Leading Radiology Forward Mark Stolper Chief Financial Officer June 2021 NASDAQ: RDNT Safe Harbor This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning RadNet's ability to continue to grow the business by generating patient referrals and contracts with radiology practices, integrate acquired businesses, recruit and retain technologists, and receive third-party reimbursement for diagnostic ima ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) RadNet reported total assets of $1.83 billion, total liabilities of $1.55 billion, and net income of $13.8 million for Q1 2021 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets reached $1.829 billion, liabilities $1.547 billion, and equity $281.4 million as of March 31, 2021 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $222,997 | $270,424 | | **Total assets** | **$1,828,786** | **$1,786,657** | | **Total current liabilities** | $402,617 | $398,114 | | **Total liabilities** | **$1,547,428** | **$1,528,354** | | **Total equity** | **$281,358** | **$258,303** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) RadNet reported total service revenue of $315.3 million and net income of $13.8 million for Q1 2021, with diluted EPS of $0.18 Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Total service revenue | $315,319 | $281,564 | | Provider relief funding | $6,248 | $— | | Income (Loss) from Operations | $17,653 | $(8,776) | | Net Income (Loss) | $13,775 | $(13,998) | | Net Income (Loss) Attributable to RadNet, Inc. | $9,458 | $(16,358) | | Diluted EPS | $0.18 | $(0.33) | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income reached $14.7 million in Q1 2021, a significant improvement from a $32.5 million loss in Q1 2020 Comprehensive Income (Loss) (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net Income (Loss) | $13,775 | $(13,998) | | Comprehensive Income (Loss) | $14,688 | $(32,546) | | Comprehensive Income (Loss) Attributable to RadNet, Inc. | $10,371 | $(34,906) | [Condensed Consolidated Statement of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Stockholders%27%20Equity) Total stockholders' equity increased from $258.3 million to $281.4 million in Q1 2021, primarily due to net income - Total equity increased by **$23.1 million** during the first quarter of 2021, from a beginning balance of **$258.3 million** to an ending balance of **$281.4 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $28.1 million, with $87.3 million used in investing, leading to a $70.9 million decrease in cash for Q1 2021 Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $28,084 | $40,913 | | Net cash used in investing activities | $(87,348) | $(55,059) | | Net cash (used in) provided by financing activities | $(11,651) | $68,262 | | **Net Increase (Decrease) in Cash** | **$(70,927)** | **$54,117** | | **Cash and cash equivalents, end of period** | **$31,091** | **$94,282** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business operations, accounting policies, recent acquisitions, debt structure, and subsequent events, including $6.2 million in relief funding - As of March 31, 2021, the company operated **346 outpatient diagnostic imaging centers** in seven U.S. states[20](index=20&type=chunk) - The company recognized **$6.2 million** from CARES Act general distribution as 'Provider relief funding' revenue in the three months ended March 31, 2021[40](index=40&type=chunk) - During Q1 2021, the company acquired several entities in the New York City area for a total purchase consideration of **$57.1 million**, which added **$29.6 million** to goodwill[89](index=89&type=chunk) - Subsequent to the quarter end, on April 23, 2021, the company refinanced its debt, securing **$725.0 million** in new term loans and a **$195.0 million** revolving credit facility, which was used to refinance existing debt and add approximately **$102.0 million** in cash to the balance sheet[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported Q1 2021 total revenue growth of 14.2% to $321.6 million, net income of $9.5 million, and Adjusted EBITDA doubling to $45.5 million [Overview](index=27&type=section&id=Overview) RadNet operates 346 imaging centers, focusing on AI and growth through acquisitions, with procedure volumes recovering - As of March 31, 2021, RadNet operated **346 centers**, an increase from **335** in the prior year[125](index=125&type=chunk)[126](index=126&type=chunk) - The company is focusing on Artificial Intelligence (AI) to assist in image interpretation and improve patient care, particularly in mammography, through acquisitions like DeepHealth and investments in Whiterabbit.ai[125](index=125&type=chunk) - During Q1 2021, the company acquired several imaging center assets in the New York City area for a total of **$57.1 million**[135](index=135&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Total revenue increased 14.2% to $321.6 million in Q1 2021, with operating income of $17.7 million and Adjusted EBITDA of $45.5 million Revenue Comparison (in thousands) | Revenue Type | Q1 2021 | Q1 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $321,567 | $281,564 | $40,003 | 14.2% | | Same Center Revenue | $304,696 | $277,990 | $26,706 | 9.6% | - The revenue increase was driven by a **5.1% growth** in same-center procedure volumes, with mammography procedures rising **15.1%** and advanced radiology (PET/CT) expanding by a combined **8.7%**[158](index=158&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net income (loss) attributable to RadNet, Inc. | $9,458 | $(16,358) | | Provision for (benefit from) income taxes | $4,376 | $(4,381) | | Interest expense | $12,826 | $11,552 | | Depreciation and amortization | $22,656 | $21,934 | | Non-cash employee stock-based compensation | $8,248 | $6,622 | | Non-cash change in fair value of interest rate hedge | $(11,245) | $— | | **Adjusted EBITDA** | **$45,503** | **$20,364** | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) Q1 2021 ended with $31.1 million cash, $28.1 million from operations, and $87.3 million used in investing, with a major debt refinancing in April 2021 Key Cash Flow Data (in thousands) | Cash Flow Activity | March 31, 2021 | March 31, 2020 | | :--- | :--- | :--- | | Cash provided by operating activities | $28,084 | $40,913 | | Cash used in investing activities | $(87,348) | $(55,059) | | Cash (used in) provided by financing activities | $(11,651) | $68,262 | - A debt refinancing on April 23, 2021, provided **$725.0 million** in new term loans, adding approximately **$102.0 million** to the balance sheet and reducing quarterly principal payments from **$9.7 million** to **$1.8 million**[118](index=118&type=chunk)[196](index=196&type=chunk) - As of March 31, 2021, the company had **$187.1 million** available for borrowing under its Barclays Revolving Credit Facility and **$30.0 million** under its SunTrust Revolving Credit Facility[195](index=195&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate sensitivity on variable-rate debt, mitigated by $500 million in interest rate swap agreements - The company is exposed to variable interest rates on its credit facilities. A hypothetical **1% increase** in the adjusted Eurodollar rates would result in an increase of **$6.0 million** in annual interest expense on the First Lien Term Loans[198](index=198&type=chunk) - To manage interest rate risk, the company entered into four forward interest rate swap agreements with a total notional amount of **$500 million**, effective October 13, 2020. These swaps lock in 1-month LIBOR rates at **1.96%** for **$100 million** and **2.05%** for **$400 million**[200](index=200&type=chunk) [Controls and Procedures](index=41&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal controls - Management, including the Chief Executive Officer and Chief Financial Officer, concluded that the company's disclosure controls and procedures are effective as of the end of the period covered by this report[202](index=202&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended March 31, 2021, that have materially affected, or are reasonably likely to materially affect, internal controls[203](index=203&type=chunk) [PART II – OTHER INFORMATION](index=44&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in ordinary course lawsuits, with no material adverse impact expected on its financial condition - The company is engaged in lawsuits arising from the ordinary course of business but does not expect them to have a material adverse impact[206](index=206&type=chunk) [Risk Factors](index=44&type=section&id=ITEM%201A.%20Risk%20Factors) This section refers to risk factors from the Annual Report on Form 10-K, with no material updates - For information about risks and uncertainties, the report refers to the risk factors described in the Annual Report on Form 10-K for the year ended December 31, 2020[207](index=207&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report for the period - None[208](index=208&type=chunk) [Defaults Upon Senior Securities](index=44&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities to report for the period - None[209](index=209&type=chunk) [Other Information](index=44&type=section&id=ITEM%205.%20Other%20Information) There was no other information to report for the period - None[211](index=211&type=chunk) [Exhibits](index=45&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including credit agreements and SOX certifications

RadNet, Inc. (NASDAQ:RDNT) Q1 2021 Earnings Conference Call May 10, 2021 10:30 AM ET Company Participants Mark Stolper - EVP & CFO Howard Berger - Chairman, President & CEO Conference Call Participants Brian Tanquilut - Jefferies John Ransom - Raymond James & Associates Operator Good day, and welcome to the RadNet, Inc. First Quarter Financial Results Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Mark Stolper, Executive Vice President and Chief Fin ...

Leading Radiology Forward Mark Stolper Chief Financial Officer March 2021 NASDAQ: RDNT Safe Harbor This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning RadNet's ability to continue to grow the business by generating patient referrals and contracts with radiology practices, integrate acquired businesses, recruit and retain technologists, and receive third-party reimbursement for diagnostic im ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-33307 RadNet, Inc. (Exact name of registrant as specified in its charter) Delaware 13-3326724 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identifi ...

Start Time: 10:30 January 1, 0000 11:40 AM ET RadNet, Inc. (NASDAQ:RDNT) Q4 2020 Earnings Conference Call March 08, 2021, 10:30 AM ET Company Participants Howard Berger - President and CEO Mark Stolper - EVP and CFO Conference Call Participants Brian Tanquilut - Jefferies Mitra Ramgopal - Sidoti & Company John Ransom - Raymond James Operator Good day, and welcome to the RadNet, Inc. Q4 and Full Year 2020 Financial Results Call. Today's conference is being recorded. At this time, I would like to turn the co ...

Financial Data and Key Metrics Changes - Revenue for Q3 2020 was reported at $291.8 million, a sequential increase of 53.1% from Q2 2020, which translates to an increase of $101.2 million [6][20] - Adjusted EBITDA more than doubled from Q2 2020, increasing from $22.6 million to $45.8 million, representing a 102.8% increase [7][20] - Adjusted net income per share was $0.15 in Q3 2020, compared to a net loss per share of $0.16 in Q2 2020 and net income per share of $0.06 in Q3 2019 [8][26] Business Line Data and Key Metrics Changes - MRI volume decreased by 6.1% compared to Q3 2019, while CT volume remained flat and PET/CT volume increased by 0.4% [21] - Total procedural volumes increased by 66.2% from Q2 2020, with a total of 1,890,156 procedures performed in Q3 2020 [23][24] - Capitation revenue increased by 13.8% from Q3 2019, indicating stable enrollment in health plans during COVID-19 [12] Market Data and Key Metrics Changes - The company reported a strong liquidity position with a cash balance of $89.7 million at the end of Q3 2020, the highest in its history [11][29] - The leverage ratio improved, declining to under 4.25x net debt to EBITDA, with expectations to return to under 4x in the coming quarters [12] Company Strategy and Development Direction - The company plans to aggressively expand its footprint, particularly in Arizona, through partnerships with local health systems [15][16] - A focus on operational efficiencies and cost savings initiated during COVID-19 is expected to continue benefiting the company in future quarters [11][36] - The company is pursuing ancillary opportunities, including artificial intelligence and new imaging technologies, to drive revenue and improve margins [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery of procedural volumes and the overall business environment post-COVID-19 [9][60] - The company anticipates that the efficiencies created during the pandemic will position it for strong performance in 2021 [36] - Management acknowledged potential challenges from proposed Medicare reimbursement cuts but indicated preparedness to mitigate these impacts [48][62] Other Important Information - The company completed a $57.5 million upsize of its revolving credit facility, enhancing financial flexibility for future growth [12][29] - A new partnership with Adventist Health was announced to create an outpatient imaging joint venture in California, expected to begin operations in January [13][15] Q&A Session Summary Question: Impact of Medicare rules on P&L - Management indicated a proposed 10.6% decrease in the conversion factor for Medicare reimbursement, which could result in an $11 million revenue hit if implemented [44][46] Question: Arizona market entry strategy - The entry into the Phoenix market was driven by a favorable partnership with Dignity Health and the opportunity to acquire existing centers, with expectations for significant growth [52][54] Question: Volume trends and recovery - Volumes showed a steady increase starting in mid-August, approaching 95% of original budget estimates by the end of September, with continued improvement into October [59][60] Question: Durability of cost savings initiatives - Management believes that operational efficiencies gained during the pandemic will sustain margin improvements moving forward, despite potential Medicare cuts [61][62]

RadNet, Inc. (NASDAQ:RDNT) Q2 2020 Results Earnings Conference Call August 10, 2020 10:30 AM ET Company Participants Mark Stolper - Executive Vice President, Chief Financial Officer Howard Berger - President, Chief Executive Officer Conference Call Participants Brian Tanquilut - Jefferies Mitra Ramgopal - Sidoti Operator Good day and welcome to the RadNet Inc. second quarter 2020 financial results call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Mark ...

RadNet, Inc. (NASDAQ:RDNT) Q1 2020 Earnings Conference Call May 11, 2020 10:30 AM ET Company Participants Mark Stolper - EVP & CFO Howard Berger - Chairman, President, CEO & Treasurer Conference Call Participants Brian Tanquilut - Jefferies Mitra Ramgopal - Sidoti John Ransom - Raymond James Operator Good day everyone. Welcome to today's RadNet Incorporated First Quarter 2020 Financial Results Conference. Today's conference is being recorded. At this time, I'd like to turn things over to Mr. Mark Stolper, E ...

Financial Data and Key Metrics Changes - For Q4 2019, RadNet reported revenue of $300.8 million, an increase of $43.6 million or 17% year-over-year, and adjusted EBITDA of $46.9 million, up $2.4 million or 5.5% from the prior year [26][32] - For the full year 2019, total revenue was $1.154 billion, an increase of $179 million or 18.4%, and adjusted EBITDA was $164.1 million, up $22.4 million or 15.8% compared to 2018 [32][35] - Net income for Q4 2019 was $10.4 million or $0.21 per diluted share, compared to adjusted net income of $4.5 million or $0.09 per diluted share in Q4 2018 [29] - The company had $672.4 million of net debt as of December 31, 2019, down from $677 million at the end of 2018 [38] Business Line Data and Key Metrics Changes - In Q4 2019, MRI volume increased by 6.7%, CT volume by 9.3%, and PET/CT volume by 13.6% compared to the same quarter in 2018 [27] - Total procedures performed in Q4 2019 were 2,035,439, with routine imaging accounting for 74.9% of the volume [28] - For the full year 2019, MRI volume increased by 8.9%, CT volume by 12.2%, and PET/CT volume by 9.6% [33] Market Data and Key Metrics Changes - The company noted strong performance in January and February 2020, but began to see softening in volumes in early March due to the coronavirus [55] - The impact of the coronavirus varied by market, with minimal effects in Maryland and New Jersey, while New York experienced more significant impacts [55] Company Strategy and Development Direction - RadNet aims to grow its joint venture operations, targeting 50% of its centers to be in joint ventures within the next 3 to 5 years [12] - The company is focusing on technology investments, including artificial intelligence and machine learning, to enhance operational efficiency and patient care [13][17] - The strategic acquisitions in 2019, including Kern Radiology and Zilkha Radiology, are expected to strengthen market position and profitability [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, citing positive trends in patient preferences for outpatient centers over hospital settings [20] - The company has not factored the potential impact of the coronavirus into its forecasts, indicating confidence in a short-lived effect [56] - Management believes that the shift in payer policies towards outpatient imaging will benefit RadNet [21] Other Important Information - The company has made significant investments in information technology and cybersecurity to improve operational efficiency and compliance [14] - Capital expenditures for 2019 were $71.5 million, slightly above budget due to additional investments in mammography capacity [40] Q&A Session Summary Question: Impact of COVID-19 on procedures and volume recovery - Management has implemented communication protocols and screening measures for patients, but has not yet estimated the full impact of COVID-19 on volumes [52][55] - The company believes that while some procedures may be delayed, there is potential for recovery, particularly in elective procedures like mammography [59] Question: Growth drivers and payer shifts - Management indicated that growth is expected due to an aging population and increased capacity from recent investments [61] - The transition of imaging from hospitals to outpatient centers is seen as a long-term trend that will benefit RadNet [62] Question: Capitation revenue performance - The company has successfully negotiated price increases on capitated contracts, contributing to strong growth in this area [63] Question: Margin expectations and labor costs - Management acknowledged the potential for margin expansion but noted challenges due to rising labor costs in a competitive market [65]