RadNet Makes $270 Million Bet On AI Future With Gleamer Buyout

On Monday, RadNet, Inc. (NASDAQ:RDNT) reported record fourth-quarter revenue and adjusted EBITDA, beating Wall Street estimates on strong imaging demand and improved efficiency. Shares rose following the results and the company’s announcement of an acquisition of the Paris-based AI firm Gleamer.

Quarterly Performance And Street Comparison

Fourth-quarter revenue rose 14.8% year over year to $547.7 million, topping the consensus estimate of $515.7 million. Adjusted EBITDA increased 16.9% to $87.7 million, lifting adjusted EBITDA margin to 16.0% from 15.7% a year earlier.

Adjusted diluted earnings came in at 23 cents per share, ahead of the 20-cent analyst estimate but down slightly from 24 cents in the prior-year quarter.

Advanced imaging procedures (MRI, CT, and PET/CT) climbed 14.1% year over year, with same-center advanced imaging up 9.6%. PET/CT led growth, while MRI and CT also posted double-digit gains, reinforcing management’s view that higher-acuity imaging continues to outpace routine exams.

Digital Health revenue, including intercompany revenue, jumped 48.2% to $27.9 million. Segment adjusted EBITDA rose to $4.9 million from $4.5 million a year earlier, reflecting continued scaling of the platform.

On an unadjusted basis, RadNet reported a net loss of $0.6 million, or 1 cent per share, compared with net income of $5.3 million, or 7 cents per share, in the fourth quarter of 2024. The swing primarily reflected one-time and nonrecurring items.

2026 Outlook: Accelerating Growth Targets

CEO Dr. Howard Berger said the company is expanding capacity through new centers and tuck-in acquisitions while rolling out DeepHealth automation tools to improve throughput.

For 2026, RadNet guided for Imaging Center segment revenue growth of 17% to 19%, adjusted EBITDA growth of 18% to 22% and free cash flow growth of 29% to 41% from 2025 levels.

The company also expects Digital Health revenue to grow 46% to 56%, supported in part by its newly announced acquisition of Gleamer.

“Moving into 2026, RadNet is well-positioned to accelerate growth within Digital Health. With the addition of products resulting from this morning’s acquisition of Gleamer in Paris, France, the Digital Health division now includes what we believe is the most comprehensive collection of clinical AI solutions of any company worldwide. This will have broad implications for the performance of RadNet’s core Imaging Center business, the businesses of the over 2,700 current Digital Health customers and future customers throughout the diagnostic imaging industry,” commented Berger.

Gleamer Acquisition Strengthens AI Strategy

RadNet separately announced an all-cash deal to acquire Paris-based radiology AI developer Gleamer for up to 230 million euros (~$270 million), including a post-closing milestone.

Gleamer has more than 130 employees and a cloud-first platform with more than 700 customer contracts in 44 countries, RadNet said. Its portfolio includes FDA-cleared and CE-marked software across musculoskeletal, breast, lung and, neurologic applications.

RadNet said Gleamer’s annual recurring revenue grew at a compound rate above 90% from 2022 to 2025 and is projected to reach about $30 million in ARR in 2026.

Management said the move addresses rising imaging volumes and ongoing radiologist shortages by accelerating automation, particularly in high-volume modalities such as X-ray, which account for nearly a quarter of RadNet’s total imaging volume.

RadNet expects the integration to drive measurable productivity gains and begin contributing to cost efficiencies and patient-care improvements by the third quarter of 2026.

RadNet held cash and cash equivalents of $767.215 million as of December 31, 2025.

RDNT Price Action: RadNet shares were up 7.45% at $75.01 during premarket trading on Monday, according to Benzinga Pro data.

Photo by T. Schneider via Shutterstock