RadNet to buy teleradiology firm ONRAD in $350M-plus deal
What's the deal? RadNetDealroom has a profile for this one. Try Dealroom → (NASDAQ: RDNT) has agreed to acquire ONRADDealroom has a profile for this one. Try Dealroom → for $350 million in cash plus 5 million RadNet shares, with an earnout of up to $210 million tied to 2027 EBITDA targets. ONRAD provides teleradiology and in-hospital staffing through more than 130 contracted radiologists. The deal is expected to close in early 2027, subject to regulatory review.
What each side brings: RadNet is a national outpatient diagnostic imaging operator that also builds AI-powered digital health tools through its DeepHealth unit. ONRAD supplies remote final-read interpretations and in-hospital radiology staffing — including interventional radiology — across more than 225 hospital facilities in 26 states.
What's the endgame? ONRAD will become RadNet's third reportable segment, Radiology Professional Services, giving it a foothold inside hospitals rather than just freestanding centers. RadNet describes a capital-light, high-margin platform that connects interpretation, AI, and imaging operations under one roof.
Why now? RadNet reported advanced-imaging volumes up 21.2% year over year in Q2 2026, while radiology staffing struggles to keep pace with demand. ONRAD is expected to add $190 million to $200 million in revenue and $60 million to $65 million in adjusted EBITDA in its first year after closing.
What they're saying: "This is the next step in building an imaging company with comprehensive solutions that brings technology, radiology professional services and imaging operations together," said Howard Berger, president and chief executive officer of RadNet.
The signal: The deal pushes RadNet beyond its center-acquisition playbook — this year it also bought the 13-location Radiology RegionalDealroom has a profile for this one. Try Dealroom → and formed a five-center Boise joint venture — toward owning both imaging and interpretation. As volumes rise and radiologists stay scarce, integrating the read with the scan is becoming the industry's growth bet.
Read more: radnet.com
Image credit: Generated with Gemini
