RDNT on Nasdaq

RadNet, Inc.

We are a leading national provider of diagnostic imaging services in the United States based on number of locations and annual imaging revenue.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerRDNT on Nasdaq1
  • IndustryServices-Medical Laboratories1
  • HeadquartersLos Angeles, California1
  • Incorporated inDE2
  • Business address1510 Cotner Ave, Los Angeles, Ca 900252
  • Filer categoryLarge accelerated filer2

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We are a leading national provider of diagnostic imaging services in the United States based on number of locations and annual imaging revenue. We have been in business since 1985. Our principal business segment is the provision of diagnostic imaging services. As of December 31, 2025, we operated, directly or indirectly through hospital and health system joint ventures, 418 imaging centers located in Arizona, California, Delaware, Florida, Maryland, Virginia, New Jersey, Texas and New York.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.0%Operating margin4
-0.9%Net margin4
11.5%Revenue growth, 20254
-1.7%Return on equity4
0.98×Debt to equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Commercial Insurance1 brought in 55% of the revenue RadNet, Inc. broke down this way in fiscal 2025.

  1. Commercial Insurance1$1.1B455%up 11% from 2024
  2. Medicare1$477.0M423%up 16% from 2024
  3. Capitation Arrangements$125.5M46%down 8% from 2024
  4. Other Payors$118.6M46%up 13% from 2024
  5. Health Care, Other$65.0M43%up 39% from 2024
  6. Medicaid1$51.7M43%up 16% from 2024
  7. Workers' Compensation/Personal Injury1$44.7M42%up 2% from 2024
  8. Health Care, Management Service$27.5M41%up 12% from 2024
Products and services by year
Products and services202320242025
Commercial Insurance1$879.8M$1.0B$1.1B
Medicare1$356.5M$410.1M$477.0M
Capitation Arrangements$153.4M$136.6M$125.5M
Other Payors$87.7M$104.9M$118.6M
Health Care, Other$32.6M$46.7M$65.0M
Medicaid1$42.3M$44.7M$51.7M
Workers' Compensation/Personal Injury1$46.4M$43.7M$44.7M
Health Care, Management Service$17.9M$24.7M$27.5M

Business segments

Imaging Centers brought in 96% of the revenue RadNet, Inc. broke down this way in fiscal 2025.

  1. Imaging Centers$2.0B496%up 11% from 2024
  2. Digital Health$92.7M44%up 41% from 2024
Business segments by year
Business segments202320242025
Imaging Centers$1.6B$1.8B$2.0B
Digital Health$49.6M$65.7M$92.7M

Regions

United States brought in 98% of the revenue RadNet, Inc. broke down this way in fiscal 2025.

  1. United States$2.0B498%up 11% from 2024
  2. Outside the United States$34.0M42%up 25% from 2024
Regions by year
Regions202320242025
United States$1.6B$1.8B$2.0B
Outside the United States$16.9M$27.2M$34.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$2.0B
  • Income tax1¢$14.9M

Out of $2.0B in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$298.8M

Out of $298.8M of cash from operations.4

Financial statements

Revenue56784$2.0B in 2025+77% since 2019
0$1.0B$2.0B$3.0B2019: $1.2B$1.2B20192020: $1.1B$1.1B2020−7%2021: $1.3B$1.3B2021+23%2022: $1.4B$1.4B2022+9%2023: $1.6B$1.6B2023+13%2024: $1.8B$1.8B2024+13%2025: $2.0B$2.0B2025+12%
Operating income56784$62.0M in 2025−11% since 2019
0$50.0M$100.0M$150.0M2019: $69.9M$69.9M20192020: $35.7M$35.7M2020−49%2021: $82.6M$82.6M2021+131%2022: $46.4M$46.4M2022−44%2023: $98.7M$98.7M2023+113%2024: $104.6M$104.6M2024+6%2025: $62.0M$62.0M2025−41%
Net income56784-$18.7M in 2025
-$20.0M0$20.0M$40.0M2019: $14.8M$14.8M20192020: -$14.8M-$14.8M20202021: $24.7M$24.7M20212022: $10.7M$10.7M2022−57%2023: $3.0M$3.0M2023−71%2024: $2.8M$2.8M2024−8%2025: -$18.7M-$18.7M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Total service revenue$2.0B$1.8B$1.6B
Cost of operations, excluding depreciation and amortization$1.8B$1.6B$1.4B
Lease abandonment charges$8.6M$2.5M$5.1M
Depreciation and amortization$152.1M$137.8M$128.4M
Gain on contribution of imaging centers into joint venture$0$0-$16.8M
Loss on sale and disposal of equipment$9.7M$2.3M$2.2M
Severance costs$3.1M$1.9M$3.8M
Total operating expenses$2.0B$1.7B$1.5B
INCOME FROM OPERATIONS$62.0M$104.6M$98.7M
Interest expense$69.9M$79.8M$64.5M
Equity in earnings of joint ventures-$14.9M-$14.5M-$6.4M
Non-cash change in fair value of interest rate swaps$7.1M$8.0M$8.2M
Debt restructuring and extinguishment expenses$0$11.3M$0
Other income-$32.1M-$24.9M-$6.4M
Total other expenses$30.1M$59.8M$59.9M
Income before income taxes$31.9M$44.9M$38.8M
Provision for income taxes-$14.9M-$6.0M-$8.5M
NET INCOME$17.0M$38.8M$30.3M
Net income attributable to noncontrolling interest$35.7M$36.0M$27.3M
NET (LOSS) INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS-$18.7M$2.8M$3.0M
BASIC NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS (in dollars per share)-$0.25$0.04$0.05
DILUTED NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS (in dollars per share)-$0.25$0.04$0.05
Basic (in shares)75.2M shares73.0M shares63.6M shares
Diluted (in shares)75.2M shares74.8M shares64.7M shares

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Leadership

Who has led RadNet, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Howard G. Berger2023–2024
  2. Cornelis Wesdorp2024–2026
  3. Stephen M. Forthuber2026–now

President

  1. Howard G. Berger2010–2018
  2. Norman R. Hames2018–2021
  3. Stephen M. Forthuber2018–2020

Chief financial officer

  1. Mark Stolper2006–2008
  2. Stephen M. Forthuber2008

Chief operating officer

  1. Norman R. Hames2021–now
  2. Stephen M. Forthuber2021–now
2010201520202025
Board members and other officers (26)

Former names

  • PRIMEDEX HEALTH SYSTEMS INCNov 1, 1996 to Nov 21, 20062

Timeline

  1. Jun 16, 2026New chief executive Stephen M. Forthuber becomes CEO13
  2. Oct 2, 2024New chief executive Cornelis Wesdorp becomes CEO14
  3. Jan 5, 2023New chief executive Howard G. Berger becomes CEO15

Filings

372 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 51 major events, 175 insider forms, 19 large holders, 106 other. The latest 20:

  1. Aug 14, 20268-K CURRENT REPORT EDGAR
  2. Aug 14, 2026424B7 PROSPECTUS EDGAR
  3. Aug 14, 2026SCHEDULE 13G/A EDGAR
  4. Aug 10, 20268-K EDGAR
  5. Aug 10, 202610-Q EDGAR
  6. Jun 22, 20264 EDGAR
  7. Jun 18, 2026144 EDGAR
  8. Jun 18, 20264 EDGAR
  9. Jun 18, 20264 EDGAR
  10. Jun 16, 2026144 EDGAR
  11. Jun 16, 20264 EDGAR
  12. Jun 15, 2026144 EDGAR
  13. Jun 10, 20268-K EDGAR
  14. Jun 4, 20268-K CURRENT REPORT EDGAR
  15. Jun 3, 20264 EDGAR
  16. Jun 3, 20264 EDGAR
  17. Jun 3, 20264 EDGAR
  18. Jun 3, 20264 EDGAR
  19. Jun 3, 20268-K CURRENT REPORT EDGAR
  20. May 15, 2026SCHEDULE 13G EDGAR

The 372 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

73 open-market trades by officers, directors and large owners since October 2021: 0 buys and 73 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 18, 2026SWARTZ DAVID LDirectorSale2,699$53.89$145.4KForm 4
Jun 16, 2026Wesdorp CornelisPres & CEO, Digital HealthSale4,750$58.11$276.0KForm 4
Jun 15, 2026Forthuber Stephen MPres & CEO-Eastern OperationsSale44,067$58.16$2.6MForm 4
Mar 19, 2026Sorensen Alma GregoryChief Strategy OfficerSale15,000$62.20$933.0KForm 4
Mar 18, 2026Sorensen Alma GregoryChief Strategy OfficerSale15,000$62.15$932.3KForm 4
Dec 5, 2025Forthuber Stephen MPres & CEO-Eastern OperationsSale45,088$78.33$3.5MForm 4
Nov 19, 2025Patel MitalEVP of Fin Planning, CAOSale15,080$80.05$1.2MForm 4
Nov 18, 2025Patel MitalEVP of Fin Planning, CAOSale9,920$80.00$793.6KForm 4
Nov 17, 2025Patel MitalEVP of Fin Planning, CAOSale25,000$76.06$1.9MForm 4
Sep 16, 2025STOLPER MARKEVP, Chief Financial OfficerSale35,000$73.89$2.6MForm 4
Sep 16, 2025Katz David JeffreyEVP and Chief Legal OfficerSale14,000$74.44$1.0MForm 4
Sep 11, 2025Wesdorp CornelisPres & CEO, Digital HealthSale500$72.13$36.1KForm 4
Sep 10, 2025HAMES NORMAN RPres and COO-West OperationsSale10,000$72.74$727.4KForm 4
Sep 9, 2025Wesdorp CornelisPres & CEO, Digital HealthSale500$71.99$36.0KForm 4
Aug 27, 2025HAMES NORMAN RPres and COO-West OperationsSale5,000$71.10$355.5KForm 4
Aug 19, 2025Wesdorp CornelisPres & CEO, Digital HealthSale1,500$66.98$100.5KForm 4
Aug 19, 2025Jayanathan RanjanChief Information OfficerSale65,598$67.50$4.4MForm 4
Aug 13, 2025Katz David JeffreyEVP and Chief Legal OfficerSale17,000$68.31$1.2MForm 4
Jun 5, 2025Murdock Michael NEVP, Mergers and AcquisitionsSale11,132$58.05$646.2KForm 4
May 23, 2025Sorensen Alma GregoryChief Strategy OfficerSale55,000$56.48$3.1MForm 4

All 73 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.10,957,808$675.8M0.0%+922,074
Rtw Investments, LP4,846,958$298.9M2.6%+561,958
Vanguard Portfolio Management LLC4,066,931$250.8M0.0%+167,804
Vanguard Capital Management LLC3,193,565$196.9M0.0%+82,553
Beck Mack & Oliver LLC3,163,592$195.1M3.8%−2,600
State Street Corp2,842,457$175.2M0.0%+190,859
Geode Capital Management, LLC1,858,508$114.6M0.0%+134,901
Invesco Ltd.1,641,292$101.2M0.0%+7,797
American Century Companies Inc1,618,424$99.8M0.0%+716,232
Clearbridge Investments, LLC1,546,652$95.4M0.1%+268,112
Dimensional Fund Advisors LP1,491,040$91.9M0.0%+112,037
Hood River Capital Management LLC1,456,205$89.8M0.7%+44,708
Jb Capital Partners LP1,424,061$87.8M13.6%No change
Bamco Inc /ny/1,260,992$77.8M0.1%+450,926
Defiance ETFs, LLC1,143,622$75.0M1.0%+598,148
Goldman Sachs Group Inc1,178,372$72.7M0.0%−11,903
Alyeska Investment Group, L.P.1,171,721$72.3M0.2%−137,587
Principal Financial Group Inc1,052,356$64.9M0.0%−58,921
Westfield Capital Management Co LP975,542$60.2M0.2%+443,649
Morgan Stanley931,114$57.4M0.0%+80,643
Northern Trust Corp813,056$50.1M0.0%+66,249
Charles Schwab Investment Management Inc792,282$48.9M0.0%+24,811
Rockefeller Capital Management L.P.757,990$46.7M0.1%+54,874
Ameriprise Financial Inc745,603$46.0M0.0%−153,523
Global Alpha Capital Management Ltd.734,875$45.3M2.7%+76,667

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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