Per share diluted Net Loss for the second quarter was $(0.21), compared to diluted Net Income of $0.10 in the second quarter of 2019 (based upon a weighted average number of diluted shares outstanding of 50.7 million in 2020 and 50.1 million in 2019). Adjusting for the impact of the non-cash change in the fair value of the interest rate hedge, per share diluted Adjusted Net Loss was $(0.16) in the second quarter compared to diluted Net Income of $0.10 in the second quarter of 2019.
Affecting Net Loss in the second quarter of 2020 were certain non-cash expenses or gains and non-recurring items including: $3.8 million non-cash expense from the change in the fair value of an interest rate hedge; $1.5 million of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted stock; $859,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $569,000 gain on the sale of certain capital equipment; and $1.1 million of non-cash amortization of deferred financing costs and loan discount on debt issuances.
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For the second quarter of 2020, as compared with the prior year’s second quarter, MRI volume decreased 39.7%, CT volume decreased 31.6% and PET/CT volume decreased 17.6%. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, decreased 43.7% over the prior year’s second quarter. On a same-center basis, including only those centers which were part of RadNet for both the second quarters of 2020 and 2019, MRI volume decreased 39.4%, CT volume decreased 31.7% and PET/CT volume decreased 16.9%. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, decreased 43.4% over the prior year’s same quarter.
Six Month Financial Results
For the six months ended June 30, 2020, RadNet reported Revenue of $472.1 million and Adjusted EBITDA(1) of $43.0 million. Revenue decreased $88.5 million (or 15.8%) and Adjusted EBITDA(1) decreased $33.4 million (or 43.7%) from the same six month period last year.
For the six month period in 2020, RadNet reported Net Loss of $27.0 million, a decline of approximately $28.1 million over the first six months of 2019. Adjusting for the impact of the non-cash change in the fair value of an interest rate hedge during the six month period on a tax-effected basis of $2.8 million, Adjusted Net Loss was $24.2 million in the first six months of 2020, a decline of $25.3 million over the same period of 2019.
Per share diluted Net Loss for the first six months of 2020 was $(0.53), compared to a diluted Net Income of $0.02 in the same six month period of 2019 (based upon a weighted average number of diluted shares outstanding of 50.5 million in 2020 and 50.0 million in 2019). Adjusting for the impact of the non-cash change in the fair value of the interest rate hedge, per share diluted Adjusted Net Loss was $(0.48) in the first half of 2020 compared to a diluted Net Income of $0.02 in the same period of 2019.
