LOS ANGELES, Feb. 11, 2019 (GLOBE NEWSWIRE) — RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services today reported it has signed a definitive agreement to acquire the outpatient radiology practice of Kern Radiology Medical Group, Inc. (“Kern Radiology”), the owner of five imaging centers in Bakersfield, California. The transaction is expected to close in April.
For more than 50 years, Kern Radiology has serviced the communities of Bakersfield and Kern County, California, comprising over 380,000 and 800,000 people, respectively. Its imaging centers, which employ approximately 200 team members, provide multimodality offerings including MRI, CT, PET/CT, X-ray, Ultrasound, Bone Density, Nuclear Medicine and Interventional procedures. In addition, Kern Radiology provides radiology services to Bakersfield Memorial Hospital, Mercy Southwest Hospital and Mercy Downtown Hospital. Kern Radiology performs more than 200,000 exams each year and is expected to contribute to RadNet approximately $25 million of revenue on an annual basis.
Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, noted, “We are pleased to announce this transaction. In 2010, we entered the Bakersfield market through the acquisition of Truxtun Radiology Medical Group. Kern Radiology has been the other principal non-hospital-based operator in this market. Over the last eight years, we have become familiar with Kern’s well-respected operating capabilities and clinical talents. Upon closing the transaction, we will merge RadNet’s professional radiology organization in Bakersfield into Kern’s, creating a clinical organization and operation that is unparalleled in that marketplace. The combined practice will increase access for patients and referring physicians to an expanded service offering and cutting-edge technology.”
Dr. Bernard Maristany, President of Kern Radiology, shared, “The physicians of Kern Radiology Medical Group are excited about this opportunity to partner with RadNet. Our medical group has gained the trust of patients and referring physicians in Kern County by providing the highest quality radiology services available. RadNet will provide the management and imaging expertise needed to let our physicians focus on patient care. We are confident Kern Radiology and all of its employees will have a strong future with RadNet in this ever changing healthcare environment.”
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 341 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 7,500 employees. For more information, visit http://www.radnet.com.
CONTACTS:
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer