RadNet (NASDAQ:RDNT) CFO Mark Stolper told attendees at KeyBanc’s Healthcare Forum that the company exited 2025 with what he described as “unprecedented” momentum in imaging volumes, while its digital health business continued to scale and is expected to be a major growth driver in 2026. In a fireside chat format, Stolper discussed market disruptions early in 2025, modality mix shifts toward advanced imaging, expansion plans through acquisitions and de novo centers, and the company’s strategy for hospital joint ventures and artificial intelligence-enabled workflow tools.
2025: Weather disruptions early, strong growth later
Stolper said 2025 began with unexpected challenges including California wildfires affecting Southern California and severe winter weather in the East Coast. After recovering from those disruptions, he said RadNet posted strong volume growth through the second half of the year.
2026 outlook: acquisitions, same-center trends, and new center builds
Stolper pointed to tuck-in acquisitions completed during 2025 and said RadNet entered two new markets in early January 2026: southwest Florida, where it acquired 13 centers, and Indiana, where it acquired six centers. He also referenced the more recent acquisition of Gleamer in digital health.
RadNet’s 2026 guidance, as discussed during the event, includes imaging center revenue growth of 17% to 19% and imaging EBITDA growth of 18% to 22%, implying margin expansion. Stolper said the revenue outlook reflects both inorganic growth from acquisitions and continued organic performance, including mid-single-digit same-center growth for advanced imaging, low-single-digit growth for routine imaging (X-ray, ultrasound, mammography), and stronger PET-CT growth.
Other assumptions he cited included:
- A $4 million to $5 million pricing benefit on the Medicare side.
- Commercial pricing increases of roughly 1% to 3% on average, with commercial payers representing about 60% of the company’s payer mix.
- Expansion of the hospital joint venture business and a development pipeline of 11 to 13 new centers targeted to be completed and opened by year-end, subject to typical construction timing and cost challenges.
Advanced imaging mix shift supported by technology and workflow tools
Stolper said the broader industry continues to shift toward advanced imaging as equipment and related technologies improve and as an aging population relies more heavily on advanced diagnostics. He noted RadNet has seen more than a 200-basis-point shift toward advanced imaging over the past couple of years and expects that trend to continue.
He also described internal initiatives intended to expand capacity and improve utilization, including MRI scanner upgrades and post-processing software that allow shorter scanning times. Stolper said RadNet’s TechLive remote scanning capability, now deployed on all MRI machines, has reduced exam-room closure hours when an on-site technologist is not available.
Additionally, he said the company has implemented AI-powered dynamic scheduling for advanced imaging on both coasts, using predictive tools to anticipate no-shows and enable overbooking to reduce unused time slots.
Hospital joint ventures: pipeline growth and strategic rationale
Stolper said hospitals are facing increased payer pressure to shift imaging away from higher-cost hospital settings to ambulatory sites of care. He described a rise in inbound interest from hospitals looking either to participate in the outpatient shift or to expand capacity due to constrained in-hospital radiology departments.
RadNet’s joint venture model, he said, typically involves hospitals taking an equity position in outpatient centers while RadNet serves as the operating partner, bringing technology, operational processes, and revenue cycle management. Stolper emphasized that billing is done under outpatient RadNet or affiliated physician group tax IDs rather than through hospital billing.
As of 12/31, Stolper said 151 of RadNet’s 418 locations were in joint ventures, representing about 36% of centers. Given current demand, he said the joint venture mix could eventually exceed 50%, and he indicated the company is “highly likely” to announce at least a couple of new joint venture relationships in 2026, potentially including entry into a new geography.
He also discussed radiologist staffing dynamics, noting hospitals increasingly subsidize radiology groups due to the economics of split billing (technical vs. professional component). Stolper argued RadNet’s model supports higher radiologist productivity through scale and workflow tools, and he said the company has had success attracting and retaining talent, though he acknowledged an industry-wide shortage of radiologists.
Digital health: organic drivers, ARR targets, and Gleamer integration
On the digital health business, Stolper discussed guidance that includes 45% to 55% growth and an ARR target of $140 million. He said growth is expected to come from both organic demand and acquisitions, including the full-year impact of iCAD (acquired July 1 of the prior year) and Gleamer.
Stolper said Gleamer is expected to contribute $16 million of GAAP revenue in 2026 and reach $30 million-plus ARR by the end of 2026, as embedded in RadNet’s digital health revenue outlook of $135 million to $145 million.
He also cited organic growth drivers across the portfolio, including continued adoption of the company’s EBCD program, with 46% of patients electing into the AI-powered program as of the last quarter (over 51% on the East Coast and about 42% on the West Coast). Stolper discussed demand for clinical AI products including lung and prostate, and said lung solutions have been growing in the U.K. alongside the NHS “targeted lung health check” rollout.
On ultrasound, he said the company has deployed its thyroid solution internally on approximately 240,000 thyroid scans per year and is beginning external sales. He also said TechLive is seeing increasing external demand. Looking ahead, Stolper said the company anticipates at least four FDA approvals in coming quarters spanning lung, breast, prostate, and breast ultrasound.
Discussing Gleamer specifically, Stolper framed X-ray as a high-volume but low-reimbursement modality that contributes to radiologist burnout and reliance on costly teleradiology in certain settings. He said RadNet evaluated numerous AI X-ray companies and viewed Gleamer as meaningfully ahead on clinical indications and commercial execution, citing Gleamer’s 90% ARR CAGR since 2022, a sales team of more than 40 people, and a customer base of 700+ largely outside the U.S. He also cited DeepHealth’s 2,000+ domestic customers as an opportunity for cross-selling. Stolper said combining DeepHealth and Gleamer makes RadNet “the largest radiology AI company in the world.”
On capital allocation, Stolper said RadNet plans to remain opportunistic but indicated he does not expect another digital health acquisition on the scale of Gleamer in the near term. Instead, he said the company currently sees more opportunity to deploy capital on the imaging side through acquisitions and hospital joint ventures. He added that RadNet expects to generate well over $100 million of free cash flow in 2026 and said it has significant liquidity and cash available absent major acquisitions.
Addressing site-neutral payment reform, Stolper said the impact differs between Medicare and commercial payers. He noted Medicare hospital outpatient payment premiums are materially smaller than commercial differentials, which he characterized as 200% to 500% of outpatient pricing. He said he was skeptical that site neutrality could practically extend to commercial reimbursement, but added that even Medicare site-neutral pressure could encourage more hospitals to pursue outpatient partnerships—something he described as a net positive for RadNet.
About RadNet (NASDAQ:RDNT)
RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.
Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.
