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RadNet
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Updated Oct 26, 2026
RadNet to acquire ONRAD for $350M cash + 5M shares plus $210M earnout, creating hospital-based radiology platform
RadNet announced a definitive agreement to acquire ONRAD, a provider of teleradiology and in-hospital professional radiology staffing serving 225+ hospital facilities across 26 states. The $350 million cash plus 5 million share consideration, with a potential $210 million earnout contingent on 2027 EBITDA targets, creates a third reportable operating segment in Radiology Professional Services. ONRAD is projected to contribute $190–200 million revenue and $60–65 million Adjusted EBITDA in its first post-closing year, expanding RadNet's reach into hospital-based imaging where over 50% of U.S. diagnostic imaging volume occurs.
Tone: bullishRevenue
$2B
RDNT 10-K · FY 2025
Employees
11,264
Revenue FY2024
$1.8B
Founded
1985
Profile
RDNT 10-K Item 1 · Mar 2, 2026RadNet is the largest operator of freestanding, fixed-site outpatient diagnostic imaging centers in the United States by number of locations and revenue, operating 418 centers across nine states as of December 31, 2025. The company runs two segments: Imaging Centers, which provides MRI, CT, PET, mammography, ultrasound, X-ray, fluoroscopy, and nuclear medicine services; and Digital Health, which develops and commercializes AI-powered health informatics solutions under the DeepHealth brand. Its Digital Health portfolio includes 22 FDA clearances and 15 CE marks and serves more than 2,000 customers globally.
Read filing description ↓ Collapse description ↑
We are a leading national provider of diagnostic imaging services in the United States based on number of locations and annual imaging revenue. We have been in business since 1985. Our principal business segment is the provision of diagnostic imaging services. As of December 31, 2025, we operated, directly or indirectly through hospital and health system joint ventures, 418 imaging centers located in Arizona, California, Delaware, Florida, Maryland, Virginia, New Jersey, Texas and New York. Our Imaging Centers segment provides physicians with capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, often reducing the cost and amount of care for patients. Our services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy and other related procedures. The vast majority of our centers offer multi-modality imaging services, a key point of differentiation from our competitors. Integral to the imaging center business is our Digital Health operating segment, which sells computerized systems that distribute, display, store and retrieve digital images. We have also established a Digital Health segment division, that develops and deploys Artificial Intelligence suites to enhance radiologist interpretations of, among others, breast, lung and prostate images. The segment is led by our DeepHealth, Inc. subsidiary and includes our acquisitions of Aidence Holding B.V. and Quantib B.V., both based in the Netherlands. The portfolio of software solutions is anchored by eRad, Inc.'s RIS/PACS, informatics designed specifically for outpatient radiology and DeepHealth OS, a cloud-native operating system that helps operate all aspects of the radiology service line from scheduling and patient preparation to technologist workflow to interpretation and referral management. Internationally, our majority-owned subsidiary, The HLH Imaging Group Limited fka Heart & Lung Imaging Limited, provides teleradiology services for remote interpretation of images on behalf of providers within the framework of the United Kingdom's National Health Service.
Primary products
- MRI (Magnetic Resonance Imaging)
- CT (Computed Tomography)
- PET (Positron Emission Tomography)
- Nuclear Medicine
- Mammography
- Ultrasound
Business segments
End markets
Geographies
Named customers
“We are the largest operator of freestanding, fixed-site outpatient diagnostic imaging service centers in the United States, based on number of centers and revenue.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total consolidated revenue grew from approximately $1.83 billion in 2024 to approximately $2.04 billion in 2025, driven by center count growth from 398 to 418 locations and expansion across commercial insurance, Medicare, and other payor categories.
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