Shares of Newport Beach’s Alliance HealthCare Services Inc. were up on Tuesday, following news of debt reduction and cost cutting by the provider of outpatient diagnostic imaging services.

Alliance’s shares rose 20.62% in midday trading to a market value of about $60 million.

The medical scanning and cancer treatment company said late Monday that a cost-cutting program generated $33 million in annualized savings–surpassing a goal of $20 million to $25 million.

Larry Buckelew, Alliance’s chief executive, said in a statement that reducing Alliance’s debt “remains a top priority” and that the company’s debt totaled $575 million at the end of June, down from $599 million at the end of December.

Alliance also reported second-quarter financial results on Monday. The company’s revenue was flat from a year ago at $120.7 million.

Second-quarter earnings before interest, taxes, depreciation and amortization grew 4% to $39.4 million. Alliance had $636.9 million of long-term debt as of the end of June.