RadNet Acquires a Controlling Interest in Heart & Lung Imaging Limited, a London-Based Teleradiology Network Focused on Lung Cancer Screening
LOS ANGELES, Nov. 01, 2022 (GLOBE NEWSWIRE) — RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services, today reported it has acquired a 75% interest in London-based Heart & Lung Imaging Limited (“Heart&Lung Health” or “HLH”).
HLH was founded to improve lung cancer outcomes through early detection and accurate diagnosis. HLH’s unique United Kingdom-wide network of over 70 expert cardiothoracic radiologists provides specialist reporting services for the UK’s National Health Service (NHS) as well as a variety of hospitals and academic institutions. Of particular note, HLH has established itself as the leading provider of lung cancer screening reporting services to the NHS England Targeted Lung Health Check (TLHC) program. Under the TLHC program, patients aged 55-74 who have ever smoked are being screened through low dose CT for lung cancer and related lung diseases. In September 2022, the success of the TLHC program paved the way for the UK National Screening Committee to recommend that population-based targeted screening of lung cancer be introduced for high-risk patients across all four nations of the UK. While this program is at the beginning of its roll-out stage, it is anticipated that it could drive over one million lung scans in England alone when the program becomes fully implemented, which is targeted by the end of 2026.
As part of the TLHC roll-out, HLH already utilizes software from RadNet’s Netherlands-based wholly-owned subsidiary, Aidence, including pulmonary nodule management and lung cancer Artificial Intelligence (AI) screening tools. The TLHC program mandates the combined use of AI and expert radiologist interpretation as a mechanism to ensure accurate diagnosis, to reduce unnecessary patient call-backs and to determine malignancy. HLH will further team up with Aidence to provide services and expertise to continue to enhance Aidence’s future AI offerings.
Evidence shows that screening with low dose CT reduces lung cancer mortality. Currently in the UK, on an annual basis, approximately 48,000 patients are diagnosed with lung cancer each year and 35,000 patients die from this disease. A lack of screening and the prevalence of late-stage diagnoses are the principal causes of the high mortality rate and poor patient outcomes.
Dr. Sam Hare, co-founder and Chief Executive Officer of HLH, commented, “We are excited to partner with RadNet in providing a visionary approach to population-based screening that harnesses the power of AI with expert readers to deliver world-class diagnostic accuracy in lung cancer. RadNet’s experience in both AI and large-scale population health screening will transform the radiologist reporting experience through seamless digital integration of AI with subspecialist chest imaging expertise. By joining the RadNet family, HLH sees an unparalleled opportunity to expand globally to drive improved patient outcomes.”
Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, noted, “This is a very exciting transaction that furthers our objective of launching widespread population health screening programs. Lung cancer can be treated much more effectively and at a significantly lower cost if diagnosed earlier. The NHS has made a commitment to fighting lung cancer and addressing the health of its population. Through deploying RadNet’s industry-leading Aidence AI algorithms combined with HLH’s world-class cardiothoracic radiologist interpretation, we have an offering that can address the challenges of creating a cost-effective population health screening program in the UK and ultimately in the United States and other countries.”
Dr. Berger continued, “Today, wide-spread preventative diagnostic imaging screening exists with mammography and breast cancer. This paradigm has been very effective in improving patient outcomes and lowering costs to the healthcare delivery system. It is only a matter of time that the fight against other cancers and chronic diseases will also include early detection screening programs using diagnostic imaging. RadNet, Aidence and HLH intend to offer solutions well beyond our current borders.”
About RadNet, Inc.
RadNet, Inc., is the leading national provider of freestanding, fixed-site diagnostic imaging services and related information technology solutions (including artificial intelligence) in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 353 owned and/or operated outpatient imaging centers. RadNet’s markets include Arizona, California, Delaware, Florida, Maryland, New Jersey and New York. Together with affiliated radiologists, inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 9,000 employees. For more information, visit http://www.radnet.com.
Founded in 2015 and headquartered in Amsterdam, Netherlands, Aidence focuses on artificial intelligence solutions to aid the detection and diagnosis of lung cancer and related lung diseases. Aidence’s Veye Lung Nodules is a CE certified solution for automated lung nodule detection, quantification and volume measurement on chest CT scans. Aidence’s Veye Reporting solution standardizes quality reporting in lung cancer screening programs. Aidence’s solutions analyzes thousands of CT scans each week, with customers in seven European countries including France, the Netherlands and the United Kingdom. Aidence’s Veye solution was submitted in December 2021 for FDA 510(k) clearance in the United States. For more information, visit https://www.aidence.com/.
Heart&Lung Health’s vision is to deliver accurate and early diagnosis for lung & cardiac conditions, where early interventions are vital. HLH provides access to award-winning Cardiothoracic Radiologists with targeted expertise in diagnosis of lung and cardiac conditions. HLH uses innovative technology to deliver rapid, reliable and unique subspecialist imaging reports that are focused on providing world-class patient care. HLH radiologists offer subspecialty chest expertise that is tailored to individual lung and cardiac conditions, thereby offering a bespoke, individualized diagnostic report for all cardiothoracic imaging. Additionally, HLH is the leading independent provider of radiology reporting for the UK NHS England Targeted Lung Health Check program. Expert thoracic radiology reporting which minimizes recall rates and the unnecessary investigation of incidental findings is critical for cost-effective expansion of the TLHC program. For more information, visit https://heartlunghealth.com/.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements in this press release include, among others, statements we make regarding response to and the expected future impacts of COVID-19, including statements about our anticipated business results, balance sheet and liquidity and our future liquidity, burn rate and our continuing ability to service or refinance our current indebtedness.
Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including anticipated procedural volumes and revenue derived from the acquired assets.
Any forward-looking statement contained in this current report is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer
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