RadNet Reports First Quarter Financial Results with Record Revenue and Adjusted EBITDA (1) from Imaging Center Operations and Revises Upwards 2022 Financial Guidance Ranges Revenue increased 8.4% to

RadNet Reports First Quarter Financial Results with Record Revenue

and Adjusted EBITDA(1) from Imaging Center Operations and Revises Upwards 2022 Financial Guidance Ranges

LOS ANGELES, California, May 9, 2022 -

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

services through a network of 351 owned and operated outpatient imaging centers, today reported financial results for its first quarter

Dr. Howard Berger, President and Chief Executive

Officer of RadNet, commented, "Despite being impacted in January by the Omicron variant of COVID-19, we produced the highest first

quarter Revenue and Adjusted EBITDA(1) from our imaging center operations in our Company's history. Revenue increased

8.2% and Adjusted EBITDA(1) increased 4.1% from last year's first quarter, after excluding the AI reporting segment and

adjusting for CARES Act Provider Relief Funds received in last year's first quarter."

"Given the positive trends we are experiencing

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

anticipation of financial results that we project to exceed our original expectations. We have increased 2022 guidance ranges for Revenue

and Adjusted EBITDA(1)," added Dr. Berger.

Dr. Berger continued, "In mid-January, we

completed the acquisitions of two AI companies, Aidence Holding B.V. and Quantib B.V. The combination of these two companies with RadNet's

existing DeepHealth, Inc. mammography AI operations formed our new Artificial Intelligence reporting segment. The two acquisitions, along

with DeepHealth, provide RadNet with the developing technology underpinning future offerings for widespread cancer screening programs

for the three most prevalent cancers (breast, lung and prostate). We currently have three AI submissions pending approval with the FDA

for advanced breast, lung and prostate diagnostic algorithms. Their ultimate approval, if obtained, should enable us to offer large-scale,

cost-effective population health programs designed to positively impact the management of three of the most prevalent cancers. Though

we project losses for the next 24 months from the investments we are making in these new technologies, we continue to be more convinced

than ever that AI will have a significant impact on the growth and cost structure of our business in the coming years."

For the first quarter of 2022, RadNet reported

Revenue from its Imaging Center reporting segment of $341.2 million and Adjusted EBITDA(1) Excluding Losses from AI reporting

segment of $41.7 million. Revenue increased $25.8 million (or 8.2%) and Adjusted EBITDA(1) Excluding Losses from the AI reporting

segment and Provider Relief Funding increased $1.7 million (or 4.1%). Including our AI reporting segment Revenue of $599,000, Revenue

was $341.8 million in the first quarter of 2022, an increase of 8.4% from $315.3 million in last year's first quarter. Unadjusted

for AI reporting segment Adjusted EBITDA(1) losses of $3.6 million in the first quarter of 2022 and $811,000 in the first quarter

of 2021 and $6.2 million of Provider Relief Funding received in the first quarter of 2021, Adjusted EBITDA(1) for the first

quarter of 2022 was $38.1 million as compared with $45.5 million in the first quarter of 2021.

first quarter of 2022 was $3.0 million as compared with $9.5 million for the first quarter of 2021. Diluted Net Income Per Share for the

first quarter was $0.05, compared with a Diluted Net Income per share of $0.18 in the first quarter of 2021, based upon a weighted average

number of diluted shares outstanding of 56.4 million shares in 2022 and 52.8 million shares in 2021.

of unusual or one-time items impacting the first quarter including: $20.8 million of non-cash gain from interest rate swaps; $2.2 million

expense for legal settlements, $938,000 expense related to leases for our de novo facilities under construction that have yet to open

their operations and $4.3 million of expenses related to our AI division. Adjusting for the above items, Adjusted Loss(3) from

the Imaging Center reporting segment was $8.3 million and diluted Adjusted Loss Per Share(3) was $(0.15) during the first quarter

Also affecting Net Income in the first quarter

of 2022 were certain non-cash expenses and unusual items including: $11.1 million of non-cash employee stock compensation expense resulting

from the vesting of certain options and restricted stock; $201,000 of severance paid in connection with headcount reductions related to

cost savings initiatives; and $648,000 of non-cash amortization of deferred financing costs and loan discounts related to financing fees

paid as part of our existing credit facilities.

For the first quarter

of 2022, as compared with the prior year's first quarter, MRI volume increased 12.7%, CT volume increased 10.1% and PET/CT volume

increased 6.7%. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams,

increased 8.8% 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 2022 and 2021, MRI volume increased 9.8%, CT volume increased 7.3% and PET/CT volume increased 5.7%. Overall

same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased

6.6% over the prior year's same quarter.

2022 Revised Guidance

RadNet amends its previously announced guidance

Dr. Berger highlighted,

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

reflect the first quarter's strong financial results as compared with our original budget. Though we remain vigilant about the economic

environment, supply chain disruptions, inflation and the possibility of further variants of COVID-19, we have opportunities to expand

our operations in all of our markets both organically and through new acquisitions and joint ventures."

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

2022 results on Monday, May 9th, 2022 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Monday, May 9, 2022

Time: 10:30 a.m. Eastern Time

Dial In-Number: 888-204-4368

International Dial-In Number: 929-477-0402

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=1546413&tp_key=0e752f7a92

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 6927836.

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

351 owned and/or operated outpatient imaging centers. RadNet's markets include Arizona, California, Delaware, Florida, Maryland, New Jersey

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

of approximately 9,000 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, 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:

Any forward-looking statement contained in this

current report 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

This release contains certain financial information