RadNet – a national leader in providing high-quality and cost-effective outpatient diagnostic imaging services – announced that it has signed a definitive agreement to purchase the assets of seven imaging centers in the greater Houston, Texas metropolitan area from Houston Medical Imaging, LLC. And upon the closing of the acquisition – which is anticipated to occur during the Q2 2024 – RadNet will be entering its first new market since 2020. The deal is subject to customary closing conditions.
The seven centers (once acquired) will continue to operate under the Houston Medical Imaging brand, and will offer multi-modality services, including MRI, CT, PET/CT, X-ray, ultrasound, mammography and other procedures. And during 2023, these seven centers collectively performed over 135,000 procedures and produced over $28 million of revenue.
KEY QUOTES:
“The Houston metropolitan marketplace, encompassing about 7.3 million people, is the fourth most populous city and the second fastest growing metropolitan area in the United States. We believe this initial acquisition forms a strong platform from which to grow a new core network for RadNet. We are confident of the opportunity for further acquisitions, de novo build-outs, health system partnerships and other means of expansion, which include bringing our AI and leading edge clinical and operating digital health solutions to the patient and referring communities of greater Houston.”
“We are very intentional and methodical in our approach to entering new markets. As is the case with other markets, in Houston, we will be committed to expanding patient access and services. The Houston market exhibits many of the characteristics that have permitted us to be successful in other RadNet core geographies. We welcome the over 20 affiliated radiologists and the approximately 140 additional team members who currently support these Houston facilities, and look forward to growing this practice with them in the near future.”
– RadNet’s President and Chief Executive Officer, Howard Berger, MD
