Radiology Business March 6, 2024
S&P Global Ratings expects Radiology Partners to generate positive free cash flow for the first time in years, allowing for a “stable” near-term outlook.
The country’s largest radiology practice last month scored $720 million in new preferred equity, granting it financial flexibility amid recent challenges. Rad Partners also completed several refinancing transactions, extending maturities on $2.8 billion of secured debt to 2028 and 2029 (from 2024 and 2025).
These maneuvers have “significantly improved liquidity,” analysts noted, with RP now having $390 million available from its recently paid off revolving credit line. Rad Partners had recorded negative cash flow in 2022 and 2023, spending more than it was taking in both years, but it appears to be turning a corner.
“The...
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