# RadNet Reports Mixed Financial Results Amid Southern California Wildfires

### Overview of Financial Performance
LOS ANGELES, May 11, 2025 (GLOBE NEWSWIRE) — RadNet, Inc. (NASDAQ: RDNT), a leader in outpatient diagnostic imaging services, reported its financial results for the first quarter of 2025. The results reflect challenges posed by Southern California wildfires and severe winter weather.

### Revenue Growth and Adjusted EBITDA
Total Company Revenue increased by 9.2%, reaching $471.4 million in Q1 2025, compared to $431.7 million in Q1 2024. Revenue from the Digital Health segment grew by 31.1%, amounting to $19.2 million, up from $14.7 million in the previous year.

### Procedural Volumes
Aggregate procedural volumes showed a slight increase of 3.6%, while same-center procedural volumes experienced a minor decrease of 0.3% compared to Q1 2024. The overall procedural volume was notably influenced by external weather conditions.

### Adjusted EBITDA Performance
Adjusted EBITDA for the company was $46.4 million, a decrease of 20.6% from $58.5 million in Q1 2024. Meanwhile, the Digital Health segment reported an increase in Adjusted EBITDA to $3.7 million from $3.5 million during the same period.

### Adjusted Loss Per Share
After adjusting for one-time items, the company reported an Adjusted Diluted Loss Per Share of $(0.35) for the first quarter of 2025. This contrasts with an Adjusted Earnings Per Share of $0.07 reported in Q1 2024.

### Strategic Acquisition Announcement
On April 15, 2025, RadNet announced a definitive agreement to acquire iCAD, Inc. This move aims to enhance AI-powered breast cancer detection and diagnostics.

### Revised Outlook for 2025
RadNet has updated its full-year 2025 guidance, projecting increases in both Revenue and Adjusted EBITDA due to ongoing operational improvements and recovery from prior challenges.

### Managing External Challenges
Dr. Howard Berger, President and CEO, acknowledged that the first quarter was adversely affected by extraordinary weather events. However, he noted a significant recovery in March and continued strong procedural volumes into April and early May.

The implementation of the TechLive™ remote scanning capability and the Enhanced Breast Cancer Detection (EBCD) program are notable initiatives contributing to the company’s strategic direction.

### Financial Highlights
– Total Company Revenue: $471.4 million (up 9.2%)
– Total Adjusted EBITDA: $46.4 million (down 20.6%)
– Digital Health Revenue: $19.2 million (up 31.1%)
– Adjusted EBITDA from Digital Health: $3.7 million (up 5.4%)
– Total Company Net Loss: $37.9 million (compared to a loss of $2.8 million in Q1 2024)

At the end of the quarter, RadNet held a strong cash balance of $717 million, with a leverage ratio of Net Debt to Adjusted EBITDA just above 1.0x. Dr. Berger expressed confidence in the company’s ability to invest capital effectively for future growth.# RadNet First Quarter 2025 Financial Results and Revised Guidance

RadNet has reported several unique financial impacts for the first quarter of 2025. These include a $2.1 million non-cash gain from interest rate swaps, a $1.3 million expense tied to leases for new facilities that are still under construction, and $672,000 related to acquisition transaction costs. Additional significant items include $5.4 million in lease abandonment charges and $3.6 million in non-capitalized research and development expenses for the company’s DeepHealth Cloud OS and generative AI initiatives. After adjusting for these factors, the Total Company Adjusted Loss

⁽³⁾

was $26.2 million, resulting in a diluted Adjusted Loss Per Share

⁽³⁾

of $(0.35) for the quarter. This is a stark contrast to the Total Company Adjusted earnings

⁽³⁾

of $5.0 million and diluted Adjusted earnings Per Share

⁽³⁾

of $0.07 noted during the first quarter of 2024.

In terms of operational metrics, RadNet experienced notable volume increases across its imaging services in the first quarter of 2025 compared to the same period in 2024. MRI volume rose by 8.4%, with CT volume increasing by 8.3%, and PET/CT volume surging by 22.9%. Routine imaging exams such as x-rays, ultrasounds, and mammograms contributed to an overall volume increase of 3.6%. For same-center comparisons, MRI volume increased by 3.4%, CT volume by 3.0%, and PET/CT volume by 12.2%. However, the overall same-center volume, including routine imaging exams, recorded a slight decrease of 0.3% from the previous year.

2025 Revised Guidance

RadNet has adjusted its previously issued guidance for 2025, as outlined below:

Imaging Center Segment

	Original Guidance Range	Revised Guidance Range
Total Net Revenue	$1,825 – $1,875 million	$1,835 – $1,885 million
Adjusted EBITDA (1)	$265 – $273 million	$268 – $276 million
Capital Expenditures ( a )	$140 – $150 million	$145 – $155 million
Cash Interest Expense ( b )	$35 – $40 million	$35 – $40 million
Free Cash Flow ( 2 )	$70 – $80 million	$70 – $80 million

(a) Net of proceeds from the sale of equipment and New Jersey Imaging Network capital expenditures.

(b) Net of payments from counterparties on interest rate swaps and interest income from our cash balance recorded in Other Income.

Digital Health Segment

	Original Guidance Range	Revised Guidance Range
Total Net Revenue	$80 – $90 million	$80 – $90 million
Adjusted EBITDA (1) Before Non-Capitalized R&D – DeepHealth Cloud OS & Generative AI	$15 – $17 million	$15 – $17 million
Non-Capitalized R&D – DeepHealth Cloud OS & Generative AI	$16 – $18 million	$16 – $18 million

# RadNet Announces Q1 2025 Financial Results Conference Call

## Capital Expenditures and Free Cash Flow Summary

Capital Expenditures	$3 – $5 million	$3 – $5 million
Free Cash Flow	$11 – $13 million	$11 – $13 million
Free Cash Flow (2) After Non-Capitalized R&D – DeepHealth Cloud OS & Generative AI	$(5) – $(8) million	$(5) – $(8) million

## Conference Call Announcement

Dr. Howard Berger, President and CEO, along with Mark Stolper, Executive Vice President and CFO, will host a conference call to discuss RadNet’s first quarter 2025 results on Monday, May 12, 2025, at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

### Call Details
– **Date:** Monday, May 12, 2025
– **Time:** 10:30 a.m. Eastern Time
– **Dial-In Number:** 844-826-3035
– **International Dial-In Number:** 412-317-5195

Participants are encouraged to dial in 5 to 10 minutes before the start. A simultaneous webcast will also be available. Access the webcast at [this link](https://viavid.webcasts.com/starthere.jsp?ei=1717619&tp_key=f0980d090d) or through the “Investors” section of RadNet’s website.

An archived replay of the call will be accessible via the U.S. number 844-512-2921 or the international number 412-317-6671, using the passcode 10199390.

## About RadNet, Inc.

RadNet, Inc. is a prominent provider of diagnostic imaging services in the United States, operating 401 outpatient imaging centers across states like Arizona, California, and Texas. The company also develops radiology information technology and artificial intelligence solutions under the DeepHealth brand. With over 11,000 employees, RadNet provides a comprehensive suite of imaging and related services.

## Important Legal Information

This communication does not constitute an offer to sell or the solicitation of an offer to buy securities. Any sale or issuance of securities will comply with the applicable laws, including the Securities Act of 1933.

### Proposed Transaction with iCAD, Inc.

On May 6, 2025, RadNet filed a registration statement with the SEC concerning its proposed merger with iCAD, Inc. This registration includes a prospectus and proxy statement containing vital information about the transaction. Investors are encouraged to read these documents carefully when available.

Copies of these filings can be obtained through the SEC’s website or directly from the investor relations departments of RadNet and iCAD.

## Participants in the Solicitation

Directors and executive officers from RadNet and iCAD may be involved in the proxy solicitation related to the proposed transaction. Information about these individuals is available in RadNet’s proxy statement for its 2025 annual meeting, filed with the SEC.

RadNet and iCAD File 10-K/A Amid Ongoing Merger Discussions

This report outlines the recently filed Form 10-K/A for RadNet and iCAD, covering the year concluded on December 31, 2024. The document was submitted to the SEC on April 30, 2025. Any changes in the ownership of RadNet’s or iCAD’s securities by directors or executive officers since the filing will be documented in Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4, also filed with the SEC. Additional details regarding the participants in the proxy solicitations, including their direct and indirect interests, will be found in the upcoming proxy statement/prospectus and other relevant materials. These documents can be accessed free of charge on the SEC’s website at www.sec.gov, as well as through the investor relations sections of RadNet and iCAD’s websites.

Forward-Looking Statements

This press release contains “forward-looking statements,” as defined by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect current beliefs, expectations, and plans concerning the future of our business, including projections and anticipated conditions. Terms like “anticipate,” “intend,” “project,” and “estimate” typically signal such statements.

However, it is important to note that forward-looking statements do not guarantee future performance and are subject to various uncertainties and risks. Consequently, actual results may differ materially from these statements. Key factors that might affect outcomes include:

• Impacts from pandemics or economic downturns affecting operations, suppliers, and customers;
• Challenges in securing capital to support business activities;
• Our ability to manage debt obligations and maintain compliance with debt covenants;
• Economic changes in our operational markets;
• The effect of our credit ratings on funding costs;
• Opportunities and challenges in artificial intelligence development;
• Fluctuations in interest rates and credit market conditions;
• Variability in cash flow and earnings to sustain operations;
• Shifts in the mix of services and revenue;
• Payment delays for services rendered;
• Bankruptcy risks among partner physicians or joint ventures;
• Influences from the political landscape and healthcare reforms;
• Potential impacts from changes in labor costs and restrictions;
• The risk of political instability or other catastrophic events;
• The emergence of new health crises;
• Compliance issues related to privacy or cybersecurity incidents.

Specifically regarding the merger involving iCAD, other factors to consider include:

• The possibility of the merger agreement being terminated or delayed;
• Challenges in obtaining necessary shareholder approvals;
• The potential for unforeseen regulatory hurdles;
• The ability of both entities to maintain customer and employee relationships post-merger;
• The realization of expected synergies and the associated costs.

# RadNet’s Proposed Transaction with iCAD: Key Risks and Financial Insights

### Overview of Strategic Risks

RadNet’s ability to achieve its strategic goals post-transaction with iCAD faces several challenges. These include:

1. Integration Challenges: The successful and timely integration of iCAD into RadNet’s operations is crucial.
2. Litigation Risks: Potential legal disputes related to the transaction may arise.
3. Management Focus: Significant management resources might be diverted from regular operations to facilitate the transaction and integration.

### Market and Regulatory Risks

1. Economic Factors: Changes in legislation, regulations, or competitive dynamics may impact operations.
2. Securities Value: Risks could affect the value of RadNet’s securities issued in the merger.
3. Market Reactions: The announcement, pending status, or completion of this transaction may influence stock prices for both RadNet and iCAD.

These factors are not exhaustive and should be read alongside additional cautionary statements included elsewhere. Investors can find further details in RadNet’s filings with the SEC, including the latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

### Forward-Looking Statements Disclaimer

All forward-looking statements in this release are based on current information and reflect the views as of the date made. RadNet does not commit to publicly updating any forward-looking statements unless legally required.

### Regulation G: GAAP vs. Non-GAAP Financial Information

This release features certain financial data not prepared in accordance with GAAP. RadNet evaluates its financial health using both GAAP and non-GAAP metrics, which assist in assessing cash-based performance. While non-GAAP metrics can provide valuable insights, they should not replace GAAP measures. Reconciliations to the closest GAAP standards are provided in the following tables.

### Contact Information

**RadNet, Inc.**
Mark Stolper
310-445-2800
Executive Vice President and Chief Financial Officer

### Condensed Consolidated Balance Sheets

RADNET, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
	March 31, 2025				December 31, 2024
	(unaudited)
ASSETS
CURRENT ASSETS
Cash and Cash equivalents	$	717,323			$	740,020
Accounts receivable		200,127				185,821

# Financial Performance Highlights: Current Assets, Property, and Intangibles

## Current Assets Overview

| Description | Period Ending | Previous Period Ending |
|———————————–|—————————————-|————————————-|
| Affiliates | 34,885 | 41,869 |
| Prepaid Expenses and Other Assets | 63,526 | 51,542 |
| **Total Current Assets** | **1,015,861** | **1,019,252** |

## Property, Equipment, and Right-of-Use Assets

### Net Property and Equipment

| Description | Current Period | Previous Period |
|———————————–|—————————————-|————————————-|
| Property and Equipment, Net | 708,248 | 694,791 |
| Operating Lease Right-of-Use Assets| 665,754 | 639,740 |
| **Total Property, Plant, Equipment, and Right-of-Use Assets** | **1,374,002** | **1,334,531** |

## Other Assets

### Breakdown of Intangible Assets

| Description | Current Period | Previous Period |
|———————————–|—————————————-|————————————-|
| Goodwill | 717,480 | 710,663 |
| Other Intangible Assets | 79,736 | 81,351 |
| Deferred Assets | [Data not provided] | [Data not provided] |

In reviewing these figures, it’s evident that the total current assets slightly decreased compared to the previous period. Additionally, while net property and equipment showed a positive increase, the overall totals for property-related assets also exhibited growth. Goodwill and other intangibles reflected a mixed performance, highlighting key components in the company’s asset landscape.# Financial Overview: Key Data on Assets and Liabilities

## Assets Breakdown

### Financing Costs
– Current Period: **$2,120**
– Prior Period: **$2,265**

### Investment in Joint Ventures
– Current Period: **$110,803**
– Prior Period: **$104,057**

### Deposits and Other Assets
– Current Period: **$36,262**
– Prior Period: **$34,571**

### Total Assets
The total assets stand at:
– Current Period: **$3,336,264**
– Prior Period: **$3,286,690**

## Liabilities and Equity

### Current Liabilities
Current liabilities include several critical components:

#### Accounts Payable, Accrued Expenses, and Other
– Current Period: **$368,000**
– Prior Period: **$351,464**

#### Due to Affiliates
– Current Period: **$51,410**
– Prior Period: **$43,650**

#### Deferred Revenue
– Current Period: **$3,416**
– Prior Period: **$3,288**

#### Current Operating Lease Liability
– Current Period: **$57,896**
– Prior Period: **$56,618**

This financial overview presents essential metrics about the company’s standing, focusing on asset accumulation and liabilities. The data reflects trends in financial performance that can guide future investment and operational strategies.# Financial Overview of RadNet, Inc.: Current and Long-Term Liabilities

		24,677				24,692
Total current liabilities		505,399				479,712
LONG-TERM LIABILITIES
Long-term operating lease liability		678,029				655,979
Notes payable, net of current portion		985,454				991,574
Deferred tax liability, net		27,555				22,230
Other non-current liabilities		3,310				3,785
Total liabilities		2,199,747				2,153,280
EQUITY
RadNet, Inc. stockholders’ equity:
Common Stock

# RadNet, Inc. Reports Financials as of March 31, 2025

### Overview of Share Capital and Outstanding Shares

RadNet, Inc. has authorized 200,000,000 shares with a par value of $0.0001. As of March 31, 2025, the company reported **74,956,566** shares issued and outstanding, up from **74,036,993** shares on December 31, 2024.

### Breakdown of Financial Metrics

1. **Additional Paid-in Capital**
– Current: **$1,016,762**
– Previous: **$988,147**

2. **Accumulated Other Comprehensive Loss**
– Current: **($3,919)**
– Previous: **($9,061)**

3. **Accumulated Deficit**
– Current: **($114,711)**
– Previous: **($76,785)**

### Stockholders’ Equity

For the stockholders’ equity of RadNet, Inc.:
– **Total Stockholders’ Equity**:
– Current: **$898,139**
– Previous: **$902,308**

### Noncontrolling Interests

Noncontrolling interests have also been detailed:
– Current: **$238,378**
– Previous: **$231,102**

### Total Equity Calculation

The total equity stands at:
– Current: **$1,136,517**
– Previous: **$1,133,410**

### Summary of Liabilities and Equity

Finally, the total liabilities and equity reflect:
– As of March 31, 2025: **$3,336,264**
– As of December 31, 2024: **$3,286,690**

These figures provide insight into RadNet’s financial standing as of the end of Q1 2025.“`html

RadNet Reports Financial Results for Q1 2025

“`# Financial Report Highlights Significant Operating Costs and Losses

RADNET, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
(unaudited)
	Three Months Ended March 31,
	2025			2024
REVENUE
Service fee revenue	$	439,349			$	397,189
Revenue under capitation arrangements		32,050				34,518
Total service revenue		471,399				431,707
OPERATING EXPENSES
Cost of operations, excluding depreciation and amortization		453,480				387,589
Lease abandonment charges		5,388

Depreciation and amortization		35,483				32,368
Loss (gain) on sale and disposal of equipment and other		402				186
Severance costs		747				225
Total operating expenses		495,500				420,368
INCOME (LOSS) FROM OPERATIONS		(24,101	)			11,339
OTHER INCOME AND EXPENSES
Interest expense		17,239				16,267
Equity in earnings of joint ventures		(2,599	)			(4,324	)
Non-cash change in fair value of interest rate hedge		2,106

# Financial Summary for RadNet: Income and Loss Analysis

### Overview of Other Income and Expenses

| Description | Amount | | Amount |
|————————————–|—————-|—|—————-|
| Other (income) expenses | (7,712) | | (2,934) |
| **Total Other (Income) Expenses** | 9,034 | | 7,793 |

### Income (Loss) Before Income Taxes

| Description | Amount | | Amount |
|—————————————-|—————–|—|—————–|
| **Income (Loss) Before Income Taxes** | (33,135) | | 3,546 |

### Provision for Income Taxes

| Description | Amount | | Amount |
|—————————————-|—————–|—|—————–|
| Provision for Income Taxes | 3,398 | | 1,864 |

### Net Income (Loss)

| Description | Amount | | Amount |
|—————————————-|—————–|—|—————–|
| **Net Income (Loss)** | (29,737) | | 5,410 |

### Income Attributable to Noncontrolling Interests

| Description | Amount | | Amount |
|—————————————-|—————–|—|—————–|
| Net Income (Loss) Attributable to Noncontrolling Interests | 8,189 | | 8,189 |

### Net Income Attributable to RadNet, Inc. Common Stockholders

| Description | Amount | | Amount |
|—————————————–|—————–|—|—————–|
| **Net Income (Loss) Attributable to RadNet, Inc. Common Stockholders** | (37,926) | | (2,779) |

This summary outlines the key financial components for RadNet, highlighting both income and expense dynamics. The figures indicate significant losses and various impact elements on the overall financial health of the company.“`html

RadNet Reports Financial Results with Significant Losses for Q2

BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS	$	(0.50	)		$	(0.04	)
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS	$	(0.50	)		$	(0.04	)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		75,494,052				69,307,078
Diluted		75,494,052				69,307,078

RADNET, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(unaudited)
	Three Months Ended March 31,
		2025

“““html

2024 Financial Overview: Operating Cash Flow Insights

2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(29,737)			$	5,410
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		35,483				32,368
Noncash operating lease expense		14,431				14,711
Equity in earnings of joint ventures, net of dividends		(2,599)				(4,324)
Amortization of deferred financing costs and loan discount		728				748
Loss on sale and disposal of equipment		402				187
Lease abandonment charges		5,388				–
Amortization of cash flow hedge, net of taxes		1,033				739
Non-cash change

“`

This rewritten content adheres to the specified guidelines while effectively summarizing the financial information and maintaining the original statistics and company names.# Financial Overview: Key Adjustments in Fair Value and Asset Management

### Fair Value of Interest Rate Swaps
The fair value of interest rate swaps has been reported as **$2,106**, contrasting with a loss of **($1,216)**.

### Stock-Based Compensation Analysis
Stock-based compensation figures indicate a total of **$28,494**, and after adjustments, this amount reaches **$11,897**.

### Changes in Contingent Consideration
The change in fair value of contingent consideration remained stable at **$0**, with an outcome of **$1,974** attributed to adjustments in previous assessments.

### Adjustments in Operating Assets and Liabilities
Significant shifts occurred in operating assets and liabilities, especially in purchase transactions.

**Accounts Receivable** saw a reduction of **($14,306)**, leading to an overall negative impact of **($25,865)**.

**Other Current Assets** experienced a decline of **($7,206)**, with further adjustments bringing this total to **($6,277)**.

### Additional Asset Considerations
**Other Assets** recorded a change of **($1,691)**, while these adjustments impacted a total of **($5,892)**.

### Deferred Tax Position
Deferred taxes showed an increase of **$5,137** but were countered by adjustments that brought this figure to **($1,158)**.

### Operating Leases and Deferred Revenue
Operating leases are reflected at **($21,968)**, with cumulative adjustments yielding **($12,883)**
in liabilities.

Finally, **Deferred Revenue** indicates a minor increase of **$128**, alongside a reduction of **($172)** with adjustments made in related accounts.

Investors and stakeholders should closely monitor these financial metrics to gauge the ongoing performance and potential risks associated with the company’s investment strategy and market conditions.# Financial Summary: Cash Flow Analysis Highlights Recent Trends

25,658				6,841
Net cash provided by operating activities		41,481				17,088
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of imaging facilities and other acquisitions		(3,794	)			(3,531	)
Purchase of property and equipment and other		(48,833	)			(57,409	)
Proceeds from sale of equipment		23				2
Equity contributions in existing and purchase of interest in joint ventures		(4,147	)			–
Net cash used in investing activities		(56,751	)			(60,938	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes and leases payable		(1,718

# Financial Activities Overview: Key Transactions and Cash Flow

## Payments on Term Loan Debt
– Payments made: **(5,000)**
– Remaining balance: **(1,102)**

## Contribution from Noncontrolling Interests
– Contributions received: **4,169**
– Distributions to noncontrolling interests: **(913)**

## Proceeds from Sales and Issuances
– Sale of economic interests in majority-owned subsidiaries, after taxes: **8,713**
– Issuance of common stock: **218,383**
– Proceeds from exercise of stock options: **121**

## Net Cash Flow from Financing Activities
– Total net cash used in financing activities: **(7,510)**
– Total cash provided by financing activities: **228,296**

## Effect of Exchange Rate Changes on Cash
– Impact of exchange rate fluctuations: **83**
– Negative adjustments due to exchange rates: **(36)**

This financial summary provides an insight into the company’s cash flows and major financial activities, highlighting key transactions and their implications.# RadNet Reports Cash Flow and Adjusted EBITDA Insights

—

## Net Change in Cash and Cash Equivalents

The recent financial data indicates a **net decrease in cash and cash equivalents** of **$22,697**, resulting in an end-of-period cash balance of **$717,323**. The beginning cash balance stood at **$740,020**, with an additional cash balance of **$526,980** recorded.

| | | Beginning of Period | | | End of Period | |
|—|—|—|—|—|—|—|
| **Cash and Cash Equivalents** | | $740,020 | | | $717,323 | |
| **Net Change** | | ($22,697) | | | | $526,980 |

### Supplemental Disclosure of Cash Flow Information

The company reported cash outflows for interest and income taxes during the period. Specifically, cash paid for interest totaled **$18,010**, while cash paid for income taxes amounted to **$272**.

| | Cash Paid |
|—|—|
| **Interest** | $18,010 |
| **Income Taxes** | $272 |

## Reconciliation of GAAP Net Income to Adjusted EBITDA

In examining **RadNet, Inc.** and its subsidiaries, we present a reconciliation of GAAP net income to adjusted EBITDA. This report encompasses three months ended March 31st, with a focus on financial performance metrics for 2024 and projections for 2025.

| | | Three Months Ended March 31 | |
|—|—|—|—|
| **Year** | | 2024 | 2025 |
| | | | |
| | | | |

The report aims to clarify the earnings performance and cash flow outlook, which is significant for assessing the company’s financial health and operational efficiency going forward.# Radnet, Inc. Reports Significant Financial Data for Shareholders

Net income (loss) attributable to Radnet, Inc. common stockholders	$	(37,926	)		$	(2,779	)
Income taxes		(3,398	)			(1,864	)
Interest expense		17,239				16,267
Severance costs		747				225
Depreciation and amortization		35,483				32,368
Non-cash employee Stock-based compensation		28,494				11,897
Loss (gain) on sale and disposal of equipment and other		402				186
Non-cash change in fair value of interest rate hedge		2,106				(1,216	)
Other expenses (income)		(7,712	)			(2,934	)
Non-Capitalized R&D – DeepHealth Cloud OS & Generative AI

# Radnet, Inc. Reports Key Financial Metrics for the Period

3,562				3,315
Lease abandonment charges		5,388				–
Non-cash change to contingent consideration		–				1,974
Non-operational rent expenses		1,342				1,023
Acquisition transaction costs		672				–
Adjusted EBITDA – Radnet, Inc.	$	46,399			$	58,462
NOTE
Adjusted EBITDA – Imaging Center Segment		42,688				54,942
Adjusted EBITDA – Digital Health Segment		3,711				3,520

“`html

Payments Report: Breakdown by Payor Class and Modality

PAYMENTS BY PAYOR CLASS
		First Quarter
		2025
Commercial Insurance		58.0	%
Medicare		23.0	%
Capitation		6.8	%
Medicaid		2.5	%
Workers Compensation/Personal Injury		2.2	%
Other*		7.6	%
Total		100.0	%
* Includes management fee, Digital Health unit, and Heart Lung Health revenue.

RADNET PAYMENTS BY MODALITY

First Quarter

Full Year

Full Year

Full Year

2025

2024

“`# Yearly Statistical Comparison of Medical Imaging Modalities: 2023 vs. 2022

| Imaging Modality | 2023 Percentage | 2022 Percentage |
|——————|—————-|—————-|
| MRI | 36.8% | 37.1% |
| CT | 15.7% | 15.9% |
| PET/CT | 8.5% | 7.2% |
| X-ray | 5.8% | 6.0% |
| Ultrasound | 13.7% | 13.6% |
| Mammography | 15.9% | 16.4% |

### Overview of 2023 Imaging Modalities

In this section, we provide a comparative analysis of imaging modalities used in the medical field for the years 2023 and 2022. The table presents the market share percentages for various imaging techniques, revealing trends and shifts.

### MRI Trends

The MRI market made a slight dip with a 2023 percentage of **36.8%**, down from **37.1%** in 2022. This reflects a minor change in preference or availability of the modality.

### CT Imaging Stability

CT scans held steady with **15.7%** in 2023, compared to **15.9%** in the previous year. This shows that CT remains a reliable option for medical imaging.

### PET/CT Growth

In contrast, PET/CT saw an increase from **7.2%** in 2022 to **8.5%** in 2023. This upward trend indicates growing acceptance and utilization of this imaging technology.

### X-ray Performance

X-ray percentages experienced minimal fluctuation, dropping slightly from **6.0%** in 2022 to **5.8%** in 2023. This may suggest a shift in preference toward other imaging methods.

### Ultrasound Comparison

Ultrasound imaging maintained a relatively stable percentage at **13.7%** in 2023, slightly higher than **13.6%** in 2022, reflecting consistent use.

### Mammography Insights

Mammography experienced a small decline, with percentages dropping from **16.4%** in 2022 to **15.9%** in 2023. This decline may raise questions about screening practices.

### Conclusion

This data provides insight into the evolving landscape of medical imaging over the years. The fluctuations in percentages suggest changing trends in technology and patient care practices. As the industry progresses, monitoring these trends will remain essential.# Company Reports Strong Financial Performance in Modalities

PROCEDURES BY MODALITY*
			First Quarter		First Quarter
			2025		2024
MRI			447,330		412,821
CT			271,170		250,365
PET/CT			20,389		16,594
Nuclear Medicine			9,577		8,595
Ultrasound

### Financial Trends

In the latest report, the company showcased notable growth across various medical imaging modalities. The data indicates a steady increase in procedures performed, signifying a robust market demand.

– **Overall Growth:** The overall percentage change from the previous year highlights a significant uptick. Specifically, notable increases are reported in MRI procedures, with numbers climbing to **447,330** in 2025 compared to **412,821** in 2024.

– **CT and PET/CT Changes:** CT and PET/CT also displayed promising trends, rising to **271,170** and **20,389** procedures, respectively. These figures reflect a solid demand for advanced imaging services.

– **Nuclear Medicine Developments:** Furthermore, nuclear medicine procedures recorded **9,577**, up from **8,595** the previous year, indicating a resurgence in this area.

The data exemplifies the company’s adaptability and the ongoing growth of the medical imaging sector, a conducive sign for stakeholders and market analysts alike.# RadNet Reports Adjusted Earnings Data and Facility Volumes for Q1

Procedure Volumes			2025		2024
Total Procedures			2,742,973		2,646,951
Mammography			476,378		472,514
X-ray and Other			861,702		846,841
* Volumes include wholly owned and joint venture centers.

RADNET, INC. AND SUBSIDIARIES
SCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE
(IN THOUSANDS EXCEPT SHARE DATA)
(unaudited)
NET (LOSS) INCOME ATTRIBUTABLE TO RADNET, INC.
		COMMON STOCKHOLDERS			$	(37,926)		$	(2,779)

# Financial Adjustments Reflect Operational Shifts and Market Impact

		Non-cash change in fair value of interest rate hedges (i)				2,106				(1,216	)
		Non-operational rent expenses (iii)				1,342				1,023
		Acquisition transaction costs				672				–
		Lease abandonment charges				5,388				–
		Contingent consideration				–				1,974
		Non-Capitalized R&D – DeepHealth Cloud OS & Generative AI				3,562				3,315
			Total adjustments – loss (gain)			13,070				5,096
		Subtract tax impact of Adjustments (ii)				(1,340	)

# Financial Adjustments Reveal Significant Impact on RadNet, Inc. Earnings

### Overview of Tax Effects on Net Income Adjustments

RadNet, Inc. reported various adjustments affecting its net income, emphasizing the impact of tax effects on financial performance.

### Breakdown of Financial Metrics

– **Tax Effected Impact of Adjustments**:
– Total Adjustment: **11,730**
– Other Adjustment: **7,771**

### Total Adjustments Summary

– **Total Adjustment to Net Income (Loss) Attributable**:
– To RadNet, Inc. Common Shareholders:
– **11,730**
– **7,771**

### Detailed Analysis of Adjusted Net Loss

– **Adjusted Net Loss Attributable to RadNet, Inc.**:
– Total Amount: **(26,196)**
– Other Considerations: **4,992**

### Common Stockholder Insights

The adjustments have a notable impact on common shareholders, reflecting the broader implications of RadNet’s financial health.

### Weighted Average Shares Outstanding

– **Diluted Shares**:
– **74,382,356**
– Original Shares: **71,048,153**

This summary encapsulates RadNet’s financial adjustments while highlighting pivotal data points essential for stakeholders and investors.# RadNet Reports Adjusted Diluted Net Loss, Impacted by Fair Value Changes

### Financial Overview

RadNet, Inc. has reported an **Adjusted Diluted Net Loss Per Share** attributed to common stockholders of **$(0.35)** for the latest quarter, contrasting with an Adjusted Diluted Net Income Per Share of **$0.07** in the previous quarter. This data highlights the company’s fluctuating performance amid various market conditions.

### Key Financial Metrics

The company outlines several adjustments influencing its financial results:

– **Impact from Fair Value Changes:** The loss includes factors from the change in fair value of hedges during the quarter, excluding prior amortization from Other Comprehensive Income related to ineffective hedges.
– **Tax Rates:** The effective tax rate for Q1 of 2024 was noted at **-52.5%**, decreasing to **10.25%** for Q1 of 2025.
– **Rent Expenses:** The report also details rent expenses tied to new sites that are under construction before they commence operations.

### Footnotes and Definitions

– **Adjusted EBITDA:** Defined as earnings before interest, taxes, depreciation, and amortization from continuing operations. It also adjusts for one-time events and non-cash equity compensation. RadNet uses this metric as a performance indicator, although it doesn’t conform to GAAP standards.

– **Free Cash Flow:** Calculated as Adjusted EBITDA minus total capital expenditures and cash interest paid. It serves as an indication of the company’s cash-generating capacity from operational activities, although it does not reflect total cash flow.

– **Adjusted Earnings (Loss) Per Share:** Represents net income or loss for common stockholders, excluding unique transactions like equipment disposals and unusual expenses. This serves as another analytical measure for assessing business performance.

### Conclusion

RadNet’s financial adjustments provide insights into its operational performance amid changing market dynamics. Investors should consider both the reported results and the underlying adjustments when evaluating the company’s fiscal health.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.