Source: Exact Radiology
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  • Medical imaging company Integral Diagnostics (IDX) agrees to buy Exact Radiology for $37.5 million
  • This acquisition expands IDX’s presence in South-East Queensland, adding 11 clinics and six skilled radiologists to its portfolio
  • It is expected to deliver FY22 pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) of $5.25 million
  • Subject to the satisfaction of customary conditions, the acquisition is expected to be completed in early FY23
  • Shares in IDX are up 2.07 per cent and trading at $3.71 each

Medical imaging company Integral Diagnostics (IDX) has agreed to acquire Exact Radiology for $37.5 million.

This acquisition will expand IDX’s presence in South-East Queensland and adds 11 clinics and six skilled radiologists to its portfolio.

Further, it is projected to deliver FY22 pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) of $5.25 million.

“The Exact Radiology Group doctors are delighted to be joining the Integral Diagnostics group with its strong footprint in Southern Queensland,” Peter Dunn, Neelash Ratanjee and Manesh Ratanjee from Exact Radiology commented.

“The Integral Diagnostics business has extensive expertise and clinical services to support the growth of Exact Radiology.”

The $37.5 million purchase price is an upfront cash consideration on a cash and debt-free basis.

Further, an earn-out of up to $1.87 million is to be completed with FY22, subject to revenue performance targets being achieved.

“We are delighted to welcome the Exact Radiology doctors and staff to IDX. With our deep clinical expertise, we look forward to working with them to develop the practices to their full potential,” IDX CEO and Managing Director Ian Kadish said.

“This transaction consolidates IDX’s presence in South-East Queensland, from the NSW border in the South to Mackay in the North.”

Subject to the satisfaction of customary conditions, the acquisition is expected to be completed in early FY23.

Shares in IDX were up 2.07 per cent and trading at $3.71 at 1:28 pm AEST.

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