RadNet slumps on downbeat Q3 profit; lowers EBITDA profit forecast

RadNet

09/11/2022 18:18

** Shares of radiology firm RadNet Inc  RDNT.O  fall 13.4%
to $14.8
    ** Co reports Q3 diluted Adj. EPS of 9 cents, below
analysts' expectations 16 cents per share - Refinitiv IBES
    ** RDNT posts net income of $668,000 vs $16.2 mln in Q3 2021
  
    ** Co's revenue increased 5.2% but says it expected better
for the quarter, offset by staffing shortages that impacted its
ability to service the increasing demand for imaging in markets
    ** Co says higher costs and shortage of labor also impacted
its Adj EBITDA and profitability more than it anticipated at the
beginning of the year 
    ** RDNT retains 2022 revenue guidance from imaging
operations and now sees Adj. EBITDA guidance, excluding losses
from AI segment, in $203 mln-$208 mln range, from the prior
range of $208 mln-$218 mln
    ** Co has expanded center operations, and expects improved
revenue in Q4 and into 2023 
    ** Including session's fall, stock down 50.9% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))