Form 8-K

8-K — RadNet, Inc.

Accession: 0001683168-26-006125

Filed: 2026-08-10

Period: 2026-08-09

CIK: 0000790526

SIC: 8071 (SERVICES-MEDICAL LABORATORIES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — radnet_8k.htm (Primary)

EX-99.1 — PRESS RELEASE DATED AUGUST 9, 2026 (radnet_ex9901.htm)

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2026-08-09

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported) August

9, 2026

RadNet,

Inc.

(Exact

name of registrant as specified in its charter)

Delaware

001-33307

13-3326724

(State or other

jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1510 Cotner Avenue

Los

Angeles, California 90025

(Address of Principal Executive Offices) (ZipCode)

(310) 478-7808

(Registrant’s

Telephone Number, Including Area Code)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

☐ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock, $0.0001 par value

RDNT

NASDAQ

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ☐

If an emerging

growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 9, 2026 RadNet,

Inc. (“RadNet”) issued a press release regarding its financial results for the Second quarter ended June 30, 2026. A copy

of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current

Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18

of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,

nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except

as expressly set forth by specific reference in such a filing.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit Number

Description of Exhibit

99.1

Press Release dated August 9, 2026 relating to RadNet, Inc.’s financial results for the quarter ended June 30, 2026.

104

Cover Page Interactive

Data File (embedded within the inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 10, 2026

RADNET, INC.

By:

/s/ Mark D. Stolper

Name:

Mark D. Stolper

Title:

Chief Financial Officer

EX-99.1 — PRESS RELEASE DATED AUGUST 9, 2026

EX-99.1

Filename: radnet_ex9901.htm · Sequence: 2

Exhibit 99.1

FOR IMMEDIATE RELEASE

RadNet Reports Second Quarter Financial Results with Record Quarterly

Revenue and Adjusted EBITDA(1) and Revises Upwards 2026 Financial Guidance Ranges

· Total Company Revenue increased 25.0% to a quarterly record of $622.7

million in the second quarter of 2026 from $498.2 million in the second quarter of 2025

· Revenue from the Digital Health reportable segment (inclusive of intersegment

revenue) increased 56.5% to a quarterly record of $32.4 million in the second quarter of 2026 from $20.7 million in the second quarter

of 2025; Annual Recurring Revenue(4) (ARR) increased from $53.5 million at June 30, 2025 to $105.5 million at June 30, 2026

and sequentially increased from $96.9 million at March 31, 2026

· Total Company Adjusted EBITDA(1) was a quarterly record of

$99.7 million in the second quarter of 2026 as compared with $81.2 million in the second quarter of 2025, an increase of 22.7%; Digital

Health reportable segment Adjusted EBITDA(1) was $2.5 million in the second quarter of 2026 compared with $3.4 million in the

second quarter of 2025, the result of continued infrastructure investments to fuel growth

· Imaging Center Segment Adjusted EBITDA(1) margin increased

by 17 basis points to 16.1% in the second quarter of 2026 from 16.0% in the second quarter of 2025

· Adjusting for unusual or one-time items, Adjusted Earnings(3)

was $23.2 million and Adjusted Earnings Per Share(3) was $0.29 for the second quarter of 2026 as compared with Adjusted Earnings(3)

of $25.7 million and Adjusted Earnings Per Share(3) of $0.34 for the second quarter of 2025

· As a percentage of total procedural volumes, advanced imaging increased

by 238 basis points to 29.9% in the second quarter of 2026 from 27.5% in the second quarter of 2025

· In the second quarter of 2026, aggregate advanced imaging (MRI, CT and

PET/CT) procedural volumes increased 21.2% and same-center advanced imaging procedural volumes increased 9.6% as compared with the second

quarter of 2025

· As of June 30, 2026, balance sheet cash was $726.3 million and Net Debt

to Adjusted EBITDA(1) Ratio(5) was 1.8x

· RadNet revises full-year 2026 Imaging Center guidance levels with increases

to Revenue, Adjusted EBITDA(1) and Free Cash Flow(2) and reaffirms all Digital Health guidance ranges

LOS ANGELES, California, August 9, 2026 –

RadNet, Inc. (NASDAQ: RDNT) (“RadNet” or the “Company”), a national leader in providing high-quality,

cost-effective, fixed-site outpatient diagnostic imaging services through a network of 442 owned and operated outpatient imaging centers,

today reported financial results for its second quarter of 2026.

Dr. Howard Berger, President and Chief Executive

Officer of RadNet, commented, “The Imaging Center and Digital Health reportable operating segments continue to demonstrate strong

growth and achieve record quarterly results. In the second quarter of 2026, Total Company Revenue grew 25.0% and Digital Health segment

Revenue increased 56.5% from last year’s same quarter. Growth was driven by strong increases in aggregate and same center procedural

volumes, the contribution from recent acquisitions, a continuing shift in procedural volumes towards advanced imaging and incremental

Digital Health sales and licenses of Enterprise Imaging and AI solutions.”

Dr. Berger continued, “Within the Imaging

Center operating segment, we continue to have success in driving more advanced imaging procedures and increasing advanced imaging capacity

through a variety of operating and Digital Health technology initiatives. Aggregate advanced imaging procedural volumes increased 21.2%

and same-center advanced imaging procedural volumes increased 9.6% as compared with the second quarter of 2025. The disproportionally

higher growth in MR, CT and PET/CT relative to routine imaging contributed to a 238 basis point shift in RadNet’s advanced imaging

procedural volume mix as compared with the same quarter last year, increasing from 27.5% in last year’s second quarter to 29.9%

in the second quarter of 2026. This favorable business mix shift contributed to a 16.1% Adjusted EBITDA(1) margin for the Imaging

Center segment during this year’s second quarter, a 17 basis point improvement as compared with last year’s second quarter.”

“The Digital Health division continues to

make significant progress. At June 30, 2026, ARR was $105.5 million, an increase of 97.2% from June 30, 2025 and an increase of 8.9% sequentially

from March 31, 2026. ARR generated by external (non- RadNet) customers now comprises approximately 63% of Digital Health Revenue. During

the second quarter, we signed new business with Total Contract Value of approximately $21 million, bringing our six-month new business

Total Contract Value to approximately $37 million. The majority of our new business is with hospitals and health systems and spans the

full breadth of DeepHealth AI and Enterprise Imaging solutions. On the regulatory front, at the end of July, DeepHealth’s breast

ultrasound AI solution was cleared by the FDA. We expect to implement this solution across RadNet’s breast imaging centers by year-end

and anticipate both Revenue and cost savings contributions in the second half of this year from the roll-out,” added Dr. Berger.

Dr. Berger continued, “Our joint venture

business continues to grow. As of the end of the second quarter, 157 of our 442 locations (or approximately 36%) were held within health

system partnerships. During the second quarter, we announced a multi-site joint venture in Boise, Idaho with Trinity Health’s Saint

Alphonsus Health System to initially include the operations of five multimodality outpatient imaging centers. As part of the relationship,

our contracted radiology group, Gem State Radiology, and the Saint Alphonsus hospitals in Boise will be adopting a variety of DeepHealth

solutions including Diagnostic Suite, Reporting Pro, AI Studio and various clinical AI.”

“Given the positive trends within the industry

and RadNet’s strong financial performance of the second quarter, we are revising upwards 2026 Imaging Center guidance levels for

Revenue, Adjusted EBITDA(1) and Free Cash Flow(2) in anticipation of financial results that we believe will exceed

both our original expectations and the amendments we made to the guidance ranges upon releasing first quarter 2026 results in May,”

concluded Dr. Berger.

Second Quarter Financial Results

For the second quarter of 2026, RadNet reported

Total Company Revenue of $622.7 million and Adjusted EBITDA(1) of $99.7 million. Revenue increased $124.5 million (or 25.0%)

and Adjusted EBITDA(1) increased $18.4 million (or 22.7%) as compared with the second quarter of 2025.

For the second quarter of 2026, RadNet reported

Digital Health Revenue (inclusive of intersegment revenue) of $32.4 million and Adjusted EBITDA(1) of $2.5 million. Revenue

increased $11.7 million (or 56.5%) and Adjusted EBITDA(1) decreased $0.9 million (or 27.2%) as compared with the second quarter

of 2025. The decrease in Digital Health Adjusted EBITDA(1) resulted predominantly from investments in headcount to fuel growth

in sales, marketing, customer service and implementation teams. At June 30, 2026, Annual Recurring Revenue(4) (ARR) for Digital

Health was $105.5 million, as compared with $53.5 million as of June 30, 2025.

Unadjusted for unusual or one-time items impacting

the second quarter of 2026, Total Company Net Income for the second quarter of 2026 was $7.5 million as compared with a Total Company

Net Income of $14.5 million for the second quarter of 2025. Net Income Per Share for the second quarter of 2026 was $0.10, compared with

a Net Income per share of $0.19 in the second quarter of 2025, based upon a weighted average number of diluted shares outstanding of 78.7

million shares in 2026 and 75.5 million shares in 2025.

There were a number of unusual or one-time items

impacting the second quarter including: $0.5 million expense related to leases for de novo facilities under construction that have yet

to open their operations; $5.1 million of non-capitalized research and development expenses with respect to DeepHealth solutions; $6.8

million of Intangibles amortization within the Digital Health division primarily related recent acquisitions; $1.3 million of lease abandonment

charges; $6.6 million of acquisition transaction costs; $3.2 million gain on the change in contingent consideration related to recent

acquisitions; and $3.4 million loss from debt restructuring and extinguishment related to our recent debt repricing transaction. Adjusting

for the above items, Total Company Adjusted Earnings(3) was $23.2 million and diluted Adjusted Earnings Per Share(3)

was $0.29 during the second quarter of 2026. This compares with Total Company Adjusted Earnings(3) of $25.7 million and diluted

Adjusted Earnings Per Share(3) of $0.34 during the second quarter of 2025.

For the second quarter of 2026, as compared with

the prior year’s second quarter, MRI volume increased 21.0%, CT volume increased 20.9%, PET/CT volume increased 31.0% and routine

imaging (inclusive of nuclear medicine, ultrasound, mammography, x-ray and other exams) increased 7.9% over the prior year’s second

quarter. On a same-center basis, including only those centers which were part of RadNet for both the second quarters of 2026 and 2025,

MRI volume increased 10.2%, CT volume increased 8.6%, PET/CT volume increased 8.8% and routine imaging increased 1.7% over the prior year’s

second quarter.

Six Month Financial Results

For the first six months of 2026, RadNet reported

Total Company Revenue of $1,198 million and Adjusted EBITDA(1) of $162.9 million. Revenue increased $228.7 million (or 23.6%)

and Adjusted EBITDA(1) increased $35.3 million (or 27.6%) as compared with the first six months of 2025.

For the first six months of 2026, RadNet reported

Digital Health Revenue (inclusive of intersegment revenue) of $61.5 million and Adjusted EBITDA(1) of $3.8 million. Revenue

increased $21.6 million (or 54.1%) and Adjusted EBITDA(1) decreased $3.3 million (or 46.9%) as compared with the first six

months of 2025.

Unadjusted for one-time or unusual items, Total

Company Net Loss for the first six months of 2026 was $25.9 million as compared with a Total Company Net Loss of $23.5 million for the

first six months of 2025. Net Loss Per Share for the six-month period of 2026 was $(0.33), compared with a Net Loss per share of $(0.32)

in the six-month period of 2025, based upon a weighted average number of diluted shares outstanding of 77.4 million shares in 2026 and

74.1 million shares in 2025.

2026 Guidance Update

RadNet updates guidance levels as follows:

Imaging Center Segment

Original

Guidance Range

Revised Guidance

Range After Q1 Results

Revised Guidance

Range After Q2 Results

Total Net Revenue

$2,325 - $2,375 million

$2,355 - $2,405 million

$2,370 - $2,420 million

Adjusted EBITDA(1)

$335 - $348 million

$340 - $353 million

$345 - $358 million

Capital Expenditures(a)

$165 - $175 million

Cash Interest Expense(b)

$45 - $50 million

$48 - $53 million

Free Cash Flow (2)

$105 - $115 million

$112 - $122 million

$115 - $125 million

(a) Net of proceeds from the sale of equipment and New Jersey Imaging Network capital expenditures.

(b) Net of payments from counterparties on interest rate swaps and interest income from our cash balance recorded

in Other Income.

Digital Health Segment

Original

Guidance

Range

Revised

Guidance

Range After

Results

Revised

Guidance

Range After

Results

Total Net Revenue (inclusive of intersegment revenue)

$135 - $145 million

Adjusted EBITDA(1) Before Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI

$10 - $12 million

Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI

$17 - $19 million

Capital Expenditures

$9 - $12 million

Free Cash Flow(2) Before Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI

$(1) - $3 million

Free Cash Flow(2) After Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI

$(17) - $(19) million

Conference Call for Tomorrow

Dr. Howard Berger, President and Chief Executive

Officer, and Mark Stolper, Executive Vice President and Chief Financial Officer, will host a conference call to discuss its second quarter

2026 results on Monday, August 10th, 2026 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Monday, August 10, 2026

Time: 7:30 a.m. Pacific Time (10:30 a.m. Eastern

Time)

Dial In-Number: 844-744-1280

International Dial-In Number: 412-564-6465

It is recommended

that participants dial in approximately 5 minutes prior to the start of the call. There will also be simultaneous and archived webcasts

available at https://viavid.webcasts.com/starthere.jsp?ei=1770869&tp_key=f4d7c2481f

or http://www.radnet.com under the “News” menu section of the website. An archived replay of

the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers,

and using the passcode 10210872.

About RadNet, Inc.

RadNet, Inc. is a leading national provider of

freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue.

RadNet has a network of owned and operated outpatient imaging centers. RadNet’s markets include Arizona, California, Delaware, Florida,

Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and

artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products

and services to customers in the diagnostic imaging industry. Together with contracted radiologists, and inclusive of full-time and per

diem employees and technologists, RadNet has a total of over 11,000 employees. For more information, visit http://www.radnet.com.

Forward Looking Statements

This press release contains “forward-looking

statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking

statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and

strategies, projections, guidance and anticipated future conditions, events and trends. Forward-looking statements can generally be identified

by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,”

“project,” “estimate,” “expect,” “strategy,” “future,” “likely,”

“may,” “should,” “will” and similar references to future periods.

Forward-looking statements are neither historical

facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties,

risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and

financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue

reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to

differ materially from those indicated in the forward-looking statements include, among others, the following:

· the impact of a pandemic, significant deterioration

in the broader economy, severe acts of nature or other exogenous factors on our business, suppliers, payors, customers, referral sources,

partners, patients and employees;

· the availability and terms of capital to fund

our business;

· our ability to service our indebtedness, make

principal and interest payments as those payments become due and remain in compliance with applicable debt covenants, in addition to our

ability to refinance such indebtedness on acceptable terms;

· changes in general economic conditions nationally

and regionally in the markets in which we operate;

· the availability and terms of capital to fund

the expansion of our business and improvements to our existing facilities;

· our ability to maintain our current credit rating

and the impact on our funding costs and competitive position if we do not do so;

· our ability to acquire, develop, implement and monetize artificial intelligence algorithms and applications;

· volatility in interest and exchange rates, or

credit markets;

· the adequacy of our cash flow and earnings to

fund our current and future operations;

· changes in service mix, revenue mix and procedure

volumes;

· delays in receiving payments for services provided;

· increased bankruptcies among our partner physicians

or joint venture partners;

· the impact of the political environment and related

developments on the current healthcare marketplace and on our business, including with respect to the future of the Affordable Care Act;

· the extent to which the ongoing implementation

of healthcare reform, or changes in or new legislation, regulations or guidance, enforcement thereof by federal and state regulators or

related litigation result in a reduction in coverage or reimbursement rates for our services, or other material impacts to our business;

· closures or slowdowns and changes in labor costs

and labor difficulties, including stoppages affecting either our operations or our suppliers’ abilities to deliver supplies needed in

our facilities;

· the occurrence of hostilities, political instability

or catastrophic events;

· the emergence or reemergence of and effects related

to future pandemics, epidemics and infectious diseases; and

· noncompliance by us with any privacy or security

laws or any cybersecurity incident or other security breach by us or a third party involving the misappropriation, loss or other unauthorized

use or disclosure of confidential information.

· With respect to mergers and acquisitions: (1) the termination of or occurrence of any event, change or other circumstances that could

give rise to the termination of the merger or acquisition agreement or the inability to complete the proposed transaction on the anticipated

terms and timetable, (2) the inability to complete the proposed transaction due to any applicable regulatory approval that may be required

for the proposed transaction that is delayed, that is not obtained or that is obtained subject to conditions that are not anticipated,

(3) the ability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, the ability

to maintain relationships with its customers, patients, payers, physicians, and providers and retain its management and key employees,

(4) the ability of RadNet following the proposed transaction to achieve the synergies contemplated by the proposed transaction or such

synergies taking longer to realize than expected, (5) costs related to the proposed transaction, (6) the ability of RadNet following the

proposed transaction to execute successfully its strategic plans, (7) the ability of RadNet following the proposed transaction to promptly

and effectively integrate the target into its business, (8) the risk of litigation related to the proposed transaction, (9) the diversion

of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration

matters, (10) the risk of legislative, regulatory, economic, competitive, and technological changes, (11) risks relating to the value

of RadNet’s securities to be issued in the proposed merger, and (12) the effect of the announcement, pendency or completion of the proposed

transactions on the market price of RadNet’s common stock.

The foregoing review of important factors should not be construed as

exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere. Additional information

concerning risks, uncertainties and assumptions can be found in RadNet’s filings with the United States Securities and Exchange Commisssion

(the “SEC”), including the risk factors discussed in RadNet’s most recent Annual Report on Form 10-K, as updated by its Quarterly

Reports on Form 10-Q and future filings with the SEC.

Any forward-looking statement contained in this

release is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation

to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of

changed circumstances, new information, future developments or otherwise, except as required by applicable law.

Regulation G: GAAP and Non-GAAP Financial

Information

This release contains certain financial information

not reported in accordance with GAAP. The Company uses both GAAP and non-GAAP metrics to measure its financial results. The Company believes

that, in addition to GAAP metrics, these non-GAAP metrics assist the Company in measuring its cash-based performance. The Company believes

this information is useful to investors and other interested parties because it removes unusual and nonrecurring charges that occur in

the affected period and provides a basis for measuring the Company’s financial condition against other quarters. Such information should

not be considered as a substitute for any measures calculated in accordance with GAAP, and may not be comparable to other similarly titled

measures of other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial

information prepared in accordance with GAAP. Reconciliation of this information to the most comparable GAAP measures is included in this

release in the tables which follow.

CONTACTS:

RadNet, Inc.

Mark Stolper, 310-445-2800

Executive Vice President and Chief Financial

Officer

RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

June 30, 2026

December 31, 2025

(unaudited)

ASSETS

CURRENT ASSETS

Cash and Cash equivalents

$ 726,272

$ 767,215

Accounts receivable

241,845

200,317

Due from affiliates

6,863

12,592

Prepaid expenses and other current assets

60,776

52,003

Total current assets

1,035,756

1,032,127

PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS

Property and equipment, net

879,904

807,702

Operating lease right-of-use assets

759,225

690,250

Total property, plant, equipment and right-of-use assets

1,639,129

1,497,952

OTHER ASSETS

Goodwill

1,122,468

907,663

Other intangible assets

245,348

148,508

Deferred financing costs

1,393

1,684

Investment in joint ventures

135,019

130,340

Deposits and other

47,238

40,289

Total Assets

$ 4,226,351

$ 3,758,563

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable, accrued expenses and other

$ 489,818

$ 422,029

Due to affiliates

91,298

70,104

Deferred revenue

16,480

7,272

Current operating lease liability

69,557

61,934

Current portion of notes payable

30,669

25,424

Total current liabilities

697,822

586,763

LONG-TERM LIABILITIES

Long-term finance lease liability

4,288

–

Long-term operating lease liability

776,329

707,001

Notes payable, net of current portion

1,301,862

1,064,495

Deferred tax liability, net

39,005

21,903

Other non-current liabilities

12,994

22,515

Total liabilities

2,832,300

2,402,677

EQUITY

RadNet, Inc. stockholders' equity:

Common stock - $0.0001 value, 200,000,000 shares authorized; 78,646,805 and 77,399,615 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Additional paid-in-capital

1,222,961

1,180,434

Accumulated other comprehensive loss

(5,504 )

4,885

Accumulated deficit

(121,373 )

(95,437 )

Total RadNet, Inc.'s Stockholders' equity:

1,096,092

1,089,890

Noncontrolling interests

297,959

265,996

Total Equity

1,394,051

1,355,886

Total liabilities and equity

$ 4,226,351

$ 3,758,563

RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUE

Service fee revenue

$ 592,589

$ 468,063

$ 1,137,807

$ 907,412

Revenue under capitation arrangements

30,131

30,167

60,544

62,217

Total service revenue

622,720

498,230

1,198,351

969,629

OPERATING EXPENSES

Cost of operations, excluding depreciation and amortization

534,640

429,085

1,085,152

882,565

Lease abandonment charges

1,306

123

1,306

5,511

Depreciation and amortization

45,529

35,993

90,496

71,476

Loss (gain) on sale and disposal of equipment and other

1,117

1,724

3,708

2,126

Severance costs

660

426

2,124

1,173

Total operating expenses

583,252

467,351

1,182,786

962,851

INCOME (LOSS) FROM OPERATIONS

39,468

30,879

15,565

6,778

OTHER INCOME AND EXPENSES

Interest expense

18,153

17,189

35,810

34,428

Equity in earnings of joint ventures

(4,710 )

(4,356 )

(8,535 )

(6,955 )

Non-cash change in fair value of interest rate hedge

–

1,956

–

4,062

Debt restructuring and extinguishment expenses

3,368

–

3,368

–

Other (income) expenses

(3,960 )

(7,764 )

(8,867 )

(15,476 )

Total other (income) expenses

12,851

7,025

21,776

16,059

INCOME (LOSS) BEFORE INCOME TAXES

26,617

23,854

(6,211 )

(9,281 )

Provision for income taxes

(6,363 )

(820 )

1,733

2,578

NET INCOME (LOSS)

20,254

23,034

(4,478 )

(6,703 )

Net income (loss) attributable to noncontrolling interests

12,724

8,580

21,458

16,769

NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ 7,530

$ 14,454

$ (25,936 )

$ (23,472 )

BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ 0.10

$ 0.19

$ (0.33 )

$ (0.32 )

DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ 0.10

$ 0.19

$ (0.33 )

$ (0.32 )

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

77,788,452

74,352,498

77,425,061

74,070,438

Diluted

78,731,021

75,531,743

77,425,061

74,070,438

RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

(IN THOUSANDS)

(unaudited)

Six Months Ended

June 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$ (4,478 )

$ (6,703 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

90,496

71,476

Noncash operating lease expense

32,658

29,356

Equity in earnings of joint ventures, net of dividends

(4,679 )

(1,267 )

Amortization of deferred financing costs and loan discount

1,550

1,471

Loss on sale and disposal of equipment

3,708

2,126

Loss on extinguishment of debt

407

–

Lease abandonment charges

1,306

5,511

Amortization of cash flow hedge

–

2,712

Non-cash change in fair value of interest rate swap

–

4,062

Stock-based compensation

41,915

37,235

Change in fair value of contingent consideration

(393 )

–

Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions:

Accounts receivable

(23,413 )

(14,159 )

Other current assets

(1,131 )

22,381

Other assets

(7,443 )

(2,544 )

Deferred taxes

(3,784 )

(3,511 )

Operating leases

(29,238 )

(34,726 )

Deferred revenue

1,016

145

Accounts payable, accrued expenses and other

74,574

48,264

Net cash provided by operating activities

173,071

161,829

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of imaging facilities and other acquisitions, net of cash acquired

(315,707 )

(31,985 )

Purchase of property and equipment and other

(126,215 )

(101,776 )

Proceeds from sale of equipment

744

Equity contributions in existing and purchase of interest in joint ventures

–

(20,480 )

Collection of notes receivable

6,651

–

Net cash used in investing activities

(434,527 )

(154,201 )

CASH FLOWS FROM FINANCING ACTIVITIES

Principal payments on notes and leases payable

(11,767 )

(3,461 )

Payments on Term Loan Debt

(11,140 )

(10,252 )

Proceeds from issuance of new debt, net of issuing costs

248,937

99,001

Purchase of noncontrolling interests by third party

–

2,389

Distributions paid to noncontrolling interests

(3,927 )

(3,313 )

Proceeds from issuance of common stock upon exercise of options

612

554

Net cash provided by financing activities

222,715

84,918

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(2,202 )

586

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(40,943 )

93,132

CASH AND CASH EQUIVALENTS, beginning of period

767,215

740,020

CASH AND CASH EQUIVALENTS, end of period

$ 726,272

$ 833,152

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid during the period for interest

$ 35,632

$ 35,018

Cash paid during the period for income taxes

$ 2,143

$ 2,428

RADNET, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO RADNET, INC. COMMON SHAREHOLDERS TO ADJUSTED EBITDA

(IN THOUSANDS)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income (loss) attributable to Radnet, Inc. common stockholders

$ 7,530

$ 14,454

$ (25,936 )

$ (23,472 )

Income taxes

6,363

820

(1,733 )

(2,578 )

Interest expense

18,153

17,189

35,810

34,428

Severance costs

660

426

2,124

1,173

Depreciation and amortization

45,529

35,993

90,496

71,476

Non-cash employee stock-based compensation

10,540

8,741

41,915

37,235

Loss (gain) on sale and disposal of equipment and other

1,117

1,724

3,708

2,126

Non-cash change in fair value of interest rate hedge

–

1,956

–

4,062

Other expenses (income)

(3,960 )

(7,764 )

(8,867 )

(15,476 )

Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI

5,110

4,787

9,670

8,349

Lease abandonment charges

1,306

123

1,306

5,511

Loss (gain) on extinguishment of debt and related expenses

3,368

–

3,368

–

Non-cash change to contingent consideration

(3,157 )

–

(393 )

–

Non-operational rent expenses

498

496

1,398

1,838

Acquisition transaction costs

6,599

2,301

10,053

2,973

Adjusted EBITDA - Radnet, Inc.

$ 99,656

$ 81,246

$ 162,919

$ 127,645

NOTE

Adjusted EBITDA - Imaging Center Segment

97,178

77,843

159,138

120,531

Adjusted EBITDA - Digital Health Segment

2,478

3,403

3,781

7,114

PAYMENTS BY PAYOR CLASS

Second Quarter

2026

Commercial Insurance

57.2%

Medicare

24.2%

Capitation

4.8%

Medicaid

2.3%

Workers Compensation/Personal Injury

2.2%

Other*

9.2%

Total

100.0%

* Includes Management Fees, Digital Health Revenue and Heart Lung Health

Revenue.

RADNET PAYMENTS BY MODALITY

Second Quarter

Full Year

2026

2025

2024

2023

MRI

38.5%

37.7%

37.1%

36.8%

16.3%

15.6%

15.9%

16.8%

PET/CT

9.9%

8.8%

7.2%

6.4%

X-ray

5.0%

5.5%

6.0%

6.5%

Ultrasound

12.8%

13.5%

13.6%

12.9%

Mammography

14.2%

15.6%

16.4%

16.0%

Nuclear Medicine

0.9%

1.0%

0.8%

Other

2.5%

2.7%

3.9%

100.0%

PROCEDURES BY MODALITY*

Second Quarter

2026

2025

MRI

593,143

490,299

352,734

291,820

PET/CT

29,027

22,155

Nuclear Medicine

10,460

9,377

Ultrasound

776,541

701,917

Mammography

537,732

508,000

X-ray and Other

962,376

900,095

Total

3,262,013

2,923,663

* Volumes include wholly owned and joint venture centers.

RADNET, INC. AND SUBSIDIARIES

SCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE (3)

(IN THOUSANDS EXCEPT SHARE DATA)

(unaudited)

Three Months Ended

June 30,

2026

2025(iv)

NET INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ 7,530

$ 14,454

Add/Subtract non-cash change in fair value of interest rate swaps (i)

–

1,956

Non-operational rent expenses (iii)

498

496

Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI

5,110

4,787

Intangibles Amortization Expense - Digital Health Operating Segment (v)

6,838

2,032

Lease abandonment charge

1,306

123

Acquisition transaction costs

6,599

2,301

Change to contingent consideration

(3,157 )

–

Debt restructing and extinguishment expenses (iv)

3,368

–

Total adjustments - loss (gain)

20,562

11,695

Subtract tax impact of Adjustments (ii)

(4,916 )

(402 )

Tax effected impact of adjustments

15,646

11,293

TOTAL ADJUSTMENT TO NET INCOME ATTRIBUTABLE TO RADNET, INC.

COMMON SHAREHOLDERS

15,646

11,293

ADJUSTED NET INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

23,176

25,747

WEIGHTED AVERAGE SHARES OUTSTANDING

Diluted

78,731,021

75,531,743

ADJUSTED DILUTED NET INCOME PER SHARE ATTRIBUTABLE TO RADNET,

INC. COMMON STOCKHOLDERS

$ 0.29

$ 0.34

(i) Impact from the change in fair value of the swaps during the quarter. Excludes

the recurring amortization of the accumulation of the changes in fair value out of Other Comprehensive Income that existed prior to the

hedges becoming ineffective.

(ii) Tax effected usi7ng 23.91% and 3.44% blended federal and state

effective tax rate for the second quarter of 2026 and 2025, respectively.

(iii) Represents rent expense associated with de novo sites under construction

prior to them becoming operational.

(iv) Extraordinary expense related to the Company's successful June

2026 debt repricing and add-on transaction.

(v) Intangible amortization expense related to the Digital Health

operating segment.

(vi) Adjusted from what was reported during last year's second quarter

for an additional addback of $2,032,000 related to DeepHealth amortization of intangibles primarily resulting from recent acquisitions.

Footnotes

(1) The Company defines Adjusted EBITDA

as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on

the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings

in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash

or extraordinary and one-time events taken place during the period.

Adjusted EBITDA is reconciled to its nearest comparable

GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare

industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not

be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation

or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data

presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a

measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented,

may not be comparable to other similarly titled measures of other companies.

(2) As noted above, the Company defines

Free Cash Flow as Adjusted EBITDA less total Capital Expenditures (whether completed with cash or financed) and Cash Interest Expense.

Free Cash Flow is a non-GAAP financial measure. The Company uses Free Cash Flow because the Company believes it provides useful information

for investors and management because it measures our capacity to generate cash from our operating activities. Free Cash Flow does not

represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition

of Free Cash Flow may differ from definitions used by other companies.

Free Cash Flow should not be considered a measure

of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives

to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the

consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined

in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable

to other similarly titled measures of other companies.

(3) The Company defines Adjusted Earnings

(Loss) Per Share as net income or loss attributable to RadNet, Inc. common stockholders and excludes losses or gains on the disposal of

equipment, loss on debt extinguishments, bargain purchase gains, severance costs, loss on impairment, loss or gain on swap valuation,

gain on extinguishment of debt, unusual or non-recurring entries that impact the Company’s tax provision and any other non-recurring

or unusual transactions recorded during the period.

Adjusted Earnings (Loss) Per Share is reconciled

to its nearest comparable GAAP financial measure. Adjusted Earnings (Loss) Per Share is a non-GAAP financial measure used as analytical

indicator by RadNet management and the healthcare industry to assess business performance. Adjusted Earnings Per Share should not be considered

a measure of financial performance under GAAP, and the items excluded from Adjusted Earnings Per Share should not be considered in isolation

or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data

presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted Earnings Per Share

is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as

presented, may not be comparable to other similarly titled measures of other companies.

(4) We use Annual Recurring Revenue

(“ARR”) as a key operating metric to evaluate the scale, growth and health of the recurring component of our Digital Health

business. We define ARR as a key subscription-economy metric representing the predictable, normalized annualized value of contracted recurring

revenue generated from active customer contracts. ARR includes subscription fees, recurring support fees and contracted usage charges,

and excludes one-time or non-recurring fees, such as implementation fees, hardware sales, professional services, consulting and one-time

training. ARR is determined based on the contractual terms of active customer arrangements and is not calculated by reference to revenue

recognized under GAAP, deferred revenue or another GAAP financial measure. Accordingly, ARR is an operating metric and not a non-GAAP

financial measure. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with, or to replace,

either measure. ARR is not a forecast of future revenue, which may be affected by contract start and end dates, cancellations, renewal

rates, customer usage and other factors. ARR does not have a standardized definition and may not be comparable to similarly titled measures

presented by other companies.

(5) Net Debt to Adjusted EBITDA(1)

Ratio is calculated by taking our Total Debt at par value less our cash balance divided by our Adjusted EBITDA(1). This amount

excludes our joint venture partner’s proportionate share (51%) of the Net Debt of New Jersey Imaging Network.

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