v3.26.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Service Fee Revenue
Our total revenues for the three months ended March 31, 2026 and 2025 are presented in the table below. Our patient service revenue is displayed as the estimated service fee, broken down by classification of insurance coverage type, along with revenue generated from our management services and other sources such as software and AI.
In ThousandsThree Months Ended
March 31,
20262025
Commercial insurance$315,869 $262,488 
Medicare137,179 108,199 
Medicaid13,991 11,690 
Workers' compensation/personal injury12,304 10,459 
Other payors33,590 27,691 
Management fee revenue7,481 6,279 
Other revenue24,804 12,543 
Revenue under capitation arrangements30,413 32,050 
Total service revenue$575,631 $471,399 
Schedule of Goodwill Activity in goodwill for the three months ended March 31, 2026 is provided below (in thousands):
Imaging Center segmentDigital Health segmentTotal
Balance as of December 31, 2025$741,893 $165,770 $907,663 
Goodwill from acquisitions17,159 170,846 188,005 
Measurement period and other adjustments— 2,201 2,201 
Currency translation(404)(2,766)(3,170)
Balance as of March 31, 2026$758,648 $336,051 $1,094,699 
Schedule of Annual Amortization Expense The components of intangible assets, both finite and indefinite lived, along with annual amortization expense that will be recorded over the next five years at March 31, 2026 and December 31, 2025 are as follows (in thousands):
As of March 31, 2026:
2026*2027202820292030ThereafterTotalWeighted average amortization period remaining in years
Management service contracts$1,715 $2,287 $2,287 $2,287 $2,287 $2,098 $12,961 5.6
Covenant not to compete and other contracts1,532 1,809 1,719 1,228 145 2 6,435 3.4
Customer lists6,205 8,119 8,078 8,078 8,078 94,091 132,649 16.4
Patent and trademarks480 385 321 66 43 82 1,377 3.3
Developed technology & software9,925 12,712 12,712 7,578 6,859 16,567 66,353 6.0
Trade Names definite life1,277 1,702 1,667 1,111 898 3,805 10,460 9.0
Certifications2,536 250 — — — — 2,786 0.3
Others328 438 438 219 — 657 2,080 2.2
Trade names indefinite life— — — — — 7,100 7,100 0.0
IPR&D— — — — — 11,280 11,280 0.0
Total annual amortization$23,998 $27,702 $27,222 $20,567 $18,310 $135,682 $253,481 
*Excluding the three months ended March 31, 2026

As of December 31, 2025:
20262027202820292030ThereafterTotalWeighted average amortization period remaining in years
Management Service Contracts$2,287 $2,287 $2,287 $2,287 $2,287 $2,096 $13,531 5.8
Covenant not to compete and other contracts2,039 1,745 1,655 1,195 119 — 6,753 3.6
Customer Relationships3,914 3,736 3,694 3,694 3,694 43,016 61,748 16.9
Patent and Trademarks763 391 326 67 43 83 1,673 3.1
Developed Technology & Software9,712 9,177 9,177 3,958 3,227 5,770 41,021 5.0
Trade Names definite life394 394 359 252 127 336 1,862 5.6
Certifications1,867 — — — — — 1,867 0.8
Others438 438 438 219 — — 1,533 3.4
Trade Names indefinite life— — — — — 8,500 8,500 
IPR&D— — — — — 10,020 10,020 
Total Annual Amortization$21,414 $18,168 $17,936 $11,672 $9,497 $69,821 $148,508 
Schedule of Foreign Currency Translation Amounts The following is a reconciliation of Foreign Currency Translation amounts for the three months ended March 31, 2026 and 2025 is provided below (in thousands):
For the three months ended March 31, 2026
December 31, 2025 BalanceCurrency Translation Adjustments BalanceMarch 31, 2026 Balance
Currency Translation Adjustments$7,384$(7,518)$33
Schedule of Business Acquisitions by Acquisition, Contingent Consideration A tabular roll forward of contingent consideration is as follows (amounts in thousands):
For the three months ended March 31, 2026
EntityAccountDecember 31, 2025 BalanceAdditionsChange in valuation of contingent considerationCurrency TranslationMarch 31, 2026 Balance
See-Mode Technologies Pte. Ltd.Accrued expenses and other non-current liabilities$5,329 $— $1,627 $6 $6,962 
Kolb Radiology P.C.Accrued expenses and other non-current liabilities$3,900 $— $200 $— $4,100 
CIMAR UK LimitedAccrued expenses and other non-current liabilities$5,753 $— $937 $(74)$6,616 
Gleamer SASAccrued expenses$— $8,618 $— $(194)$8,424 
Schedule of Fair Value of Assets and Liabilities
The table below summarizes the estimated fair values of contingencies relating to our acquisitions that are subject to fair value measurements and the classification of these liabilities on our condensed consolidated balance sheets, as follows (in thousands):
 As of March 31, 2026
Level 1Level 2Level 3Total
Accrued expenses and other non-current liabilities    
See-Mode Technologies Pte. Ltd.
$— $— $6,962 $6,962 
Kolb Radiology P.C.— — 4,100 4,100 
CIMAR UK Limited— — 6,616 6,616 
Gleamer SAS— — 8,424 8,424 
The table below summarizes the estimated fair value and carrying amount of our Barclays Term Loans and Truist Term Loan long-term debt as follows (in thousands):
 As of March 31, 2026
Level 1Level 2Level 3Total Fair ValueTotal Face Value
Barclays Term Loan and Truist Term Loan$— $1,080,816 $— $1,080,816 $1,079,617 
 As of December 31, 2025
Level 1Level 2Level 3Total Fair ValueTotal Face Value
Barclays Term Loan and Truist Term Loan$— $1,087,272 $— $1,087,272 $1,084,869 
Schedule of Earnings Per Share Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding, net of common stock held in treasury, as follows (in thousands except share and per share data):
 Three Months Ended March 31,
20262025
NET LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS$(33,466)$(37,926)
BASIC AND DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS
Weighted average number of common shares outstanding during the period77,057,835 74,382,356 
Basic and diluted net loss per share attributable to RadNet, Inc.'s common stockholders
$(0.43)$(0.51)
Stock options and non-vested restricted awards excluded from the computation of diluted per share amounts as their effect would be antidilutive:
Non-vested restricted stock subject to service vesting1,044,986 910,334 
Shares issuable upon the exercise of stock options927,262 894,169 
Schedule of Investment in Joint Ventures
The table below summarizes our ownership interest in these unconsolidated joint ventures as of March 31, 2026:
Joint VenturePercentage Ownership
Franklin Imaging, LLC49 %
Greater Baltimore Diagnostic Imaging50 %
Advanced Imaging at St. Joseph Medical Center, LLC49 %
Carroll County Radiology, LLC40 %
Baltimore Washington Imaging Center, LLC35 %
Calvert Medical Imaging Centers, LLC50 %
Montgomery Community Magnetic Imaging Ctr LP49 %
Mt. Airy Imaging Center, LLC40 %
Orange County Radiation Oncology, LLC40 %
Arizona Diagnostic Radiology Group LLC49 %
Glendale Advanced Imaging Center, LLC55 %
Santa Monica Imaging Group LLC49 %
The following table is a summary of our investment in joint ventures during the three months ended March 31, 2026 (in thousands):
Balance as of December 31, 2025$130,340 
Equity in earnings in joint ventures3,825 
Distribution of earnings(2,756)
Balance as of March 31, 2026$131,409 
Schedule of Joint Venture Investment and Financial Information
The following table is a summary of key balance sheet data for these joint ventures as of March 31, 2026 and December 31, 2025 and income statement data for the three months ended March 31, 2026 and 2025 (in thousands):
Balance Sheet Data:March 31, 2026December 31, 2025
Current assets$85,217 $79,220 
Noncurrent assets226,901 227,447 
Current liabilities(12,271)(10,682)
Noncurrent liabilities(73,278)(71,298)
Total net assets$226,569 $224,687 
Income statement data for the three months ended March 31,
20262025
Net revenue$73,330 $66,274 
Operating expense, excluding depreciation and amortization60,140 54,976 
Depreciation and amortization4,994 5,176 
Non-operating expense65 494 
Net income8,131 5,628