News | May 17, 2010

Company Pays $8.5 Million for Eight Imaging Centers

May 14, 2010 – With the diagnostic imaging center facing reimbursement rates cuts, there are deals to be had in imaging center acquisitions business.
InSight Health Services Holdings Corp., provider of retail and wholesale diagnostic imaging services, announced it has signed a definitive agreement to acquire eight imaging centers. These centers are located in the Phoenix, Ariz., El Paso, Texas, and Las Cruces, N.M., areas. The company is purchasing the centers from subsidiaries of MedQuest Inc. and Novant Health Inc., for a total purchase price of around $8.5 million.
According to Insight, the centers generated around $18.7 million in net revenues in 2009. In a separate transaction, Insight Imaging has agreed to sell mobile imaging assets in North Carolina for around $9.2 million to an affiliate of MedQuest and Novant.
The company said that the mobile imaging assets generated around $3.3 million in net revenues in 2009. Insight said the transactions, which are scheduled to close in July 2010, should be accretive to adjusted EBITDA after reflecting anticipated operating synergies.
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