Mobile Radiology & Laboratory Service, Multi-State Texas Diagnostics

$4.5M

Revenue

$2.0M

SDE

10.0x

Multiple

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Full Editorial Writeup

This is a mobile diagnostics operation delivering radiology and laboratory services directly to the patient wherever they are: long-term acute care hospitals (LTACs), rehab facilities, nursing homes, hospitals, and private residences. The company runs a fleet of vans equipped with portable x-ray, fixed x-ray units, ultrasound, MRI, DEXA scan, DR panels, and lab equipment, all reportedly owned debt free. It holds CLIA certification for both lab and radiology, an active PTAN number, Medicare and Medicaid approval, and contracts with commercial payers.

The model is a classic bring-the-service-to-the-facility play. Nursing homes and rehab hospitals need diagnostics on immobile or high-acuity patients without the cost and risk of transporting them, and a certified mobile provider with the right billing credentials captures that recurring volume under standing facility contracts. The listing claims active contracts across Texas and New Mexico plus applications pending in eight additional states, with reported monthly revenue in the six figures.

On the reported numbers the business does roughly $4.5M in revenue with $3M EBITDA and $2M SDE, asking $20M. That is a full price relative to the cash flow, and the listing style (all caps, defensive tone, no P&L without proof of funds) signals a seller who has not packaged this for institutional diligence. The credentialing stack (CLIA, PTAN, Medicare enrollment) is the real asset here, since it is slow and hard for a new entrant to replicate.

Why we like it

Earnings quality rests on Medicare, Medicaid, and commercial payer reimbursement for medically necessary diagnostics ordered by facilities, which is about as durable a revenue source as healthcare offers. Reported $3M EBITDA on $4.5M revenue implies unusually fat margins that must be verified, but if real, the mobile model carries low fixed overhead relative to a bricks-and-mortar imaging center.
The moat is regulatory and credential-driven: CLIA certification for lab and radiology, an active PTAN, Medicare enrollment, and portable x-ray supplier status are time-consuming to obtain and gate new competitors out of the market. A buyer inherits an operating, credentialed platform rather than spending 12 to 24 months building one from scratch.
Demand tailwinds are strong and non-discretionary. An aging population, growth in LTAC, rehab, and skilled nursing census, and the clinical preference to avoid transporting fragile patients all push volume toward mobile diagnostics, and this need does not soften in a recession.
Revenue is contract-anchored and recurring by nature. Standing agreements with nursing homes, rehab hospitals, and clinics generate repeat orders month after month, and the equipment is reportedly owned debt free, so a buyer is not stepping into a capital hole on day one.

How to improve it

Rebuild the entire financial package before anything else: monthly P&L, payer mix, aged AR, denial and rebilling rates, and revenue by facility and modality. The listing's refusal to share a P&L without proof of funds and the gap between $3M EBITDA and $2M SDE both demand a clean, reconciled set of statements in the first 30 days.
Formalize and extend facility contracts. Convert any handshake or month-to-month arrangements into multi-year agreements with defined volume and pricing, which both stabilizes revenue and materially raises the multiple a future buyer will pay.
Tighten revenue cycle management. Mobile diagnostics live or die on clean claims and fast collections, so audit coding accuracy, denial rates, and days sales outstanding, and bring billing in-house or onto a specialized RCM partner to recover leakage.
Execute the multi-state expansion methodically. The eight pending state approvals are the growth thesis, but each requires state licensure, payer enrollment, and local facility relationships, so build a repeatable playbook and staff it rather than relying on the founder's personal hustle.
De-risk the owner dependency. The seller currently drives six-figure monthly revenue and plans to stay as admin, which is a red flag for concentration; hire or promote an operations lead and a sales lead so the business runs without the founder within 12 months.
Audit and right-size the fleet and equipment utilization. Multiple vans, MRI, DEXA, ultrasound, and x-ray units represent real capital, so map each asset's revenue contribution and route density to eliminate idle equipment and optimize scheduling.

Diligence notes

The financials are the central risk. $3M EBITDA on $4.5M revenue is a 67 percent margin that is very high for a service business with a van fleet and certified techs, so demand tax returns, bank statements, and payer remittance data to confirm the numbers are real and not projected or gross-billed.
Scrutinize payer and regulatory standing carefully. Confirm the CLIA certification, PTAN, and Medicare enrollment are active, transferable, and free of any audits, recoupment demands, or corrective action, because a lapse or an OIG issue could vaporize the revenue overnight.
Test contract durability and concentration. Get the actual facility agreements, their terms, expiration dates, and revenue share by account, since a business built on a handful of nursing home relationships is far riskier than the listing's optimistic tone suggests.
Validate the change-of-ownership and reimbursement continuity. Medicare enrollment and PTAN numbers do not always transfer cleanly in an asset sale, so involve a healthcare regulatory attorney early to structure the deal so billing does not stop at close.
Assess owner dependency and the $2.7M inventory line excluded from the price. Understand what that inventory is, whether it is required to operate, and how the business performs once the founder steps back to an admin role rather than running day-to-day revenue generation.

Source

Originally listed on BizBuySell. View original listing →