RadNet a ‘boon’ for investors, Los Angeles Business Journal says
Imaging industry giant RadNet Inc. has been a “boon” for investors, the Los Angeles Business Journal said in a report published Monday.
In the year ending July 23, the publicly traded company saw its stock price leap 86%, up to $65.05. During the same timeframe, market capitalization climbed 97% to about $4.8 billion.
LABJ reporter Howard Fine said this jump is “especially notable,” given that Los Angeles-based RadNet is a midsized company by market cap. Doubling this figure in one year is common for smaller companies, but it can be a “daunting” task for those in RadNet’s size bracket, especially ones already trading for 40 years.
Chief Financial Officer Mark Stolper cited several reasons for the company’s growth. Hospitals and insurers are seeking to move imaging into less costly outpatient settings. RadNet has taken measures to substantially reduce debt and make it more attractive to investors/partners. And the company is moving aggressively into the AI realm, using technology to increase physician productivity.
“Call it a combination of company-specific reasons and RadNet positioning itself to be at the forefront of trends in the industry,” Stolper told the publication.
Read more from the journal below and find links to our previous coverage about the company.
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.