#Teleradiology Services Market Share
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Teleradiology Services: Empowering Healthcare Professionals
Teleradiology services represent a transformative approach to medical imaging interpretation and consultation, leveraging telecommunications technology to enable radiologists to remotely interpret diagnostic images. This innovative practice has revolutionized healthcare delivery by overcoming geographical barriers, enhancing access to specialized expertise, and streamlining the diagnostic process.
At its core, teleradiology services involve the transmission of radiological images, such as X-rays, CT scans, MRI scans, and ultrasounds, from one location to another for interpretation and consultation. This process enables healthcare providers to access timely and accurate radiology reports, regardless of their physical location. Whether in rural clinics, emergency departments, or specialized medical facilities, healthcare professionals can leverage teleradiology services to obtain expert interpretations of imaging studies promptly.
One of the most significant benefits of teleradiology services is the ability to overcome geographical limitations. In remote or underserved areas where access to radiologists may be limited, teleradiology facilitates timely diagnosis and treatment planning. Patients in these regions can receive high-quality care without the need for lengthy travel or delays associated with sending physical films for interpretation.
Moreover, teleradiology services enhance access to specialized expertise. By connecting healthcare facilities with networks of experienced radiologists, teleradiology platforms enable prompt consultations and second opinions, particularly for complex cases. This collaborative approach ensures that patients receive the highest standard of care, with expert input from radiologists with specific knowledge in various subspecialties.
Additionally, teleradiology services optimize the diagnostic process by improving workflow efficiency. Radiologists can interpret images remotely, allowing for faster turnaround times and reducing the backlog of uninterpreted studies. This efficiency not only enhances patient care by facilitating quicker diagnosis and treatment but also maximizes the utilization of radiology resources within healthcare institutions.
Furthermore, teleradiology services contribute to cost-effectiveness in healthcare delivery. By eliminating the need for on-site radiologists around the clock, healthcare facilities can reduce staffing costs while still ensuring access to expert interpretations when needed. This model of remote radiology interpretation offers a scalable solution for healthcare organizations seeking to balance quality of care with financial sustainability.
In essence, teleradiology services represent a transformative approach to radiological interpretation, offering healthcare providers the tools they need to deliver timely, accurate, and accessible diagnostic services to patients across diverse settings. By leveraging technology to transcend geographical boundaries and connect healthcare professionals with specialized expertise, teleradiology services are reshaping the landscape of modern medicine, one image at a time.
#Teleradiology Services Market Demand#Teleradiology Services Market Share#Teleradiology Services Market Trend#Teleradiology Services Market Size
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https://carbonfacesocial.org/blogs/75033/Teleradiology-Services-Market-Share-Overview-Competitive-Analysis-and-Forecast-2031
Teleradiology Services Market Share, Overview, Competitive Analysis and Forecast 2031
#TeleradiologyServicesMarket#TeleradiologyServicesMarketReport#TeleradiologyServicesMarketGrowth#TeleradiologyServicesMarketTrends
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Revolutionizing Radiology: The Power of Teleradiology
Teleradiology has emerged as a transformative force in the field of diagnostic imaging, leveraging technology to facilitate the interpretation and transmission of radiological images across geographical distances.
This innovative approach enables radiologists to remotely interpret images obtained from various modalities, including X-rays, CT scans, MRIs, and ultrasounds, providing timely and accurate diagnoses to healthcare providers and patients worldwide. Teleradiology overcomes barriers of time and location, allowing for 24/7 coverage and rapid turnaround times, particularly in underserved areas or during emergencies. Moreover, it enhances access to specialized expertise, as radiologists can collaborate and consult with colleagues globally, sharing insights and improving diagnostic accuracy. The integration of artificial intelligence and machine learning algorithms further augments the capabilities of teleradiology, assisting radiologists in image analysis, detection of abnormalities, and decision support. With the proliferation of digital platforms and secure communication channels, teleradiology has become seamlessly integrated into healthcare systems, supporting the delivery of quality care across diverse settings. As technology continues to advance, teleradiology holds immense potential to revolutionize diagnostic imaging, improving patient outcomes and enhancing healthcare efficiency on a global scale. #Teleradiology #DiagnosticImaging #HealthTech #Telemedicine #AIinHealthcare #HealthcareInnovation #GlobalHealth #RemoteImaging #MedicalTechnology #Radiology #DigitalHealth #PatientCare #Telehealth #ArtificialIntelligence #HealthcareAccessibility
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🌟 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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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
#Blueweave#Consulting#marketreserch#marketforecast#healthcareindustry#Teleradiology#radiology_services#radiology
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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.
Contact Us-
SkyQuest Technology Consulting Pvt. Ltd.
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 617–230–0741
Email- [email protected]
Website: https://www.skyquestt.com
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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.
Contact Us-
SkyQuest Technology Consulting Pvt. Ltd.
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 617–230–0741
Email- [email protected]
Website: https://www.skyquestt.com
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Teleradiology Market- Popular Trends & Technological Advancements to Watch Out for Near Future 2030
The global teleradiology market is poised for a remarkable surge, with a projected value of USD 26.33 billion by 2030. This signifies a significant increase from its 2022 valuation of USD 8.67 billion, reflecting a robust Compound Annual Growth Rate (CAGR) of 14.9% over the forecast period (2023-2030), according to a recent market analysis.
Driving Forces Behind the Boom:
Several key factors are propelling the teleradiology market to new heights:
Shortage of Radiologists: The global healthcare landscape faces a growing shortage of qualified radiologists. Teleradiology offers a solution by enabling remote interpretation of medical images by specialists, improving access to diagnostic expertise.
Enhanced Efficiency and Cost Savings: Teleradiology streamlines workflows, allowing healthcare facilities to operate more efficiently and reduce operational costs associated with in-house radiologists.
Improved Patient Care: By facilitating timely and accurate diagnoses, teleradiology contributes to improved patient care, particularly in remote or underserved areas.
Technological Advancements: Advancements in telecommunication technologies and secure image sharing platforms are fostering the growth and adoption of teleradiology services.
Get Sample Report: https://www.snsinsider.com/sample-request/1793
The Major Players are GE Healthcare, Philips Healthcare, Medica Group Plc., Cerner Corporation., MCKESSON Coporation, AFGA Healthcare, Siemens Healthineers, Fujifilm holding Coporation, 4Ways Healthacre, RamSoft Inc.and Other players.
A Comprehensive Market Landscape:
The press release can be further enhanced by incorporating a section on market segmentation, providing a more granular perspective:
Products and Service Type: The market is segmented by products (teleradiology services) and software solutions (PACS - Picture Archiving and Communication Systems, RIS - Radiology Information Systems), which facilitate image management and workflow optimization.
Imaging Technique Type: The teleradiology market caters to interpretations across various imaging modalities, including CT scans, MRIs, ultrasounds, X-rays, mammograms, nuclear imaging, and fluoroscopy.
End User Type: Hospitals and clinics are the primary end users, but the market also serves diagnostic imaging centers, long-term care facilities, nursing homes, and assisted living facilities.
A Global Phenomenon:
A section on the geographic landscape can be included to highlight regional trends:
The report explores the teleradiology market across different regions, providing insights for geographically focused strategies.
Looking Ahead:
The future of the teleradiology market appears bright, with continued growth expected as the demand for efficient and accessible radiology services rises. Technological advancements and increasing healthcare provider adoption will further fuel market expansion.
#Teleradiology Market#Global Teleradiology Market#Teleradiology Market Size#Teleradiology Market Share#Teleradiology Market Trends#Teleradiology Market Growth#Teleradiology Market Demand#Teleradiology Market Segmentation#Teleradiology Market Analysis#Teleradiology Industry Analysis
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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.
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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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RadNet Reports Third Quarter Financial Results and Revises 2022 Financial Guidance Ranges
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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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Teleradiology Market 2022 Analysis of Key Trends, Industry Dynamics and Future Growth 2030 with Top Countries Data
The global demand for the teleradiology market was estimated at approximately USD 7.3 Billion in 2021 and is forecasted to generate revenue worth around USD 18.85 Billion by end of 2030, growing at a CAGR of around 7.3% between 2022 and 2030.
A radiologist who is not physically present at the site where the images were taken does teleradiology, which is the act of interpreting and analysing medical images. This programme is utilised by hospitals, ERs, telemedicine providers, and other hospitals. To improve patient care and treatment, radiologists can employ teleradiology tools to access online services without being physically present on-site.
The primary teleradiology modality types include X-ray, MRI, CT, and ultrasound devices. The transmission of x-ray pictures from one place to another is done using x-ray teleradiology systems. An X-ray is a method used in medicine to provide photographs of the body's internal structure, including pictures of certain organs, blood vessels, cells, or tissue. The electromagnetic radiation known as an x-ray has a tremendous intensity and can easily pass through most objects, including bodily organs. Web-based and cloud-based teleradiology systems are built using both hardware and software. The majority of hospitals, diagnostic facilities, and other places use teleradiology.
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Teleradiology Market: Segmentation Analysis
Teleradiology Market by Imaging Technique:
X-Ray
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Ultrasound
Nuclear Medicine
Others (Fluoroscopy, Mammography)
Computed Tomography (CT) led the global Teleradiology market and accounted for a substantial share of the global revenue during the forecast period. This high share is attributed to the rising need for effective and early diagnosis, and an extensive range of applications such as oncology, cardiology, neurology and pelvic and abdomen have been accelerating the demand for computed tomography (CT).
Top Key Players:-
Siemens AG
Global Diagnostics Limited.
Mednax, Inc.
Onrad, Inc.
Telediagnostics Services Pvt. Ltd.
Everlight Radiology
Agfa-Gevaert Group
Radisphere National Radiology Group, Inc.
Fujifilm Medical Systems, Inc.
Sectra AB
All-American Teleradiology
StatRad,LLC
Task Force Health Care
Envision Healthcare Corporation
4ways Healthcare Limited
InHealth
USARAD Holdings, Inc.
TeleDiagnosys Services Pvt Ltd.
Euro American Tele Radiology
Cybernet Medical Corporation
GE Healthcare
MEDNAX INC.
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Teleradiology Market to expand at a CAGR of 16.9% from 2019 to 2027
Teleradiology Market:Overview
Transparency Market Research (TMR) has published a new report titled, “Teleradiology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027”. According to the report, the global teleradiology market was valued at US$ 2.6 Bn in 2018 and is projected to expand at a CAGR of 16.9% from 2019 to 2027.
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Overview
Based on modality, teleradiology market is segmented into X-ray, Ultrasound, CT, MRI, Nuclear Imaging
Rigorous research and development activities in radiology imaging services and growth in adoption of teleradiology drive the market
North America dominated the global teleradiology market in 2018 and the trend is anticipated to continue during the forecast period owing to a highly developed health care sector, coupled with increased awareness among patients, and continuous evolution of information technology. The teleradiology market offers immense growth potential in this region.
The teleradiology market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period due to increase in awareness about teleradiology and growth in the healthcare sector in countries such as China, Japan, and India. Moreover, technological advancement and increasing adoption of teleradiology solutions are expected to propel the growth of the market during the forecast period
Rise in number of radiology imaging procedures and Public & private players participating to promote teleradiology to Drive Global Teleradiology Market
The changing face of interventional radiology across the globe and rise in prevalence of chronic diseases such as cancer and coronary heart diseases are boosting the number of radiological procedures. According to the National Cancer Institute, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S. in 2016
The need of time-saving interpretation of radiographs with quality is high in developed economies where incidence rate of chronic diseases is rising at a rapid pace. To keep pace with the rising demand for radiological procedures and comprehensive interpretation, teleradiology is being preferred by health care providers across the globe.
Teleradiology is emerging as a major driver of expansion to quality health care across the globe. Increase in government initiatives for the adoption of telehealth and other digital health services is likely to propel the market during the forecast period. In July 2016, Japan's Ministry of Economy, Trade, and Industry announced plans to launch a demonstration project to improve diabetes management through the utilization of IoT and health information
Public & private players are participating to spread awareness about the notable developments in the diagnostic imaging service sector. Key companies are collaborating to improve access to teleradiology in niche markets. In 2017, Teleradiology Solutions, a leader in teleradiology service sector in India, and GE Healthcare collaborated to improve access to advanced radiology interpretation services
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Type I Segment to Dominate Market
Based on modality, global teleradiology market is segmented into X-ray, Ultrasound, CT, MRI, Nuclear Imaging.
Computed tomography (CT) segment held major share in the global teleradiology market in 2018 and is estimated to expand at the highest CAGR during the forecast period.
Although relatively expensive, the Computed Tomography (CT) is estimated to have the dominant market share in the forecast period owing to its ability to distinguish between 2000 levels of density, enabling the doctor to visualize 3D structures in the body for accurate diagnosis.
North America to Dominate Global Market
Geographically, the global teleradiology market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global teleradiology market in 2018, followed by Europe.
North America accounted for major share of the global teleradiology market in 2018, owing to a highly developed health care sector, coupled with increased awareness among patients, and continuous evolution of information technology. The teleradiology service market offers immense growth potential in this region.
The teleradiology market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period due to increase in awareness about teleradiology and growth in the healthcare sector in countries such as China, Japan, and India. Moreover, technological advancement and increasing adoption of teleradiology solutions are expected to propel the growth of the market during the forecast period.
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Competitive Landscape
Envision Healthcare Corporation, Teleradiology Solutions, Agfa-Gevaert N.V. are the leading players in the global teleradiology market that hold majority of the market share
The global teleradiology market is fragmented in terms of number of players. Key players in the global market include Envision Healthcare Corporation, Agfa-Gevaert N.V., 4ways Healthcare Limited, InHealth, Teleradiology Solutions, USARAD Holdings, Inc., ONRAD, Inc., TeleDiagnosys Services Pvt Ltd., Euro American Tele Radiology, Cybernet Medical Corporation among others
New product development through robust R&D activities and merger & acquisitions are the key strategies adopted by these players to operate their business in the global teleradiology market
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Global Teleradiology Services Market to Perceive Substantial Growth during 2027
Teleradiology is the process of interpreting and analyzing medical images by a radiologist who isn't really present at the site where the images were made. This service is used by hospitals, emergency care centers, telemedicine providers and other clinics. Teleradiology services allow radiologists to use online services to optimize patient care and treatment without being physically present on-site.
The global demand for the teleradiology services market is expected to be worth US$ 16,143.1 million by the end of 2027.
Global Teleradiology Services Market Opportunities:
The second opinion on cancer/tumor diagnosis is important during a remote-patient diagnosis. Market players should also concentrate on providing shared healthcare channels to enable the transfer of diagnostic-related data, including such documents and photographs.
The teleradiology industry faces challenges in terms of combining teleradiology technology with cloud storage technologies. Moreover, the capital-intensive nature of the industry and the lack of clarification about the application of technology impede the development of the global market for teleradiology. However, a growing collaborative approach and collaborations between diagnostic centers and cloud service providers are anticipated to provide significant revenue opportunities for market players.
To Know More Information about Teleradiology Services Market Trend, click the link@ https://www.globenewswire.com/news-release/2020/05/07/2029551/0/en/Global-Teleradiology-Services-Market-to-reach-US-16-1-Billion-by-2027-Says-CMI.html
#Teleradiology Services Market#Teleradiology Services Market Trends#Teleradiology Services Market Share#Teleradiology Services Market Revenue
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Global Radiology Services Market 2021 Report Reviews on Key Manufacturers, Regional markets, Application and Segmentation by 2027
Global Radiology Services Market: size was valued at US$ 9.70 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 10.7% through 2021 to 2027, reaching nearly US$ 19.76 Bn.
Global Radiology Services Market Overview:
The Global Radiology Services Market Report, produced with the assistance of Maximize Market Research, examines a variety of aspects that influence market growth. This study examines Global Radiology Services market trends, opportunities, restraints, and elements that influence the market positively or negatively. This section also discusses the important areas and programmes that will influence the Global Radiology Services market in the coming years. This list is based on both current and past patterns. This section also includes a global overview of type-unique manufacturing from 2021 to 2027. This chapter covers manufacturing in the years 2021 through 2027. Every category has a pricing range from 2021 to 2027, as well as domestic and international costs.
Market Scope:
The Global Radiology Services market is expected to grow at the fastest rate during the projected period of 2021-2027. Deliver and call for trends, costs, pricing, shares, volumes, sales, and gross profits are among the study results from Maximize Market Research (MMR). Every manufacturer is assessed for his or her production unit, capacity, production, manufacturing unit charge, market charge, and market share based on this MMR data gathering.
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Global Radiology Services Market Segmentation:
The stationary digital radiology systems segment has a substantial market share due to the extensive use of stationary systems in hospitals to avoid dangerous radiation exposure. Because of their ability to execute complicated computational processes, low-cost, lightweight, portable digital radiography machines can provide extraordinary care, particularly in ICUs, emergency departments, and neonatal intensive care units (NICU).
Global Radiology Services Market Key Players:
• Siemens
• 4ways Limited
• MEDNAX, Inc.
• Everlight Radiology
• RadNet, Inc.
• Koninklijke Philips N.V.
• Sonic Healthcare
• Medica Reporting Ltd.
• ONRAD, Inc.
• UNILABS
• Radiology Reports online
• Teleradiology Solutions.
• InHealth Group
• Concordmedical
• Alliance HealthCare Services
• Spectrum Health
Global Radiology Services Market Regional Analysis:
The MMR Global Radiology Services market report covers North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. MMR focuses on main market segments and sub segments, as well as key market sectors, in this Global Radiology Services market study. The MMR survey ranks innovative countries in district development based on market size, share, and volume. Volume, area, income, the marketplace chain system, and trends are all numbers.
COVID-19 Impact Analysis on Global Radiology Services Market:
The COVID-19 standards had a significant impact on the world's, industries', and workers' ambitions between 2020 and 2021. COVID-19 is a threat to society and the standard of living, requiring quick industrial support and innovation. For expats in India, COVID-19 has created a bevvy of problems. Millions of migrant workers have lost their jobs, endured food shortages, and are anxious about their futures as a result of the embargo.
The MMR study's overall goal is to improve our understanding of the current economy, COVID-19, and its consequences for the commercial sector. In most industries, sectors, and fields, the COVID-19 is followed by MMR. You may assess how COVID-19 will impact industry losses and growth with the Maximize Market Research Report (MMR).
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Key Questions answered in the Global Radiology Services Market Report are:
Which product segment grabbed the largest share in the Global Radiology Services market?
How is the competitive scenario of the Global Radiology Services market?
Which are the key factors aiding the Global Radiology Services market growth?
Which region holds the maximum share in the Global Radiology Services market?
What will be the CAGR of the Global Radiology Services market during the forecast period?
Which application segment emerged as the leading segment in the Global Radiology Services market?
Which are the prominent players in the Global Radiology Services market?
What key trends are likely to emerge in the Global Radiology Services market in the forecast period?
What is the expected Global Radiology Services market size by 2027?
Which company held the largest share in the Global Radiology Services market?
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Maximize Market Research is a market research and consulting organisation that provides syndicated and custom-built research reports, as well as consulting. The company’s solutions are dedicated to helping companies make better business decisions by identifying, targeting and analysing changes in demographics and customer behaviour across the industry. To provide meaningful and fact-based research, the company conducts market research research across a wide range of categories such as healthcare, engineering equipment’s, chemicals, Power and energy. Maximize Market Research has a huge team of talented analysts with expertise in different disciplines. The company’s industry experience and ability to provide actionable solutions to all research issues give clients an edge over their competitors.
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Teleradiology Market Growth, Size, Analysis, Outlook by Trends, Opportunities and Forecast to 2018 to 2030
Teleradiology Market was estimated at approximately USD 7.3 Billion in 2021 and is forecasted to generate revenue worth around USD 18.85 Billion by end of 2030, growing at a CAGR of around 7.3% between 2022 and 2030.
The first phase in teleradiology is to record and transfer images (scans) via an image centre, the second step is to transmit the images properly and smoothly, and the third step is to receive and decode the image at the receiver's end. There are numerous benefits to using teleradiology, including cost savings, convenience, 24-hour availability, faster transmission, and so on. However, there are several drawbacks, such as a high dependency on internet access, privacy problems, miscommunication, and so on.
Teleradiology is a branch of telemedicine that deals with the acquisition, viewing, and interpretation of radiographic images of a patient's internal organs. Computed tomography (CT), magnetic resonance imaging (MRI), X-ray, positron emission tomography (PET), and ultrasound are all examples of this type of imaging. To deliver clear radiological images, teleradiology uses an image sending station, transmission network, and receiving image station, all of which are integrated with a specialised computer and high-quality display. It has a number of advantages, including increased efficiency, lower costs, better consulting, faster diagnostics, better staffing, and better rural-area treatment.
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The transmission of radiological data across multiple medical offices or locations is known as teleradiology. By having radiologists read reports from numerous providers at one centralised location, patient and insurer expenses may be lowered. This is especially significant in cases when the demand for CT and PET scans, MRIs, x-rays, and ultrasounds is likely to outstrip the supply of radiologists. Medical technology advanced in tandem with general technological advancements. The majority of examinations in today's medical offices and hospitals involve some sort of imaging. Teleradiology has kept up with the technology. Emergency department physicians, on the other hand, are rarely fully qualified to read all of the radiological tests that are conducted. It's especially important in smaller towns with only one radiologist on staff.
Global Teleradiology Market- Segmental Analysis
Global Teleradiology Market- Key Players
Siemens AG
Global Diagnostics Limited.
Mednax, Inc.
Onrad, Inc.
Telediagnostics Services Pvt. Ltd.
Everlight Radiology
Agfa-Gevaert Group
Radisphere National Radiology Group, Inc.
Fujifilm Medical Systems, Inc.
Sectra AB
All-American Teleradiology
StatRad,LLC
Task Force Health Care
Envision Healthcare Corporation
ways Healthcare Limited
InHealth
USARAD Holdings, Inc.
TeleDiagnosys Services Pvt Ltd.
Euro American Tele Radiology
Cybernet Medical Corporation
GE Healthcare
MEDNAX INC.
Teleradiology Market based on Imaging Technique
• X-Ray
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Ultrasound
• Nuclear Medicine
• Others (Fluoroscopy, Mammography)
Computed Tomography (CT) led the global Teleradiology market and accounted for a substantial share of the global revenue during the forecast period. This high share is attributed to the rising need for effective and early diagnosis, and an extensive range of applications such as oncology, cardiology, neurology and pelvic and abdomen have been accelerating the demand for computed tomography (CT).
Teleradiology Market based on End Users
• Hospitals and Clinics
• Diagnostic Imaging Center and Laboratories
• Ambulatory surgical centers
• Others
The hospital's segment has been dominating the global market and accounted for the largest market share during the forecast period. The factors that can be ascribed to the growing inclination of hospitals towards the digitization and automation of the patient records and growing count of diagnostic imaging procedures performed in the hospitals are boosting the demand for the hospital segment.
Teleradiology Market based on Component
• Hardware
• Software
o picture archiving and communication systems (PACS)
o radiology information system (RIS)
• Services
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Teleradiology Market: Covid-19 Impact
The pandemic of COVID-19 is altering the dynamics of various markets. While demand increased in some industries, many other markets are expected to be untouched and provide prospective growth prospects.
Teleradiology technologies have been widely used in the COVID-19 epidemic to exchange research findings and the details of information obtained in the treatment of COVID-19 patients. This has helped to eliminate the sharing of documents in the form of hard copies, as well as face-to-face contact with patients. Furthermore, various worldwide teleradiology alliances made up of radiologists are predicted to raise the number of clinical trials and preventative research.
Points Covered in the Report
• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years’ data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Questions Answered in This Report:
How has the global Teleradiology market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global Teleradiology market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the product?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global Teleradiology market and who are the key players?
What is the degree of competition in the industry?
About We Market Research
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.
Contact Us:
We Market Research
Phone: +1(929)-450-2887
Email: [email protected]
Web: https://wemarketresearch.com/
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