Virtual Radiologic falls following acquisition
Shares of Virtual Radiologic Corp. (Nasdaq:VRAD) are falling following news after the close on Tuesday that it has purchased rival Diagna Radiology for $6 million in cash and an additional $2.2 million in potential earn-out payments to be made over two years.
Minneapolis-based Virtual Radiologic, which provides teleradiology services to radiology practices and medical centers, said that it expects the acquisition to contribute between $3.0 million and $3.5 million in annual revenue during 2008.
At 2:48 p.m. ET, the stock was down $1.00, or 6%, to $16.34. For detailed price information and recent news stories about Virtual Radiologic, click VRAD.
