RadNet Reports First Quarter Financial Results, Including Record First Quarter Revenue, Adjusted EBITDA (1) and Net Income, and Revises Upwards 2021 Financial Guidance Ranges Revenue increased 12.0%

RadNet Reports First Quarter Financial

Results, Including Record First Quarter Revenue, Adjusted EBITDA(1) and Net Income, and Revises Upwards 2021 Financial

LOS ANGELES, California, May 10, 2021 -

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

diagnostic imaging services through a network of 346 owned and/or operated outpatient imaging centers, today reported financial

results for its first quarter of 2021.

Dr. Howard Berger, President and Chief Executive

Officer of RadNet, commented, "Despite some disruptive winter weather conditions in February on the east coast, we produced record

first quarter results. Our Revenue, Adjusted EBITDA(1) and Net Income performance was stronger than any other first quarter

in our company's history. Revenue increased 12% and Adjusted EBITDA(1) more than doubled from last year's first

quarter. Furthermore, even after adjusting for the impact of a variety of extraordinary items in the quarter such as stimulus money we

received, a substantial valuation gain on our interest rate swaps and one-time COVID-19-related retention bonuses paid to team members

and physicians, we had record first quarter earnings per share in a quarter that is typically our most challenging seasonal quarter."

Dr. Berger continued, "Our performance was

the result of the combination of cost savings measures that we instituted during the COVID-19 period, certain investments we made (particularly

in 3D mammography) and the return to more normalized procedural volumes as the states in which we operate began to loosen COVID-19 restrictions.

COVID-19 has also been a catalyst for tuck-in acquisitions. In February and March, we completed ten center acquisitions on the east coast,

which we expect to contribute to the performance of the remaining quarters of this year."

"Given the positive trends we are experiencing

in our business and the strong financial performance of the first quarter, we have elected to revise our guidance levels upwards in anticipation

of financial results that we project to exceed our original expectations. We have increased 2021 guidance ranges for Revenue, Adjusted

EBITDA(1) and Free Cash Flow. We also reduced our Cash Interest Expense guidance range to reflect the lower interest cost from

our recently completed refinancing transaction," added Dr. Berger.

Dr. Berger continued, "On April 19th,

we announced that we received FDA clearance for our DeepHealth AI mammography triage software, Saige-QTM, which is a worklist

prioritization tool that enables radiologists to more effectively manage their mammography cases with the use of artificial intelligence.

The software identifies suspicious screening exams that may need prioritized attention, allowing radiologists to optimize their workflow

for efficiency and accuracy. We are at the beginning stages of deploying this technology across our various markets and expect that most

of our breast imagers will have the benefit of this AI before year end. We expect RadNet will benefit from productivity enhancements,

while providing our patients and payors with more accurate interpretations, fewer unnecessary patient call-backs and the possibility of

detecting breast disease one to two years earlier than otherwise possible."

"Lastly, in April, we completed a successful

refinancing transaction of our senior term loan and revolving credit facility. Based upon our current and anticipated future leverage

ratio, we anticipate an annual interest cost savings of up to $6 million, and we have secured significantly increased financial and operating

flexibility to grow our business and execute our business plan," added Dr. Berger.

For the first quarter of 2021, RadNet reported

Revenue of $315.3 million, Adjusted EBITDA(1) of $45.5 million and Net Income of $9.5 million. Revenue increased $33.8 million

(or 12.0%), Adjusted EBITDA(1) increased $25.1 million (or 123.4%) and Net Income increased $25.8 million over the first quarter

of 2020. Per share Net Income for the first quarter was $0.18, compared to a per share Net Loss of $(0.33)

in the first quarter of 2020, based upon a weighted average number of diluted shares outstanding of 52.8 million shares in 2021 and 50.3

million shares in 2020.

of extraordinary items impacting the first quarter including $6.2 million of grants received under the CARES Act Provider Relief Fund,

$10.0 million net gain related to cash flow hedges and $6.8 million of COVID-19-related retention bonuses paid to team members

and physicians. Adjusted to remove the CARES Act stimulus money received, Adjusted EBITDA(1)

was $39.3 million during the first quarter of 2021 (an increase of 92.8% from the first quarter of 2020). Adjusting

for all of the above extraordinary items, Adjusted Earnings(3) was $2.3 million and diluted Adjusted Earnings Per Share(3)

was $0.04 during the first quarter of 2021.

extraordinary items mentioned above, affecting Net Income in the first quarter of 2021 were certain non-cash expenses and non-recurring

items including: $8.2 million of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted

stock; $285,000 of severance paid in connection with headcount reductions related to cost savings initiatives; and $1.1

million of non-cash amortization of deferred financing costs and loan discounts related to financing fees paid as part of our existing

For the first quarter of 2021, as compared to

the prior year's first quarter, MRI volume increased 6.9%, CT volume increased 9.5% and PET/CT volume increased 2.5%. Overall volume,

taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 8.4% over the prior

year's first quarter. On a same-center basis, including only those centers which were part of RadNet for both the first quarters

of 2021 and 2020, MRI volume increased 2.5%, CT volume increased 4.4% and PET/CT volume increased 2.9%. Overall same-center volume, taking

into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 5.0% over the prior year's

2021 Revised Guidance

RadNet amends its previously announced guidance

Dr. Berger highlighted,

"We have increased our guidance ranges for Revenue, Adjusted EBITDA(1) and

Free Cash Flow (2). Additionally, with the lower interest

cost as a result of our recent refinancing transaction, we have decreased our Cash Interest Expense guidance range."

Conference Call for Today

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

2021 results on Monday, May 10th, 2021 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Monday, May 10, 2021

Time: 10:30 a.m. Eastern Time

Dial In-Number: 800-437-2398

International Dial-In Number: 929-477-0577

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 http://public.viavid.com/index.php?id=144796

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

callers, and using the passcode 2257200.

RadNet, Inc. is the 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

346 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey, New York

and Arizona. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total

of approximately 8,300 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, 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 in this

press release include, among others, statements we make regarding response to and the expected future impacts of COVID-19, including statements

about our anticipated business results, balance sheet and liquidity and our future liquidity, burn rate and our continuing ability to

service or refinance our current indebtedness.

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: