RadNet Reports Third Quarter Financial Results and Revises Upward 2021 Financial Guidance Ranges for Adjusted EBITDA (1) and Free Cash Flow (2) Revenue increased 14.0% to $332.7 million in the third

RadNet Reports Third Quarter Financial Results

and Revises Upward 2021 Financial Guidance Ranges for Adjusted EBITDA(1) and Free Cash Flow(2)

LOS ANGELES, California, November 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 350 owned and operated outpatient imaging centers, today reported financial results for its third quarter

Dr. Howard Berger, President and Chief Executive

Officer of RadNet, commented, "I am pleased with our financial results in the third quarter. Despite our Revenue being negatively

impacted by over $2.5 million in the quarter from hurricanes Henry and Ida in the Northeast, effective cost-management drove record third

quarter Adjusted EBITDA(1) performance. Even after subtracting a one-time benefit of $7.7 million of federal payroll tax forgiveness,

Adjusted EBITDA(1) increased 19.2% from last year's third quarter and Adjusted EBITDA(1) margin increased

by 0.7% to 16.4% in this year's quarter.

"We are particularly proud of this performance

in light of the ongoing challenges from COVID-19 and its variants on our business and the entire healthcare delivery system. While we

have experienced steady quarterly improvement in our procedural volumes since the height of COVID-19 last year, certain modalities and

geographies remain impacted. Furthermore, challenges in workforce staffing in this difficult labor market continues to be a factor in

our performance. We are optimistic that as COVID-19 continues to diminish and more workers move back into the labor pool, our business

should further strengthen," added Dr. Berger.

Dr. Berger continued, "Over the past five

quarters, we have carefully managed our spending and liquidity. As a result of that and our steadily improving operating performance and

cash flow, we have significantly decreased our financial leverage to its lowest level in the Company's history. Our leverage ratio

of Net Debt to Trailing Twelve Month Adjusted EBITDA(1) was 2.85 times at quarter end. As a result of this deleveraging, we

have been able to lower our interest costs and decrease our cost of capital, positioning ourselves with the financial capacity to pursue

opportunities and initiatives to grow our business in the coming quarters.

Dr. Berger concluded, "We continue to pursue

opportunities in Artificial Intelligence (AI). While we are currently testing and implementing our DeepHealth Saige-Q AI tool in many

of RadNet's breast imaging locations, we are aggressively working towards a submission to the FDA for our more advanced mammography

AI diagnostic product, Saige-DX. We will also continue to pursue further opportunities for AI investments in areas that we believe can

play a significant role in population health management, particularly those that enable wide-scale screening of large populations for

the most prevalent cancers and chronic diseases.

Third Quarter Financial Results

For the third quarter of 2021, RadNet reported

Revenue of $332.7 million and Adjusted EBITDA(1) of $62.3 million. Revenue increased $40.9 million (or 14.0%) and Adjusted

EBITDA(1) increased $-----16.5 million (or 36.0%) from the third quarter of 2020. Adjusted to remove a one-time $7.7 million

benefit from the forgiveness of deferred federal payroll taxes, Adjusted EBITDA(1) was $54.6 million, an increase of 19.2%

from the third quarter of 2020.

Adjusted Diluted Net Income Attributable to RadNet,

Inc. Common Stockholders (Adjusted Earnings(3)) for the third quarter of 2021 was $11.2 million, or $0.21 per diluted share

as compared with Adjusted Earnings(3) of $8.0 million, or $0.15 per diluted share for the same period in 2020. Unadjusted for

one-time items, Net Income Attributable to RadNet, Inc. Common Shareholders ("Net Income") for the third quarter of 2021 was

$16.2 million, or $0.30 per diluted share. This compares to Net Income of $6.2 million, or $0.12 per diluted share, in the third quarter

of 2020. These per share values are based upon weighted average number of diluted shares outstanding of 53.8 million in the third quarter

of 2021 and 52.0 million of diluted shares outstanding in the third quarter of 2020.

Affecting Net Income in the third quarter of 2021

were certain non-cash expenses and non-recurring items including: $-4.4 million of non-cash employee stock compensation expense; $163,000

of severance paid in connection with headcount reductions related to cost savings initiatives; $2.6 million loss on the disposal of certain

capital equipment; $1.6 million of non-cash gain from interest rate swaps; $7.7 million gain on the forgiveness of deferred payroll taxes;

and $649,000 of amortization of deferred financing costs and loan discount related to our existing credit facilities.

For the third quarter of 2021, as compared with

the prior year's third quarter, MRI volume increased 18.4%, CT volume increased 13.4% and PET/CT volume increased 6.6%. Overall

volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 15.6% over the

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

of 2021 and 2020, MRI volume increased 11.2%, CT volume increased 7.0% and PET/CT volume increased 4.8%. Overall same-center volume, taking

into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 10.0% from the prior year's

Nine Month Financial Results

For the nine months ended September 30, 2021,

RadNet reported Revenue of $981.9 million and Adjusted EBITDA(1) of $164.4 million. Revenue increased $218.0 million (or 28.5%)

and Adjusted EBITDA(1) increased $75.7 million (or 85.2%) from the same nine month period last year.

For the nine month period in 2021, RadNet reported

Net Income of $28.6 million, an increase of approximately $49.3 million over the first nine months of 2020. Per share diluted Net Income

for the first nine months of 2021 was $0.54, compared to a diluted Net Loss of $(0.41) in the same nine month period of 2020 (based upon

a weighted average number of diluted shares outstanding of 53.2 million in 2021 and 50.7 million in 2020).

Affecting Net Income for the nine month period

of 2021 were certain non-cash expenses and non-recurring items including: $-21.6 million of non-cash employee stock compensation expense;

$715,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $279,000 gain on the disposal

of certain capital equipment; $10.4 million of non-cash gain from interest rate swaps; $7.7 million gain on the forgiveness of deferred

payroll taxes; and $2.6 million of amortization of deferred financing costs and loan discount related to our existing credit facilities.

2021 Guidance Update

RadNet amends its previously announced guidance

Dr. Berger highlighted, "Our performance

continues to outpace both our initial budget and the upward revisions we made to our guidance levels upon releasing both the first and

second quarter results. Based on our current performance and the confidence we have about our anticipated performance in the fourth quarter,

we again have elected to increase guidance levels for Adjusted EBITDA(1) and Free Cash Flow(2). Additionally, further

growth investment opportunities we have identified necessitate that we raise our Capital Expenditure 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 third quarter

2021 results on Monday, November 8th, 2021 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Monday, November 8, 2021

Time: 10:30 a.m. Eastern Time

Dial In-Number: 888-394-8218

International Dial-In Number: 646-828-8193

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 https://viavid.webcasts.com/starthere.jsp?ei=1507988&tp_key=4b14348f75 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 9717857.

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