RadNet Acquires Gleamer: Transformative Move in Radiology AI

Key Highlights for Investors

• RadNet, Inc. (NASDAQ: RDNT), a leading U.S. provider of outpatient diagnostic imaging services, has acquired Gleamer SAS, a Paris-based radiology AI company, in a transformative deal that positions RadNet’s DeepHealth as the world’s largest provider of clinical AI solutions for radiology.
• The acquisition is valued at up to €230 million (all-cash transaction), reflecting Gleamer’s rapid multi-year recurring revenue growth, cloud-native gross margins, and industry-leading customer retention rates.
• Gleamer serves over 700 customer contracts in 44 countries and has achieved a remarkable annual recurring revenue (ARR) compound annual growth rate exceeding 90% from 2022 through 2025. Gleamer is expected to reach approximately \$30 million ARR by 2026.
• Post-acquisition, DeepHealth and Gleamer’s combined installed base will exceed 2,700 customer contracts across more than 50 countries, with an anticipated ARR approaching or exceeding \$140 million by the end of 2026.
• The combined portfolio now includes 26 FDA-cleared and 22 CE-marked devices that support more than 75 clinical indications and cover all core imaging modalities: MR, CT, X-ray, Mammography, and Ultrasound.
• The acquisition brings over 130 professionals from Gleamer into DeepHealth, significantly augmenting RadNet’s global commercial sales force and research & development capabilities.
• Deployment of Gleamer’s solutions within RadNet is expected to drive cost efficiencies and improve patient care by the third quarter of 2026, with notable productivity gains anticipated in X-ray, which accounts for nearly 25% of RadNet’s imaging volume.

Strategic and Financial Rationale

As the global shortage of radiologists becomes more acute and imaging volumes continue to rise, the need for AI-driven workflow optimization in routine imaging (X-ray, Ultrasound, Mammography) is critical for sustaining quality and efficiency. Gleamer is recognized for its leadership in routine imaging, especially X-ray, through cloud-first AI solutions.

Integrating Gleamer’s AI-powered solutions with DeepHealth’s portfolio enables RadNet to offer the industry’s most comprehensive suite of native clinical AI solutions—spanning screening, detection, interpretation, and follow-up for the most prevalent cancers and other high-impact conditions. This unique position allows RadNet to accelerate the delivery of automated diagnostics and set a new standard for AI-powered care globally.

For RadNet shareholders, the deal is particularly significant because:

• The acquisition is expected to enhance RadNet’s operational efficiency, notably by enabling end-to-end AI-enabled workflows that improve case prioritization, streamline reporting, and optimize radiologists’ productivity.
• The transaction is structured with a purchase price up to €230 million, reflecting the high growth and profitability profile of Gleamer.
• The expected ARR of \$140 million by the end of 2026 (combining DeepHealth and Gleamer) puts RadNet at the forefront of the clinical radiology AI sector, providing potential for significant revenue growth and market leadership.
• Deploying Gleamer’s technology across RadNet’s network could materially improve cost efficiencies and patient care, especially given the high share of X-ray in RadNet’s imaging mix.

Broader Implications and Leadership Commentary

Dr. Howard Berger, President and CEO of RadNet, highlighted the transformative nature of the deal, noting that the acquisition positions DeepHealth to expand its impact across routine imaging and acute diagnostic care, and to accelerate the delivery of automated diagnostics at scale.

Christian Allouche, CEO and Co-Founder of Gleamer, remarked that combining Gleamer’s AI capabilities, product portfolio, and commercial team with DeepHealth “poises us to shape the future of intelligent imaging at scale.”

Kees Wesdorp, President and CEO of DeepHealth, emphasized that the acquisition brings together two high-growth leaders to redefine imaging delivery with intelligence and automation, furthering access, efficiency, and improved outcomes for patients and providers worldwide.

Operational and Integration Details

• The acquisition includes a strong research and development team who have delivered solutions supporting over 25 clinical indications.
• Gleamer’s automated reporting capabilities, already in use in Europe, will be combined with DeepHealth’s generative and agentic AI solutions for a fully integrated offering, supporting standardized interpretation and scalable diagnostic pathways.
• RadNet will implement AI-enabled workflows that include automated triage and draft reporting, which are expected to allow radiologists to read more cases with greater accuracy and standardization, ultimately driving operational and cost efficiencies.
• The acquisition is expected to be accretive to RadNet’s operational efficiency by Q3 2026.

Additional Information for Shareholders

• Media and Investor Events: RadNet and DeepHealth will host a media event on March 2, 2026, and an investor call on March 5, 2026, to discuss the transaction in detail.
• Exhibition: DeepHealth will showcase its expanded portfolio at the European Congress of Radiology 2026 in Vienna, from March 4-7.

About the Companies

• RadNet, Inc. operates a large U.S. network of outpatient imaging centers and provides radiology IT and AI solutions under the DeepHealth brand, with over 11,000 team members.
• DeepHealth is RadNet’s digital health arm, providing advanced AI for breast, chest, neuro, prostate, and thyroid imaging, and operates the DeepHealth OS cloud platform.
• Gleamer, founded in 2017, has analyzed over 30 million exams at more than 2,250 locations in 44 countries, with its AI solutions recognized in 60 peer-reviewed publications.

Potential Risks and Forward-Looking Statements

Investors should note that forward-looking statements, including anticipated synergies, ARR projections, and operational benefits, are subject to risks and uncertainties. These include the ability to integrate Gleamer successfully, maintain key relationships, achieve projected financial targets, and potential impacts from regulatory, economic, and technological changes.

Actual results could differ materially from those anticipated. Shareholders are encouraged to review RadNet’s SEC filings for a detailed discussion of risks.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Forward-looking statements are subject to risks and uncertainties. Please consult the company’s public filings and your financial advisor for further information before making investment decisions.

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