- Revenue and EBITDA Growth Q4 2025 revenue rose 14.8% to $547.7M; adjusted EBITDA increased 16.9% to $87.7M.
- Digital Health Expansion Digital Health revenue surged 48.2% to $27.9M, with ARR of $75.4M in 2025 and $140M target by 2026.
- Gleamer Acquisition Impact Adds $30M ARR in 2026, 700+ customer contracts, and accelerates DeepHealth’s global AI leadership in radiology.
- Strategic Expansion Plans to open 11–13 new centers in 2026, plus $120M revenue boost from Indiana/Southwest Florida acquisitions.
- Financial Strength and Guidance $776M cash balance; 2026 Imaging Center revenue growth of 17–19%, with EBITDA margin improvements expected via AI integration.
Operational Highlights
RadNet, Inc. opened seven de novo facilities in 2025 and expanded several joint venture partnerships, demonstrating its commitment to growth. The company also acquired several imaging facilities and iCAD, C-MODE, and CMAR, which have been integrated into the DeepHealth product portfolio. The acquisition of Gleamer, a Paris-based radiology AI company, is expected to add approximately $30 million of Annual Recurring Revenue (ARR) in 2026 and accelerate DeepHealth's global trajectory.
Digital Health Growth
The company's Digital Health revenue is anticipated to grow 45-55% in 2026, driven by sales of AI-powered workflow and clinical solutions. The introduction of the new metric, Annual Recurring Revenue (ARR), was $75.4 million at December 31, 2025, and is expected to reach $140 million by the end of 2026. The acquisition of Gleamer is expected to contribute significantly to ARR, with the combined company becoming the largest provider of radiology clinical AI solutions worldwide.
Valuation and Outlook
RadNet's valuation metrics indicate a premium, with a P/E Ratio of 120.92, P/S Ratio of 2.85, and EV/EBITDA of 27.22. The company's leverage ratio is expected to be slightly less than 2 times after completing the Gleamer acquisition. Analysts estimate next year's revenue growth at 10.3%. The company's guidance for 2026 indicates significant growth, driven by same-center performance, tuck-in acquisitions, and de novo center openings.
Margin Expansion
The Digital Health business is expected to see improved margins in the mid-to-long term, driven by organic growth and investments in new product development. The company expects significant efficiencies in X-ray volume and plans to recover costs to make radiologists' time more available for advanced imaging studies. The EBITDA guidance assumes a $5 million EBITDA loss from Gleamer in 2026, with expectations to turn EBITDA positive by 2027.