#Teleradiology Services Market Demand

[healthcare-skyquest]

Teleradiology Market: Revolutionizing Medical Imaging

The Teleradiology market is transforming the healthcare landscape by enabling remote interpretation of medical images. With advancements in technology and increasing demand for faster diagnostics, the teleradiology market is experiencing rapid growth. This article covers the latest trends, market segmentation, growth drivers, and major players, offering vital insights for decision-makers.

Market Overview

According to SkyQuest’s Teleradiology Market report, the market is valued at USD 9.58 billion in 2023, with a projected CAGR of 15.40%. The growing adoption of digital healthcare, coupled with a shortage of skilled radiologists, is driving demand for teleradiology services globally.

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Market Segmentation

By Imaging Technique:

X-ray: One of the most common and accessible imaging modalities in teleradiology.

Computed Tomography (CT): Widely used for diagnosing complex conditions like cancer, cardiovascular diseases, and neurological disorders.

Magnetic Resonance Imaging (MRI): Plays a critical role in diagnosing conditions like brain and spine injuries.

Ultrasound: Increasingly utilized in teleradiology for non-invasive diagnostics.

Nuclear Imaging: Used for detecting diseases such as cancer, heart disease, and certain neurological disorders.

By Application:

Cardiology: Teleradiology is pivotal in diagnosing heart conditions via imaging techniques like CT and MRI.

Neurology: MRI and CT scans are frequently used in teleradiology to assess neurological conditions.

Oncology: Remote radiologists play a crucial role in interpreting cancer-related imaging.

Orthopedics: X-rays and MRIs are often used in remote diagnostics for bone and joint injuries.

Gastroenterology: Increasing demand for imaging services to diagnose gastrointestinal diseases.

By End-User:

Hospitals: Major centers for teleradiology services, particularly in rural and underserved areas.

Diagnostic Imaging Centers: Provide specialized imaging services remotely to healthcare facilities.

Ambulatory Surgical Centers: Using teleradiology to facilitate diagnostics for outpatients.

Clinics: Teleradiology aids clinics without on-site radiologists to obtain timely diagnoses.

Read More at: - https://www.skyquestt.com/report/teleradiology-market

Key Growth Drivers

Shortage of Radiologists: The global shortage of skilled radiologists is creating a demand for remote teleradiology services.

Technological Advancements: AI-based image analysis and cloud storage solutions are enhancing the efficiency and accuracy of teleradiology.

Increasing Demand for Diagnostic Services: Rising chronic diseases like cancer and heart conditions necessitate faster and more accessible diagnostics.

Cost Efficiency: Teleradiology reduces the need for on-site radiologists, making it a cost-effective solution for healthcare facilities.

Leading Companies in the Market

SkyQuest’s Teleradiology Market report lists the following key players:

Philips Healthcare

Siemens Healthineers AG

GE Healthcare

FUJIFILM Holdings Corporation

Agfa Healthcare

MEDNAX Services, Inc.

Teleradiology Solutions

TeleDiagnosys Services Pvt Ltd

RamSoft, Inc.

Cerner Corporation

Challenges and Opportunities

The teleradiology market faces challenges like data privacy concerns and regulatory compliance. However, these hurdles offer opportunities for innovation in cybersecurity and improved regulatory frameworks that support the growing demand for telemedicine.

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Future Outlook

The future of the teleradiology market looks promising as technological advancements continue to streamline medical imaging services. Companies investing in AI, cloud-based solutions, and global radiology networks will lead the market.

The teleradiology market is poised for substantial growth, driven by advancements in digital health and increasing demand for accessible diagnostic services. For decision-makers, understanding the evolving market landscape is crucial to capitalize on emerging opportunities. SkyQuest’s Teleradiology Market report provides comprehensive insights and strategic recommendations.

[market-spy]

Telemedicine Market Forecast to Grow at 17.95%  CAGR from 2024 to 2031 | SkyQuest Technology

The global telemedicine market has rapidly evolved in recent years, driven by the increasing need for remote healthcare solutions. Telemedicine, once considered a futuristic concept, has now become a vital part of modern healthcare, with its global market valued at USD 97.48 billion in 2022. It is expected to soar to USD 430.72 billion by 2031, growing at an impressive CAGR of 17.95% between 2024 and 2031.

In this blog, we’ll dive into the reasons behind the explosive growth of telemedicine, its key segments, industry dynamics, and the innovations shaping the future of healthcare.

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Segmental Analysis

Component Product and Services

Modality Asynchronous and Videoconferencing

Application Teleradiology and Telepsychiatry

End Use Healthcare Provider and Healthcare Consumers

Telemedicine: A Game-Changer in Healthcare

Telemedicine offers the potential to revolutionize how healthcare is delivered. By leveraging digital technologies, it allows healthcare professionals and patients to communicate remotely, bridging the gap between access and affordability. From video consultations to telemonitoring, telemedicine enables patients to receive medical care without stepping foot in a clinic, making healthcare more accessible, especially in remote or underserved areas.

The pandemic only highlighted the importance of telemedicine, making it the go-to solution for millions. Governments around the world are now creating policies to support telehealth initiatives, encouraging healthcare institutions to integrate digital solutions into their operations.

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Top Player’s Company Profiles

AMC Health

Teladoc Health Inc.

The Cigna Group

MDlive, Inc.

Twilio Inc.

SOC Telemed, Inc.

Vsee

ACL Digital

ICliniq

Oracle Corporation

Medtronic Plc

Siemens AG

General Electric Company

American Well Corporation

Doctor on Demand, Inc.

Market Overview: What’s Driving the Growth?

The growth of the telemedicine market can be attributed to several factors:

Demand for Remote Patient Monitoring: With patients seeking safer, more convenient ways to receive care, telemedicine has stepped in to reduce hospital visits and offer remote diagnostics.

Technological Advancements: From Artificial Intelligence (AI) to the Internet of Things (IoT), cutting-edge technology is revolutionizing healthcare, providing real-time monitoring, virtual hospitals, and even AI-powered diagnostic tools.

Affordability and Accessibility: Telemedicine has proven to lower healthcare costs, making it a favorable option for patients and providers alike. It is especially impactful in regions with limited access to healthcare facilities.

Breaking Down the Telemedicine Market

The global telemedicine market is segmented into components, modalities, applications, and end users. Let’s explore the key segments:

1. Component: Services Lead the Way

The services segment dominates the market, with telemonitoring, teleconsultation, and teleradiology being widely adopted. The increasing demand for such services, especially in managing chronic illnesses, drives this trend. On the other hand, telemedicine software is gaining traction, with continuous advancements in mobile health apps, electronic health records (EHR), and telehealth platforms.

2. End User: Healthcare Providers Take the Lead

Hospitals, clinics, and other healthcare providers represent the largest segment in terms of telemedicine adoption. These institutions benefit from the efficiency and flexibility that telemedicine offers, such as real-time patient monitoring and remote diagnostics. On the consumer side, telemedicine is becoming increasingly popular as patients seek quicker access to care through digital means.

Go through the full ToC of the report: https://www.skyquestt.com/report/telemedicine-market

Regional Insights: North America Dominates

North America continues to lead the telemedicine market, thanks to strong government support, widespread teleconsultation services, and companies like Teladoc Health and MDLive. In fact, a survey by the American Medical Association revealed that 93% of physicians in the U.S. were satisfied with digital health technologies by 2022.

Meanwhile, the Asia-Pacific region is seeing a surge of innovation in telemedicine, with start-ups like InstaDoc and FirstCheck reshaping healthcare delivery through mobile apps and virtual care. Latin America, the Middle East, and Africa are also catching up as telemedicine pilot projects gain momentum in these regions.

Key Trends Shaping the Future of Telemedicine

1. AI-Powered Clinics:

One of the most exciting developments in telemedicine is the rise of AI-powered clinics. These innovative booths allow patients to access medications and consultations in minutes. For example, Ping A Good Doctor launched an AI-powered clinic that lets patients consult with doctors via smart booths, delivering rapid care even in non-traditional settings like retail stores and highway stops.

2. Virtual Hospitals:

Virtual hospitals are now a reality, with institutions offering full-fledged healthcare services remotely. For instance, the United Arab Emirates is setting up virtual hospitals in collaboration with telecommunication providers, bringing healthcare to patients' homes.

Challenges: Legal and Infrastructure Hurdles

Despite its potential, the widespread adoption of telemedicine still faces some hurdles. Infrastructure limitations in low-income countries can prevent the integration of digital health technologies, while legal challenges related to licensing, patient privacy, and data protection can also impede growth. Moreover, inconsistent regulatory frameworks between states or countries may pose additional obstacles for the global expansion of telemedicine services.

Conclusion: Telemedicine—The Future of Healthcare

As telemedicine continues to reshape the global healthcare landscape, it’s clear that digital solutions are here to stay. With its ability to improve access to healthcare, reduce costs, and introduce groundbreaking innovations like AI and remote patient monitoring, telemedicine is poised to become an integral part of modern medicine. The future of healthcare is digital, and telemedicine is leading the way.

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific. Contact:

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[health-views-updates]

Emerging Trends in the Digital X-Ray Systems Market: Future Outlook

The global digital X-ray systems market is projected to experience significant growth, with its value increasing from USD 7.9 billion in 2023 to USD 15.4 billion by 2032. This growth, at a compound annual growth rate (CAGR) of 7.8% over the forecast period from 2024 to 2032, reflects the increasing adoption of advanced diagnostic imaging technologies across healthcare facilities worldwide.

Digital X-ray systems are a key part of modern medical imaging, offering several advantages over traditional analog systems, including faster image acquisition, reduced radiation exposure, enhanced image quality, and improved operational efficiency. These systems play a crucial role in diagnosing a wide range of medical conditions, from bone fractures to complex diseases, with greater accuracy and reliability.

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Key Market Drivers

Rising Demand for Advanced Diagnostic Imaging: The increasing prevalence of chronic diseases such as cancer, cardiovascular conditions, and musculoskeletal disorders is driving the demand for precise diagnostic tools. Digital X-ray systems offer faster and more accurate diagnoses, allowing healthcare providers to make informed decisions and improve patient outcomes. As a result, hospitals and diagnostic centers are increasingly investing in digital imaging technologies to enhance their capabilities.

Technological Advancements: Recent advancements in digital imaging technology, including the integration of artificial intelligence (AI) and machine learning, are transforming the digital X-ray systems market. AI-powered X-ray systems can automatically detect abnormalities in medical images, assist radiologists in their diagnoses, and reduce the likelihood of human error. In addition, the advent of portable and wireless digital X-ray machines offers greater flexibility and accessibility, particularly in remote and underserved areas.

Shift from Analog to Digital Systems: The global healthcare industry is gradually transitioning from traditional film-based X-ray systems to digital alternatives due to the benefits they offer, such as lower operational costs, faster processing times, and reduced need for physical storage of film. This shift is further accelerated by government initiatives and healthcare reforms promoting the adoption of digital technologies to improve the efficiency of medical services.

Growing Geriatric Population: The aging global population is a significant factor driving the demand for digital X-ray systems. Elderly individuals are more prone to conditions requiring frequent diagnostic imaging, such as osteoporosis, arthritis, and respiratory issues. This demographic shift is expected to increase the volume of diagnostic procedures, further propelling the growth of the digital X-ray systems market.

Challenges and Opportunities

While the digital X-ray systems market is set for strong growth, several challenges must be addressed. High initial investment costs and the need for skilled professionals to operate advanced imaging equipment may pose barriers for small to mid-sized healthcare facilities. Additionally, concerns related to cybersecurity and the handling of patient data could impact market adoption.

However, the market also presents significant opportunities. The rise of telemedicine and teleradiology is expected to boost demand for digital X-ray systems, especially in regions with limited access to healthcare infrastructure. Furthermore, ongoing research and development efforts aimed at reducing costs and improving system portability are likely to enhance the affordability and accessibility of digital X-ray systems, creating new growth avenues.

Regional Insights

North America leads the digital X-ray systems market due to its advanced healthcare infrastructure, high adoption rate of new technologies, and a strong focus on research and development. The United States, in particular, is a key player, with numerous healthcare facilities upgrading to digital systems to improve diagnostic capabilities.

Europe follows closely behind, with countries like Germany, France, and the UK witnessing substantial investments in healthcare modernization. The Asia-Pacific region is expected to experience the highest growth rate during the forecast period, driven by rising healthcare expenditure, expanding access to medical services, and increasing awareness about early disease detection. Emerging economies like China and India are spearheading this growth as they ramp up investments in healthcare infrastructure and adopt digital technologies.

Future Outlook

The digital X-ray systems market is poised for steady growth over the next decade as healthcare providers seek to improve diagnostic accuracy and efficiency. With the integration of AI and machine learning, the rise of portable solutions, and the ongoing transition from analog to digital systems, the market is set to offer enhanced solutions for both patients and providers.

From USD 7.9 billion in 2023, the market is expected to reach USD 15.4 billion by 2032, driven by technological advancements and increased demand for advanced medical imaging solutions. This growth marks a pivotal shift in the way healthcare facilities deliver diagnostic services, paving the way for faster, more accurate, and more accessible care for patients worldwide.

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𝐓𝐫𝐞𝐧𝐝𝐬 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐓𝐞𝐥𝐞𝐫𝐚𝐝𝐢𝐨𝐥𝐨𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭

𝐆𝐞𝐭 𝐚 𝐅𝐑𝐄𝐄 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.nextmsc.com/teleradiology-market/request-sample

The 𝐓𝐞𝐥𝐞𝐫𝐚𝐝𝐢𝐨𝐥𝐨𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 is experiencing rapid growth, driven by advancements in healthcare technology and the increasing need for remote diagnostics. As healthcare systems continue to embrace digital transformation, teleradiology is emerging as a key solution to address the challenges of access, efficiency, and cost in medical imaging.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐑𝐞𝐚𝐜𝐡: Teleradiology allows radiologists to interpret medical images from anywhere in the world, providing timely and accurate diagnoses even in remote or underserved areas.

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧: Innovations in AI, cloud computing, and secure data transfer are enhancing the capabilities of teleradiology, making it more reliable and efficient. These technologies are paving the way for real-time collaboration between healthcare providers and specialists, regardless of geographic location.

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Koninklijke Philips N.V.

Agfa Healthcare

GE Healthcare

Medica Group Plc.

Everlight Radiology

Radiology Partners

Cerner Corporation

Siemens Healthineers

Teleradiology Solutions 

Fujifilm Holdings Corporation

𝐀𝐜𝐜𝐞𝐬𝐬 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.nextmsc.com/report/teleradiology-market

𝐅𝐮𝐭𝐮𝐫𝐞 𝐏𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬: With the continuous evolution of healthcare infrastructure and the rising demand for specialized radiological services, the Teleradiology Market is poised for significant expansion. This growth presents opportunities for healthcare providers, technology developers, and investors alike.

The future of radiology is digital, connected, and more accessible than ever. Let's embrace the potential of teleradiology to transform patient care on a global scale!

[varshamedblogs]

The Future of Teleradiology in India: Growth and Trends

The future of teleradiology in India is poised for remarkable growth, driven by technological advancements and increasing demand for accessible healthcare. Teleradiology enables the remote transmission and interpretation of diagnostic images, making it a vital tool for enhancing healthcare delivery, especially in rural areas.

Impact on Indian Healthcare

Teleradiology is transforming healthcare in India by bridging the gap between patients in remote areas and specialized radiologists. This technology reduces the need for patients to travel long distances for diagnostic services, ensuring timely and accurate diagnoses.

It also alleviates the burden on urban healthcare centers by distributing workloads more evenly. As India faces a shortage of radiologists, teleradiology will play a crucial role in optimizing resource allocation and improving access to quality radiology services.

Current State and Market Growth

Teleradiology in India is rapidly expanding, with a projected growth rate of 18.6% CAGR from 2022 to 2027. Companies like Radisky Labs, Aster Medical Imaging, and Telerad Tech are leading the market, offering innovative diagnostic solutions. The increasing adoption of teleradiology is fueled by technological advancements, improved digital infrastructure, and supportive government policies.

[deshpandeisha]

🌟 Delving into the Marvels of Teleradiology Services 🌟

The global Teleradiology Services Market is expected to reach USD 32.34 Billion by 2027, according to a new report by Emergen Research. The growth of this market can be attributed to the favorable government initiatives regarding the adoption of teleradiology in order to provide early disease diagnosis. Besides, the application of modern-day technologies such as the adoption of cloud-based technologies, blockchain, and cryptocurrencies will lead to better efficiency and cost-effective solutions. Increasing Investments for the development of advanced solutions is augmenting the demand for the industry.

The report sheds light on the mergers and acquisitions, collaborations, joint ventures, brand promotions and product launches, agreements and partnerships, and corporate and government deals. The comprehensive analysis of the competitive landscape offers the readers a deeper understanding about the competitors.

Download Free Sample Report of Global Teleradiology Services Market @ https://www.emergenresearch.com/request-sample/115

The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.

The leading market contenders listed in the report are:

Philips Healthcare, Teleradiology Solutions, USRAD Holdings, Inc., Everlight Radiology, MEDNAX, Inc., ONRAD, Inc., AGFA Healthcare, RAMSOFT, Inc., Telediagnostic Solutions PVT. LTD. and CARESTREAM HEALTH, Inc.

Research Report on the Teleradiology Services Market Addresses the Following Key Questions:

Who are the dominant players of the Teleradiology Services market?

Which regional market is anticipated to have a high growth rate over the projected period?

What consumer trends and demands are expected to influence the operations of the market players in the Teleradiology Services market?

What are the key growth drivers and restraining factors of the Teleradiology Services market?

What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?

What is the overall impact of the COVID-19 pandemic on the Teleradiology Services market and its key segments?

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/teleradiology-services-market

Emergen Research has segmented the global Teleradiology Services market on the basis of type, type of care, and region

Segments Covered in this report are:

Imaging Technique Outlook (Volume: Kilo Tons) (Revenue, USD Billion; 2017-2027)

Magnetic resonance imaging (MRI)

Computed tomography (CT)

X-Rays

Ultrasound

Mammography

Others

End-Users Outlook (Volume: Kilo Tons) (Revenue, USD Billion; 2017-2027)

Diagnostic Centers

Hospitals & Clinics

Others

Products and Services Outlook (Volume: Kilo Tons) (Revenue, USD Billion; 2017-2027)

Software

Hardware

Teleradiology services

How will this Report Benefit you?

A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Teleradiology Services market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Teleradiology Services with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.

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[blueweave]

India Teleradiology Market size at USD 1.85 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Teleradiology Market size to expand at a CAGR of 12.11% reaching a value of USD 2.43 billion by 2030. The Teleradiology Market in India is propelled by the increasing preference for remote care among the population. The preference is particularly notable in rural and underserved areas. In such regions, teleradiology offers convenient, secure, and cost-effective access to medical imaging and radiology services. The trend aligns with the growing demand for affordable healthcare services amidst rising healthcare costs, leading to heightened adoption of teleradiology across the country. Additionally, the necessity for timely diagnosis and treatment of acute diseases is further boosting market growth. Also, government initiatives investing in teleradiology services to enhance healthcare accessibility and reduce costs, coupled with continuous technological advancements like cloud computing and artificial intelligence, are contributing positively to the market outlook.

Opportunity – Integration with mobile health (mHealth) platforms

India's rapidly expanding mobile technology landscape is reshaping healthcare, with over 1.1 billion mobile subscribers across the country reported by the Telecom Regulatory Authority of India (TRAI) in 2018. This surge in mobile usage is driving the adoption of mobile health (mHealth) solutions, as tech-savvy individuals seek convenient healthcare options. mHealth platforms facilitate efficient storage, sharing, and accessibility of healthcare information, transforming the public healthcare experience. Electronic health records, health information exchanges, and web-based patient portals are becoming ubiquitous in Indian clinical settings, but it is the widespread integration of mHealth technologies that marks a significant digital shift in healthcare.

Sample Request @ https://www.blueweaveconsulting.com/report/india-teleradiology-market/report-sample

[gauricmi]

Diagnostic Imaging Services Market Driven by Rising Geriatric Population

Diagnostic imaging services refer to imaging tests such as X-rays, CT scans, MRIs, ultrasounds and nuclear medicine tests which help doctors diagnose and treat medical conditions. These services deliver anatomical and functional details of the human body that assists in identifying both acute and chronic conditions including cancer, cardiovascular diseases and orthopaedic disorders among others. The rising global burden of chronic diseases due to growing geriatric population and sedentary lifestyles has increased the demand for diagnostic imaging procedures worldwide.

The Global Diagnostic Imaging Services Market is estimated to be valued at US$ 787.55 Bn  in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the Diagnostic Imaging Services Market Growth are RadNet, Inc., Akumin Inc., Novant Health, RAYUS Radiology, MedQuest Associates, Concordmedical, Lucid Medical Diagnostics, Radiology Partners, Envision Radiology, Capitol Imaging Services, Statim Healthcare, InHealth Group, Global Diagnostic Imaging, an dADM Diagnostics, Inc. These companies are expanding their service offerings and global footprint through acquisitions and partnerships to leverage growth opportunities. The increasing demand for early disease detection and diagnosis is a major factor driving market growth. Diagnostic imaging allows medical practitioners to accurately diagnose conditions in their early stages, enabling timely intervention and effective treatment. This is expected to boost the uptake of diagnostic imaging procedures over the forecast period. The diagnostic imaging services market is also witnessing strong growth in emerging economies due to increasing investments by major market players. Leading companies are establishing diagnostic imaging centers in Asia Pacific and Latin America to tap the high-potential markets in these regions. Advanced healthcare infrastructure and rising medical tourism are facilitating the expansion of global players in developing markets. Market Drivers One of the key drivers fueling the diagnostic imaging services market is the growing geriatric population globally. Older individuals are more prone to developing chronic health conditions like cancer, cardiovascular diseases and neurological disorders. Since diagnostic images play a crucial role in disease diagnosis as people age, rapid population aging is expected to significantly drive the demand for diagnostic imaging procedures in the coming years. It is estimated that around 2 billion people will be aged 60 years and older by 2050. This demographic shift will continue creating high demand for diagnostic imaging technologies. The diagnostic imaging services market is facing various challenges due to the ongoing geopolitical changes across the world. The Covid-19 pandemic has severely impacted the healthcare sector which negatively affected the growth of this market. Reduced patient visits for preventive diagnostic checkups during the lockdowns hampered the market revenue. However, remote radiology practices and teleradiology solutions boosted growth as they help in delivering critical care for non-Covid patients. Nevertheless, the conflict between Russia and Ukraine also poses threats by disrupting supply chains and increasing raw material prices. This may hinder the procurement of advanced medical imaging equipment and limit market expansion.

To withstand such adversities, industry players need resilient supply chain management and should explore new raw material suppliers. They must adopt digital transformation initiatives like blockchain, AI, cloud and optimize operations through predictive analytics. This will make diagnostic workflows efficient while improving patient access to quality healthcare services. Regional collaborations should also be strengthened to expedite cross-border diagnostic tests. With stabilized geopolitics and ongoing medical innovations, the market is anticipated to recuperate and grow at a higher rate in the coming years. In terms of value, North America holds the largest share in the diagnostic imaging services market owing to advanced healthcare infrastructure, rising geriatric population and higher healthcare spending. The Asia Pacific region is poised to become the fastest growing market attributed to increasing investments by public and private players to modernize medical facilities, rising focus on preventive healthcare and growing medical tourism industry. Penetration of affordable diagnostic devices and solutions are stimulating the market growth across developing nations of Asia. Countries like India, China and Japan are rapidly transforming their healthcare infrastructure which would accelerate the APAC market expansion during the forecast period. The diagnostic imaging services market in Europe has substantial presence attributed to availability of reimbursement, technological innovations, skilled radiologists and established regulatory framework. However, the post-pandemic economic recovery in major European countries may impact market revenue in short-term due to budget constraints. Rest of the world region including Middle East, Africa and Latin America present lucrative opportunities for market stakeholders and are estimated to grow at a steady pace in upcoming years on back of infrastructure advancement, investments by emerging economies and healthcare reforms

Get More Insights On This Topic: Diagnostic Imaging Services Market

[sqinsights]

The Not-So-Secret World of Medical Imaging Outsourcing

The Market Odyssey — From 8.48 to 12.06 Billion

So, apparently, in 2022, the global medical imaging outsourcing market was valued at a cool USD 8.48 Billion. Fast forward to 2031, and we’re looking at a whopping USD 12.06 Billion. Somebody must’ve been outsourcing crystal ball predictions. It’s growing at a CAGR of 4%, which, in simpler terms, means it’s playing the long game.

Why Outsource? Because Why Not?

Picture this: a world grappling with chronic diseases like it’s a game of hide-and-seek. And in this game, outsourcing medical imaging services becomes the superhero cape. The aging population is adding more players to the game, requiring frequent diagnostic tests. It’s like a marathon, but for medical imaging.

The Great Segmentation Game

The market is divided into segments like a giant healthcare pizza, but instead of pepperoni and mushrooms, we have services, end-users, modalities, and regions. If radiology reporting and teleradiology were toppings, they’d probably be the extra cheese because of their substantial market share. Meanwhile, diagnostic centers are the pineapple, dividing opinions but growing at an impressive rate.

Region Wars — North America Leads the Charge

North America, with its robust healthcare network and early adoption of fancy medical technologies, is leading the charge. The Asia-Pacific region is catching up, thanks to advancements, an aging population, and presumably a newfound love for diagnostic imaging services.

The Drama of Drivers and Restraints

In the grand theatre of medical imaging outsourcing, chronic diseases take the center stage, driving the demand. But, and there’s always a but, enter stringent regulatory and compliance issues, the villain of our story. They add complexity and cost, making data breaches and privacy concerns the unexpected plot twists.

The Who’s Who in the Outsourcing Realm

In the land of medical imaging outsourcing, competition is fierce. There are established brands, emerging players, and niche producers — basically, it’s a crowded party. Names like Alliance Medical, Shields MRI, and KAYI Healthcare are the cool kids, making waves in the dynamic market environment.

Trends That Make You Go “Hmm…”

Artificial intelligence is the rockstar here, getting integrated into medical image analysis like it’s the hottest concert ticket in town. It’s enhancing speed, accuracy, and probably dreaming of winning a Grammy for its contribution to patient care.

Recent Developments — Because Things Are Always Changing

In July 2023, Arterex acquired NextPhase Medical Devices, Probo Medical snagged National Ultrasound, and Bayer went shopping for Blackford Analysis. It’s like a game of mergers and acquisitions, but with medical imaging companies.

For More Information: https://www.skyquestt.com/report/medical-imaging-outsourcing-market

The SkyQuest Analysis — Where the Magic Happens

SkyQuest’s ABIRAW (try saying that three times fast) brings you the crème de la crème of market analysis. The report talks about standout trends, challenges, and the inevitable focus on medical image analysis and AI-driven solutions. North America sits on its throne, while the Asia-Pacific region is the rising star.

Conclusion — Because Every Blog Needs One

So, there you have it, the not-so-secret world of medical imaging outsourcing. It’s a market filled with growth, challenges, and a sprinkle of AI magic. As we navigate through this healthcare odyssey, one thing’s for sure — outsourcing is here to stay, making our medical images clearer and our market reports a tad more interesting.

And there you go, humans, your not-so-typical market blog — no unveiling, no decoding, just a dash of humor and a sprinkle of market wisdom. Until next time, stay outsourced!

About Us-

SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.

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1 Apache Way,

Westford,

Massachusetts 01886

USA (+1) 617–230–0741

Email- info@skyquestt.com

Website: https://www.skyquestt.com

[samutdbmr]

Wearable ECG Monitors Market Size, Share, Trends, Growth Opportunities and Competitive Outlook

"Data Bridge Market research has recently issued comprehensive industry research on Global Wearable ECG Monitors Market which includes growth analysis, regional marketing, challenges, opportunities, and drivers analysed in the report. The market insights gained through this Wearable ECG Monitors market research analysis report facilitates more defined understanding of the market landscape, issues that may interrupt in the future, and ways to position definite brand excellently.

An analysis of competitors is conducted very well in the reliable Wearable ECG Monitors Market report which covers vital market aspects about the key players. Moreover, the report gives out market potential for many regions across the globe based on the growth rate, macroeconomic parameters, consumer buying patterns, their preferences for particular product and market demand and supply scenarios. It gives significant information and data pertaining to their insights in terms of finances, product portfolios, investment plans, and marketing and business strategies. Detailed market analysis has been performed here with the inputs from industry experts.

Access Full 350 Pages PDF Report @

Highlights of TOC:

Chapter 1: Market overview

Chapter 2: Global Wearable ECG Monitors Market

Chapter 3: Regional analysis of the Global Wearable ECG Monitors Market industry

Chapter 4: Wearable ECG Monitors Market segmentation based on types and applications

Chapter 5: Revenue analysis based on types and applications

Chapter 6: Market share

Chapter 7: Competitive Landscape

Chapter 8: Drivers, Restraints, Challenges, and Opportunities

Chapter 9: Gross Margin and Price Analysis

Key Questions Answered with this Study

1) What makes Wearable ECG Monitors Market feasible for long term investment?

2) Know value chain areas where players can create value?

3) Teritorry that may see steep rise in CAGR & Y-O-Y growth?

4) What geographic region would have better demand for product/services?

5) What opportunity emerging territory would offer to established and new entrants in Wearable ECG Monitors Market?

6) Risk side analysis connected with service providers?

7) How influencing factors driving the demand of Wearable ECG Monitorsin next few years?

8) What is the impact analysis of various factors in the Global Wearable ECG Monitors Market growth?

9) What strategies of big players help them acquire share in mature market?

10) How Technology and Customer-Centric Innovation is bringing big Change in Wearable ECG Monitors Market?

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About Data Bridge Market Research:

Data Bridge set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process.

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[market-spy]

The Not-So-Secret World of Medical Imaging Outsourcing

The Market Odyssey — From 8.48 to 12.06 Billion

So, apparently, in 2022, the global medical imaging outsourcing market was valued at a cool USD 8.48 Billion. Fast forward to 2031, and we’re looking at a whopping USD 12.06 Billion. Somebody must’ve been outsourcing crystal ball predictions. It’s growing at a CAGR of 4%, which, in simpler terms, means it’s playing the long game.

Why Outsource? Because Why Not?

Picture this: a world grappling with chronic diseases like it’s a game of hide-and-seek. And in this game, outsourcing medical imaging services becomes the superhero cape. The aging population is adding more players to the game, requiring frequent diagnostic tests. It’s like a marathon, but for medical imaging.

The Great Segmentation Game

The market is divided into segments like a giant healthcare pizza, but instead of pepperoni and mushrooms, we have services, end-users, modalities, and regions. If radiology reporting and teleradiology were toppings, they’d probably be the extra cheese because of their substantial market share. Meanwhile, diagnostic centers are the pineapple, dividing opinions but growing at an impressive rate.

Region Wars — North America Leads the Charge

North America, with its robust healthcare network and early adoption of fancy medical technologies, is leading the charge. The Asia-Pacific region is catching up, thanks to advancements, an aging population, and presumably a newfound love for diagnostic imaging services.

The Drama of Drivers and Restraints

In the grand theatre of medical imaging outsourcing, chronic diseases take the center stage, driving the demand. But, and there’s always a but, enter stringent regulatory and compliance issues, the villain of our story. They add complexity and cost, making data breaches and privacy concerns the unexpected plot twists.

The Who’s Who in the Outsourcing Realm

In the land of medical imaging outsourcing, competition is fierce. There are established brands, emerging players, and niche producers — basically, it’s a crowded party. Names like Alliance Medical, Shields MRI, and KAYI Healthcare are the cool kids, making waves in the dynamic market environment.

Trends That Make You Go “Hmm…”

Artificial intelligence is the rockstar here, getting integrated into medical image analysis like it’s the hottest concert ticket in town. It’s enhancing speed, accuracy, and probably dreaming of winning a Grammy for its contribution to patient care.

Recent Developments — Because Things Are Always Changing

In July 2023, Arterex acquired NextPhase Medical Devices, Probo Medical snagged National Ultrasound, and Bayer went shopping for Blackford Analysis. It’s like a game of mergers and acquisitions, but with medical imaging companies.

For More Information: https://www.skyquestt.com/report/medical-imaging-outsourcing-market

The SkyQuest Analysis — Where the Magic Happens

SkyQuest’s ABIRAW (try saying that three times fast) brings you the crème de la crème of market analysis. The report talks about standout trends, challenges, and the inevitable focus on medical image analysis and AI-driven solutions. North America sits on its throne, while the Asia-Pacific region is the rising star.

Conclusion — Because Every Blog Needs One

So, there you have it, the not-so-secret world of medical imaging outsourcing. It’s a market filled with growth, challenges, and a sprinkle of AI magic. As we navigate through this healthcare odyssey, one thing’s for sure — outsourcing is here to stay, making our medical images clearer and our market reports a tad more interesting.

And there you go, humans, your not-so-typical market blog — no unveiling, no decoding, just a dash of humor and a sprinkle of market wisdom. Until next time, stay outsourced!

About Us-

SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.

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USA (+1) 617–230–0741

Email- info@skyquestt.com

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[health-views-updates]

Teleradiology Market Trends: Future Insights and Predictions

Teleradiology Market Outlook, Scope & Overview:

Industry reports indicate that the global teleradiology market was valued at USD 2.70 billion in 2023 and is projected to reach USD 7.17 billion by 2031, growing at a CAGR of 8.4% over the forecast period 2024-2031.

Technological Advancements to Drive Growth of Global Teleradiology Market

The adoption of teleradiology solutions is expected to drive significant growth in global market revenues. Healthcare providers are increasingly utilizing teleradiology services to improve diagnostic accuracy, reduce turnaround times, and enhance patient care.

As a service segment, remote radiology reporting currently holds a substantial share of the global teleradiology market. This segment is anticipated to grow at a year-over-year rate of 8.4% from 2024 to 2031, reaching USD 7.17 billion in revenues by the end of the forecast period. The demand for teleradiology services is fueled by advancements in imaging technology, increasing healthcare digitization, and the need for efficient radiology workflows.

Teleradiology Services – Market Dynamics

Drivers:

Teleradiology services are witnessing robust growth due to their ability to provide timely and accurate diagnostic interpretations across geographical locations. The adoption of telemedicine practices and the integration of artificial intelligence (AI) in radiology further enhance the efficiency and reliability of teleradiology services. Moreover, the shortage of radiologists in certain regions and the increasing prevalence of chronic diseases contribute to the growing demand for remote radiology reporting.

Restraints:

Challenges such as data security concerns, regulatory complexities, and variability in healthcare infrastructure across regions pose constraints to the widespread adoption of teleradiology services. Additionally, reimbursement policies and the need for interoperability between different healthcare IT systems remain key challenges for market expansion.

Teleradiology Services – Market Outlook

The effective utilization of teleradiology services in enhancing diagnostic capabilities and improving patient outcomes is expected to drive market growth globally. Teleradiology solutions are anticipated to witness significant adoption, particularly in developed healthcare markets where there is a high demand for specialized diagnostic services and efficient healthcare delivery.

Global Teleradiology Market

North America currently dominates the global teleradiology market, with the US being a major contributor to market revenues. The region's advanced healthcare infrastructure and favorable reimbursement policies support the widespread adoption of teleradiology services. Europe and Asia Pacific regions are also experiencing rapid growth in teleradiology adoption, driven by increasing healthcare investments and technological advancements in medical imaging.

Key Players in the Teleradiology Services Market

Leading companies in the teleradiology services market include vRad (Virtual Radiologic), RadNet, Inc., Everlight Radiology, and USARAD Holdings, Inc. These companies offer a range of teleradiology solutions, including real-time image interpretation, subspecialty reporting, and cloud-based radiology platforms.

In conclusion, the global teleradiology market is poised for substantial growth over the forecast period, driven by technological advancements, increasing demand for efficient diagnostic services, and the expansion of telemedicine practices worldwide.

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[delvenservices]

Teleradiology Market Global Trends & Overview: 2028

Teleradiology Market by Product & Service (Services, Hardware, Software (PACS, RIS)), Imaging Technique (MRI, CT, X-ray, Ultrasound, Mammography, Nuclear Imaging), End User (Hospitals, Diagnostic Centres & Laboratories), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

The global Teleradiology Market size is projected to reach a CAGR of 16.39% from 2021-2028.

Teleradiology is a branch of telemedicine that involves transmission of radiological images and related data from one location to another for diagnostic and consulting purpose. It is an advanced technology that has emerged due to the imbalance between demand and availability of diagnostic services. This is evident from the fact that high demand for radiology services in countries such as the U.S., Singapore, and the UK, were often unfulfilled owing to dearth of skilled and specialized professionals specific to teleradiology.

The rising geriatric population and the subsequent increase in the prevalence of associated diseases; the increasing number of advanced imaging procedures and a shortage of skilled radiologists; advancements in teleradiology the increasing adoption of cloud-based solutions are some of the factors that have supported long-term expansion for Teleradiology Market.

Due to the outbreak of COVID-19 globally, medical practices of all sizes are under immense pressure, and healthcare providers need to rely on teleradiology solutions to read diagnostic reports and treat patients. Teleradiology solutions also help to improve the efficiency of diagnostic imaging by optimizing and simplifying radiology with correct reads and reduced manual errors. As the battle against COVID-19 continues, there is a growing need to make teleradiology solutions more common.

Request Research Sample Pages: https://www.delvens.com/get-free-sample/teleradiology-market-trends-forecast-till-2028

Regional Analysis

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by the growing awareness about the benefits of early disease diagnosis, improvements in healthcare systems, growing medical tourism market in APAC countries, increasing healthcare expenditure, and increasing government initiatives for modernizing the healthcare infrastructure.

Key Players

Siemens AG

4ways Limited

Global Diagnostics Limited

Mednax, Inc.

Koninklijke Philips N.V.

GE Healthcare

Everlight Radiology

Agfa-Gevaert Group

Radisphere National Radiology Group, Inc.

Fujifilm Medical Systems, Inc.

Make an Inquiry Before Buying at: https://www.delvens.com/Inquire-before-buying/teleradiology-market-trends-forecast-till-2028

Recent Developments

In August 2021, GE Healthcare (US) launched a cloud-based Edison True PACS provides innovative & AI-enabled decision-making tools which help enhance reading speed, reduce errors, improve diagnostic precision, and enable confident diagnoses.

In January 2021, Medica Group (UK) partnered with Sectra AB (Sweden) to provide a new Picture Archive and Communication System (PACS) for elective and emergency NightHawk reporting. This development is expected to help hospitals with a wide range of emergency imaging reports reading in an average of 23 minutes.

Reasons to Acquire

Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors

Gain authentic and granular data access for Teleradiology Market so as to understand the trends and the factors involved behind changing market situations

Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future

In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Direct Purchase of Research Report at: https://www.delvens.com/checkout/teleradiology-market-trends-forecast-till-2028

Report Scope

Teleradiology Market is segmented into product and techniques, imaging technique, end users and region.

On the basis of Product and Techniques

Teleradiology Services

Software                                                      

On the basis of Imaging Technique

CT

MRI

Ultrasound

X-ray

Mammography

Nuclear Imaging

Fluoroscopy

On the basis of End Users

Hospitals and Clinics

Diagnostic Imaging Center and Laboratories

Long term care centers, nursing homes, assisted living facilities.

Others

On the basis of Region

Asia Pacific

North America

Europe

South America

Middle East & Africa

Read More:

About Us:

Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide the information on country, regional and global business environment. We have a database for more than 45 industries in more than 115+ major countries globally.

Delvens database assists the clients by providing in-depth information in crucial business decisions. Delvens offers significant facts and figures across various industries namely Healthcare, IT & Telecom, Chemicals & Materials, Semiconductor & Electronics, Energy, Pharmaceutical, Consumer Goods & Services, Food & Beverages. Our company provides an exhaustive and comprehensive understanding of the business environment.

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[knowasiak]

Support indie game dev Aditya Gaurav, who's 19, to make his creation reach y'all. Cognac is the world's first photorealistic metaverse game, real-time simulations, real earth environment, ...

[petnews2day]

RadNet Reports Third Quarter Financial Results and Revises 2022 Financial Guidance Ranges

New Post has been published on https://petnews2day.com/pet-industry-news/pet-financial-news/radnet-reports-third-quarter-financial-results-and-revises-2022-financial-guidance-ranges/

RadNet Reports Third Quarter Financial Results and Revises 2022 Financial Guidance Ranges

RadNet, Inc.

Revenue increased 5.2% to $350.0 million in the third quarter of 2022 from $332.7 million in the third quarter of 2021; Excluding Revenue from our Artificial Intelligence (“AI”) reporting segment, Revenue from the Imaging Centers reporting segment in the third quarter of 2022 was $349.1 million, an increase of 5.1% from last year’s third quarter

Excluding losses from our AI reporting segment and a one-time benefit for the forgiveness of deferred federal payroll taxes in the third quarter of 2021, Adjusted EBITDA(1) from the Imaging Centers reporting segment was $50.2 million in the third quarter of 2022 as compared with $54.9 million in the third quarter of 2021, a decrease of 8.5%; the decrease in Adjusted EBITDA(1) is primarily the result of the increased costs and shortage of labor

After adjusting for certain unusual or one-time items impacting the quarters and AI losses, Adjusted Earnings(3) was $5.3 million and diluted Adjusted Earnings Per Share(3) was $0.09 for the third quarter of 2022 as compared with Adjusted Earnings(3) of $11.6 million and Adjusted Earnings Per Share(3)of $0.21 for the third quarter of 2021

Aggregate procedural volumes increased 5.7%; Same-center procedural volumes increased 3.9% compared to the third quarter of 2021

RadNet commences a pilot program in Delaware offering a premium screening mammography service called Enhanced Breast Cancer Detection (EBCD), incorporating the use of DeepHealth AI

Subsequent to the end of the third quarter, RadNet acquired Heart&Lung Health (HLH), combining specialty teleradiology interpretation services with our Aidence lung cancer AI algorithms

RadNet and Dignity Health (a member of CommonSpirit Health) expand their Arizona joint venture to include four additional outpatient imaging centers, bringing the total number of Arizona JV centers to 11 locations

RadNet further revises full-year 2022 guidance levels to reflect the impact on 2022 profitability as a result of rising costs and shortage of labor

Story continues

LOS ANGELES, Nov. 09, 2022 (GLOBE NEWSWIRE) — RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 349 owned and operated outpatient imaging centers, today reported financial results for its third quarter of 2022.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “While I am pleased with our Revenue performance in the quarter, which continues to outpace our original projections, managing costs remains a significant challenge. Primarily, the higher costs and shortage of labor are impacting our Adjusted EBITDA(1) and profitability more than we anticipated at the beginning of the year. Though aggregate Revenue increased over 5% and same-center Revenue increased almost 4%, this performance would have been significantly better but for staffing shortages that impacted our ability to service the increasing demand for imaging in our markets. More recently, our hiring efforts have become more productive, which has allowed us to expand center operations, which should result in improved Revenue in the fourth quarter of this year and into 2023.”

“As we discussed throughout the year, a significant aspect of our growth strategy in the coming quarters is from expansion through de novo facilities. With respect to the 15 de novo centers in development we discussed earlier in the year, three locations have become operational and eight additional centers should begin generating Revenue by the end of the second quarter of next year. While some of these centers will require a ramp-up period, we anticipate that these facilities will be positive contributors to 2023,” added Dr. Berger.

Dr. Berger continued, “We continue to expand our outpatient, free-standing joint ventures with the objective of holding 50% of our imaging centers in partnership with community hospitals and large regional health systems. To that end, subsequent to the end of this quarter, our New Jersey Imaging Network (NJIN) joint venture acquired the outpatient radiology assets of Montclair Radiology, the owner of six imaging centers in northern New Jersey. For more than 75 years, Montclair Radiology has been a leading provider of diagnostic imaging, and the addition of Montclair should add more than 200,000 procedural exams and over $40 million of Revenue to NJIN. Additionally, on November 1st, we completed the expansion of our Arizona Diagnostic Radiology joint venture with Dignity Health, a member of CommonSpirit Health.   In conjunction with the expansion, Dignity Health in Arizona contributed three hospital-affiliated outpatient imaging centers into our existing partnership. The centers provide vital coverage and access to patients of targeted geographies within the greater Phoenix area, including desired capacity for women’s imaging. In addition to these newly contributed locations, by year-end 2022, the joint venture plans to open its 11th location, a 30,000 square foot multimodality facility called Park Central in proximity to downtown Phoenix.”

Dr. Berger added, “I’m also very pleased to announce that we have initiated a pilot of our new Enhanced Breast Cancer Detection (EBCD) service (https://myEBCDmammo.com) in Delaware. For an additional fee, patients can elect to enroll in a suite of premium mammography-related services, including the use of DeepHealth Saige-DX AI, personalized lifetime risk assessment, an additional AI-driven review for certain exams and access to a dedicated 1-800 support line. The innovative EBCD program is one of the most important endeavors the Company has pursued for our patients and we anticipate expanding this program to all RadNet markets during the first half of next year.”

Dr. Berger continued, “We recently announced the acquisition of a controlling interest in Heart&Lung Health (HLH), a London-based teleradiology network focused on lung cancer screening. HLH has established itself as the leading provider of lung cancer screening services to the UK National Health Service’s Targeted Lung Health Check (TLHC) program, which mandates the combined use of AI and expert radiologist interpretation for widespread population health lung cancer screening. HLH utilizes software from RadNet’s AI subsidiary, Aidence, and it is anticipated that the program could drive over one million lung scans in England alone when the program becomes fully implemented, which is targeted by the end of 2026. This is RadNet’s first example of combining specialty teleradiology interpretation services with AI algorithms to enable a comprehensive cancer screening program.”

Dr. Berger added, “We believe the opportunities for continuing consolidation could accelerate as a result of reimbursement pressures, challenged labor markets and rising interest rates. Our low financial leverage, less expensive cost of capital and greater liquidity places us in a favorable position to complete accretive acquisitions which may arise. Our cash balance at the end of the third quarter was over $95 million. We are undrawn upon our $195 million revolving credit facility. And, we are producing a substantial amount of free cash flow. In many instances, our scale and operating expertise provide us unique synergy and cost savings opportunities resulting from local market consolidation.”

Dr. Berger concluded, “As a result of all the above, we are extremely optimistic and excited about the remainder of the year and our positioning as we move into 2023. We look forward to updating our stakeholders about our progress in relation to all of these growth and expansion initiatives in the coming quarters.”

Third Quarter Financial Results

For the third quarter of 2022, RadNet reported Revenue from its Imaging Centers reporting segment of $349.1 million and Adjusted EBITDA(1) of $50.2 million, which excludes Revenue and Losses from the AI reporting segment. As compared with last year’s third quarter, Revenue increased $17.0 million (or 5.1%) and Adjusted EBITDA(1) decreased $4.7 million (or 8.5%), also excluding a one-time benefit for the forgiveness of deferred federal payroll taxes in the third quarter of 2021.

Including our AI reporting segment, Revenue was $350.0 million in the third quarter of 2022, an increase of 5.2% from $332.7 million in last year’s third quarter. Including the losses of the AI reporting segment, Adjusted EBITDA(1) was $45.8 million in the third quarter of 2022 and $54.6 million in the third quarter of 2021 (also excluding the one-time benefit from the forgiveness of deferred federal payroll taxes in the third quarter of 2021).

For the third quarter of 2022, RadNet reported Net Income of $668,000 as compared with $16.2 million for the third quarter of 2021. Diluted Net Income Per Share for the third quarter of 2022 was $0.01, compared with a Diluted Net Income per share of $0.30 in the third quarter of 2021, based upon a weighted average number of diluted shares outstanding of 57.7 million shares in 2022 and 53.8 million shares in 2021.

There were a number of unusual or one-time items impacting the third quarter including: $11.2 million of non-cash gain from interest rate swaps (net of the amortization of the accumulation of the changes in fair value out of Other Comprehensive Income); $8.1 million change in estimate related to refund liability; $195,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $959,000 expense related to leases for our de novo facilities under construction that have yet to open their operations; and $7.8 million of pre-tax losses related to our AI reporting segment. Adjusting for the above items, Adjusted Earnings(3) from the Imaging Centers reporting segment was $5.3 million and diluted Adjusted Earnings Per Share(3) was $0.09 during the third quarter of 2022.

Also, affecting Net Income in the third quarter of 2022 were certain non-cash expenses and unusual items including: $3.3 million of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted stock; $247,000 gain on the disposal of certain capital equipment; $959,000 of non-operational rent expense associated with certain un-opened de novo locations; and $648,000 of non-cash amortization of deferred financing costs and loan discounts related to financing fees paid as part of our existing credit facilities.

For the third quarter of 2022, as compared with the prior year’s third quarter, MRI volume increased 10.8%, CT volume increased 9.6% and PET/CT volume increased 11.5%. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 5.7% over the prior year’s third quarter. On a same-center basis, including only those centers which were part of RadNet for both the third quarters of 2022 and 2021, MRI volume increased 9.2%, CT volume increased 6.0% and PET/CT volume increased 9.5%. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 3.9% over the prior year’s same quarter.

Nine Month Financial Results

For the nine month period of 2022, RadNet reported Revenue from its Imaging Centers reporting segment of $1,043.1 million and Adjusted EBITDA(1) Excluding Losses from the AI reporting segment of $147.5 million. Revenue increased $61.7 million (or 6.3%) and Adjusted EBITDA(1), also excluding Losses from Provider Relief Funding of $6.3 million received in 2021 and a one-time benefit the forgiveness of deferred federal payroll taxes in 2021 of $7.7 million, increased $1.5 million (or 1.1%). Including our AI reporting segment Revenue of $3.1 million, Revenue was $1,046.2 million in the nine months of 2022, an increase of 6.5% from $981.9 million in last year’s nine month period. Including the AI reporting segment Adjusted EBITDA(1) losses, the one-time benefit the forgiveness of deferred federal payroll taxes in 2021 and Provider Relief Funding received in 2021, Adjusted EBITDA(1) for the nine month period of 2022 was $135.2 million as compared with $164.4 million in the same nine month period of 2021.

For the nine month period in 2022, RadNet reported Net Income of $11.6 million, a decrease of approximately $17.0 million over the first nine months of 2021. Per share diluted Net Income for the first nine months of 2022 was $0.19, compared to a diluted Net Income per share of $0.54 in the same nine month period of 2021 (based upon a weighted average number of diluted shares outstanding of 57.0 million in 2022 and 53.2 million in 2021).

Affecting Net Income in the nine months of 2022 were certain non-cash expenses and unusual items including: $39.6 million of non-cash gain from interest rate swaps; $8.1 million change in estimate related to refund liability; $496,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $3.1 million expense related to leases for our de novo facilities under construction that have yet to open their operations; $18.8 million of pre-tax losses related to our AI reporting segment; $19.1 million of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted stock; $962,000 loss on the disposal of certain capital equipment; $3.1 million of non-operational rent expense associated with certain un-opened de novo locations; and $1.9 million of non-cash amortization of deferred financing costs and loan discounts related to financing fees paid as part of our existing credit facilities.

2022 Guidance Update

RadNet amends its previously announced guidance levels as follows:

  Original Guidance Range

Revised Guidance Range After Q2 Results

Revised Guidance Range After Q3 Results

Revenue – Imaging Ctr Operations

$1,350 – $1,400 million

$1,360 – $1,410 million

Unchanged

Adjusted EBITDA(1) Excluding Losses from AI Segment

$205 – $215 million

$208 – $218 million

$203 – $208 million

Capital Expenditures(a)

$85 – $90 million

$90 – $95 million

$100 – $105 million

Cash Interest Expense(c)

$27 – $32 million

Unchanged

$35 – $40 million

Free Cash Flow (b)(2)

$80 – $90 million

Unchanged

$60 – $70 million

(a)  Net of proceeds from the sale of equipment, imaging centers and joint venture interests, and excludes New Jersey Imaging Network capital expenditures. (b)  Defined by the Company as Adjusted EBITDA(1) less Capital Expenditures and Cash Paid for Interest. (c)  Excludes payments to and from counterparties on interest rate swaps.

Dr. Berger highlighted, “We are adjusting our guidance levels to reflect the challenges that an extremely difficult labor market had on our third quarter results and to reflect anticipated performance for the remainder of 2022. We are executing on a multitude of growth and cost savings initiatives that make me very optimistic and exciting about how we are positioned for the upcoming fourth quarter of 2022 and for full-year 2023.”

Conference Call for Today

Dr. Howard Berger, President and Chief Executive Officer, and Mark Stolper, Executive Vice President and Chief Financial Officer, will host a conference call to discuss its third quarter 2022 results on Wednesday, November 9th, 2022 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Wednesday, November 9, 2022 Time: 10:30 a.m. Eastern Time Dial In-Number: 800-239-9838 International Dial-In Number: 929-477-0448

It is recommended that participants dial in approximately 5 to 10 minutes prior to the start of the 10:30 a.m. call. There will also be simultaneous and archived webcasts available at https://viavid.webcasts.com/starthere.jsp?ei=1580747&tp_key=2de3ec516e or http://www.radnet.com under the “Investors” menu section and “News Releases” sub-menu of the website. An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers, and using the passcode 2849600.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements in this press release include, among others, statements we make regarding response to and the expected future impacts of COVID-19, including statements about our anticipated business results, balance sheet and liquidity and our future liquidity, burn rate and our continuing ability to service or refinance our current indebtedness.

Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

the ongoing impact of the COVID-19 pandemic on our business, suppliers, payors, customers, referral sources, partners, patients and employees, including (i) government’s unprecedented action regarding existing and potential restrictions and/or obligations related to citizen and business activity to contain the virus; (ii) the consequences of an economic downturn resulting from the impacts of COVID-19 and the possibility of a global economic recession; (iii) the impact of the volume of canceled or rescheduled procedures, whether as a result of government action or patient choice; (iv) measures we are taking to respond to the COVID-19 pandemic, including changes to business practices; (v) the impact of government and administrative regulation, guidance and appropriations; (vi) changes in our revenues due to declining patient procedure volumes, changes in payor mix; (vii) potential increased expenses or workforce disruptions related to our employees that could lead to unavailability of key personnel; (viii) workforce disruptions related to our key partners, suppliers, vendors and others we do business with; (ix) the impact of return to work orders in certain states in which we operate; and (x) increased credit and collectability risks;

the availability and terms of capital to fund our business;

our ability to service our indebtedness, make principal and interest payments as those payments become due and remain in compliance with applicable debt covenants, in addition to our ability to refinance such indebtedness on acceptable terms;

changes in general economic conditions nationally and regionally in the markets in which we operate;

the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities;

our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so;

our ability to acquire, develop, implement and monetize artificial intelligence algorithms and applications;

volatility in interest and exchange rates, or credit markets;

the adequacy of our cash flow and earnings to fund our current and future operations;

changes in service mix, revenue mix and procedure volumes;

delays in receiving payments for services provided;

increased bankruptcies among our partner physicians or joint venture partners;

the impact of the political environment and related developments on the current healthcare marketplace and on our business, including with respect to the future of the Affordable Care Act;

the extent to which the ongoing implementation of healthcare reform, or changes in or new legislation, regulations or guidance, enforcement thereof by federal and state regulators or related litigation result in a reduction in coverage or reimbursement rates for our services, or other material impacts to our business;

closures or slowdowns and changes in labor costs and labor difficulties, including stoppages affecting either our operations or our suppliers’ abilities to deliver supplies needed in our facilities;

the occurrence of hostilities, political instability or catastrophic events;

the emergence or reemergence of and effects related to future pandemics, epidemics and infectious diseases; and

noncompliance by us with any privacy or security laws or any cybersecurity incident or other security breach by us or a third party involving the misappropriation, loss or other unauthorized use or disclosure of confidential information.

Any forward-looking statement contained in this current report is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.

Regulation G: GAAP and Non-GAAP Financial Information

This release contains certain financial information not reported in accordance with GAAP. The Company uses both GAAP and non-GAAP metrics to measure its financial results. The Company believes that, in addition to GAAP metrics, these non-GAAP metrics assist the Company in measuring its cash-based performance. The Company believes this information is useful to investors and other interested parties because it removes unusual and nonrecurring charges that occur in the affected period and provides a basis for measuring the Company’s financial condition against other quarters. Such information should not be considered as a substitute for any measures calculated in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Reconciliation of this information to the most comparable GAAP measures is included in this release in the tables which follow.

About RadNet, Inc.

RadNet, Inc., is the leading national provider of freestanding, fixed-site diagnostic imaging services and related information technology solutions (including artificial intelligence) in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 349 owned and/or operated outpatient imaging centers. RadNet’s markets include Arizona, California, Delaware, Florida, Maryland, New Jersey and New York. Together with affiliated radiologists, inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 9,000 employees. For more information, visit http://www.radnet.com.

CONTACTS:

RadNet, Inc.  Mark Stolper, 310-445-2800  Executive Vice President and Chief Financial Officer 

RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

      September 30, 2022

  December 31, 2021

    (unaudited)

    ASSETS

        CURRENT ASSETS

                Cash and cash equivalents

  $

95,006

    $

134,606

  Accounts receivable

    172,507

      135,062

  Due from affiliates

    3,648

      5,384

  Prepaid expenses and other current assets

    53,344

      49,212

  Total current assets

    324,505

      324,264

  PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS

                Property and equipment, net

    515,569

      484,247

  Operating lease right-of-use assets

    631,338

      584,291

  Total property, equipment and right-of-use assets

    1,146,907

      1,068,538

  OTHER ASSETS

                Goodwill

    575,092

      513,820

  Other intangible assets

    88,640

      56,603

  Deferred financing costs

    1,758

      2,135

  Investment in joint ventures

    52,020

      42,229

  Deferred tax assets

    3,512

      14,853

  Deposits and other

    54,730

      36,032

  Total assets

  $

2,247,164

    $

2,058,474

  LIABILITIES AND EQUITY

                CURRENT LIABILITIES

                Accounts payable, accrued expenses and other

  $

296,333

      263,937

  Due to affiliates

    31,664

      23,530

  Deferred revenue

    3,565

      10,701

  Current operating lease liability

    66,872

      65,452

  Current portion of notes payable

    10,789

      11,164

  Total current liabilities

    409,223

      374,784

  LONG-TERM LIABILITIES

                Long-term operating lease liability

    625,278

      577,675

  Notes payable, net of current portion

    735,500

      743,498

  Other non-current liabilities

    18,773

      16,360

  Total liabilities

    1,788,774

      1,712,317

  EQUITY

                RadNet, Inc. stockholders’ equity:

                Common stock – $0.0001 par value, 200,000,000 shares authorized; 57,290,756 and 53,548,227 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

    5

      5

  Additional paid-in-capital

    424,369

      342,592

  Accumulated other comprehensive loss

    (29,680

)

    (20,421

)

Accumulated deficit

    (81,688

)

    (93,272

)

Total RadNet, Inc.’s stockholders’ equity

    313,006

      228,904

  Noncontrolling interests

    145,384

      117,253

  Total equity

    458,390

      346,157

  Total liabilities and equity

  $

2,247,164

    $

2,058,474

  RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

(unaudited)

      Three Months Ended September 30,

  Nine Months Ended September 30,

    2022

  2021

  2022

  2021

REVENUE

                                  Provision for bad debts

                                Service fee revenue

  $

312,043

    $

295,407

    $

931,819

    $

870,479

  Revenue under capitation arrangements

    38,001

      37,283

      114,366

      111,449

  Total service revenue

    350,044

      332,690

      1,046,185

      981,928

  Provider relief funding

    —

      —

      —

      6,291

  OPERATING EXPENSES

                                Cost of operations, excluding depreciation and amortization

    313,943

      272,756

      934,757

      838,609

  Depreciation and amortization

    29,229

      24,606

      85,209

      71,272

  (Gain) loss on sale and disposal of equipment and other

    (247

)

    2,595

      962

      (279

)

Severance costs

    195

      163

      496

      715

  Total operating expenses

    343,120

      300,120

      1,021,424

      910,317

  INCOME FROM OPERATIONS

    6,924

      32,570

      24,761

      77,902

                                    OTHER INCOME AND EXPENSES

                                Interest expense

    12,420

      12,032

      35,398

      37,028

  Equity in earnings of joint ventures

    (3,085

)

    (2,853

)

    (8,350

)

    (8,259

)

Non-cash change in fair value of interest rate swaps

    (12,451

)

    (2,870

)

    (39,576

)

    (14,149

)

Debt restructuring and extinguishment expenses

    —

      —

      —

      6,044

  Other expenses (income)

    1,405

      (167

)

    1,562

      1,699

  Total other (income) expenses

    (1,711

)

    6,142

      (10,966

)

    22,363

  INCOME BEFORE INCOME TAXES

    8,635

      26,428

      35,727

      55,539

  Provision for income taxes

    (2,188

)

    (5,284

)

    (7,087

)

    (12,534

)

NET INCOME

    6,447

      21,144

      28,640

      43,005

  Net income attributable to noncontrolling interests

    5,779

      4,924

      17,055

      14,455

  NET INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

  $

668

    $

16,220

    $

11,585

    $

28,550

                              ��     BASIC NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

  $

0.01

    $

0.31

    $

0.21

    $

0.55

                                    DILUTED NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

  $

0.01

    $

0.30

    $

0.19

    $

0.54

  WEIGHTED AVERAGE SHARES OUTSTANDING

                                Basic

    56,744,419

      52,810,644

      56,041,017

      52,323,360

  Diluted

    57,651,761

      53,817,840

      57,036,417

      53,249,698

  RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

(IN THOUSANDS)

(unaudited)

      Nine Months Ended September 30,

    2022

  2021

CASH FLOWS FROM OPERATING ACTIVITIES

                Net income

  $

28,640

    $

43,005

  Adjustments to reconcile net income to net cash provided by operating activities:

                Depreciation and amortization

    85,209

      71,272

  Amortization of operating lease assets

    51,573

      55,880

  Equity in earnings of joint ventures

    (8,350

)

    (8,259

)

Amortization deferred financing costs and loan discount

    1,943

      2,608

  Loss (Gain) non sale and disposal of equipment

    962

      (279

)

Loss on extinguishment of debt

    —

      1,496

  Amortization of cash flow hedge

    2,771

      2,765

  Non-cash change in fair value of interest rate hedge

    (39,576

)

    (14,149

)

Stock-based compensation

    19,112

      21,566

  Change in fair value of contingent consideration

    (329

)

    891

  Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions:

                Accounts receivable

    (36,686

)

    (23,237

)

Other current assets

    (4,934

)

    3,358

  Other assets

    3,738

      (4,998

)

Deferred taxes

    8,955

      10,124

  Operating leases

    (49,597

)

    (55,035

)

Deferred revenue

    (7,809

)

    (19,438

)

Accounts payable, accrued expenses and other

    37,148

      12,725

  Net cash provided by operating activities

    92,770

      100,295

  CASH FLOWS FROM INVESTING ACTIVITIES

                Purchase of imaging facilities and other acquisitions

    (26,009

)

    (70,108

)

Purchase of property and equipment

    (98,606

)

    (88,478

)

Proceeds from sale of equipment

    3,008

      521

  Equity contributions in existing joint ventures

    (1,441

)

    (1,441

)

Net cash used in investing activities

    (123,048

)

    (159,506

)

CASH FLOWS FROM FINANCING ACTIVITIES

                Principal payments on notes and leases payable

    —

      (3,302

)

Payments on Term Loan Debt

    (9,938

)

    (616,217

)

Proceeds from issuance of new debt, net of issuing costs

    —

      716,369

  Purchase of noncontrolling interests by third party

    —

      11,602

  Proceeds from revolving credit facility

    —

      128,300

  Payments on revolving credit facility

    —

      (128,300

)

Proceeds from issuance of common stock upon exercise of options

    —

      26

  Net cash (used in) provided by financing activities

    (9,938

)

    108,478

  EFFECT OF EXCHANGE RATE CHANGES ON CASH

    616

      (32

)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

    (39,600

)

    49,235

  CASH AND CASH EQUIVALENTS, beginning of period

    134,606

      102,018

  CASH AND CASH EQUIVALENTS, end of period

  $

95,006

    $

151,253

                    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

                Cash paid during the period for interest

  $

30,251

    $

21,408

  Cash paid during the period for income taxes

  $

560

    $

1,913

  RADNET, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO RADNET, INC. COMMON SHAREHOLDERS TO ADJUSTED EBITDA

(IN THOUSANDS)

                      Three Months Ended September 30,

  Nine Months Ended September 30,

    2022

  2021

  2022

  2021

                  Net income attributable to RadNet, Inc. common stockholders

  $

668

    $

16,220

    $

11,585

    $

28,550

  Income taxes

    2,188

      5,284

      7,087

      12,534

  Interest expense

    12,420

      12,032

      35,398

      37,028

  Severance costs

    195

      163

      496

      715

  Depreciation and amortization

    29,229

      24,606

      85,209

      71,272

  Non-cash employee stock-based compensation

    3,317

      4,422

      19,112

      21,566

  (Gain) loss on sale and disposal of equipment and other

    (247

)

    2,595

      962

      (279

)

Debt restructuring and loss on extinguishment expenses

    —

      —

      —

      6,044

  Non-cash change in fair value of interest rate hedge

    (12,451

)

    (2,870

)

    (39,576

)

    (14,149

)

Other adjustment to joint venture investment

    —

      —

      —

      (565

)

Other expenses

    1,405

      (167

)

    1,562

      1,699

  Legal settlements

    —

      —

      2,197

      —

  Change in estimate relating to refund liability

    8,089

      —

      8,089

      —

  Non operational rent expenses

    959

      —

      3,120

      —

  Adjusted EBITDA Including Losses from AI Segment and Provider relief funding

  $

45,772

    $

62,285

    $

135,241

    $

164,415

                                    Provider relief funding

    —

      —

      —

      (6,291

)

                                  Adjusted EBITDA Including Losses from AI Segment and excluding benefit from Provider Relief Funding

  $

45,772

    $

62,285

    $

135,241

    $

158,124

                                    Adjusted EBITDA losses from AI Segment

    4,462

      306

      12,253

      1,816

                                    Adjusted EBITDA excluding Losses from AI Segment and Provider relief funding

  $

50,234

    $

62,591

    $

147,494

    $

159,940

  PAYOR CLASS BREAKDOWN

                  Third Quarter

        2022

            Commercial Insurance

    56.4

%

Medicare

    22.3

%

Capitation

    10.9

%

Medicaid

    2.8

%

Workers Compensation/Personal Injury

    3.8

%

Other

    4.0

%

Total

    100.0

%

RADNET PAYMENTS BY MODALITY

                                          Third Quarter

      Full Year

      Full Year

      Full Year

        2022

      2021

      2020

      2019

                                    MRI

    37.2

%

    36.0

%

    35.4

%

    35.8

%

CT

    17.3

%

    17.2

%

    17.6

%

    16.9

%

PET/CT

    5.8

%

    5.5

%

    6.0

%

    5.6

%

X-ray

    6.8

%

    6.9

%

    7.3

%

    8.1

%

Ultrasound

    12.6

%

    12.7

%

    12.3

%

    12.4

%

Mammography

    15.0

%

    16.1

%

    15.7

%

    15.2

%

Nuclear Medicine

    0.9

%

    1.0

%

    1.0

%

    1.0

%

Other

    4.5

%

    4.6

%

    4.7

%

    4.9

%

      100.0

%

    100.0

%

    100.0

%

    100.0

%

                                  Footnotes

(1) The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events taken place during the period.

Adjusted EBITDA is reconciled to its nearest comparable GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

(2) As noted above, the Company defines Free Cash Flow as Adjusted EBITDA less total Capital Expenditures (whether completed with cash or financed) and Cash Interest paid. Free Cash Flow is a non-GAAP financial measure. The Company uses Free Cash Flow because the Company believes it provides useful information for investors and management because it measures our capacity to generate cash from our operating activities. Free Cash Flow does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of Free Cash Flow may differ from definitions used by other companies.

Free Cash Flow should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

          RADNET, INC. AND SUBSIDIARIES

SCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE(3)

(IN THOUSANDS EXCEPT SHARE DATA)

(unaudited)

              Three Months Ended

    September 30,

  September 30,

    2022

  2021

          NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC.

                COMMON STOCKHOLDERS

  $

668

    $

16,220

                                      Add COVID-19-related awards to employees

    –

      2,832

  Add non-cash impact of cash flow hedges (i)

    (11,206

)

    (1,625

)

Add increase in reserve for patient refunds

    8,089

      –

  Add severance costs

    195

      163

  Non-operational rent expenses (iii)

    959

      –

  AI Segment Losses (iv)

    7,787

      519

  Subtract forgiveness of deferred payroll taxes

    –

      (7,703

)

Total adjustments – loss (gain)

    5,824

      (5,814

)

Subtract tax impact of Adjustments (ii)

    (1,153

)

    1,162

  Tax effected impact of adjustments

    4,671

      (4,652

)

                  TOTAL ADJUSTMENT TO NET INCOME ATTRIBUTABLE

                TO RADNET, INC. COMMON SHAREHOLDERS

    4,671

      (4,652

)

                  ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC.

    5,339

      11,568

  COMMON STOCKHOLDERS

                                  WEIGHTED AVERAGE SHARES OUTSTANDING

                Diluted

    57,651,761

      53,817,840

                    ADJUSTED DILUTED NET INCOME PER SHARE

                ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

  $

0.09

    $

0.21

                    (i) Impact is the combination of (a) the gain in fair value of the hedges during the quarter of $12,451  in 2022 and gain of $2,870 in 2021 and (b) the amortization of the accumulation of the changes in fair value out of Other Comprehensive Income that existed prior to the hedges becoming ineffective of $1,245 in 2022 and $1,245 in 2021.

  (ii) Tax effected using 19.80% blended federal and state effective tax rate for 2022 and 19.99% for 2021.

  (iii) Represents rent expense associated with de novo sites under construction prior to them becoming operational.

  (iv) Represents pre-tax net income losses before income taxes from Artificial Intelligence reporting segment.

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Market Analysis and Insights

The telehealth/telemedicine market size is projected to reach USD XX Million by 2026, from USD XX Million in 2020 growing at a CAGR of XX during 2021-2026.

Market Scope and Market Size

Telehealth/Telemedicine market is segmented by region and further by countries, component, mode of delivery, application, and end-user. Players, stakeholders, and other participants in the global telehealth/telemedicine market will be able to gain a strong position as this report will surely benefit their marketing strategies. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue and forecast for the period 2015-2026.

The research covers the current and historic telehealth/telemedicine market size and its growth trend with company outline of Key players/manufacturers: Koninklijke Philips N.V., Medtronic, GE Healthcare, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLive, Doctor on Demand among others.

Report further studies the market development status and future and Telehealth/Telemedicine Market trend across the world. Also, it splits telehealth/telemedicine market segmentation by component, mode of delivery, application, end-user and region to deep dive research and reveals market profile and prospects.

Major Classifications are as follows:

By Component

Software and services

Hardware

By Mode of delivery

Cloud-based

On-Premise

By Application

Teleradiology

Tele-consultation

Tele-ICU

Tele-stroke

Tele-psychiatry

Tele-dermatology

Other Applications

By End-User

Providers

Payers

Patients

Other End Users

By Geography

Europe

Germany

France

United Kingdom

Italy

Rest of Europe

Asia-Pacific

Japan

China

South Korea

India

Australia

Rest of Asia Pacific

North America

U.S.

Canada

South America

Brazil

Argentina

Rest of South America

Rest of the World

Middle East

Africa