Radiologix continues revenue climb

Radiology services provider Radiologix continues to outpace analysts’ revenue expectations but is still struggling, stockwise. The firm reported revenues of $51.7 million for the fourth quarter (end-December), marking the company’s ninth consecutive quarter of revenue growth. Net income for the quarter was $4 million, compared to net income of $3.7 million on revenues of $37.3 million for the same quarter a year ago. Revenues for the year totaled $181 million, a 33% increase over revenues of $135.6 million in 1998. Net income for the quarter rose 19% to $16 million from $13.5 million in 1998.

Despite the increases, the company’s stock continues to hover around $4 per share. The stock reached its peak of nearly $9 per share last September following Radiologix’s acquisition of Questar (SCAN 8/18/99). That deal made Radiologix (then known as American Physician Partners) one of the largest operators of imaging centers in the U.S., with 118 sites in 18 states and the District of Columbia.

In related news, Radiologix named former senior vice president and COO Mark Martin president of the Dallas-based company. Martin takes over from Mark Wagar, who continues to serve as chairman and CEO.