RadNet Reports Fourth Quarter 2021 Results and Releases 2022 Financial Guidance Revenue increased 8.0% to $333.2 million in the fourth quarter of 2021 from $308.5 million in the fourth quarter of 20

RadNet Reports Fourth Quarter 2021 Results and Releases 2022 Financial

LOS ANGELES, California, March 1, 2022 -

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

services through a network of 347 owned and/or operated outpatient imaging centers, today reported financial results for its fourth quarter

and full year ended December 31, 2021.

Fourth Quarter Report:

Dr. Howard Berger, President and Chief Executive

Officer of RadNet, commented "Despite being impacted from the Omicron surge of COVID-19 during the quarter, I am pleased that we

were able to increase our Revenue by 8.0% and our Adjusted EBITDA(1) by 7.5% from last year's fourth quarter. This was

the result of ongoing strong demand for our services and the continuing migration of patient procedures from hospitals to free-standing

ambulatory outpatient imaging centers. The improvement in our operating metrics during the quarter overshadowed the negative impact from

the Omicron surge, which reduced our Revenue by over $4 million and our Adjusted EBITDA(1) by approximately $3 million in the

fourth quarter. The COVID-19 surge not only disrupted normal patient volumes, particularly in December, but also created staffing issues

at our facilities. At the height of the Omicron surge in December, we had 565 employees out on COVID leave, representing 6.3% of our entire

work force. I am pleased to report that currently the percentage of our employee base out with COVID-19 has decreased to 1.2% and patient

volume is returning to normalized levels."

"Throughout the fourth quarter, we continued

to successfully manage our liquidity and financial leverage, while we made important investments to differentiate our facilities from

those of our competition. At year-end 2021, we had a cash balance of over $134 million and our net debt leverage ratio remained under

3.0 times Adjusted EBITDA(1). Our Days Sales Outstanding (DSOs) at December 31, 2021 was 34.0 days, the lowest in our Company's

history. The improvement in revenue cycle operations and collections has materially contributed to our ability to manage the challenges

presented by COVID-19 and to make important investments for our future," Dr. Berger noted.

"Moving into 2022, the demand for diagnostic

imaging remains robust and is growing. Our strong financial position and operating model has presented us with targeted opportunities

to expand our business, particularly through the construction of new centers to meet the growing demand and utilization in strategic markets.

Currently, we have 15 new sites in various stages of construction and development, with almost half of this expansion occurring within

existing health system joint ventures. We believe these sites should be positive contributors to our performance in the second half of

2022 and throughout 2023," added Dr. Berger.

Dr. Berger concluded, "Subsequent to the

end of the fourth quarter of 2021, we completed the acquisitions of Aidence Holding B.V. and Quantib B.V., two Netherlands-based Artificial

Intelligence ("AI") companies focused on creating population health screening tools primarily for lung cancer and prostate

cancer, respectively. During 2022, we will continue to develop the technical offerings and commercial expansion of these two businesses,

along with that of our DeepHealth's breast cancer AI screening algorithms. Though we have budgeted losses from these businesses

in 2022, we expect that they will be important to the growth and development of our network screening and population health strategies

in 2023 and beyond."

For the fourth quarter of 2021, RadNet reported

Revenue of $333.2 million and Adjusted EBITDA(1) of $54.5 million. Revenue increased $24.6 million (or 8.0%) and Adjusted EBITDA(1)

increased $3.8 million (or 7.5%) from the fourth quarter of 2020. Adjusted to remove $2.8 million of provider relief funding under the

CARES Act, Adjusted EBITDA(1) was $51.7 million during the fourth quarter, an increase of 2.0% from the fourth quarter of 2020.

Adjusted Diluted Net Income Attributable to RadNet,

Inc. Common Stockholders (Adjusted Net Income(3)) for the fourth quarter of 2021 was $6.9 million, or $0.13 per diluted share

("Adjusted Earnings Per Share") as compared with $10.2 million, or $0.20 per diluted share for the same period in 2020. The

decrease in Adjusted Net Income and Adjusted Earnings Per Share is primarily the result of an increase in depreciation and amortization

expense, non-cash stock compensation expense and the fully diluted share count in the fourth quarter of 2021.

Unadjusted for unusual or one-time items in the

quarter, Net Income (Loss) Attributable to RadNet, Inc. Common Shareholders ("Net Income" or "Net Loss") for the

fourth quarter of 2021 was $(3.8) million, or $(0.07) per diluted share. This compares to Net Income of $6.0 million, or $0.11 per diluted

share, in the fourth quarter of 2020. These per share values are based upon weighted average number of diluted shares outstanding of 54.0

million in the fourth quarter of 2021 and 52.2 million in the fourth quarter of 2020.

In addition to the provider relief funding under

the CARES Act, affecting Net Income in the fourth quarter of 2021 were certain non-cash expenses or non-recurring items including: $3.6

million of non-cash employee stock compensation expense; $29,000 of severance paid in connection with headcount reductions related to

cost savings initiatives; $1.5 million loss on the disposal of certain capital equipment; $7.5 million of non-cash gain from interest

rate swaps; $831,000 legal settlement; $1.2 million transaction costs associated with completing the Aidence Holding B.V. and Quantib

B.V. acquisitions; $646,000 of amortization of deferred financing costs and loan discount related to our existing credit facilities; and

$19.7 million loss from abandoning certain leases related to facility closures.

For the fourth quarter of 2021, as compared with

the prior year's fourth quarter, MRI volume increased 13.8%, CT volume increased 10.7% and PET/CT volume was flat. Overall volume,

taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 11.4% over the prior

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

of 2021 and 2020, MRI volume increased 8.0%, CT volume increased 6.6% and PET/CT volume decreased 0.4%. Overall same-center volume, taking

into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 7.3% from the prior year's

For full year 2021, RadNet reported Revenue of

$1,315.1 million and Adjusted EBITDA(1) of $218.9 million (inclusive of $9.1 million benefit from provider relief funding and

$7.7 million of benefit from the employee retention credit). Revenue increased $243.2 million (or 22.7%) and Adjusted EBITDA(1)

increased $79.5 million (or 57.0%) as compared with 2020. Adjusting to exclude the provider relief funding and employee retention credit

under the CARES Act, Adjusted EBITDA(1) was $202.1 million, an increase of $62.7 (or 44.9%) as compared with 2020.

Net Income for 2021 was $24.7 million, or $0.46

per diluted share. This compares to Net Loss of $14.8 million, or $(0.29) per diluted share, in 2020. These per share values are based

upon weighted average number of diluted shares outstanding of 53.4 million in 2021 and 50.9 million in 2020.

In addition to the provider relief funding and

employee retention credit under the CARES Act, affecting Net Income for 2021 were certain non-cash expenses or non-recurring items including:

$25.2 million of non-cash employee stock compensation expense; $744,000 of severance paid in connection with headcount reductions related

to cost savings initiatives; $1.2 loss on the disposal of certain capital equipment; $6.0 loss on extinguishment of debt and related expenses

in conjunction with our debt refinancing transaction in April; $21.7 million of non-cash gain from interest rate swaps; $831,000 legal

settlement; $1.2 million transaction costs associated with completing the Aidence Holding B.V. and Quantib B.V. acquisitions; $3.3 million

of amortization of deferred financing costs and loan discount related to our existing credit facilities; and $19.7 million loss from abandoning

certain leases related to facilities closed.

For the year ended December 31, 2021, as compared

to 2020, MRI volume increased 26.2%, CT volume increased 21.9% and PET/CT increased 8.6%. Overall volume, taking into account routine

imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 25.2% for the twelve months of 2021 over 2020.

Actual 2021 Results vs. 2021 Guidance:

The following compares the Company's 2021

performance with previously announced revised guidance levels.

Dr. Berger commented, "We finished 2021

within our revised Revenue guidance range and close to the high end of our revised Adjusted EBITDA(1) range, ranges we increased

from our initial guidance levels throughout 2021. Our Free Cash Flow (2) results slightly exceeded our revised guidance range

as a result of our strong Adjusted EBITDA(1) performance and lower than anticipated cash interest expense, driven by our debt

refinancing transaction in April. Our capital expenditures exceeded our revised guidance range primarily as a result of the construction

of certain de novo locations that are expected to be operational in 2022."

2022 Fiscal Year Guidance

For its 2022 fiscal year, RadNet announces its

guidance ranges as follows:

Dr. Berger noted, "It is important to understand

that our 2021 Adjusted EBITDA(1) was positively impacted by $9.1 million of provider relief proceeds and $7.7 million of employee

retention credit under the CARES Provider Relief Act. Additionally, we are estimating an impact of $7.4 million of Medicare reimbursement

reductions for 2022, based upon Medicare's final rule released in November. Removing these three items from 2021 Adjusted EBITDA(1),