| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | PRINCIPLES
OF CONSOLIDATION - The operating activities of subsidiaries are included in the accompanying consolidated financial statements
from the date of acquisition. Investments in companies in which we have the ability to exercise significant influence, but not
control, are accounted for by the equity method. All intercompany transactions and balances, with our consolidated entities and
the unsettled amount of intercompany transactions with our equity method investees, have been eliminated in consolidation. As
stated in Note 1 above, the BRMG and NY Groups are variable interest entities and we consolidate the operating activities and
balance sheets of each. USE OF ESTIMATES
- The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates
and assumptions affect various matters, including our reported amounts of assets and liabilities in our consolidated balance sheets
at the dates of the financial statements; our disclosure of contingent assets and liabilities at the dates of the financial statements;
and our reported amounts of revenues and expenses in our consolidated statements of operations during the reporting periods. These
estimates involve judgments with respect to numerous factors that are difficult to predict and are beyond management’s control.
As a result, actual amounts could materially differ from these estimates. REVENUES - Service
fee revenue, net of contractual allowances and discounts, consists of net patient fees received from various payors and patients
themselves based mainly upon established contractual billing rates, less allowances for contractual adjustments and discounts.
As it relates to BRMG and the NY Groups centers, this service fee revenue includes payments for both the professional medical
interpretation revenue recognized by BRMG and the NY Groups as well as the payment for all other aspects related to our providing
the imaging services, for which we earn management fees from BRMG and the NY Groups. As it relates to non-BRMG and NY Groups centers,
namely the affiliated physician groups, this service fee revenue is earned through providing the use of our diagnostic imaging
equipment and the provision of technical services as well as providing administration services such as clerical and administrative
personnel, bookkeeping and accounting services, billing and collection, provision of medical and office supplies, secretarial,
reception and transcription services, maintenance of medical records, and advertising, marketing and promotional activities. Service fee
revenues are recorded during the period the services are provided based upon the estimated amounts due from the patients and third-party
payors. Third-party payors include federal and state agencies (under the Medicare and Medicaid programs), managed care health
plans, commercial insurance companies and employers. Estimates of contractual allowances are based on historical collection rates
of payor reimbursement contract agreements. We also record a provision for doubtful accounts based primarily on historical collection
rates related to patient copayments and deductible amounts for patients who have health care coverage under one of our third-party
payors. Under capitation
arrangements with various health plans, we earn a per-enrollee amount each month for making available diagnostic imaging services
to all plan enrollees under the capitation arrangement. Revenue under capitation arrangements is recognized in the period in which
we are obligated to provide services to plan enrollees under contracts with various health plans. Our service
fee revenue, net of contractual allowances and discounts, the provision for bad debts, and revenue under capitation arrangements
for the years ended December 31, are summarized in the following table (in thousands):
Years Ended December 31,
2016 2015 2014
Commercial insurance (1) $ 539,793 $ 486,489 $ 437,525
Medicare 187,941 168,545 159,562
Medicaid 28,170 23,948 24,499
Workers' compensation/personal injury 36,548 32,728 30,543
Other (2) 29,135 35,046 18,007
Service fee revenue, net of contractual allowances and discounts 821,587 746,756 670,136
Provision for bad debts (45,387 ) (36,033 ) (29,807 )
Net service fee revenue 776,200 710,723 640,329
Revenue under capitation arrangements 108,335 98,905 77,240
Total net revenue $ 884,535 $ 809,628 $ 717,569 (1) (2) PROVISION
FOR BAD DEBTS - We provide for an allowance against accounts receivable that could become uncollectible to reduce the carrying
value of such receivables to their estimated net realizable value. We estimate this allowance based on the aging of our accounts
receivable by the historical payment patterns of each type of payor, write-off trends, and other relevant factors. A significant
portion of our provision for bad debt relates to co-payments and deductibles owed to us from patients with insurance. Although
we attempt to collect deductibles and co-payments due from patients with insurance at the time of service, this attempt to collect
at the time of service is not an assessment of the patient’s ability to pay nor are revenues recognized based on an assessment
of the patient’s ability to pay. There are various factors that can impact collection trends, such as changes in the economy,
which in turn have an impact on the increased burden of co-payments and deductibles to be made by patients with insurance. These
factors continuously change and can have an impact on collection trends and our estimation process. Our allowance for bad debts
at December 31, 2016 and 2015 was $20.7 million and $20.8 million, respectively. ACCOUNTS RECEIVABLE
- Substantially all of our accounts receivable are due under fee-for-service contracts from third party payors, such as insurance
companies and government-sponsored healthcare programs, or directly from patients. Services are generally provided pursuant to
one-year contracts with healthcare providers. We continuously monitor collections from our payors and maintain an allowance for
bad debts based upon specific payor collection issues that we have identified and our historical experience. MEANINGFUL
USE INCENTIVE - Under the American Recovery and Reinvestment Act of 2009, a program was enacted that provides financial incentives
for providers that successfully implement and utilize electronic health record technology to improve patient care. Our software
development team in Canada established an objective to build a Radiology Information System (RIS) software platform that has been
awarded Meaningful Use certification. As this certified RIS system is implemented throughout our imaging centers, the radiologists
that utilize this software can be eligible for the available financial incentives. In order to receive such incentive payments
providers must attest that they have demonstrated meaningful use of the certified RIS in each stage of the program. We account
for this meaningful use incentive under the Gain Contingency Model outlined in ASC 450-30. Under this model, we record within
non-operating income, meaningful use incentive only after Medicare accepts an attestation from the qualified eligible professional
demonstrating meaningful use. We recorded approximately $2.8 million, $3.3 million and $2.0 million during the twelve months ended
December 31, 2016, 2015 and 2014, respectively, relating to this incentive. GAIN ON RETURN
OF COMMON STOCK - In the second quarter of 2016, we determined that certain pre-acquisition financial information of Diagnostic
Imaging Group (“DIG”) provided to us by the sellers contained errors. As a result of this, we negotiated and reached
a settlement with the sellers of DIG in June 2016 for the return of 958,536 shares of common stock which had a fair value of $5.0
million on the date of return. Such return has been recognized as a gain on return of common stock in our statement of operations. SOFTWARE REVENUE
RECOGNITION – Our subsidiary, eRAD, Inc., sells Picture Archiving Communications Systems (“PACS”) and related
services, primarily in the United States. The PACS systems sold by eRAD are primarily composed of certain elements: hardware,
software, installation and training, and support. Sales are made primarily through eRAD’s sales force. These sales are multiple-element
arrangements that generally include hardware, software, software installation, configuration, system installation, training and
first-year warranty support. Hardware, which is not unique or special purpose, is purchased from a third-party and resold to eRAD’s
customers with a small mark-up. We have determined
that our core software products, such as PACS, are essential to most of our arrangements as hardware, software and related services
are sold as an integrated package. Therefore, these transactions are accounted for under ASC 605-25, Multiple-Element Arrangements
Software. For the years
ended December 31, 2016, 2015 and 2014, we recorded approximately $6.2 million, $6.1 million and $5.5 million, respectively, in
revenue related to our eRAD business which is included in net service fee revenue in our consolidated statement of operations.
At December 31, 2016 we had a deferred revenue liability of approximately $1.5 million associated with eRAD sales which we expect
to recognize into revenue over the next 12 months. SOFTWARE DEVELOPMENT
COSTS - Costs related to the research and development of new software products and enhancements to existing software products
all for resale to our customers are expensed as incurred. We utilize
a variety of computerized information systems in the day to day operation of our diagnostic imaging facilities. One such system
is our front desk patient tracking system or Radiology Information System (“RIS”). We have historically utilized third
party RIS software solutions and pay monthly fees to outside third party software vendors for the use of this software. We have
developed our own RIS solution from the ground up through our wholly owned subsidiary, Radnet Management Information Systems (“RMIS”)
and began utilizing this system beginning in the first quarter of 2015. In accordance
with ASC 350-40, Accounting for the Costs of Computer Software Developed for Internal Use, We have entered
into multiple agreements to license our RIS system to outside customers. For the twelve months December 31, 2016 and December
31, 2015, we received approximately $301,000 and $443,000 with respect to this licensing agreement, respectively. In accordance
with ASC 350-40, we recorded the receipt of these funds against the capitalized software costs explained above. We intend to record
any future proceeds in the same manner until the carrying value of our capitalized software costs are brought to zero. As of December
31, 2016, the net carrying value of our capitalized software costs was approximately $3.1 million. CONCENTRATION
OF CREDIT RISKS - Financial instruments that potentially subject us to credit risk are primarily cash equivalents and accounts
receivable. We have placed our cash and cash equivalents with one major financial institution. At times, the cash in the financial
institution is temporarily in excess of the amount insured by the Federal Deposit Insurance Corporation, or FDIC. Substantially
all of our accounts receivable are due under fee-for-service contracts from third party payors, such as insurance companies and
government-sponsored healthcare programs, or directly from patients. Services are generally provided pursuant to one-year contracts
with healthcare providers. We continuously monitor collections from our clients and maintain an allowance for bad debts based
upon our historical collection experience. CASH AND CASH
EQUIVALENTS - We consider all highly liquid investments that mature in three months or less when purchased to be cash equivalents.
The carrying amount of cash and cash equivalents approximates their fair market value. DEFERRED FINANCING
COSTS - Costs of financing are deferred and amortized on a straight-line basis over the life of the associated loan, which approximates
the effective interest rate method. Deferred financing costs, net of accumulated amortization, were $2.0 million and $4.9 million,
as of December 31, 2016 and 2015, respectively. In conjunction with our Restatement Amendment, a net addition of approximately
$237,000 was added to deferred financing costs, consisting of $946,000 new additional costs from the amendment and a write off
of $709,000 due to a change in lender mix. See Note 8, Notes Payable, Line of Credit, and Capital Leases for more information. INVENTORIES
- Inventories, consisting mainly of medical supplies, are stated at the lower of cost or net realizable value with cost determined
by the first-in, first-out method. PROPERTY AND
EQUIPMENT - Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization
of property and equipment are provided using the straight-line method over the estimated useful lives, which range from 3 to 15
years. Leasehold improvements are amortized at the lesser of lease term or their estimated useful lives, which range from 3 to
30 years. Maintenance and repairs are charged to expense as incurred. BUSINESS COMBINATION
- Accounting for acquisitions requires us to recognize separately from
goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition
date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired
and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities
assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement
period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed
with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values
of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated
statements of operations. GOODWILL AND
INDEFINITE LIVED INTANGIBLES - Goodwill at December 31, 2016 totaled $239.6 million. Indefinite lived intangible assets at
December 31, 2016 totaled $7.9 million and are associated with the value of certain trade name intangibles. Goodwill and trade
name intangibles are recorded as a result of business combinations. Management evaluates goodwill and trade name intangibles,
at a minimum, on an annual basis and whenever events and changes in circumstances suggest that the carrying amount may not be
recoverable. Impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount,
including goodwill, to the fair value of the reporting unit. The fair value of a reporting unit is estimated using a combination
of the income or discounted cash flows approach and the market approach, which uses comparable market data. If the carrying amount
of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount
of impairment loss, if any. Impairment of trade name intangibles is tested at the subsidiary level by comparing the subsidiary’s
trade name carrying amount to its respective fair value. We tested both goodwill and trade name intangibles for impairment on
October 1, 2016, noting no impairment, and have not identified any indicators of impairment through December 31, 2016. LONG-LIVED
ASSETS - We evaluate our long-lived assets (property and equipment) and intangibles, other than goodwill, for impairment whenever
indicators of impairment exist. Generally accepted accounting principles (GAAP) requires that if the sum of the undiscounted expected
future cash flows from a long-lived asset or definite-lived intangible is less than the carrying value of that asset, an asset
impairment charge must be recognized. The amount of the impairment charge is calculated as the excess of the asset’s carrying
value over its fair value, which generally represents the discounted future cash flows from that asset or in the case of assets
we expect to sell, at fair value less costs to sell. No indicators of impairment were identified with respect to our long-lived
assets as of December 31, 2016. INCOME TAXES
- Income tax expense is computed using an asset and liability method and using expected annual effective tax rates. Under this
method, deferred income tax assets and liabilities result from temporary differences in the financial reporting bases and the
income tax reporting bases of assets and liabilities. The measurement of deferred tax assets is reduced, if necessary, by the
amount of any tax benefit that, based on available evidence, is not expected to be realized. When it appears more likely than
not that deferred taxes will not be realized, a valuation allowance is recorded to reduce the deferred tax asset to its estimated
realizable value. For net deferred tax assets we consider estimates of future taxable income in determining whether our net deferred
tax assets are more likely than not to be realized. Income taxes are further explained in Note 11. UNINSURED
RISKS - On November 1, 2008 we obtained a fully funded and insured workers’ compensation policy, thereby eliminating
any uninsured risks for employee injuries occurring on or after that date. This fully funded policy remained in effect through
November 1, 2013 and continues to cover any claims incurred through this date. On
November 1, 2013 we entered into a high-deductible workers’ compensation insurance policy. We have recorded
liabilities of $2.9 million for the year ended December 31, 2016, and $2.2 million for the year ended December 31, 2015,
respectively for the estimated future cash obligations associated with the unpaid portion of the workers compensation
claims incurred. We
and our affiliated physicians carry an annual medical malpractice insurance policy that protects us for claims that are filed
during the policy year and that fall within policy limits. The policy has a deductible for which is $10,000 per incidence at December 31,
2016 and was $24,000 per incidence at December 31, 2015. In
December 2008, in order to eliminate the exposure for claims not reported during the regular malpractice policy period, we purchased
a medical malpractice tail policy, which provides coverage for any claims reported in the event that our medical malpractice policy
expires. As of December 31, 2016, this policy remains in effect. We have entered
into an arrangement with Blue Shield to administer and process claims under a self-insured plan that provides health insurance
coverage for our employees and dependents. We have recorded liabilities as of December 31, 2016 and 2015 of $2.4 million
and $1.8 million, respectively, for the estimated future cash obligations associated with the unpaid portion of the medical and
dental claims incurred by our participants. Additionally, we entered into an agreement with Blue Shield for a stop loss policy
that provides coverage for any claims that exceed $250,000 up to a maximum of $1.0 million in order for us to limit our exposure
for unusual or catastrophic claims. LOSS AND OTHER
UNFAVORABLE CONTRACTS – We assess the profitability of our contracts to provide management services to our contracted physician
groups and identify those contracts where current operating results or forecasts indicate probable future losses. Anticipated
future revenue is compared to anticipated costs. If the anticipated future cost exceeds the revenue, a loss contract accrual is
recorded. In connection with the acquisition of Radiologix in November 2006, we acquired certain management service agreements
for which forecasted costs exceeds forecasted revenue. As such, an $8.9 million loss contract accrual was established in purchase
accounting, and is included in other non-current liabilities. The recorded loss contract accrual is being accreted into operations
over the remaining term of the acquired management service agreements. As of December 31, 2016 and 2015, the remaining accrual
balance is $5.6 million, and $5.7 million, respectively. As part of
our ongoing acquisition activities, we have certain operating lease commitments for facilities that are not in use. Accordingly,
we have recorded a loss contract accrual related to the remaining payments under these lease commitments. As of December 31, 2015,
the remaining loss contract accrual for these leases was $85,000 and was completely amortized during the 2016 fiscal year with
no balance remaining as of December 31, 2016. In addition
and related to acquisition activity, we have certain operating lease commitments for facilities where the fair market rent differs
from the lease contract rate. We have recorded an unfavorable contract liability representing the difference between the total
value of the fair market rent and the contract rent over the current term of the lease applicable from the date of acquisition.
As of December 31, 2016 and 2015, the unfavorable contract liability on these leases is $1.6 million and $581,000, respectively. EQUITY BASED
COMPENSATION – We have one long-term incentive plan which we refer to as the 2006 Plan, which we amended and restated as
of April 20, 2015 (the “Restated Plan”). The Restated Plan was approved by our stockholders at our annual stockholders
meeting on June 11, 2015. As of December 31, 2016, we have reserved for issuance under the Restated Plan 12,000,000 shares of
common stock. We can issue options, stock awards, stock appreciation rights and cash awards under the Restated Plan. Certain options
granted under the Restated Plan to employees are intended to qualify as incentive stock options under existing tax regulations.
Stock options and warrants generally vest over three to five years and expire five to ten years from date of grant. The compensation
expense recognized for all equity-based awards is recognized over the awards’ service periods. Equity-based compensation
is classified in operating expenses within the same line item as the majority of the cash compensation paid to employees. FOREIGN CURRENCY
TRANSLATION - The functional currency of our foreign subsidiaries is the local currency. In accordance with ASC 830, Foreign
Currency Matters COMPREHENSIVE
INCOME - ASC 220, Comprehensive Income, FAIR VALUE
MEASUREMENTS – Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value
hierarchy. The fair value hierarchy ranks the quality and reliability of inputs used to determine fair value. Accordingly, assets
and liabilities carried at, or permitted to be carried at, fair value are classified within the fair value hierarchy in one of
the following categories based on the lowest level input that is significant to a fair value measurement: Level 1—Fair
value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. Level 2—Fair
value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can
include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities
in inactive markets. Related inputs can also include those used in valuation or other pricing models such as interest rates and
yield curves that can be corroborated by observable market data. Level 3—Fair
value is determined by using inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant
and subjective judgment. The table
below summarizes the estimated fair values of certain of our financial assets that are subject to fair value measurements, and
the classification of these assets on our consolidated balance sheets, as follows (in thousands):
As
of December 31, 2016
Level
1 Level
2 Level
3 Total
Current assets
Interest Rate Contracts $ – $ 818 $ – $ 818 The estimated
fair value of these contracts, which are discussed in Note 10, was determined using Level 2 inputs. More specifically, the fair
value was determined by calculating the value of the difference between the fixed interest rate of the interest rate swaps and
the counterparty’s forward LIBOR curve. The forward LIBOR curve is readily available in the public markets or can be derived
from information available in the public markets. The table
below summarizes the estimated fair value and carrying amount of our long-term debt as follows (in thousands):
As
of December 31, 2016
Level
1 Level
2 Level
3 Total
Fair Value Total
Face Value
First Lien Term Loans $ – $ 483,129 $ – $ 483,129 $ 478,938
Second Lien Term Loans $ – $ 167,580 $ – $ 167,580 $ 168,000
As
of December 31, 2015
Level
1 Level
2 Level
3 Total Total
Face Value
First Lien Term Loans $ – $ 444,258 $ – $ 444,258 $ 451,023
Second Lien Term Loans – 173,700 – 173,700 180,000 Our revolving
credit facility had no aggregate principal amount outstanding as of December 31, 2016. The estimated
fair value of our long-term debt, which is discussed in Note 8, was determined using Level 2 inputs primarily related to comparable
market prices. We consider
the carrying amounts of cash and cash equivalents, receivables, other current assets, current liabilities and other notes payables
to approximate their fair value because of the relatively short period of time between the origination of these instruments and
their expected realization or payment. Additionally, we consider the carrying amount of our capital lease obligations to approximate
their fair value because the weighted average interest rate used to formulate the carrying amounts approximates current market
rates. EARNINGS PER
SHARE - Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding,
net of common stock held in treasury, as follows (in thousands except share and per share data):
Years
Ended December 31,
2016 2015 2014
Net income attributable
to RadNet, Inc. common stockholders $ 7,230 $ 7,709 $ 1,376
BASIC NET INCOME PER SHARE
ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS
Weighted average number
of common shares outstanding during the period 46,244,188 43,805,794 41,070,077
Basic net income per share
attributable to RadNet, Inc. common stockholders $ 0.16 $ 0.18 $ 0.03
DILUTED NET INCOME PER SHARE
ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS
Weighted average number
of common shares outstanding during the period 46,244,188 43,805,794 41,070,077
Add nonvested restricted
stock subject only to service vesting 220,416 865,326 994,610
Add additional shares issuable
upon exercise of stock options and warrants 190,428 500,252 1,084,509
Weighted average number
of common shares used in calculating diluted net income per share 46,655,032 45,171,372 43,149,196
Diluted net income per share
attributable to RadNet, Inc. common stockholders $ 0.15 $ 0.17 $ 0.03 For the years
ended December 31, 2016, 2015 and 2014 we excluded 165,000, 265,000, and 245,000, respectively, outstanding options, in the calculation
of diluted earnings per share because their effect would be antidilutive. INVESTMENT
IN JOINT VENTURES – We have twelve unconsolidated joint ventures with ownership interests ranging from 35% to 55%. These
joint ventures represent partnerships with hospitals, health systems or radiology practices and were formed for the purpose of
owning and operating diagnostic imaging centers. Professional services at the joint venture diagnostic imaging centers
are performed by contracted radiology practices or a radiology practice that participates in the joint venture. Our
investment in these joint ventures is accounted for under the equity method, since RadNet does not have a controlling financial
interest in such ventures. We evaluate our investment in joint ventures, including cost in excess of book value (equity method
goodwill) for impairment whenever indicators of impairment exist. No indicators of impairment existed as of December 31, 2016. Acquisition of new facilities On
August 15, 2016 our joint venture, Franklin Imaging, LLC, acquired a single multi-modality imaging center located in Rosedale,
Maryland for cash consideration of $1.0 million and the assumption of capital lease debt of $241,000. Franklin Imaging, LLC made
a fair value determination of the acquired assets and approximately $600,000 of fixed assets, $30,000 of other assets and goodwill
of $648,000 was recorded in respect to the transaction. Formation of new joint ventures On April 1,
2016, Community Imaging Partners Inc., a wholly owned subsidiary of RadNet, entered into a joint venture with Mt. Airy Health
Services, LLC, a partnership of Frederick Memorial Hospital and Carroll Hospital Center. On August 31, 2016, Community Imaging
Partners Inc. contributed $200,000 for a 40% economic interest in the partnership and funded an additional $440,000 in relation
to a capital call. Mt. Airy Health Services, LLC, contributed $300,000 for a 60% economic interest and an additional $660,000
in relation to the capital call. On May 9,
2016, RadNet, through a newly formed subsidiary, Glendale Advanced Imaging LLC, entered into a joint venture with Dignity Health,
a California nonprofit public benefit corporation. On June 1, 2016, RadNet contributed net assets of $2.2 million for a
55% economic interest and Dignity Health contributed net assets of $1.8 million for a 45% economic interest. Joint venture investment
and financial information The following
table is a summary of our investment in joint ventures during the years ended December 31, 2016 and December 31, 2015 (in thousands):
Balance as of December 31, 2014 $ 32,123
Equity contributions in
existing joint ventures 265
Equity in earnings in these
joint ventures 8,927
Distribution of earnings (7,731 )
Balance as of December 31, 2015 $ 33,584
Equity contributions in
existing joint ventures 3,084
Equity in earnings in these
joint ventures 9,767
Distribution of earnings (2,926 )
Balance as of December 31, 2016 $ 43,509 We received
management service fees from the centers underlying these joint ventures of approximately $11.9 million for the year ended December
31, 2016 and $9.3 million per year for the years ended December 31, 2015 and 2014, respectively. We eliminate any unrealized portion
of our management service fees with our equity in earnings of joint ventures. The following
table is a summary of key financial data for these joint ventures as of December 31, 2016 and 2015, respectively, and for the
years ended December 31, 2016, 2015 and 2014, respectively, (in thousands):
December
31,
Balance Sheet Data: 2016 2015
Current assets $ 40,093 $ 28,186
Noncurrent assets 100,146 91,660
Current liabilities (14,077 ) (15,258 )
Noncurrent liabilities (44,405 ) (44,059 )
Total
net assets $ 81,757 $ 60,529
Book
value of RadNet joint venture interests $ 38,538 $ 28,397
Cost
in excess of book value of acquired joint venture interests 4,970 4,970
Elimination
of intercompany profit remaining on Radnet's consolidated balance sheet – 217
Total value of Radnet
joint venture interests $ 43,509 $ 33,584
Total book value of other
joint venture partner interests $ 43,219 $ 32,132
2016 2015 2014
Net revenue $ 160,134 $ 125,544 $ 101,189
Net income $ 21,933 $ 19,485 $ 14,854 |
