Teleradiology outfit USARad sees quarterly revenues climb over 8%
Teleradiology outfit USARad touted solid quarterly financial results on Thursday, with revenues climbing 8.3% compared to the same three months last year.
The company logged revenue of roughly $2.6 million in Q1, up from $2.4 million over the same period in 2024. USARad’s gross profit was about $400,000 (with a profit margin of 17%), up more than 33% from the $300,000 (and 14%) logged last year.
Leaders attributed these gains to customer retention, increased rates and greater volumes for its reading services during weekday shifts. Headquartered in Fort Lauderdale, Florida, USARad is part of vendor Nanox, which acquired the company for $30 million in 2021 to support the development of its imaging system, the Nanox.ARC.
“Our teleradiology business is generating steady revenue which helps to fund our growth, and we continue to do important supporting work behind the scenes, such as securing more regulatory clearances and generating additional clinical data underpinning the use of the Nanox.ARC,” Erez Meltzer, CEO and acting chairman of the board, said in a statement May 22.
Non-GAAP gross profit for USARad was roughly $1 million (with a margin of 39%) compared to $900,000 (37%) in the first three months of 2024.
USARad Holdings was founded in 2008 and today represents a “rapidly growing” network of over 300 rads in the U.S., according to its website.
In its Q4 2024 earnings report in March, Nanox reported about $2.8 million worth of quarterly revenues from USARad. This was up nearly 22% year over year compared to the $2.3 million logged the same three months of 2023. Its GAAP gross profit was roughly $600,000 (profit margin of 21%) up from $300,000 (14%) during the same period the previous year.
You can read more about Nanox’s quarterly earnings results here. The company also recently received U.S. Food and Drug Administration clearance for general use of its Nanox.ARC X imaging system.
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.