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RadNet has signed a definitive agreement to acquire ONRAD, a provider of teleradiology and in-hospital radiology staffing services. ONRAD shareholders will receive $350 million in cash and 5 million shares of RadNet common stock, with an earnout of up to $210 million tied to 2027 EBITDA targets, payable in cash, stock, or both. Closing is expected in early 2027, subject to regulatory review and customary conditions.
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ONRAD works through more than 130 contracted radiologists across over 225 hospital facilities in 26 states, providing remote final reads and onsite services including interventional radiology. RadNet expects it to add $190 million to $200 million in revenue and $60 million to $65 million in adjusted EBITDA in its first year after closing. ONRAD will become the base of a third reportable segment, Radiology Professional Services.
The strategic logic combines RadNet’s outpatient imaging centers and DeepHealth AI solutions with hospital-based services. Hospitals account for more than 50% of U.S. imaging volume, and RadNet says imaging demand is outpacing the supply of trained radiologists. CEO Dr. Howard Berger called the deal “the next step in building an imaging company with comprehensive solutions.”
For the broader MedTech space, the acquisition links AI software to radiologist capacity, joining a trend of imaging companies pairing technology with services to relieve workforce pressure.
