XML 66 R26.htm IDEA: XBRL DOCUMENT v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Service Fee Revenue
Our total revenues for the years ended December 31, 2025, 2024, and 2023 are presented in the table below. Our patient service revenue is displayed as the estimated service fee, broken down by classification of insurance coverage type, along with revenue generated from our management services and other sources such as software and AI.
 
In Thousands202520242023
Commercial insurance$1,130,114 $1,018,327 $879,792 
Medicare476,987 410,072 356,506 
Medicaid51,736 44,736 42,302 
Workers' compensation/personal injury44,700 43,666 46,406 
Other payors118,599 104,888 87,675 
Management fee revenue27,516 24,676 17,936 
Other revenue65,021 46,724 32,580 
Revenue under capitation arrangements125,537 136,575 153,433 
Total revenue$2,040,210 $1,829,664 $1,616,630 
Schedule of Accounts Payable and Accrued Expenses Accounts payable and accrued expenses were comprised of the following (in thousands):
 December 31,
 20252024
Accounts payable$153,234 $96,450 
Accrued expenses154,991 153,252 
Accrued salary and benefits74,009 68,242 
Accrued professional fees39,795 33,520 
Total$422,029 $351,464 
Schedule of Foreign Currency Translation Amounts The following is a reconciliation of Foreign Currency Translation amounts for the years ended December 31, 2025, 2024 and 2023 is provided below (in thousands):
Currency Translation
Balance as of December 31, 2022$(4,385)
Currency Translation Adjustments4,617 
Balance as of December 31, 2023232 
Currency Translation Adjustments(5,929)
Balance as of December 31, 2024(5,697)
Currency Translation Adjustments13,081 
Balance as of December 31, 2025$7,384 
Schedule of Effect of Derivative Instruments on Comprehensive (Loss) Income
A tabular presentation of the effect of derivative instruments on our other comprehensive income of the 2019 Swaps which were ineffective is as follows (amounts in thousands):
For the years endedAccountBeginning BalanceAmount of other comprehensive loss recognized on derivative net of taxesAmount of loss reclassified out of accumulated OCI into income (prior period effective portion), net of taxes*Ending Balance
December 31, 2025Accumulated Other Comprehensive Loss, net of taxes$(2,273)$— $2,273 $— 
December 31, 2024Accumulated Other Comprehensive Loss, net of taxes$(11,625)$— $9,352 $(2,273)
December 31, 2023Accumulated Other Comprehensive Loss, net of taxes$(15,201)$— $3,576 $(11,625)
*Net of taxes of $0.7 million, $3.0 million and $1.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

A tabular presentation of the effect of derivative instruments on our statement of operations of the 2019 Swaps is as follows (amounts in thousands):
For the year endedAmount of gain (loss) recognized in income on derivative (current period ineffective portion)Location of gain (loss) recognized in Income on derivative (current period ineffective portion)Amount of loss reclassified from accumulated other comprehensive income (loss) into income (prior period effective portion)Net receipts (payments) associated with swapLocation of loss reclassified from accumulated other comprehensive income (loss) into income (prior period effective portion) and net receipts (payments) associated with swap
December 31, 2025$7,112Non-cash change in fair value of interest rate swaps$(2,273)$7,932Interest Expense
December 31, 2024$(8,006)Non-cash change in fair value of interest rate swaps$(9,352)$13,126Interest Expense
December 31, 2023$(8,185)Non-cash change in fair value of interest rate swaps$(3,576)$14,541Interest Expense
Schedule of Business Acquisitions by Acquisition, Contingent Consideration
A tabular roll-forward of contingent consideration is as follows (amounts in thousands):
For the year ended December 31, 2025
EntityAccount
January 1, 2025 Balance
AdditionsSettlement of Contingent ConsiderationChange in Valuation of Contingent ConsiderationDecember 31, 2025 Balance
See-Mode Technologies Pte. Ltd.Accrued expenses and other non-current liabilities$— 8,966 (4,348)711 $5,329 
Kolb Radiology P.C.Accrued expenses and other non-current liabilities$— 4,500 — (600)$3,900 
CIMAR UK LimitedAccrued expenses and other non-current liabilities$— 5,753 — — $5,753 

For the year ended December 31, 2024
EntityAccount
January 1, 2024 Balance
Settlement of Contingent ConsiderationChange in Valuation of Contingent ConsiderationCurrency TranslationDecember 31, 2024 Balance
Heart & Lung LimitedAccrued Expenses & Other Long Term Liabilities$6,242 $(8,221)$1,060 $919 $— 
For the year ended December 31, 2023
EntityAccount
January 1, 2023 Balance
Settlement of Contingent ConsiderationChange in Valuation of Contingent ConsiderationCurrency TranslationDecember 31, 2023 Balance
AidenceOther Long Term Liabilities$7,158 $— $(7,158)$— $— 
QuantibAccrued Expenses & Other Long Term Liabilities$2,134 $(3,535)$1,401 $— $— 
MontclairAccrued Expenses$1,200 $— $(1,200)$— $— 
Heart & Lung LimitedAccrued Expenses & Other Long Term Liabilities$11,053 $(7,854)$2,476 $567 $6,242 
Schedule of Fair Value of Assets and Liabilities
The table below summarizes the estimated fair values of certain of our financial assets that are subject to fair value measurements, and the classification of these assets in our consolidated balance sheets, as follows (in thousands):



As of December 31, 2024
Level 1Level 2Level 3Total
Other Current Assets    
2019 SWAPS - Interest Rate Contracts$— $7,112 $— $7,112 
 
The tables below summarize the estimated fair values of contingencies and holdbacks relating to our acquisitions that are subject to fair value measurements and the classification of these liabilities on our consolidated balance sheets, as follows (in thousands):
 As of December 31, 2025
Level 1Level 2Level 3Total
Accrued expenses and other non-current liabilities    
See-Mode Technologies Pte. Ltd.$— $— $5,329 $5,329 
Kolb Radiology P.C.— — 3,900 3,900 
CIMAR UK Limited— — 5,753 5,753 
The table below summarizes the estimated fair value and carrying amount of our Barclays Term Loans and Truist Term Loan long-term debt as follows (in thousands):
 
 As of December 31, 2025
 Level 1Level 2Level 3Total Fair ValueTotal Face Value
Barclays Term Loans and Truist Term Loan$— $1,087,272 $— $1,087,272 $1,084,869 
 
 As of December 31, 2024
 Level 1Level 2Level 3Total Fair ValueTotal Face Value
Barclays Term Loans and Truist Term Loan$— $1,006,713 $— $1,006,713 $1,005,625 
Schedule of Earnings Per Share Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding, net of common stock held in treasury, as follows (in thousands except share and per share data):
 
 Years Ended December 31,
 202520242023
Net (loss) income attributable to RadNet, Inc. common stockholders
$(18,652)$2,793 $3,044 
BASIC NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS
Weighted average number of common shares outstanding during the period75,189,872 73,037,237 63,580,059 
Basic net (loss) income per share attributable to RadNet, Inc. common stockholders
$(0.25)$0.04 $0.05 
DILUTED NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS
Weighted average number of common shares outstanding during the period75,189,872 73,037,237 63,580,059 
Add nonvested restricted stock subject only to service vesting— 296,849 202,995 
Add additional shares issuable upon exercise of stock options, warrants and holdback shares— 1,428,246 875,245 
Weighted average number of common shares used in calculating diluted net income per share75,189,872 74,762,332 64,658,299 
Net (loss) income attributable to RadNet, Inc's common stockholders for diluted share calculation
$(18,652)$2,793 $3,044 
Diluted net (loss) income per share attributable to RadNet, Inc. common stockholders
$(0.25)$0.04 $0.05 
Stock options and non-vested restricted awards excluded from the computation of diluted per share amounts as their effect would be antidilutive:
Nonvested restricted stock subject to service vesting920,249 — — 
Shares issuable upon the exercise of stock options849,518 — 754,131 
Weighted average shares for which the exercise price exceeds the average market price of common stock— — 70,760 
Schedule of Investment in Joint Ventures
The table below summarizes our ownership interest in these joint ventures as of December 31, 2025:
Joint VenturePercentage Ownership
Franklin Imaging, LLC49 %
Greater Baltimore Diagnostic Imaging50 %
Advanced Imaging at St. Joseph Medical Center, LLC49 %
Carroll County Radiology, LLC40 %
Baltimore Washington Imaging Center, LLC35 %
Calvert Medical Imaging Centers, LLC50 %
Montgomery Community Magnetic Imaging Ctr LP49 %
Mt. Airy Imaging Center, LLC40 %
Orange County Radiation Oncology, LLC40 %
Arizona Diagnostic Radiology Group LLC49 %
Glendale Advanced Imaging Center, LLC55 %
Santa Monica Imaging Group LLC49 %
The following table is a summary of our investment in joint ventures during the years ended December 31, 2025 and 2024 (in thousands):
 
Balance as of December 31, 2023$92,710 
Equity in earnings in these joint ventures14,472 
Distribution of earnings(4,546)
Equity contributions in existing and purchase of interest in joint ventures1,496 
Impairment loss(75)
Balance as of December 31, 2024$104,057 
Equity in earnings in these joint ventures14,876 
Distribution of earnings(9,073)
Equity contributions in existing and purchase of interest in joint ventures20,480 
Balance as of December 31, 2025$130,340 
Schedule of Joint Venture Investment and Financial Information
The following table is a summary of key financial data for these joint ventures as of December 31, 2025 and 2024, respectively, and for the years ended December 31, 2025, 2024 and 2023, respectively, (in thousands):
December 31,
Balance Sheet Data:20252024
Current assets$79,220 $61,158 
Noncurrent assets227,447 232,750 
Current liabilities(10,682)(53,182)
Noncurrent liabilities(71,298)(70,241)
Total net assets$224,687 $170,485 
  
 202520242023
Net revenue$286,667 $264,471 $184,194 
Net income$31,992 $30,833 $12,968