RadNet Reports Fourth Quarter Results with Record Revenue and Adjusted EBITDA and Releases 2021 Financial Guidance Despite the ongoing impact of COVID-19, RadNet reports record fourth quarter 2020 T

RadNet Reports Fourth Quarter

Results with Record Revenue and Adjusted EBITDA and Releases 2021 Financial Guidance

LOS ANGELES, California, March 8, 2021

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

imaging services through a network of 331 owned and/or operated outpatient imaging centers, today reported financial results for

its fourth quarter and full year ended December 31, 2020.

Fourth Quarter Report:

Dr. Howard Berger, President and Chief

Executive Officer of RadNet, commented "Despite a continuing impact from COVID-19, our results in the fourth quarter were

the strongest quarterly performance in our Company's history. The recovery we experienced in the third quarter continued

to gain momentum throughout the fourth quarter. Improved reimbursement from both private and capitated payers and our widespread

adoption of 3D mammography, or tomosynthesis, were responsible for our achieving the Revenue growth in the quarter. Our mammography

volume, alone, during the fourth quarter increased 11.7% from the fourth quarter of 2019. In addition, significant changes we made

during the COVID-19 period to reduce costs and refine our operating protocols contributed to our record Adjusted EBITDA(1)

and strong profitability during the quarter. This aggressive cost management resulted in Adjusted EBITDA(1) margin improvement

from 15.6% in 2019's fourth quarter to 16.4% during this fourth quarter."

"Throughout the COVID-19 period,

we have focused on managing our liquidity and financial leverage. At year-end 2020, we had a cash balance of $102.0 million and

our net debt leverage ratio was reduced to under four times Adjusted EBITDA(1), essentially the same leverage we had

at year-end 2019, prior to COVID-19. Our Days Sales Outstanding (DSOs) at December 31, 2020 was 36.2 days, the lowest in our Company's

history. I would like to thank our entire employee base, those on the front lines and those in support functions and in our corporate

office, for their tireless efforts during this global pandemic. These extraordinary efforts have helped secure the future of RadNet

and positioned our Company for growth and success in 2021 and beyond," Dr. Berger noted.

"Though 2020 was a challenging time

for all, RadNet was there to respond to the needs of its patients. I am proud of the resiliency of our business, and it is indicative

of the critical role we play in the healthcare delivery system of the markets in which we service," added Dr. Berger.

For the fourth quarter of 2020, RadNet

reported Revenue of $308.5 million and Adjusted EBITDA(1) of $50.7 million. Revenue increased $7.7 million (or 2.5%)

and Adjusted EBITDA(1) increased $3.8 million (or 8.1%) from the fourth quarter of 2019.

Adjusted Diluted Net Income Attributable

to RadNet, Inc. Common Stockholders (Adjusted Net Income(3)) for the fourth quarter of 2020 was $10.2 million, or $0.20

per diluted share as compared with $9.9 million, or $0.19 per diluted share for the same period in 2019. Net Income Attributable

to RadNet, Inc. Common Shareholders ("Net Income") for the fourth quarter of 2020 was $6.0 million, or $0.11 per diluted

share. This compares to Net Income of $10.4 million, or $0.21 per diluted share, in the fourth quarter of 2019. These per share

values are based upon weighted average number of diluted shares outstanding of 52.2 million in the fourth quarter of 2020 and 50.6

million of diluted shares outstanding in the fourth quarter of 2019.

Income in the fourth quarter of 2020 were certain non-cash expenses and non-recurring items including: $---2.3 million of non-cash

employee stock compensation expense; $2.7 million of severance paid in connection with headcount reductions related to cost savings

initiatives; $657,000 loss on the disposal of certain capital equipment; $750,000 of non-cash gain from interest rate swaps;

$4.2 million loss on impairment of intangible assets associated with trade names the Company discontinued; $4.0 million gain on

the extinguishment of certain debt; and $1.1 million of amortization of deferred financing costs and

loan discount related to our existing credit facilities.

For the fourth quarter of 2020, as compared

with the prior year's fourth quarter, MRI volume decreased 1.8%, CT volume increased 2.4% and PET/CT volume decreased 2.8%.

Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, decreased

0.5% 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 2020 and 2019, MRI volume decreased 1.5%, CT volume increased 1.4% and PET/CT volume decreased

1.3%. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other

exams, decreased 0.2% from the prior year's same quarter.

For full year 2020, RadNet reported Revenue

(inclusive of provider relief funding) of $1,098 million and Adjusted EBITDA(1) of $139.5 million. Revenue decreased

$56.1 million (or 4.9%) and Adjusted EBITDA(1) decreased $24.7 million (or 15.0%) as compared with 2019.

Net Loss for 2020 was $14.8 million, or

$(0.29) per diluted share. This compares to Net Income of $14.8 million, or $0.29 per diluted share, in 2019. These per share values

are based upon weighted average number of diluted shares outstanding of 50.9 million in 2020 and 50.2 million of diluted shares

outstanding in 2019.

Income in 2020 were certain non-cash expenses and non-recurring items including: $---12.4 million of non-cash employee stock compensation

expense; $4.4 million of severance paid in connection with headcount reductions related to cost savings initiatives; $1.2 million

loss on the disposal of certain capital equipment; $6.0 million of non-cash loss from interest rate swaps; $4.2 million

loss on impairment of intangible assets associated with trade names the Company discontinued; $4.0 million gain on the extinguishment

of certain debt; and $4.4 million of amortization of deferred financing costs and loan discount related

to our existing credit facilities.

For the year ended December 31, 2020, as

compared to 2019, MRI volume decreased 11.9%, CT volume decreased 6.8% and PET/CT volume decreased 4.1%. Overall volume, taking

into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, decreased 12.9% for the twelve

months of 2020 over 2019.

2021 Fiscal Year Guidance

For its 2021 fiscal year, RadNet announces

its guidance ranges as follows:

noted, "For the second half of 2020, we exceeded $600 million of Revenue and $96 million of Adjusted EBITDA(1).

This performance is the result of a strong recovery of our procedural volumes and the significant impact from cost reduction programs

we instituted throughout the COVID-19 period. Our guidance ranges for 2021 are built with this momentum in mind and the assumption

that our business will continue to strengthen as COVID-19 restrictions are lifted in the states in which we operate. We believe

there is upside to our guidance ranges, which could result from accretive tuck-in acquisitions we may complete during the year,

further benefit from the cost reduction measures implemented in 2020, increases in reimbursement from private and capitated payors

and the expansion of our joint venture initiatives. Additionally, achieving growth in the Arizona marketplace through our Dignity

Health joint venture will be a major focus throughout 2021, which could include both de novo centers as well as acquisitions.

In 2021, we will also complete our upgrade to 3D mammography and continued development of our AI solutions. Sometime around the

middle 2021, we hope to receive FDA approval for our initial mammography AI product submitted in the fourth quarter of 2020, and

we anticipate filing with the FDA for its review a second mammography AI offering by year end."

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 today, at

10:30 a.m. Eastern Time. During the call, management will discuss the Company's 2020 fourth quarter and year-end results.

Conference Call Details:

Date: Monday, March 8, 2021

Dial In-Number: 800-437-2398

International Dial-In Number: 786-204-3966

There will also be simultaneous

and archived webcasts available at http://public.viavid.com/player/index.php?id=143719 or

http://www.radnet.com under the "About RadNet" menu section and "News & Press 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 8718718.

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 331 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