The revenue beat and raised guidance are positive, but the adjusted EPS miss and GAAP net income decline create a mixed signal. Traders should watch the conference call for commentary on the EPS miss drivers (acquisition costs, R&D spend) and the sustainability of volume growth. The strong ARR growth in Digital Health supports the long-term thesis, but near-term margin pressure from investments may cap upside.
Price Chart
Executive Summary
RadNet reported record Q2 2026 revenue of $622.7M (+25.0% YoY) and record Adjusted EBITDA of $99.7M (+22.7% YoY), driven by strong procedural volume growth and a shift toward advanced imaging. The company raised its full-year 2026 Imaging Center guidance for revenue, Adjusted EBITDA, and Free Cash Flow. However, GAAP net income fell to $7.5M from $14.5M YoY, and adjusted EPS of $0.29 missed the Street consensus of $0.18, creating a mixed read-through for traders.
Key Financial Metrics
Key Facts
- Total Q2 2026 revenue of $622.7M, up 25.0% YoY from $498.2M.
- Adjusted EBITDA of $99.7M, a quarterly record, up 22.7% YoY.
- Digital Health ARR reached $105.5M at June 30, 2026, up 97.2% YoY from $53.5M.
- GAAP net income attributable to RadNet was $7.5M ($0.10/diluted share) vs $14.5M ($0.19) YoY.
- Adjusted EPS (non-GAAP) was $0.29, below the Street consensus of $0.18.
- Imaging Center 2026 guidance raised: Revenue to $2.37B-$2.42B, Adjusted EBITDA to $345M-$358M, Free Cash Flow to $115M-$125M.
- Digital Health guidance ranges for revenue and Adjusted EBITDA were reaffirmed.
- Balance sheet cash was $726.3M with Net Debt to Adjusted EBITDA of 1.8x as of June 30, 2026.
- Aggregate advanced imaging procedural volumes (MRI, CT, PET/CT) increased 21.2% YoY.
- DeepHealth's breast ultrasound AI solution received FDA clearance in late July.
Financial Impact
Revenue beat consensus by ~2.2% ($622.7M vs $609.3M est). Adjusted EPS of $0.29 missed consensus of $0.18. Full-year Imaging Center guidance raised by ~$15M at midpoint for revenue and ~$5M for Adjusted EBITDA.
Risk Factors
- Adjusted EPS missed consensus by a wide margin, which could pressure the stock near-term.
- Digital Health segment Adjusted EBITDA declined 27.2% YoY due to investment spending, and the segment is not yet profitable on a GAAP basis.
- GAAP net income fell to $7.5M from $14.5M YoY, impacted by acquisition costs and debt restructuring expenses.
- Guidance raise was modest and only for the Imaging Center segment; Digital Health guidance was unchanged.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001683168-26-006125 |
| Document: 0001683168-26-006125-index.html | 0001683168-26-006125 |
| Document: 0001683168-26-006125.txt | 0001683168-26-006125 |
| 8-K Data (Synthetic) | 0001683168-26-006125 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $77.28 $71.97 | ▼ −6.87% | ▼ −5.96% | $69.93 (−9.51%) |
Aug 9, 2026 7w ago | Press Release | $77.28 $71.97 | ▼ −6.87% | ▼ −5.96% | $69.93 (−9.51%) |
Jun 25, 2026 14w ago | Press Release | $60.01 $60.98 | ▲ +1.62% | ▲ +1.09% | $69.93 (+16.53%) |
Jun 10, 2026 16w ago | 8-K | $58.20 $65.94 | ▲ +13.30% | ▲ +11.41% | $69.93 (+20.15%) |
Jun 3, 2026 17w ago | 8-K | $51.87 $68.75 | ▲ +32.54% | ▲ +33.54% | $69.93 (+34.82%) |
May 11, 2026 20w ago | 8-K | $55.90 $56.18 | ▲ +0.50% | ▲ +0.81% | $69.93 (+25.10%) |
May 10, 2026 20w ago | Press Release | $55.90 $56.18 | ▲ +0.50% | ▲ +0.81% | $69.93 (+25.10%) |
Apr 28, 2026 22w ago | Press Release | $57.89 $53.84 | ▼ −7.00% | ▼ −12.45% | $69.93 (+20.80%) |
Apr 20, 2026 23w ago | DEFA14A | $57.51 $54.17 | ▼ −5.81% | ▼ −10.72% | $69.93 (+21.60%) |
Mar 11, 2026 29w ago | Press Release | $59.78 $55.43 | ▼ −7.28% | ▼ −9.25% | $69.93 (+16.98%) |
US Market Status
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