Diagnostic imaging company RadNet (NASDAQ: RDNT) will be announcing earnings results next tomorrow after market close. Here’s what to look for.
RadNet beat analysts’ revenue expectations last quarter, reporting revenues of $575.6 million, up 22.1% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates.
Is RadNet a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting RadNet’s revenue to grow 22.1% year on year, improving from the 8.4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. RadNet has a history of exceeding Wall Street’s expectations.
Looking at RadNet’s peers in the testing & diagnostics services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Quest delivered year-on-year revenue growth of 10.2%, beating analysts’ expectations by 2.3%, and Guardant Health reported revenues up 44.3%, topping estimates by 6.4%. Quest traded up 8.6% following the results while Guardant Health was also up 6.3%.
Read our full analysis of Quest’s results here and Guardant Health’s results here.
There has been positive sentiment among investors in the testing & diagnostics services segment, with share prices up 2.7% on average over the last month. RadNet is up 8.5% during the same time and is heading into earnings with an average analyst price target of $89.75 (compared to the current share price of $71.57).
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