RadNet Becomes the Largest Outpatient Imaging Operator in the Greater Fresno, California Area with the Acquisition of Five Imaging Centers
LOS ANGELES, California, April 05, 2018 - RadNet, Inc. (NASDAQ:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services today reported it acquired five imaging centers in Fresno California operated by Sierra Imaging Associates (“SIA”), Women's Imaging Specialists in Healthcare (“WISH”) and Valley Metabolic Imaging (“VMI”). When combined with RadNet's two existing facilities in the area, Fresno Imaging Center and Hanford Imaging, the transaction transforms RadNet into the leading non-hospital based outpatient imaging operator in the greater Fresno, California area. The acquisition should provide RadNet with approximately $12 million of additional revenue on an annual basis.
The acquisition includes one facility operated by SIA offering MRI, CT and x-ray, three facilities focused on mammography and other women's imaging modalities operated by WISH and one center operated by VMI featuring PET/CT, CT and Nuclear Medicine. The five centers perform approximately 65,000 imaging procedures per year and are accredited by the American College of Radiology (“ACR”). The transaction will add almost 100 employees and access to approximately 25 radiologists who will serve the greater Fresno area.
Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, noted, “We are delighted to complete this significant transaction. SIA, WISH and VMI are premier operators in the greater Fresno medical community. This transaction transforms RadNet's participation in this market into a leadership position. We welcome the employees of SIA, WISH, VMI and Sierra Imaging Associates Medical Group, who will be our new radiologist group partner in the greater Fresno area.”
Mark Alson, the president of Sierra Imaging Associates Medical Group, added, “We are very pleased to be part of the RadNet family. RadNet brings expertise, capital, scale and business acumen that can accelerate and expand our growth and success in the Fresno area. Combining the existing RadNet facilities with ours, should improve quality of service, patient access and patient care for our local medical communities.”
About RadNet, Inc.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 297 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey and New York. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of over 7,400 employees. For more information, visit http://www.radnet.com.
Contact:
RadNet, Inc.
Mark Stolper
Executive Vice President and Chief Financial Officer
310-445-2800