RadNet, Inc. Announces Agreement to Acquire ONRAD, Inc.
RadNet signed a definitive agreement to acquire teleradiology and hospital staffing provider ONRAD for $350 million in cash plus 5 million RadNet shares, with an earnout of up to $210 million tied to 2027 EBITDA targets. ONRAD is expected to contribute $190-200 million of revenue and $60-65 million of Adjusted EBITDA in its first year post-closing, a capital-light platform supporting more than 225 hospital facilities across 26 states with over 30% EBITDA margins. The deal creates RadNet's third reportable segment, Radiology Professional Services, extending the company into hospital-based imaging, where hospitals and health systems account for more than 50% of U.S. diagnostic imaging volume.
Key figures
- Revenue
- $190 million to $200 million (expected ONRAD contribution in first year post-closing)
- Deal Value Usd
- $350 million cash plus 5 million shares and up to $210 million earnout
- Earnout
- up to $210 million payable on 2027 target EBITDA
- Cash consideration
- $350 million
- Hospital facilities
- more than 225 across 26 states
- Onrad ebitda margin
- exceeding 30%
- Stock consideration
- 5 million RadNet shares
- Onrad revenue growth
- 10% to 20% annually over last several years
- Onrad adjusted ebitda
- $60 million to $65 million expected contribution in first year after closing
- Contracted radiologists
- more than 130
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