Radiology company RadNet, Inc. (NASDAQ: RDNT) recently reported mixed results for the first quarter ended March 31, 2022.
Following the results, shares of the company declined 4.4% to close at $18.16 in Monday’s extended trading session.
Revenue & Earnings
Revenues for the quarter stood at $341.8 million, up 8.4% year-over-year. Further, the figure surpassed the consensus estimate of $330.41 million. Service fee revenue grew 8.5% year-over-year to $303.3 million and contributed to the overall growth in revenues.
The company reported a loss of $0.15 per share against the consensus estimate of $0. RadNet had posted earnings of $0.05 per share in the same quarter last year.
Outlook
For the Fiscal Year 2022, the company forecasts revenues in the range of $1,360 million to $1,410 million, up from the previous guidance of $1,350 million to $1,400 million. The consensus estimate for the same is pegged at $1,380 million.
Stock Rating
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on two unanimous Buys. RDNT’s average price target of $32.50 implies that the stock has upside potential of 79% from current levels. Shares have declined 20.4% over the past year.
Investors’ Stance
TipRanks’ Stock Investors tool shows that investors currently have a Neutral stance on RDNT, as 0.7% of portfolios tracked by TipRanks increased their exposure to RDNT stock over the past 30 days.
Conclusion
RadNet’s quarterly losses remain a point of concern for the company. However, rising revenues and its revised guidance can prove to be beneficial for the stock.
Discover new investment ideas with data you can trust.
Read full Disclaimer & Disclosure
Related News:
Why Did Under Armour Shares Dip 23.9%?
Spire’s Q2 Results Fall Year-Over-Year but Surpass Estimates
Vale & Tesla Enter Long-Term Supply Deal
