Form 8-K

8-K — RadNet, Inc.

Accession: 0001683168-26-003624

Filed: 2026-05-11

Period: 2026-05-10

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 — EARNINGS RELEASE (radnet_ex9901.htm)

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2026-05-10

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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) May

10, 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 May 10, 2026 RadNet,

Inc. (“RadNet”) issued a press release regarding its financial results for the first quarter ended March 31, 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 May 10, 2026 relating to RadNet, Inc.’s financial results for the quarter ended March 31, 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: May 11, 2026

RADNET, INC.

By:

/s/ Mark D. Stolper

Name:

Mark D. Stolper

Title:

Chief Financial Officer

EX-99.1 — EARNINGS RELEASE

EX-99.1

Filename: radnet_ex9901.htm · Sequence: 2

Exhibit 99.1

FOR IMMEDIATE RELEASE

RadNet Reports Record First Quarter Financial

Results and Revises Upwards 2026 Imaging Center Financial Guidance Ranges for Revenue, Adjusted EBITDA and Free Cash Flow

· Total Company Revenue increased 22.1% to $575.6 million in the first quarter

of 2026 from $471.4 million in the first quarter of 2025

· Revenue from the Digital Health reportable segment increased 51.5% to

$29.1 million in the first quarter of 2026 from $19.2 million in the first quarter of 2025; Annual Recurring Revenue(4) (ARR)

increased from $49.8 million at March 31, 2025 to $96.9 million at March 31, 2026

· Total Company Adjusted EBITDA(1) was $63.3 million in the first

quarter of 2026 as compared with $46.4 million in the first quarter of 2025, an increase of 36.3%; Digital Health reportable segment Adjusted

EBITDA(1) decreased to $1.3 million in the first quarter of 2026 from $3.7 million in the first quarter of 2025 resulting from

continued intentional infrastructure investments to drive and support a growing sales pipeline

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

PET/CT) procedural volumes increased 19.7% and same-center advanced imaging procedural volumes increased 8.2% as compared with the first

quarter of 2025

· Adjusting for unusual or one-time items in the quarter, Adjusted Diluted

Loss Per Share(3) was $(0.28) for the first quarter of 2026; This compares with Adjusted Diluted Loss Per Share(3)

of $(0.34) for the first quarter of 2025

· 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, May 10, 2026 – RadNet,

Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services

through a network of 435 outpatient imaging centers and a premier developer of radiology digital health solutions, today reported financial

results for its first quarter of 2026.

Dr. Howard Berger, President and Chief Executive Officer

of RadNet, commented, “After being impacted by severe winter weather conditions in the Northeast during January and February which

reduced Revenue and Adjusted EBITDA(1) by an estimated $13 million and $9 million, respectively, our business strongly rebounded

in March, resulting in a Total Company Revenue increase of 22.1% and a Total Company Adjusted EBITDA(1) increase of 36.3% from

last year’s first quarter. The record first quarter performance was driven by aggregate advanced imaging (MRI, CT and PET/CT) growth

of 19.7% and same-center advanced imaging growth of 8.2% as compared with the first quarter of last year. The growth in MR, CT and PET/CT

contributed to a 235 basis point shift in RadNet’s advanced imaging procedural volume mix (relative to routine imaging) as compared

with the same quarter last year, increasing from 26.9% in last year’s first quarter to 29.3% in the first quarter of 2026. Imaging

Center Adjusted EBITDA(1) margin increased by 52 basis points, after adjusting for lost Revenue and Adjusted EBITDA(1)

from the severe winter weather in this year’s first quarter and the severe winter weather and California wildfires in last year’s

first quarter.”

Dr. Berger continued, “On April 30th, we announced

the commencement of a new health system joint venture with Trinity Health’s Saint Alphonsus Health System initially with five outpatient

imaging centers in Boise, Idaho. In conjunction with this new partnership, various modules of DeepHealth OS as well as AI-powered solutions

for radiologist reporting, patient engagement and clinical interpretation will be implemented. This relationship is a blueprint for future

health system partnerships, where RadNet can bring all of its operational, clinical and digital workflow solutions to bear to streamline

the patient journey and improve medical care and outcomes. As a result of the strong operating trends during the first quarter which have

continued through early May, we are increasing 2026 Imaging Center guidance for Revenue, Adjusted EBITDA(1) and Free Cash Flow(2).”

“The Digital Health division continues to gain

momentum, which was further advanced with the March 2, 2026 acquisition of Gleamer SAS in France. DeepHealth’s clinical AI portfolio

now includes interpretive solutions in virtually all imaging modalities. We estimate that by the end of this year, over 70% of RadNet

studies could be running through clinical AI, and we expect that all of RadNet’s radiologist reports will be processed through DeepHealth’s

Reporting Pro AI-powered auto-impression/summarization engine. When fully implemented, these initiatives should result in significant

enhancement to patient care and workflow productivity intended to achieve a measurable improvement to RadNet’s operating expenses.

Furthermore, the Digital Health sales pipeline with third-party customers continued to build during the first quarter, during which we

signed over $16 million (Total Contract Value) of new DeepHealth business. These contracts span the full breadth of DeepHealth products

including clinical AI, operating and diagnostic workflow and TechLive solutions,” added Dr. Berger.

“RadNet’s balance sheet continues to be

among the strongest in the diagnostic imaging industry. At quarter end, which reflected the acquisition of Gleamer and recent imaging

center transactions, we had a cash balance of $455.3 million and a leverage ratio of Net Debt to Adjusted EBITDA(1) of slightly

below 2.0. Financial leverage and liquidity will continue to be carefully managed to maintain optimal future operating flexibility,”

concluded Dr. Berger.

Financial Results

For the first quarter of 2026, RadNet reported Total

Company Revenue of $575.6 million and Adjusted EBITDA(1) of $63.3 million. Revenue increased $104.2 million (or 22.1%) and

Adjusted EBITDA(1) increased $16.9 million (or 36.3%) as compared with the first quarter of 2025.

For the first quarter of 2026, RadNet reported Digital

Health Revenue (inclusive of intersegment revenue) of $29.1 million and Adjusted EBITDA(1) of $1.3 million. Revenue increased

$9.9 million (or 51.5%) and Adjusted EBITDA(1) decreased $2.4 million as compared with the first quarter of 2025. At March

31, 2026, Annual Recurring Revenue(4) (ARR) for Digital Health was $96.9 million, as compared with $49.8 million as of March

31, 2025.

There were a number of unusual or one-time items impacting

the first quarter including: $0.9 million expense related to leases for de novo facilities under construction that have yet to open their

operations; $3.5 million of acquisition transaction costs; $2.6 million loss on the sale and disposal of equipment; $1.5 million of severance

costs; $2.8 million change in contingent consideration related to past acquisitions; and $4.6 million of non-capitalized research and

development expenses with respect to DeepHealth Cloud OS and generative AI. Adjusting for the above items, Total Company Adjusted Loss(3)

was $21.6 million and diluted Adjusted Loss Per Share(3) was $(0.28) for the first quarter of 2026. This compares with Total

Company Adjusted Loss(3) of $25.2 million and diluted Adjusted Loss Per Share(3) of $(0.34) during the first quarter

of 2025.

Unadjusted for unusual or one-time items impacting

the first quarter of 2026, Total Company Net Loss for the first quarter of 2026 was $33.5 million as compared with a Total Company Net

Loss of $37.9 million for the first quarter of 2025. Net Loss Per Share for the first quarter of 2026 was $(0.43), compared with a Net

Loss per share of $(0.51) in the first quarter of 2025, based upon a weighted average number of diluted shares outstanding of 77.1 million

shares in 2026 and 74.4 million shares in 2025.

For the first quarter of 2026, as compared with the

prior year’s first quarter, MRI volume increased 20.3%, CT volume increased 17.7% and PET/CT volume increased 35.2% on a systemwide

basis (including unconsolidated joint venture centers). Overall volume, taking into account routine imaging exams, inclusive of x-ray,

ultrasound, mammography and other exams, increased 10.1% over the prior year’s first quarter. On a same-center systemwide basis,

including only those centers which were part of RadNet for both the first quarters of 2026 and 2025, MRI volume increased 10.0%, CT volume

increased 4.7% and PET/CT volume increased 14.7%. Overall same-center volume, taking into account routine imaging exams, inclusive of

x-ray, ultrasound, mammography and other exams, increased 2.4% over the prior year’s same quarter.

2026 Revised Guidance

RadNet amends its previously announced guidance levels

as follows:

Imaging Center Segment

Original Guidance Range

Revised Guidance Range

Total Net Revenue

$2,325 - $2,375 million

$2,355 - $2,405 million

Adjusted EBITDA(1)

$335 - $348 million

$340 - $353 million

Capital Expenditures(a)

$165 - $175 million

Cash Interest Expense(b)

$45 - $50 million

Free Cash Flow(2)

$105 - $115 million

$112 - $122 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

Total Net 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

Financial Results Conference Call

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 first quarter 2026

results on Monday, May 11th, 2026 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Monday, May 11, 2026

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 to 10 minutes prior to the start of the 10:30 a.m. call. There will also be simultaneous and archived

webcasts available at https://viavid.webcasts.com/starthere.jsp?ei=1761306&tp_key=ea5d61284c

or http://www.radnet.com under the “Investors” menu section and “News Releases”

sub-menu 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 allers, and using the passcode 10208825.

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/or operated outpatient imaging centers. RadNet’s imaging center 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 globally. Together with contracted radiologists,

and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. Learn more at 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, 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 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)

March 31, 2026

December 31, 2025

(unaudited)

ASSETS

CURRENT ASSETS

Cash and Cash equivalents

$ 455,339

$ 767,215

Accounts receivable

209,090

200,317

Due from affiliates

11,033

12,592

Prepaid expenses and other current assets

65,313

52,003

Total current assets

740,775

1,032,127

PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS

Property and equipment, net

862,057

807,702

Operating lease right-of-use assets

760,975

690,250

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

1,623,032

1,497,952

OTHER ASSETS

Goodwill

1,094,699

907,663

Other intangible assets

253,481

148,508

Deferred financing costs

1,538

1,684

Investment in joint ventures

131,409

130,340

Deposits and other

40,455

40,289

Total Assets

$ 3,885,389

$ 3,758,563

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable, accrued expenses and other

$ 454,602

$ 422,029

Due to affiliates

75,960

70,104

Deferred revenue

11,975

7,272

Current operating lease liability

66,591

61,934

Current portion of notes payable

26,506

25,424

Total current liabilities

635,634

586,763

LONG-TERM LIABILITIES

Long-term finance lease liability

4,016

–

Long-term operating lease liability

777,268

707,001

Notes payable, net of current portion

1,059,977

1,064,495

Deferred tax liability, net

34,150

21,903

Other non-current liabilities

21,632

22,515

Total liabilities

2,532,677

2,402,677

EQUITY

RadNet, Inc. stockholders' equity:

Common stock - $0.0001 value, 200,000,000 shares authorized; 78,545,837 and 77,399,615 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in-capital

1,211,912

1,180,434

Accumulated other comprehensive loss

(2,466 )

4,885

Accumulated deficit

(128,903 )

(95,437 )

Total RadNet, Inc.'s Stockholders' equity:

1,080,551

1,089,890

Noncontrolling interests

272,161

265,996

Total Equity

1,352,712

1,355,886

Total liabilities and equity

$ 3,885,389

$ 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 March 31,

2026

2025

REVENUE

Service fee revenue

$ 545,218

$ 439,349

Revenue under capitation arrangements

30,413

32,050

Total service revenue

575,631

471,399

OPERATING EXPENSES

Cost of operations, excluding depreciation and amortization

550,512

453,480

Lease abandonment charges

–

5,388

Depreciation and amortization

44,967

35,483

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

2,591

402

Severance costs

1,464

747

Total operating expenses

599,534

495,500

INCOME (LOSS) FROM OPERATIONS

(23,903 )

(24,101 )

OTHER INCOME AND EXPENSES

Interest expense

17,657

17,239

Equity in earnings of joint ventures

(3,825 )

(2,599 )

Non-cash change in fair value of interest rate hedge

–

2,106

Other (income) expenses

(4,907 )

(7,712 )

Total other (income) expenses

8,925

9,034

INCOME (LOSS) BEFORE INCOME TAXES

(32,828 )

(33,135 )

Provision for income taxes

8,096

3,398

NET INCOME (LOSS)

(24,732 )

(29,737 )

Net income (loss) attributable to noncontrolling interests

8,734

8,189

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

$ (33,466 )

$ (37,926 )

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

$ (0.43 )

$ (0.51 )

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

$ (0.43 )

$ (0.51 )

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

77,057,835

74,382,356

Diluted

77,057,835

74,382,356

RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

(IN THOUSANDS)

(unaudited)

Three Months Ended March 31,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$ (24,732 )

$ (29,737 )

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

Depreciation and amortization

44,967

35,483

Noncash operating lease expense

16,298

14,431

Equity in earnings of joint ventures, net of dividends

(1,069 )

(2,599 )

Amortization of deferred financing costs and loan discount

779

728

Loss on sale and disposal of equipment

2,591

402

Lease abandonment charges

–

5,388

Amortization of cash flow hedge

–

1,033

Non-cash change in fair value of interest rate swap

–

2,106

Stock-based compensation

31,375

28,494

Change in fair value of contingent consideration

(2,764 )

–

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

Accounts receivable

9,375

(14,306 )

Other current assets

(6,172 )

(7,206 )

Other assets

(660 )

(1,691 )

Deferred taxes

(9,099 )

5,137

Operating leases

(13,299 )

(21,968 )

Deferred revenue

234

128

Accounts payable, accrued expenses and other

31,148

25,658

Net cash provided by operating activities

78,972

41,481

CASH FLOWS FROM INVESTING ACTIVITIES

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

(304,151 )

(3,794 )

Purchase of property and equipment and other

(69,932 )

(48,833 )

Proceeds from sale of equipment

277

Equity contributions in existing and purchase of interest in joint ventures

–

(4,147 )

Collection of notes receivable

2,833

–

Net cash used in investing activities

(370,973 )

(56,751 )

CASH FLOWS FROM FINANCING ACTIVITIES

Principal payments on notes and leases payable

(9,953 )

(1,718 )

Payments on Term Loan Debt

(5,252 )

(5,000 )

Distributions paid to noncontrolling interests

(2,402 )

(913 )

Proceeds from issuance of common stock upon exercise of options

103

121

Net cash used in financing activities

(17,504 )

(7,510 )

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(2,371 )

NET DECREASE IN CASH AND CASH EQUIVALENTS

(311,876 )

(22,697 )

CASH AND CASH EQUIVALENTS, beginning of period

767,215

740,020

CASH AND CASH EQUIVALENTS, end of period

$ 455,339

$ 717,323

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid during the period for interest

$ 17,073

$ 18,010

Cash paid during the period for income taxes

$ 519

$ 272

RADNET, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO

RADNET, INC. COMMON SHAREHOLDERS TO ADJUSTED EBITDA

(IN THOUSANDS)

Three Months Ended March 31,

2026

2025

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

$ (33,466 )

$ (37,926 )

Income taxes

(8,096 )

(3,398 )

Interest expense

17,657

17,239

Severance costs

1,464

747

Depreciation and amortization

44,967

35,483

Non-cash employee stock-based compensation

31,376

28,494

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

2,591

402

Non-cash change in fair value of interest rate hedge

–

2,106

Other expenses (income)

(4,907 )

(7,712 )

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

4,560

3,562

Lease abandonment charges

–

5,388

Non-cash change to contingent consideration

2,764

–

Non-operational rent expenses

900

1,342

Acquisition transaction costs

3,454

672

Adjusted EBITDA - Radnet, Inc.

$ 63,264

$ 46,399

NOTE

Adjusted EBITDA - Imaging Center Segment

61,961

42,688

Adjusted EBITDA - Digital Health Segment

1,303

3,711

PAYMENTS BY PAYOR CLASS

First Quarter

2026

Commercial Insurance

57.4%

Medicare

23.8%

Capitation

5.3%

Medicaid

2.4%

Workers Compensation/Personal Injury

2.1%

Other*

8.9%

Total

100.0%

* Includes management fee, Digital Health unit and Heart Lung Health revenue.

RADNET PAYMENTS BY MODALITY

First Quarter

Full Year

2026

2025

2024

2023

MRI

37.6%

37.7%

37.1%

36.8%

15.1%

15.6%

15.9%

16.8%

PET/CT

10.4%

8.8%

7.2%

6.4%

X-ray

5.2%

5.5%

6.0%

6.5%

Ultrasound

13.7%

13.5%

13.6%

12.9%

Mammography

14.7%

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*

First Quarter

2026

2025

MRI

538,043

447,330

319,201

271,170

PET/CT

27,572

20,389

Nuclear Medicine

10,395

9,577

Ultrasound

718,006

656,427

Mammography

504,761

476,378

X-ray and Other

902,977

861,702

Total

3,020,955

2,742,973

* 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

March 31,

2026

2025(iv)

NET LOSS INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ (33,466 )

$ (37,926 )

Add Non-cash change in fair value of interest rate hedges (i)

–

2,106

Add Non-operational rent expenses (iii)

900

1,342

Add Acquisition transaction costs

3,454

672

Add loss on sale and disposal of equipment and other

2,591

402

Add Severance costs

1,464

747

Add Lease abandonment charges

–

5,388

Add Change to contingent consideration

2,764

–

Add Non-capitalized R&D - DeepHealth cloud OS & generative AI

4,560

3,562

Total adjustments - loss (gain)

15,733

14,219

Subtract tax impact of Adjustments (ii)

(3,880 )

(1,459 )

Tax effected impact of adjustments

11,853

12,760

TOTAL ADJUSTMENT TO NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON SHAREHOLDERS

11,853

12,760

ADJUSTED NET LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ (21,613 )

$ (25,166 )

WEIGHTED AVERAGE SHARES OUTSTANDING

Diluted

77,057,835

74,382,356

ADJUSTED DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ (0.28 )

$ (0.34 )

(i)

Impact from the change in fair value of

the hedges during the quarter. Excludes the 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 using 10.26% and 24.66%

blended federal and state effective tax rate for the first quarter of 2025 and 2026, respectively.

(iii)

Represents rent expense associated with de novo sites under construction prior to them becoming operational.

(iv)

Adjusted from what was reported during

last year's fourth quarter for an additional addback of $402,000 Loss on the Sale and Disposal of Equipment and Other and $747,000

Severance Costs.

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 paid. 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) The Company defines Annual Recurring

Revenue (ARR) as a key subscription economy metric representing the predictable, normalized annualized value of contracted recurring revenue

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

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

training. ARR is a non-GAAP measure and does not represent GAAP revenue recognized over time.

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