet (NASDAQ:RDNT) a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 335 owned and/or operated outpatient imaging centers, released financial results for its fourth quarter and full year ended December 31, 2019.

Financial Results

Fourth Quarter Report:

For the fourth quarter of 2019, RadNet reported Revenue of $300.8 million and Adjusted EBITDA of $46.9 million.  Revenue increased $43.6 million (or 17.0%) and Adjusted EBITDA increased $2.4 million (or 5.5%) from the fourth quarter of 2018.

Net Income for the fourth quarter of 2019 was $10.4 million, or $0.21 per diluted share.  This compares to an Adjusted Net Income of $4.5 million, or $0.09 per diluted share, in the fourth quarter of 2018.  These per share values are based upon a weighted average number of diluted shares outstanding of 50.6 million in the fourth quarter of 2019 and 49.3 million of diluted shares outstanding in the fourth quarter of 2018.

Affecting Net Income in the fourth quarter of 2019 were certain non-cash expenses and non-recurring items including: $1.8 million of non-cash employee stock compensation expense; $564,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $898,000 loss on the disposal of certain capital equipment; $1.3 million net gain on the re-measurement of pre-existing interests; and $1.1 million of amortization of deferred financing costs and loan discount related to our existing credit facilities.

For the fourth quarter of 2019, as compared with the prior year’s fourth quarter, MRI volume increased 6.7%, CT volume increased 9.3% and PET/CT volume increased 13.6%.  Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 5.6% over the prior year’s fourth quarter.  On a same-center basis, including only those centers which were part of RadNet for both the fourth quarters of 2019 and 2018, MRI volume increased 3.8%, CT volume increased 6.2% and PET/CT volume increased 7.4%.  Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 3.3% from the prior year’s same quarter.

The USA based company RadNet moved with change of -2.57% to $14.78 with the total traded volume of 662346 shares in recent session versus to an average volume of 322.54K shares. The stock was observed in the 5 days activity at -23.81%. The one month performance of stock was -33.96%. RDNT’s shares are at -24.36% for the quarter and driving a -6.81% return over the course of the past year and is now at -27.19% since this point in 2018.  Right now the stock beta is 0.98. The average volatility for the week and month was at 12.67% and 6.17% respectively. There are 57.07M shares outstanding and 41.39M shares are floated in market.

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