RadNet completes acquisition of Brooklyn and Orchard Park imaging centers

RadNet, Inc., a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 200 fully-owned and operated outpatient imaging centers, today reported it has completed the acquisition from Presgar Imaging and affiliated entities of imaging centers in Brooklyn and Orchard Park, New York for cash consideration of $2.2 million plus the assumption of approximately $700,000 of debt.  

Highway Imaging in Brooklyn and Parkland Diagnostic in Orchard Park are both multimodality facilities, offering a combination of MRI, CT, PET/CT, ultrasound, mammography, bone density and x-ray. The two centers should add approximately $7 million of revenue to RadNet on an annualized basis.

Howard G. Berger, MD, President and Chief Executive Officer of RadNet, explained, "This is another example of the many tuck-in acquisitions we are pursuing in our core markets. Last April, we entered the Brooklyn market with our acquisition of a facility we purchased from a bankruptcy estate. The acquisition of the Highway Imaging facility further increases our presence in that very densely populated market. Our acquisition of Parkland Diagnostic represents a contiguous market expansion for our Rochester cluster of centers, and is our first center in the greater Buffalo, New York area."

"As the economy remains challenged and reimbursement and utilization pressures continue within healthcare services, we continue to see more and more opportunities to acquire smaller operators in our markets. We remain disciplined in our approach to the acquisitions multiples which we are willing to pay, and we are focused on the continual evaluation of the most attractive uses of our liquid resources," added Dr. Berger.