RadNet Forecasts Lower Profits In 2022 Due To Rising Costs, Labor Shortage

RadNet Inc RDNT reported Q3 adjusted EPS of $0.09, down from $0.21 a year ago and missing the consensus of $0.16.
Q3 sales came in at $350.04 million, up 5.2% Y/Y, beating the consensus of $348.92 million.
Aggregate procedural volumes increased by 5.7%; Same-center procedural volumes increased by 3.9% compared to the third quarter of 2021.
The company keeps FY22 Revenue – Imaging Ctr Operations guidance at $1.36-$1.41 billion.
It lowered guidance for Adjusted EBITDA Excluding Losses from AI Segment to $203 - $208 million from $208 - $218 million.
The company expects higher Capital Expenditures for FY22 at $100 - $105 million, up from $90 - $95 million, and free cash flow of $60 - $70 million.
Howard Berger, President & CEO, highlighted, "We are adjusting our guidance levels to reflect the challenges that an extremely difficult labor market had on our third quarter results and to reflect anticipated performance for the remainder of 2022. We are executing on a multitude of growth and cost savings initiatives that make me very optimistic and exciting about how we are positioned for the upcoming fourth quarter of 2022 and full-year 2023."
Price Action: RDNT shares are down 15.31% at $14.47 on the last check Wednesday.

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