Akumin bills itself as nation’s No. 2 radiology services provider following $820M Alliance acquisition
Akumin Inc. is billing itself as the nation’s No. 2 largest provider of radiology services following its $820 million acquisition of Alliance Healthcare Services.
Leaders with the Plantation, Florida-based firm made the claim in a corporate presentation set to be shared on Friday, Dec. 17. Following the recent blockbuster deal, the combined company now covers 46 states, serving 1,000 hospital and healthcare providers with more than 230 fixed-site radiology and oncology centers. RadNet would grab the top spot on the list, operating more than 350 freestanding, fixed-site imaging centers.
Akumin on Monday also revealed its long-awaited third quarter earnings results, which had been plagued by delays that forced the company to bar its management from trading company stock. That order is set to be lifted on Thursday, Dec. 16, after delivering its Q3 financials.
In an announcement, Akumin Chairman and Co-CEO Riadh Zine said they’re pleased with Q3’s numbers, which include one month of combined results with Alliance Healthcare Services. Integration initiatives are already underway, he added, with Akumin also consolidating financial planning for the two organizations.
“With the increased scale of the company and the depth of the management team, we expect 2022 to be a milestone year as we continue to build on this solid foundation,” Zine said in a Dec. 13 statement.
The combined companies also released their latest financial guidance for 2022 on Wednesday, anticipating between $155-$170 million in earnings (before interest, taxes, depreciation and amortization) on revenues of $760-$780 million. That’s compared to between $65 million-$72 million in EBITDA on revenue of $421-$428 million in 2021. Akumin expects to spend about $85 million on capital expenditures next year, with $75 million of that coming from financing. About $26 million will cover “customer renewals” and maintenance of its fleet, while the other $59 will fund growth initiatives such as setting up new sites.
Akumin said same-store volume was up in the three months ending Sept. 30, including an 8.5% uptick for MRI, 2.2% in PET/CT and 8.9% for total radiology procedures. Total revenue hit more than $108 million, up 71% compared to the same period last year, while earnings reached $18 million, up 47%.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.