Financial results
Berger stated, "As of September 30, 2025, cash on hand was $804.7 million and the net debt to adjusted EBITDA ratio was approximately 1.0."
Stolper highlighted the continuous improvement in revenue cycle management, with DSOs reduced to 31.9 days, the lowest on record.
Digital Health segment revenue increased 51.6% year-over-year, with AI revenue specifically growing 112%. EBCD AI revenue increased 28.7% and See-Mode contributed to external ultrasound AI revenue.
Stolper reported that the adjusted EBITDA margin increased 26 basis points year-over-year from 16% to 16.2%.
A new center was opened during the quarter, bringing the total number to 407 locations as of September 30, 2025.
Conclusion
RadNet's Q3 2025 results highlighted record revenue and strong Adjusted EBITDA driven by strong advanced imaging volumes, successful integration of digital health acquisitions and expanded operational capacity. Management raised its full-year revenue and EBITDA guidance and highlighted the continued momentum in both the core imaging and digital health businesses. With cost efficiencies, a robust acquisition pipeline and continued innovation in AI-powered workflow solutions, RadNet signals confidence in sustaining growth and margin improvement through 2026 and beyond
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