Truist on RadNet (RDNT): 'Positive EBCD Reimbursement Update From SC'

Truist Securities analyst David MacDonald reiterated a Buy rating and $74.00 price target on RadNet (NASDAQ: RDNT).

The analyst commented: "Positive EBCD Reimbursement Update From Southern California. This morning, RadNet announced the company has reached an agreement with Regal Medical Group (Private), Lakeside Community Healthcare (Private) and ADOC Medical Group (Private) to add an EBCD benefit to their members' health plans and reimburse RadNet for the EBCD program. We view this as a positive update/progress as these companies are affiliates of the Heritage Provider Network (Private) which is one of the largest physician-owned medical groups in Southern California serving nearly 600K members and contracting with "most major health insurance carriers." Under the agreement, these medical groups will provide RadNet's AI-powered breast cancer detection services to all mammogram eligible patients and RadNet is slated to launch an outreach program to encourage patient and practice adoption. We think the deal provides a solid opportunity to further increase EBCD adoption which is running at 40%+ nationwide and marks progress consistent with 1Q commentary suggesting positive conversations with payers around potential reimbursement. We reiterate our Buy rating and $74 price target and expect additional detail on the partnership when the company reports 2Q results."

For an analyst ratings summary and ratings history on RadNet click here. For more ratings news on RadNet click here.

Shares of RadNet closed at $57.62 yesterday.

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