# EDGAR Filing Document

**Accession Number:** 0000790526
**File Stem:** 0001628280-26-033607
**Filing Date:** 2026-5
**Character Count:** 207179
**Document Hash:** 679b35c014941073d0fb78ef03af98b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-033607.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001628280-26-033607

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RadNet, Inc.
- **CENTRAL INDEX KEY:** 0000790526
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MEDICAL LABORATORIES [8071]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 133326724
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33307
- **FILM NUMBER:** 26963927

**BUSINESS ADDRESS:**
- **STREET 1:** 1510 COTNER AVE
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 3104787808

**MAIL ADDRESS:**
- **STREET 1:** 1510 COTNER AVE
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIMEDEX HEALTH SYSTEMS INC
- **DATE OF NAME CHANGE:** 19930518

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CCC FRANCHISING CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? rdnt-20260331

<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**FORM 10-Q** 

(Mark One)

☒**&nbsp;&nbsp;&nbsp;&nbsp; QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended March 31, 2026

or

☐**&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

**Commission File Number 001-33307** 

**RadNet, Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **13-3326724** |
| (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| **1510 Cotner Avenue** | **1510 Cotner Avenue** | |
| **Los Angeles,** | **California** | **90025** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**(310) 478-7808** 

(Registrant's telephone number, including area code)

**Not Applicable** 

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Class Title** | **Trading Symbol** | **Registered Exchange** |
| Common Stock, $0.0001 par value | RDNT | NASDAQ Global Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

The number of shares of the registrant's common stock outstanding on May 8, 2026 was 78,634,236 shares.

------

<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_7)</u>

**RADNET, INC.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | Page |
| <u>[PART I – FINANCIAL INFORMATION](#ia1a8a6b6b6784fcdb48cd3023d055589_10)</u> | <u>[1](#ia1a8a6b6b6784fcdb48cd3023d055589_10)</u> |
| <u>[ITEM 1. Financial Statements](#ia1a8a6b6b6784fcdb48cd3023d055589_13)</u> | <u>[1](#ia1a8a6b6b6784fcdb48cd3023d055589_13)</u> |
| <u>[Condensed Consolidated Balance Sheets at](#ia1a8a6b6b6784fcdb48cd3023d055589_16)[March 31, 202](#ia1a8a6b6b6784fcdb48cd3023d055589_16)[6](#ia1a8a6b6b6784fcdb48cd3023d055589_16)[and December 31, 20](#ia1a8a6b6b6784fcdb48cd3023d055589_16)[2](#ia1a8a6b6b6784fcdb48cd3023d055589_16)[5](#ia1a8a6b6b6784fcdb48cd3023d055589_16)</u> | <u>[1](#ia1a8a6b6b6784fcdb48cd3023d055589_16)</u> |
| <u>[Condensed Consolidated Statements of Operations for the](#ia1a8a6b6b6784fcdb48cd3023d055589_19)[Three](#ia1a8a6b6b6784fcdb48cd3023d055589_19)[Months Ended March 31, 2026](#ia1a8a6b6b6784fcdb48cd3023d055589_19)[and 20](#ia1a8a6b6b6784fcdb48cd3023d055589_19)[25](#ia1a8a6b6b6784fcdb48cd3023d055589_19)</u> | <u>[2](#ia1a8a6b6b6784fcdb48cd3023d055589_19)</u> |
| <u>[Condensed Consolidated Statements of Comprehensive](#ia1a8a6b6b6784fcdb48cd3023d055589_22)[L](#ia1a8a6b6b6784fcdb48cd3023d055589_22)[oss](#ia1a8a6b6b6784fcdb48cd3023d055589_22)[for the Three](#ia1a8a6b6b6784fcdb48cd3023d055589_22)[Months Ended March 31, 2026](#ia1a8a6b6b6784fcdb48cd3023d055589_22)[and 20](#ia1a8a6b6b6784fcdb48cd3023d055589_22)[25](#ia1a8a6b6b6784fcdb48cd3023d055589_22)</u> | <u>[3](#ia1a8a6b6b6784fcdb48cd3023d055589_22)</u> |
| <u>[Condensed Consolidated Statement](#ia1a8a6b6b6784fcdb48cd3023d055589_28)[s](#ia1a8a6b6b6784fcdb48cd3023d055589_28)[of Stockholders' Equity for the Three](#ia1a8a6b6b6784fcdb48cd3023d055589_28)[Months Ended March 31, 2026](#ia1a8a6b6b6784fcdb48cd3023d055589_28)[and 20](#ia1a8a6b6b6784fcdb48cd3023d055589_28)[25](#ia1a8a6b6b6784fcdb48cd3023d055589_28)</u> | <u>[4](#ia1a8a6b6b6784fcdb48cd3023d055589_25)</u> |
| <u>[Condensed Consolidated Statements of Cash Flows for the](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[Three](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[Months Ended](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[March](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[3](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[1](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[, 202](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[6](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[and 202](#ia1a8a6b6b6784fcdb48cd3023d055589_34)[5](#ia1a8a6b6b6784fcdb48cd3023d055589_34)</u> | <u>[5](#ia1a8a6b6b6784fcdb48cd3023d055589_34)</u> |
| <u>[Notes to Condensed Consolidated Financial Statements](#ia1a8a6b6b6784fcdb48cd3023d055589_40)</u> | <u>[7](#ia1a8a6b6b6784fcdb48cd3023d055589_40)</u> |
| <u>[ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#ia1a8a6b6b6784fcdb48cd3023d055589_82)</u> | <u>[25](#ia1a8a6b6b6784fcdb48cd3023d055589_82)</u> |
| <u>[ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](#ia1a8a6b6b6784fcdb48cd3023d055589_121)</u> | <u>[42](#ia1a8a6b6b6784fcdb48cd3023d055589_121)</u> |
| <u>[ITEM 4. Controls and Procedures](#ia1a8a6b6b6784fcdb48cd3023d055589_124)</u> | <u>[42](#ia1a8a6b6b6784fcdb48cd3023d055589_124)</u> |
| <u>[PART II – OTHER INFORMATION](#ia1a8a6b6b6784fcdb48cd3023d055589_127)</u> | <u>[44](#ia1a8a6b6b6784fcdb48cd3023d055589_127)</u> |
| <u>[ITEM 1. Legal Proceedings](#ia1a8a6b6b6784fcdb48cd3023d055589_130)</u> | <u>[44](#ia1a8a6b6b6784fcdb48cd3023d055589_130)</u> |
| <u>[ITEM 1A. Risk Factors](#ia1a8a6b6b6784fcdb48cd3023d055589_133)</u> | <u>[44](#ia1a8a6b6b6784fcdb48cd3023d055589_136)</u> |
| <u>[ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](#ia1a8a6b6b6784fcdb48cd3023d055589_136)</u> | <u>[44](#ia1a8a6b6b6784fcdb48cd3023d055589_139)</u> |
| <u>[ITEM 3. Defaults Upon Senior Securities](#ia1a8a6b6b6784fcdb48cd3023d055589_139)</u> | <u>[44](#ia1a8a6b6b6784fcdb48cd3023d055589_139)</u> |
| <u>[ITEM 4. Mine Safety Disclosures](#ia1a8a6b6b6784fcdb48cd3023d055589_142)</u> | <u>[44](#ia1a8a6b6b6784fcdb48cd3023d055589_142)</u> |
| <u>[ITEM 5. Other Information](#ia1a8a6b6b6784fcdb48cd3023d055589_145)</u> | <u>[44](#ia1a8a6b6b6784fcdb48cd3023d055589_145)</u> |
| <u>ITEM 6. Exhibits</u> | <u>[44](#ia1a8a6b6b6784fcdb48cd3023d055589_148)</u> |
| <u>[SIGNATURES](#ia1a8a6b6b6784fcdb48cd3023d055589_151)</u> | <u>[46](#ia1a8a6b6b6784fcdb48cd3023d055589_151)</u> |

---

i

------

<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_7)</u>

**PART I - FINANCIAL INFORMATION**

**Item 1 – Financial Statements**

**RADNET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

**(IN THOUSANDS EXCEPT SHARE DATA)**

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| | **(unaudited)** | |
| **ASSETS** | | |
| **CURRENT ASSETS** | | |
| Cash and cash equivalents | $455339 | $767215 |
| Accounts receivable | 209090 | 200317 |
| Due from affiliates | 11033 | 12592 |
| Prepaid expenses and other current assets | 65313 | 52003 |
| Total current assets | 740775 | 1032127 |
| **PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS** |  |  |
| Property and equipment, net | 862057 | 807702 |
| Operating lease right-of-use assets | 760975 | 690250 |
| Total property, equipment and right-of-use assets | 1623032 | 1497952 |
| **OTHER ASSETS** |  |  |
| Goodwill | 1094699 | 907663 |
| Other intangible assets | 253481 | 148508 |
| Deferred financing costs | 1538 | 1684 |
| Investment in joint ventures | 131409 | 130340 |
| Deposits and other | 40455 | 40289 |
| Total assets | $3885389 | $3758563 |
| **LIABILITIES AND EQUITY** |  |  |
| **CURRENT LIABILITIES** |  |  |
| Accounts payable, accrued expenses and other | $454602 | $422029 |
| Due to affiliates | 75960 | 70104 |
| Deferred revenue | 11975 | 7272 |
| Current operating lease liability | 66591 | 61934 |
| Current portion of notes payable | 26506 | 25424 |
| Total current liabilities | 635634 | 586763 |
| **LONG-TERM LIABILITIES** |  |  |
| Long-term finance lease liability | 4016 |  |
| Long-term operating lease liability | 777268 | 707001 |
| Notes payable, net of current portion | 1059977 | 1064495 |
| Deferred tax liability, net | 34150 | 21903 |
| Other non-current liabilities | 21632 | 22515 |
| Total liabilities | 2532677 | 2402677 |
| **EQUITY** |  |  |
| Common stock - $0.0001 par value, 200,000,000 shares authorized; 78,545,837 and 77,399,615 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 8 | 8 |
| Additional paid-in-capital | 1211912 | 1180434 |
| Accumulated other comprehensive income (loss) | (2466) | 4885 |
| Accumulated deficit | (128903) | (95437) |
| Total RadNet, Inc.'s Stockholders' equity: | 1080551 | 1089890 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 272161 | 265996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1352712 | 1355886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $3885389 | $3758563 |

---

The accompanying notes are an integral part of these financial statements.

------

<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_7)</u>

**RADNET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **REVENUE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fee revenue | $545218 | $439349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue under capitation arrangements | 30413 | 32050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total service revenue | 575631 | 471399 |
| **OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations, excluding depreciation and amortization | 550512 | 453480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease abandonment charges |  | 5388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 44967 | 35483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale and disposal of equipment and other | 2591 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance costs | 1464 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 599534 | 495500 |
| **LOSS FROM OPERATIONS** | (23903) | (24101) |
| **OTHER INCOME AND EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 17657 | 17239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of joint ventures | (3825) | (2599) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash change in fair value of interest rate swap |  | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | (4907) | (7712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | 8925 | 9034 |
| **LOSS BEFORE INCOME TAXES** | (32828) | (33135) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit from income taxes | 8096 | 3398 |
| **NET LOSS** | (24732) | (29737) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest | 8734 | 8189 |
| **NET LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS** | $(33466) | $(37926) |
| **BASIC AND DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS** | $(0.43) | $(0.51) |
| **WEIGHTED AVERAGE SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and Diluted | 77057835 | 74382356 |

---

The accompanying notes are an integral part of these financial statements.

------

<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_7)</u>

**RADNET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(IN THOUSANDS)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **NET LOSS** | $(24732) | $(29737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | (7518) | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of cash flow hedge from prior periods reclassified to earnings, net of taxes |  | 1033 |
| **COMPREHENSIVE LOSS** | (32250) | (24595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less net income attributable to noncontrolling interests | 8734 | 8189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less foreign currency translation adjustments attributable to noncontrolling interests | (167) |  |
| **COMPREHENSIVE LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS** | $(40817) | $(32784) |

---

The accompanying notes are an integral part of these financial statements.

------

<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_7)</u>

**RADNET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(IN THOUSANDS EXCEPT SHARE DATA)**

**(unaudited)**

The following table summarizes changes in the Company's consolidated stockholders' equity, including noncontrolling interest, during the three months ended March 31, 2026 and March 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | | | |
| | **Shares** | **Amount** |<br>**Additional Paid-In Capital** |<br>**Accumulated Other Comprehensive income (loss)** |<br>**Accumulated Deficit** |<br>**Total RadNet, Inc.'s Equity** |<br>**Noncontrolling Interests** |<br>**Total Equity** |
| **BALANCE - DECEMBER 31, 2025** | 77399615 | $8 | $1180434 | $4885 | $(95437) | $1089890 | $265996 | $1355886 |
| Issuance of common stock upon exercise of options | 67112 |  | 103 |  |  | 103 |  | 103 |
| Issuance of common stock under the equity compensation plan | 892960 |  |  |  |  |  |  |  |
| Stock-based compensation expense |  |  | 31440 |  |  | 31440 |  | 31440 |
| Forfeiture of restricted stock and share cancellation | (4774) |  | (65) |  |  | (65) |  | (65) |
| Distributions paid to noncontrolling interests |  |  |  |  |  |  | (2402) | (2402) |
| Issuance of common stock in connection with acquisitions | 190924 |  |  |  |  |  |  |  |
| Change in cumulative foreign currency translation adjustment |  |  |  | (7351) |  | (7351) | (167) | (7518) |
| Net (loss) income |  |  |  |  | (33466) | (33466) | 8734 | (24732) |
| **BALANCE - MARCH 31, 2026** | 78545837 | $8 | $1211912 | $(2466) | $(128903) | $1080551 | $272161 | $1352712 |
| **BALANCE - DECEMBER 31, 2024** | 74036993 | $7 | $988147 | $(9061) | $(76785) | $902308 | $231102 | $1133410 |
| Issuance of common stock upon exercise of options | 11956 |  | 121 |  |  | 121 |  | 121 |
| Issuance of common stock under the equity compensation plan | 906835 |  |  |  |  |  |  |  |
| Issuance of common stock under the DeepHealth equity compensation plan | 3438 |  |  |  |  |  |  |  |
| Stock-based compensation expense |  |  | 28514 |  |  | 28514 |  | 28514 |
| Forfeiture of restricted stock and share cancellation | (2656) |  | (20) |  |  | (20) |  | (20) |
| Distributions paid to noncontrolling interests |  |  |  |  |  |  | (913) | (913) |
| Change in cumulative foreign currency translation adjustment |  |  |  | 4109 |  | 4109 |  | 4109 |
| Change in fair value of cash flow hedge from prior periods reclassified to earnings |  |  |  | 1033 |  | 1033 |  | 1033 |
| Net (loss) income |  |  |  |  | (37926) | (37926) | 8189 | (29737) |
| **BALANCE - MARCH 31, 2025** | 74956566 | $7 | $1016762 | $(3919) | $(114711) | $898139 | $238378 | $1136517 |

---

The accompanying notes are an integral part of these financial statements.

------

<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_7)</u>

**RADNET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(IN THOUSANDS)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(24732) | $(29737) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 44967 | 35483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash operating lease expense | 16298 | 14431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of joint ventures, net of dividends | (1069) | (2599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and loan discount | 779 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale and disposal of equipment | 2591 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease abandonment charges |  | 5388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of cash flow hedge |  | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash change in fair value of interest rate swap |  | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 31375 | 28494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (2764) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 9375 | (14306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (6172) | (7206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (660) | (1691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | (9099) | 5137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases | (13299) | (21968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 234 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other | 31148 | 25658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 78972 | 41481 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of imaging facilities and other acquisitions, net of cash acquired | (304151) | (3794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment and other | (69932) | (48833) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equipment | 277 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity contributions in existing and purchase of interest in joint ventures |  | (4147) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collection of notes receivable | 2833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (370973) | (56751) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on notes and leases payable | (9953) | (1718) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on term loan debt | (5252) | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to noncontrolling interests | (2402) | (913) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock upon exercise of options | 103 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (17504) | (7510) |
| **EFFECT OF EXCHANGE RATE CHANGES ON CASH** | (2371) | 83 |
| **NET DECREASE IN CASH AND CASH EQUIVALENTS** | (311876) | (22697) |
| **CASH AND CASH EQUIVALENTS, beginning of period** | 767215 | 740020 |
| **CASH AND CASH EQUIVALENTS, end of period** | $455339 | $717323 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest | $17073 | $18010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for income taxes | $519 | $272 |

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The accompanying notes are an integral part of these financial statements.

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**RADNET, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)**

**(unaudited)**

**Supplemental Schedule of Non-Cash Investing and Financing Activities**

We acquired equipment and certain leasehold improvements for approximately $68.9 million and $62.5 million during the three months ended March 31, 2026 and 2025, respectively, which were not paid for as of March 31, 2026 and 2025**,** respectively. The amounts due were recorded in our condensed consolidated balance sheet under accounts payable, accrued expenses and other.

During the three months ended March 31, 2026, we acquired certain assets from entities engaged in the practice of radiology or related businesses. These acquisitions included contingent consideration and holdbacks totaling $9.0 million that we had not paid for as of March 31, 2026. The accrued amounts are reflected in our condensed consolidated balance sheets under accrued expenses and other non-current liabilities.

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**RADNET, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**NOTE 1 – NATURE OF BUSINESS AND BASIS OF PRESENTATION**

We are a national provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States. At March 31, 2026, we operated directly or indirectly through joint ventures with hospitals, 435 centers located in Arizona, California, Delaware, Florida, Indiana, Maryland, New Jersey, New York and Texas. Our centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders. Our services include magnetic resonance imaging ("MRI"), computed tomography ("CT"), positron emission tomography ("PET"), nuclear medicine, mammography, ultrasound, diagnostic radiology ("X-ray"), fluoroscopy and other related procedures. The vast majority of our centers offer multi-modality imaging services. Our multi-modality strategy diversifies revenue streams, reduces exposure to reimbursement changes and provides patients and referring physicians one location to serve the needs of multiple procedures. In addition to our center operations, we have certain other subsidiaries that develop Artificial Intelligence ("AI") products and solutions that are designed to enhance interpretation of radiographic images. Our operations comprise two segments for financial reporting purposes for this reporting period, Imaging Centers and Digital Health. For further financial information about these segments, see Note 5, Segment Reporting.

The consolidated financial statements include the accounts of RadNet, Inc. as well as its subsidiaries in which RadNet has a controlling financial interest. The consolidated financial statements also include certain variable interest entities in which we are the primary beneficiary (as described in more detail below). All material intercompany transactions and balances have been eliminated upon consolidation. All of these affiliated entities are referred to collectively as "RadNet," "we," "us," "our" or the "Company" in this report.

Accounting regulations stipulate that generally any entity with a) insufficient equity to finance its activities without additional subordinated financial support provided by any parties, or b) equity holders that, as a group, lack the characteristics which evidence a controlling financial interest, is considered a Variable Interest Entity ("VIE"). We consolidate all VIEs in which we are the primary beneficiary. We determine whether we are the primary beneficiary of a VIE through a qualitative analysis that identifies which variable interest holder has the controlling financial interest in the VIE. The variable interest holder who has both of the following has the controlling financial interest and is the primary beneficiary: (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. In performing our analysis, we consider all relevant facts and circumstances, including: the design and activities of the VIE, the terms of the contracts the VIE has entered into, the nature of the VIE's variable interests issued and how they were negotiated with or marketed to potential investors, and which parties participated significantly in the design or redesign of the entity.

VIEs that we consolidate as the primary beneficiary include professional corporations which are owned or controlled by individuals within our senior management and provide professional medical services for centers in Arizona, California, Delaware, Maryland, Florida and New York. These VIEs are collectively referred to as the "Consolidated Medical Group". RadNet provides non-medical, technical and administrative services to the Consolidated Medical Group for which it receives a management fee, pursuant to the related management agreements. Through the management agreements we have exclusive authority over all non-medical decision making related to the ongoing business operations and we determine the annual budget. The Consolidated Medical Group has insignificant operating assets and liabilities, and de minimis equity. Substantially all cash flows of the Consolidated Medical Group after expenses, including professional salaries, are transferred to us. We consolidate the revenue and expenses, assets and liabilities of the Consolidated Medical Group. The creditors of the Consolidated Medical Group do not have recourse to our general credit and there are no other arrangements that could expose us to losses on behalf of the Consolidated Medical Group. However, RadNet may be required to provide financial support to cover any operating expenses in excess of operating revenues.

The Consolidated Medical Group on a combined basis recognized $77.4 million and $58.2 million of revenue, net of management services fees to RadNet, for the three months ended March 31, 2026 and 2025, respectively. RadNet recognized $235.0 million and $238.6 million of total billed net service fee revenue for the three months ended March 31, 2026, and 2025, respectively, for management services provided to the Consolidated Medical Group relating primarily to the technical portion of billed revenue.

In our condensed consolidated balance sheets at March 31, 2026 and December 31, 2025, we have included approximately $161.0 million and $137.5 million, respectively, of accounts receivable and approximately $41.4 million and $34.9 million of accounts payable and accrued liabilities related to the Consolidated Medical Group, respectively. The cash flows of the Consolidated Medical Group are included in the accompanying condensed consolidated statements of cash flows. All intercompany balances and transactions have been eliminated in consolidation.

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At all of our centers not serviced by the Consolidated Medical Group, we have entered into long-term contracts with medical groups to provide professional services at those centers, including supervision and interpretation of diagnostic imaging procedures. The medical groups maintain full control over the physicians they employ. Through our management agreements, we make available to the medical groups the imaging centers, including all furniture, fixtures and medical equipment therein. The medical groups are compensated for their services from the professional component of the global net service fee revenue and after deducting management service fees paid to us, we have no economic controlling interest in these medical groups. As such, the financial results of these groups are not consolidated in our financial statements.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and, therefore, do not include all information and footnotes necessary for conformity with U.S. generally accepted accounting principles for complete financial statements; however, in the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods ended March 31, 2026 and 2025 have been made. The results of operations for any interim period are not necessarily indicative of the results for a full year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto contained in our annual report on Form 10-K for the year ended December 31, 2025.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

There have been no material changes to the significant accounting policies we use and have explained in our annual report on Form 10-K for the fiscal year ended December 31, 2025. The information below is intended only to supplement the disclosure in our annual report on Form 10-K for the fiscal year ended December 31, 2025.

REVENUES - Our revenues generally relate to net patient fees received from various payors and patients themselves under contracts in which our performance obligations are to provide diagnostic services to the patients. Revenues are recorded during the period when our obligations to provide diagnostic services are satisfied. Our performance obligations for diagnostic services are generally satisfied over a period of less than one day. The contractual relationships with patients, in most cases, also involve a third-party payor (Medicare, Medicaid, managed care health plans and commercial insurance companies, including plans offered through the health insurance exchanges) and the fees for the services provided are dependent upon the terms provided by Medicare and Medicaid, or negotiated with managed care health plans and commercial insurance companies. The payment arrangements with third-party payors for the services we provide to the related patients typically specify payments at amounts less than our standard charges and generally provide for payments based upon predetermined rates per diagnostic services or discounted fee-for-service rates. Management continually reviews the contractual estimation process to consider and incorporate updates to laws and regulations and the frequent changes in managed care contractual terms resulting from contract renegotiations and renewals.

As it relates to the Consolidated Medical Group, this service fee revenue includes payments for both the professional medical interpretation revenue recognized by the Consolidated Medical Group as well as the payment for all other aspects related to our providing the imaging services, for which we earn management fees. As it relates to other centers, this service fee revenue is earned through providing the use of our diagnostic imaging equipment and the provision of technical services as well as providing administration services such as clerical and administrative personnel, bookkeeping and accounting services, billing and collection, provision of medical and office supplies, secretarial, reception and transcription services, maintenance of medical records, and advertising, marketing and promotional activities.

Our service fee revenue is based upon the estimated amounts we expect to be entitled to receive from patients and third-party payors. Estimates of contractual allowances under managed care and commercial insurance plans are based upon the payment terms specified in the related contractual agreements. Revenue related to uninsured patients and copayment and deductible amounts for patients who have health care coverage may have discounts applied (uninsured discounts and contractual discounts). We also record estimated implicit price concessions (based primarily on historical collection experience) related to uninsured accounts to record self-pay revenue at the estimated amounts we expect to collect.

Under capitation arrangements with various health plans, we earn a per-enrollee amount each month for making available diagnostic imaging services to all plan enrollees under the capitation arrangement. Revenue under capitation arrangements is recognized in the period in which we are obligated to provide services to plan enrollees under contracts with various health plans.

Our total revenues for the three months ended March 31, 2026 and 2025 are presented in the table below. Our patient service revenue is displayed as the estimated service fee, broken down by classification of insurance coverage type, along with revenue generated from our management services and other sources such as software and AI.

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| | | |
|:---|:---|:---|
| **In Thousands** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **In Thousands** | **2026** | **2025** |
| Commercial insurance | $315869 | $262488 |
| Medicare | 137179 | 108199 |
| Medicaid | 13991 | 11690 |
| Workers' compensation/personal injury | 12304 | 10459 |
| Other payors | 33590 | 27691 |
| Management fee revenue | 7481 | 6279 |
| Other revenue | 24804 | 12543 |
| Revenue under capitation arrangements | 30413 | 32050 |
| Total service revenue | $575631 | $471399 |

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EQUITY BASED COMPENSATION – We have one long-term incentive plan, which has been amended and restated on April 20, 2015, March 9, 2017, April 15, 2021, April 27, 2023, and most recently following approval by our stockholders at our annual stockholders meeting on June 7, 2023 (the "Restated Plan"). We have reserved 20,100,000 shares of common stock for issuance under the Restated Plan which can be issued in the form of incentive and/or nonstatutory stock options, restricted and/or unrestricted stock, stock units, and stock appreciation rights. Terms and conditions of awards can be direct grants or based on achieving a performance metric. We evaluate performance-based awards to determine if it is probable that the vesting conditions will be met. We also consider probability of achievement of performance conditions when determining expense recognition. For the awards where vesting is probable, equity-based compensation is recognized over the related vesting period. Stock options generally vest over three years to five years and expire five years to ten years from date of grant. We determine the compensation expense for each stock option award using the Black Scholes, binomial lattice valuation or similar, valuation model. Those models require that our management make certain estimates concerning risk-free interest rates and volatility in the trading price of our common stock. The compensation expense recognized for all equity-based awards is recognized over the service periods. Equity-based compensation is classified in operating expenses within the same line item as the majority of the cash compensation paid to employees.

In connection with our acquisition of DeepHealth Inc. on June 1, 2020, we assumed the DeepHealth, Inc. 2017 Equity Incentive Plan, including outstanding options awards that can be exercised for our common stock (the "DeepHealth options"). No additional awards will be granted under the DeepHealth, Inc. 2017 Equity Incentive Plan.

In connection with our acquisition of iCAD, Inc. on July 17, 2025, we assumed the iCAD, Inc. 2016 Stock Incentive Plan, as amended, and the iCAD, Inc. 2012 Stock Incentive Plan, as amended by Amendment No. 1 (collectively, the "iCAD Plans"), including outstanding option awards that became exercisable for shares of our common stock. No additional awards will be granted under the iCAD Plans.

See Note 7, Stock-Based Compensation, for more information.

ACCOUNTS RECEIVABLE - The vast majority of our accounts receivable are due under fee-for-service contracts from third-party payors, such as insurance companies and government-sponsored healthcare programs, or directly from patients. Services are generally provided pursuant to one-year contracts with payors. We continuously monitor collections from our payors and maintain an allowance for bad debts based upon specific payor collection issues that we have identified and our historical experience.

We have entered into factoring agreements with various institutions and sold certain accounts receivable under non-recourse agreements in exchange for notes receivable from the buyers. These transactions are accounted for as a reduction in accounts receivable as the agreements transfer effective control over and risk related to the receivables to the buyers. Proceeds on factoring agreements are reflected as operating activities on our statement of cash flows and on our balance sheet as prepaid expenses and other current assets for the current portion and deposits and other for the long-term portion. Amounts remaining to be collected on these agreements were $2.6 million and $3.5 million at March 31, 2026 and December 31, 2025, respectively. We do not utilize factoring arrangements as an integral part of our financing for working capital and assess the party's ability to pay upfront at the inception of the notes receivable and subsequently by reviewing their financial statements annually and reassessing any insolvency risk on a periodic basis.

DEFERRED FINANCING COSTS - Costs of financing are deferred and amortized using the effective interest rate method and are related to our revolving credit facilities. Deferred financing costs, net of accumulated amortization, were $1.5

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million and $1.7 million as of March 31, 2026 and December 31, 2025, respectively. See Note 6, Credit Facilities and Notes Payable for more information.

PROPERTY AND EQUIPMENT - Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their estimated useful lives, which range from 3 to 15 years. Leasehold improvements are amortized at the lesser of lease term or their estimated useful lives, which range from 3 to 15 years. Maintenance and repairs are charged to expense as incurred.

BUSINESS COMBINATIONS - When the qualifications for business combination accounting treatment are met, it requires us to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations.

Acquisition-related costs are expensed as incurred and are included in Cost of operations, excluding depreciation and amortization, in the condensed consolidated statements of operations. For the three months ended March 31, 2026 and March 31, 2025, such costs totaled approximately $3.5 million and $0.7 million, respectively.

GOODWILL - Goodwill at March 31, 2026 totaled $1,094.7 million. Goodwill is recorded as a result of business combinations. If we determine the carrying value of a reporting unit exceeds its fair value an impairment charge would be recognized and should not exceed the total amount of goodwill allocated to that reporting unit. We tested goodwill and indefinite lived intangibles for impairment on October 1, 2025 noting no impairment, and we have not identified any indicators of impairment through March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;Activity in goodwill for the three months ended March 31, 2026 is provided below (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | Imaging Center segment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Health segment | Total |
| Balance as of December 31, 2025 | $741893 | $165770 | $907663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill from acquisitions | 17159 | 170846 | 188005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Measurement period and other adjustments |  | 2201 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation | (404) | (2766) | (3170) |
| Balance as of March 31, 2026 | $758648 | $336051 | $1094699 |

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The amount of goodwill that is expected to be deductible for tax purposes as of March 31, 2026 is $224.8 million.

INTANGIBLE ASSETS - Intangible assets are primarily related to our business combinations and software development. They include the estimated fair value of such items as service agreements, customer lists, covenants not to compete, acquired technologies, and trade names. The components of intangible assets, both finite and indefinite lived, along with annual amortization expense that will be recorded over the next five years at March 31, 2026 and December 31, 2025 are as follows (in thousands):

As of March 31, 2026:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2026\* | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | Weighted average amortization period remaining in years |
| Management service contracts | $1715 | $2287 | $2287 | $2287 | $2287 | $2098 | $12961 | 5.6 |
| Covenant not to compete and other contracts | 1532 | 1809 | 1719 | 1228 | 145 | 2 | 6435 | 3.4 |
| Customer lists | 6205 | 8119 | 8078 | 8078 | 8078 | 94091 | 132649 | 16.4 |
| Patent and trademarks | 480 | 385 | 321 | 66 | 43 | 82 | 1377 | 3.3 |
| Developed technology & software | 9925 | 12712 | 12712 | 7578 | 6859 | 16567 | 66353 | 6.0 |
| Trade Names definite life | 1277 | 1702 | 1667 | 1111 | 898 | 3805 | 10460 | 9.0 |
| Certifications | 2536 | 250 |  |  |  |  | 2786 | 0.3 |
| Others | 328 | 438 | 438 | 219 |  | 657 | 2080 | 2.2 |
| Trade names indefinite life |  |  |  |  |  | 7100 | 7100 | 0.0 |
| IPR&D |  |  |  |  |  | 11280 | 11280 | 0.0 |
| Total annual amortization | $23998 | $27702 | $27222 | $20567 | $18310 | $135682 | $253481 |  |

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\*Excluding the three months ended March 31, 2026

As of December 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | Weighted average amortization period remaining in years |
| Management Service Contracts | $2287 | $2287 | $2287 | $2287 | $2287 | $2096 | $13531 | 5.8 |
| Covenant not to compete and other contracts | 2039 | 1745 | 1655 | 1195 | 119 |  | 6753 | 3.6 |
| Customer Relationships | 3914 | 3736 | 3694 | 3694 | 3694 | 43016 | 61748 | 16.9 |
| Patent and Trademarks | 763 | 391 | 326 | 67 | 43 | 83 | 1673 | 3.1 |
| Developed Technology & Software | 9712 | 9177 | 9177 | 3958 | 3227 | 5770 | 41021 | 5.0 |
| Trade Names definite life | 394 | 394 | 359 | 252 | 127 | 336 | 1862 | 5.6 |
| Certifications | 1867 |  |  |  |  |  | 1867 | 0.8 |
| Others | 438 | 438 | 438 | 219 |  |  | 1533 | 3.4 |
| Trade Names indefinite life |  |  |  |  |  | 8500 | 8500 |  |
| IPR&D |  |  |  |  |  | 10020 | 10020 |  |
| Total Annual Amortization | $21414 | $18168 | $17936 | $11672 | $9497 | $69821 | $148508 |  |

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Total intangible asset amortization expense was $6.8 million and $3.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Intangible assets are amortized using the straight-line method over their useful life determined at acquisition. Management services agreements are amortized over 25 years using the straight-line method. Developed technology is capitalized and amortized over the useful life of the software when placed into service. Trade names and IPR&D are reviewed annually for impairment, or when indicators of impairment are presented.

INCOME TAXES - Income tax expense is computed using an asset and liability method and using expected annual effective tax rates. Under this method, deferred income tax assets and liabilities result from temporary differences in the financial reporting bases and the income tax reporting bases of assets and liabilities. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefit that, based on available evidence, is not expected to be realized. When it appears more likely than not that deferred taxes will not be realized, a valuation allowance is recorded to reduce the deferred tax asset to its estimated realizable value. For net deferred tax assets, we consider estimates of future taxable income in determining whether our net deferred tax assets are more likely than not to be realized.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law, which enacts significant changes to the U.S. Tax and related laws. Some of the provisions of the new tax law that affect corporations include, but are not limited to, reinstatement of immediate expensing of domestic specified research or experimental expenditures, restoration of EBITDA as the base for calculating deductible business interest expense, modifications to international tax regimes, and reenactment of one hundred percent bonus depreciation on eligible property acquired after January 19, 2025. The impact of the tax law changes from OBBBA with respect to periods prior to enactment were recognized by the Company in the third quarter of 2025, and has

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been applied prospectively based on the effective dates of the tax law. The enactment of the OBBBA did not have a material impact on the Company's financial statements.

In 2021, the Organization for Economic Co-operation and Development ("OECD") announced an inclusive framework on base erosion and profit shifting including Pillar Two Model Rules defining the global minimum tax, which calls for taxation of large multinational corporations at a minimum rate of 15%. Subsequently, multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to support certain components of Pillar Two Model Rules beginning 2024 (including the European Union Member States) with the adoption of additional components in later years or announced their plans to enact legislation in future years. Though the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two Model Rules slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two Model Rules. On a long-term basis, we will continue to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in all countries applicable to us. For 2026, we expect that we will meet one or more transactional safe harbor rules, and as such, we do not believe Pillar Two model will have an impact on our annual effective tax rate for the year ending December 31, 2026.

We recorded an income tax provision of $8.1 million, or an effective tax rate of 24.7%, for the three months ended March 31, 2026, compared to $3.4 million, or an effective tax rate of 10.3% for the three months ended March 31, 2025. The income tax rates for the three months ended March 31, 2026 diverge from the federal statutory rate due to (i) state taxes; (ii) foreign rate differentials; (iii) officer compensation limitation under IRC Section 162(m); (iv) nondeductible stock-based compensation expense; (v) transaction costs and other nondeductible expenses; partially offset by (vi) noncontrolling interests and windfall benefits on the exercise of stock-based compensation.

LEASES - We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, current operating lease liabilities, and long-term operating lease liability in our condensed consolidated balance sheets. Finance leases are included in property and equipment, accounts payable, accrued expenses and other, and long-term finance lease liability in our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. We include options to extend a lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For a contract in which we are a lessee that contains fixed payments for both lease and non-lease components, we have elected to account for the components as a single lease component.

ROU assets are tested for impairment if circumstances suggest that the carrying amount may not be recoverable. Our ROU assets consist of facility and equipment assets on operating leases. No events have occurred such as fire, flood, or other acts which have impaired the integrity of our ROU assets as of March 31, 2026. Our facility leases require us to maintain insurance policies which would cover major damage to our facilities. We maintain business interruption insurance to cover loss of business due to a facility becoming non-operational under certain circumstances. Our equipment leases are covered by warranty and service contracts which cover repairs and provide regular maintenance to keep the equipment in functioning order.

We closely monitor patient levels at our imaging centers and occasionally divest or shut down centers to maximize utilization rates. We may abandon low utilization leases and divert the patients to nearby centers. During the three months ended March 31, 2025, we closed several imaging centers with lower utilization and recognized lease abandonment charges of approximately $5.4 million in our Imaging Center segment. Of these amounts, $4.8 million were related to right-of-use assets impairment and $0.6 million were related to the write-off of leasehold improvements for the three months ended March 31, 2025.

COMPREHENSIVE LOSS - Accounting guidance establishes rules for reporting and displaying other comprehensive income (loss) ("OCI") and its components. Our foreign currency translation adjustments and the amortization of balances associated with derivatives previously classified as cash flow hedges are included in OCI. The components of OCI for the three months ended March 31, 2026 and 2025 are included in the Condensed Consolidated Statements of Comprehensive Loss. The following is a reconciliation of Foreign Currency Translation amounts for the three months ended March 31, 2026 and 2025 is provided below (in thousands):

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| | | | |
|:---|:---|:---|:---|
| **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** |
| | **December 31, 2025 Balance** | **Currency Translation Adjustments Balance** | **March 31, 2026 Balance** |
| Currency Translation Adjustments | $7384 | $(7518) | $33 |

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INTEREST ON SECURITIES - We recognized income from interest on securities of approximately $5.0 million and $7.7 million for the three months ended March 31, 2026 and 2025, respectively. This income is recorded within Other non-operating income in our Condensed Consolidated Statements of Operations.

COMMITMENTS AND CONTINGENCIES - We are party to various legal proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business. With respect to these matters, we evaluate the developments on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. Based on current information, we do not believe that reasonably possible or probable losses associated with pending legal proceedings would either individually or in the aggregate, have a material adverse effect on our business and consolidated financial statements. However, the outcome of these matters is inherently uncertain. Therefore, if one or more of these matters were resolved against us for amounts in excess of management's expectations, our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

CONTINGENT CONSIDERATION

***See-Mode Technologies Pte. Ltd.***

On June 2, 2025, the Company, through its wholly owned subsidiary DH AI International Holdings, B.V., completed the acquisition of all the equity interests of See-Mode Technologies Pte. Ltd., a Singapore-based AI company specializing in medical imaging. As part of the purchase agreement, we agreed to pay up to $12.7 million in contingent consideration in RadNet common stock and cash, based on the achievement of three clinical and regulatory milestones:

First Milestone ($4.3 million): Payable upon successful implementation of the company's thyroid ultrasound detection product at four RadNet imaging centers, and execution of at least two new customer contracts totaling $150,000 in aggregate annual contract value by March 31, 2026. On November 3, 2025, we settled the first milestone by issuing 27,673 shares of our common stock at an ascribed value of $2.1 million and $2.2 million in cash.

Second Milestone ($4.2 million): Payable upon FDA 510(k) clearance of the company's breast ultrasound detection product, with submission required by March 31, 2026 and approval by December 31, 2026.

Third Milestone ($4.2 million): Payable upon FDA 510(k) clearance of a new ultrasound product, with submission required by June 30, 2027 and approval by March 31, 2028.

Each contingent amount is payable 50% in cash and 50% in RadNet common shares. As of March 31, 2026, the fair value of the contingent consideration was assessed based on the probability of milestone achievement and was determined by management to be 90% and 80% for the Second and Third Milestone, respectively.

***Kolb Radiology P.C***

On July 1, 2025, the Company completed the acquisition of substantially all the assets of Kolb Radiology P.C., a New York-based diagnostic imaging practice. As part of the purchase agreement, we agreed to pay up to $8.0 million in contingent consideration ("Earnout Consideration") payable based on the financial performance of the acquired business over three consecutive twelve-month periods following the closing date.

As of March 31, 2026, the fair value of the contingent consideration was estimated to be $4.1 million using a Monte Carlo simulation under a risk-neutral framework that modeled projected MRI revenues and discounted expected payments at term-matched U.S. Treasury rates plus RadNet's credit spread. Key assumptions included a 2.3% revenue risk premium, 15% revenue volatility, 50% operational leverage ratio, and 2.9% credit spread.

**CIMAR UK Limited**

On November 10, 2025, the Company completed the acquisition of CIMAR (UK) Limited. The purchase agreement includes contingent consideration payable based on the achievement of specified recurring revenue targets.

The contingent consideration provides for aggregate payments of up to approximately $15.1 million and includes two performance-based milestones tied to recurring revenue generated during measurement periods between 2026 and 2028. Each milestone becomes payable only if at least 90% of the applicable revenue target is achieved, with payments proportionately

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reduced for achievement between 90% and 100% of the target. Any contingent consideration earned is payable 50% in cash and 50% in RadNet common stock.

The fair value of the contingent consideration was estimated using a Monte Carlo simulation under a risk-neutral framework that projected revenue-based performance milestones, R&D Deferred Consideration, and discounted expected payments at term-matched U.S. Treasury rates plus RadNet's credit spread. Key assumptions as of March 31, 2026 included a 2.2% revenue risk premium, 25% revenue volatility, 60% operational leverage ratio, and 3% credit spread.

**Gleamer SAS**

On March 2, 2026, the Company, through our wholly owned subsidiary DH AI International Holdings, B.V., completed the acquisition of all the equity interests of Gleamer SAS. As part of the purchase agreement, we agreed to pay up to €15.0 million in contingent consideration in cash, based upon the achievements of specified annual recurring revenue ("ARR") targets.

At the acquisition date, the Company recorded a contingent consideration liability of $8.6 million. The fair value of the contingent consideration was estimated using a Monte Carlo simulation model, which considered a range of potential ARR outcomes and calculated the present value of expected payments. Key assumptions as of March 31, 2026 included a 2% ARR risk premium, 18% ARR volatility, 75% operational leverage ratio, and a 2% credit spread.

The contingent consideration liability is remeasured at fair value each reporting period, with changes in fair value recognized in earnings. A tabular roll forward of contingent consideration is as follows (amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** |
| **Entity** | **Account** | **December 31, 2025 Balance** | **Additions** | **Change in valuation of contingent consideration** | **Currency Translation** | **March 31, 2026 Balance** |
| See-Mode Technologies Pte. Ltd. | Accrued expenses and other non-current liabilities | $5329 | $— | $1627 | $6 | $6962 |
| Kolb Radiology P.C. | Accrued expenses and other non-current liabilities | $3900 | $— | $200 | $— | $4100 |
| CIMAR UK Limited | Accrued expenses and other non-current liabilities | $5753 | $— | $937 | $(74) | $6616 |
| Gleamer SAS | Accrued expenses | $— | $8618 | $— | $(194) | $8424 |

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FAIR VALUE MEASUREMENTS – Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of inputs used to determine fair value. Accordingly, assets and liabilities carried at, or permitted to be carried at, fair value are classified within the fair value hierarchy in one of the following categories based on the lowest level input that is significant to a fair value measurement:

Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models such as interest rates and yield curves that can be corroborated by observable market data.

Level 3—Fair value is determined by using inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgment.

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<u>Contingent Consideration:</u>

The table below summarizes the estimated fair values of contingencies relating to our acquisitions that are subject to fair value measurements and the classification of these liabilities on our condensed consolidated balance sheets, as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Accrued expenses and other non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See-Mode Technologies Pte. Ltd. | $— | $— | $6962 | $6962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kolb Radiology P.C. |  |  | 4100 | 4100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIMAR UK Limited |  |  | 6616 | 6616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gleamer SAS |  |  | 8424 | 8424 |

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<u>Long Term Debt:</u>

The table below summarizes the estimated fair value and carrying amount of our Barclays Term Loans and Truist Term Loan long-term debt as follows (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Total Face Value** |
| Barclays Term Loan and Truist Term Loan | $— | $1080816 | $— | $1080816 | $1079617 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Total Face Value** |
| Barclays Term Loan and Truist Term Loan | $— | $1087272 | $— | $1087272 | $1084869 |

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We consider the carrying amounts of cash and cash equivalents, receivables, other current assets, and current liabilities to approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization or payment. Additionally, we consider the carrying amount of our notes payable to approximate their fair value because the weighted average interest rate used to formulate the carrying amounts approximates current market rates.

EARNINGS PER SHARE - Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding, net of common stock held in treasury, as follows (in thousands except share and per share data):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| NET LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $(33466) | $(37926) |
| BASIC AND DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |
| Weighted average number of common shares outstanding during the period | 77057835 | 74382356 |
| Basic and diluted net loss per share attributable to RadNet, Inc.'s common stockholders | $(0.43) | $(0.51) |
| **Stock options and non-vested restricted awards excluded from the computation of diluted per share amounts as their effect would be antidilutive:** |  |  |
| Non-vested restricted stock subject to service vesting | 1044986 | 910334 |
| Shares issuable upon the exercise of stock options | 927262 | 894169 |

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INVESTMENTS IN EQUITY SECURITIES–Accounting guidance requires entities to measure equity investments at fair value, with any changes in fair value recognized in net income. If there is no readily determinable fair value, the guidance allows entities the ability to measure investments at cost, adjusted for observable price changes and impairments, with changes recognized in net income.

As of March 31, 2026 and December 31, 2025, we have five equity investments with an aggregate carrying value of $10.8 million.

No observable price changes or impairments in our investments were identified for the three months ended March 31, 2026.

INVESTMENT IN JOINT VENTURES – As of March 31, 2026, we have 12 unconsolidated joint ventures operating 50 diagnostic imaging centers that represent partnerships with hospitals, or health systems and were formed for the purpose of owning and operating diagnostic imaging centers. Professional services at the joint venture diagnostic imaging centers are performed by contracted radiology practices or a radiology practice that participates in the joint venture. Our investment in these joint ventures is accounted for under the equity method, as we do not have a controlling financial interest in such ventures. We evaluate our investment in joint ventures, including cost in excess of book value (equity method goodwill) for impairment whenever indicators of impairment exist. No indicators of impairment existed as of March 31, 2026 and December 31, 2025.

The table below summarizes our ownership interest in these unconsolidated joint ventures as of March 31, 2026:

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| | |
|:---|:---|
| **Joint Venture** | **Percentage Ownership** |
| Franklin Imaging, LLC | 49% |
| Greater Baltimore Diagnostic Imaging | 50% |
| Advanced Imaging at St. Joseph Medical Center, LLC | 49% |
| Carroll County Radiology, LLC | 40% |
| Baltimore Washington Imaging Center, LLC | 35% |
| Calvert Medical Imaging Centers, LLC | 50% |
| Montgomery Community Magnetic Imaging Ctr LP | 49% |
| Mt. Airy Imaging Center, LLC | 40% |
| Orange County Radiation Oncology, LLC | 40% |
| Arizona Diagnostic Radiology Group LLC | 49% |
| Glendale Advanced Imaging Center, LLC | 55% |
| Santa Monica Imaging Group LLC | 49% |

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***Joint venture investment and financial information***

The following table is a summary of our investment in joint ventures during the three months ended March 31, 2026 (in thousands):

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| | |
|:---|:---|
| Balance as of December 31, 2025 | $130340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings in joint ventures | 3825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution of earnings | (2756) |
| Balance as of March 31, 2026 | $131409 |

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We charged management service fees from the imaging centers underlying these unconsolidated joint ventures of approximately $6.6 million and $6.1 million for the three months ended March 31, 2026 and 2025, respectively. These management fees are expenses of the unconsolidated joint ventures and are recognized as service fee revenue. These management fees are earned for providing, among other things, day-to-day operational oversight, revenue cycle, human resources, finance, accounting and information systems to the imaging centers. These unconsolidated joint ventures are considered related parties. Amounts transacted between us and the entities are in the ordinary course of business and are disclosed on our condensed consolidated balance sheet in the due from/to affiliate accounts.

The following table is a summary of key balance sheet data for these joint ventures as of March 31, 2026 and December 31, 2025 and income statement data for the three months ended March 31, 2026 and 2025 (in thousands):

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| | | |
|:---|:---|:---|
| Balance Sheet Data: | **March 31, 2026** | **December 31, 2025** |
| Current assets | $85217 | $79220 |
| Noncurrent assets | 226901 | 227447 |
| Current liabilities | (12271) | (10682) |
| Noncurrent liabilities | (73278) | (71298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $226569 | $224687 |

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| | | |
|:---|:---|:---|
| Income statement data for the three months ended March 31, | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | $73330 | $66274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expense, excluding depreciation and amortization | 60140 | 54976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4994 | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating expense | 65 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 8131 | 5628 |

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**Promissory Note from Joint Venture Member**

On June 12, 2025, we executed a $17.0 million promissory note with Dignity Health, a related party and joint venture member of Arizona Diagnostic Radiology Group, LLC ("ADRG"). Monthly principal payments of $0.9 million began July 1, 2025, with interest accruing at the Wall Street Journal Prime Rate plus 2%. Future distributions from ADRG to Dignity will be applied to the note balance until fully repaid. The note is expected to mature on December 1, 2026. As of March 31, 2026, the remaining balance of $8.6 million is entirely classified as current and recorded within Due from Affiliates.

**NOTE 3 – RECENT ACCOUNTING AND REPORTING STANDARDS**

***Recently Issued Accounting Pronouncements***

In November 2024, the FASB issued Accounting Standards Update ("ASU") 2024-03 ("ASU 2024-03"), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, to enhance the transparency of certain expense disclosures. The amendments in this Update require disclosure of specific expense categories in the notes to the financial statements for both interim and annual reporting periods. The Update also requires disaggregated information about certain prescribed expense categories underlying any relevant income statement expense caption. The amendments in this Update are effective for public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be adopted either prospectively or retrospectively. We are currently evaluating the impact of this ASU on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06 ("ASU 2025-06"), Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software development costs and enhance the operability of the guidance for different development methods. The amendments remove the prescriptive "project-stage" model and require capitalization of software costs once management has authorized and committed to funding a project and it is probable that the software will be completed and used as intended. The Update also introduces the concept of "significant development uncertainty," requires application of the property, plant and equipment disclosure requirements to capitalized internal-use software costs, and incorporates website development guidance into Subtopic 350-40. The amendments are effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements.

 **NOTE 4 – BUSINESS COMBINATIONS AND RELATED ACTIVITY**

***Acquisitions***

***Imaging Center Segment***

During the three months ended March 31, 2026, we completed the acquisition of certain assets of the following entities, which either engage directly in the practice of radiology or associated businesses. The primary reason for these acquisitions was to strengthen our presence in the Indiana and Florida markets. These acquisitions are reported as part of our Imaging Center segment. As of March 31, 2026, we made a preliminary fair value determination of the acquired assets and assumed liabilities and the following were recorded (in thousands). The valuation of assets acquired and liabilities assumed has not yet been finalized and remains subject to change, primarily related to the completeness of accrued liabilities, the accuracy of fixed asset valuations, and other customary purchase accounting adjustments. The fair value determination is preliminary and may be updated as additional information becomes available.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Entity** | **Date Acquired** | **Total Consideration** | **Property & Equipment** | **Right of Use Assets** | **Goodwill** | **Intangible Assets** | **Accounts receivable** | **Prepaid expenses and other current assets** | **Accounts payable, accrued expenses and other** | **Right of Use Liabilities** | **Finance lease** |
| Regional Radiology Center | 1/6/2026 | $58315 | 43834 | 59951 | 16970 | 4335 | 10489 | 2407 | (14274) | (61151) | (4246) |
| Northwest Radiology Network PC | 2/2/2026 | 9000 | 8668 | 9424 | 189 | 130 |  | 14 |  | (9424) |  |
| **Total** |  | **67315** | **52502** | **69375** | **17159** | **4465** | **10489** | **2421** | **(14274)** | **(70575)** | **(4246)** |

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In connection with these Imaging Centers acquisitions, the aggregate consideration transferred consisted of approximately $66.5 million in cash, adjusted for approximately $0.6 million of acquired cash, net of debt assumed, and included approximately $0.4 million of holdback consideration and the settlement of a $1.0 million note payable owed to RadNet by the seller.

***Digital Health Segment***

***Gleamer SAS***

On March 2, 2026, we completed the acquisition of all of the outstanding shares of Gleamer SAS ("Gleamer"), an artificial intelligence-based medical imaging software company focused on the design, development, and commercialization of AI-driven diagnostic solutions. The acquisition enhances our Digital Health segment by expanding our AI capabilities in medical imaging and strengthens our position in global markets, including Europe and the United States.

The transaction was accounted for as the acquisition of a business and was completed pursuant to a share purchase agreement dated March 2, 2026. The total purchase consideration was approximately $264.1 million, consisting of (i) an upfront payment of approximately $255.5 million, subject to customary adjustments for cash, indebtedness, and working capital, and (ii) contingent consideration with an estimated fair value of $8.6 million as of the acquisition date, with a maximum potential payout of €15.0 million based on the achievement of specified annual recurring revenue targets.

We have preliminarily allocated the purchase price to the assets acquired and liabilities assumed based on their estimated fair values. This resulted in the recognition of goodwill of approximately $170.8 million, primarily reflecting expected synergies from integrating Gleamer's AI technology platform, established customer relationships, and assembled workforce. In addition, we recorded identifiable intangible assets of approximately $111.6 million, consisting of developed technology of $29.2 million, customer relationships of $76.0 million, trade names of $3.5 million, and other intangible assets of $2.8 million. The acquisition also included approximately $30.4 million of other operating assets and $0.3 million of other net tangible assets. Liabilities assumed included deferred tax liabilities of $21.5 million and debt and other liabilities of $27.5 million.

In connection with the acquisition, the Company identified and measured the fair values of acquired intangible assets, including developed technology, customer relationships, trade names, and other intangible assets. The valuations were performed using the income approach, consistent with market participant assumptions. The income approach incorporated assumptions such as projected revenues, estimated customer attrition, royalty rates, and discount rates reflecting market participant expectations. The identified intangible assets were assigned estimated useful lives as follows: developed technology — approximately 8 years; customer relationships — approximately 17 years; trade names — approximately 3 to 6 years; and other intangible assets — approximately 1 to 3 years.

As of March 31, 2026, the valuation of assets acquired and liabilities assumed is preliminary and subject to change during the measurement period, primarily with respect to the valuation of identifiable intangible assets, contingent consideration, and deferred taxes. The fair value of contingent consideration will be remeasured at each reporting period until the contingency is resolved. The Company expects to finalize the purchase price allocation within the measurement period as additional information becomes available.

**NOTE 5 – SEGMENT REPORTING**

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Our chief operating decision maker ("CODM"), who is also our CEO, evaluates the financial performance of our segments based upon their respective revenue and segmented internal profit and loss statements prepared on a basis not consistent with GAAP. The CODM considers actual to budget and current year actual to prior year actual for revenue and other profit and loss measures on a monthly basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. We do not report balance sheet information by segment since it is not reviewed by our CODM to evaluate segment performance or to make resource allocation decisions.

Our Imaging Center segment provides physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders. Services include MRI, CT, PET, nuclear medicine, mammography, ultrasound, X-ray, fluoroscopy and other related procedures. The vast majority of our centers offer multi-modality imaging services, a strategy that diversifies revenue streams, reduces exposure to reimbursement changes and provides patients and referring physicians one location to serve the needs of multiple procedures.

Our Digital Health segment develops and deploys clinical applications to enhance interpretation of medical images and improve patient outcomes with an emphasis on brain, breast, prostate, and pulmonary diagnostics. Included in the segment is our eRad subsidiary, which designs the underlying critical scheduling, data storage and retrieval systems necessary for imaging center operation.

In the normal course of business, our Imaging Center and Digital Health segments enter into transactions with each other. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues recognized by a segment and expenses incurred by the counterparty are eliminated in consolidation and do not affect consolidated results.

The following tables reflect certain financial data for each reportable segment:

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | | | |
| | **Imaging Center** | **Digital health** | **Total** |
| Revenues from external customers | $556815 | $18816 | $575631 |
| Intersegment revenues |  | 10305 | 10305 |
|  | $556815 | $29121 | $585936 |
| **Reconciliation of revenue** |  |  |  |
| Elimination of intersegment revenues |  |  | (10305) |
| Total consolidated revenues |  |  | $575631 |
| Less: |  |  |  |
| Other segment items\* | $520554 | $40263 |  |
| Segment profit (loss) | 36260 | (11141) | 25119 |
| **Reconciliation of segment profit** |  |  |  |
| Depreciation and amortization |  |  | $(44967) |
| Loss on sale and disposal of equipment and other |  |  | (2591) |
| Severance costs |  |  | (1464) |
| Interest expense |  |  | (17657) |
| Equity in earnings of joint ventures |  |  | 3825 |
| Other income |  |  | 4907 |
| Loss before income taxes |  |  | $(32828) |

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\*Other segment items include operating expenses, inclusive of cost of operations and lease abandonment charges.

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | | | |
| | **Imaging Center** | **Digital health** | **Total** |
| Revenues from external customers | $461378 | $10021 | $471399 |
| Intersegment revenues |  | 9200 | 9200 |
|  | $461378 | $19221 | $480599 |
| **Reconciliation of revenue** |  |  |  |
| Elimination of intersegment revenues |  |  | (9200) |
| Total consolidated revenues |  |  | $471399 |
| Less: |  |  |  |
| Other segment items\* | $445731 | $22338 |  |
| Segment profit (loss) | 15648 | (3117) | 12531 |
| **Reconciliation of segment profit** |  |  |  |
| Depreciation and amortization |  |  | $(35483) |
| Loss on sale and disposal of equipment and other |  |  | (402) |
| Severance costs |  |  | (747) |
| Interest expense |  |  | (17239) |
| Equity in earnings of joint ventures |  |  | 2599 |
| Non-cash change in fair value of interest rate swaps |  |  | (2106) |
| Other income |  |  | 7712 |
| Loss before income taxes |  |  | $(33135) |

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\*Other segment items include operating expenses, inclusive of cost of operations and lease abandonment charges.

**NOTE 6 – CREDIT FACILITIES AND NOTES PAYABLE**

At March 31, 2026, we had two principal secured credit facilities consisting of our Barclays Revolving Credit Facility (as defined below) and our Truist Revolving Credit Facility (as defined below). Each facility includes a term loan component and a revolving credit facility. At March 31, 2026, we were in compliance with all covenants under our credit facilities.

**Barclays Credit Facility**

On April 18, 2024, we entered into a Third Amended and Restated First Lien Credit and Guaranty Agreement (the "Barclays Credit Agreement"), with Barclays Bank Plc and the lenders and financial institutions named therein, which provides for $875.0 million of senior secured term loans (the "Barclays Term Loan") and a $282.0 million senior secured revolving credit facility (the "Barclays Revolving Credit Facility"). Our borrowing under the Barclays Revolving Credit Facility is secured by a lien on all of our assets.

The proceeds from the April 18, 2024 restatement of the Barclays Credit Agreement were used to refinance the $678.7 million of term loans outstanding under the prior credit facility, to pay accrued interest through the date of closing, and to pay fees and expenses associated with the refinancing transaction. Total costs incurred in connection with the restatement amounted to approximately $19.9 million segregated as follows: $11.1 million recognized as discount and deferred finance cost, $2.1 million charged to loss on early extinguishment of debt and $6.7 million to related expenses. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement.

On November 26, 2024, we entered into Amendment No. 1 to the Barclays Credit Agreement (the "First Amendment") with the Barclays Bank Plc and the lenders and financial institutions named therein. Pursuant to the First Amendment, the interest rates on the term loans and revolving credit facility provided under the Restated Credit Agreement have been reduced by 0.25%. Total costs incurred in connection with the first amendment amounted to approximately $2.4

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million segregated as follows: $0.6 million recognized as discount, $1.8 million charged to loss on early extinguishment of debt and $0.1 million to related expenses. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement.

On June 11, 2025, we entered into Incremental Amendment No. 2 to the Barclays Credit Agreement (the "Second Amendment"), pursuant to which Barclays Bank Plc, as lender, provided an additional $100.0 million, net of a $1.0 million discount, of incremental term loan borrowings under our existing senior secured term loan facility, all other terms remained the same. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement. Pursuant to the Second Amendment, we are required to make quarterly principal payments of approximately $2.4 million, compared to $2.2 million prior to the amendment. The remaining outstanding principal will be due as a lump-sum payment on April 18, 2031, the maturity date of the incremental term loan.

<u>Barclays Term Loan:</u>

The Barclays Term Loan provides for interest payments based on a base rate, plus an applicable margin. During the periods covered by this report, the base rates, margins and effective interest rates were as follows for the periods indicated:

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| | | |
|:---|:---|:---|
| Period | Base Rate plus Margin | Effective Rate |
| As of December 31, 2025 | SOFR plus 2.25%<br>Prime Rate plus 1.25% | 6.07% (credit spread adjustment of 0.00%)<br>8.0% |
| As of March 31, 2026 | SOFR plus 2.25%<br>Prime Rate plus 1.25% | 5.9% (credit spread adjustment of 0.00%) 8.0% |

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<u>Barclays Revolving Credit Facility:</u>

The Barclays Revolving Credit Facility is a $282.0 million senior secured revolving credit facility. Associated with the Barclays Revolving Credit Facility is deferred financing costs, net of accumulated amortization, of $1.3 million at March 31, 2026.

After we entered the first amendment on November 26, 2024, amounts borrowed under the Barclays Revolving Credit Facility bear interest at either SOFR plus 2.75% or the Prime Rate plus 1.8% (with step-downs based on attainment of certain first lien net leverage ratio benchmarks). As of March 31, 2026, the effective interest rate payable on revolving loans under the Barclays Revolving Credit Facility was 8.50%. In addition, a commitment fee of 0.50% per annum accrues on the unused revolver commitments under the Barclays Revolving Credit Facility.

We had no outstanding balance under our $282.0 million Barclays Revolving Credit Facility at March 31, 2026 and December 31, 2025. After reserves of $8.6 million for certain letters of credit, $273.4 million was available to draw upon as of March 31, 2026.

The Barclays Revolving Credit Facility terminates on April 18, 2029, unless otherwise accelerated under the terms of the Barclays Credit Agreement.

**Truist Credit Facility**

On October 7, 2022, our subsidiary New Jersey Imaging Network, Inc. ("NJIN") entered into Second Amended and Restated Revolving Credit and Term Loan Agreement (the "Truist Credit Agreement"), with Truist Bank and the lenders and financial institutions named therein, which provides for a $150.0 million term loan (the "Truist Term Loan") and a $50.0 million revolving credit facility (the "Truist Revolving Credit Facility"). The Truist Credit agreement is secured by the assets of NJIN.

*<u>Truist Term Loan:</u>*

The Truist Term Loan currently bears interest at SOFR or a Base Rate plus an applicable margin and fees which step down based on a leverage ratio. At March 31, 2026 the applicable margin for SOFR was 1.5%.

We are required to make quarterly principal payments of $2.8 million, which increases by $0.9 million at scheduled intervals, with the remaining balance to be paid at maturity. The Truist Term Loan will mature on October 10, 2027 unless otherwise accelerated under the terms of the Truist Credit Agreement.

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*<u>Truist Revolving Credit Facility:</u>*

The Truist Revolving Credit Facility is a $50.0 million secured revolving credit facility. Associated with the Truist Revolving Credit Facility are deferred financing costs, net of accumulated amortization, of $0.2 million at March 31, 2026.

Amounts borrowed under the Truist Revolving Credit Facility bear interest at either SOFR or a Base Rate plus an applicable margin and fees which step down based on a leverage ratio. In addition, a commitment fee of 0.30% per annum accrues on the unused revolver commitments under the Truist Revolving Credit Facility.

We had no balance outstanding under our $50.0 million Truist Revolving Credit Facility at March 31, 2026 and December 31, 2025. With no letters of credit reserved against the facility, the full $50.0 million was available to draw upon as of March 31, 2026.

The Truist Revolving Credit Facility terminates on October 7, 2027, unless otherwise accelerated under the terms of the Truist Credit Agreement.

**Equipment Notes Payable**

We have issued certain notes payable in connection with the purchase of equipment previously leased under operating leases.

**Other Notes Payable**

Other notes payables include obligations assumed in connection with government-sponsored innovation financing arrangements of acquired subsidiaries.

**Debt Obligations**

As of March 31, 2026 and December 31, 2025 our term loan debt and other obligations are as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| Barclays Term Loans collateralized by RadNet's tangible and intangible assets | $958680 | $961119 |
| Discount on Barclays Term Loans | (11199) | (11759) |
| Truist Term Loan Agreement collateralized by NJIN's tangible and intangible assets | 120937 | 123750 |
| Discount on Truist Term Loan Agreement | (396) | (462) |
| Equipment notes payable at 3.6% to 7.2%, due through 2029, collateralized by medical equipment | 15626 | 17271 |
| Other notes payable, due through 2034 | 2835 |  |
| Total debt obligations | 1086483 | 1089919 |
| Less: current portion | (26506) | (25424) |
| Long term portion of debt obligations | $1059977 | $1064495 |

---

**NOTE 7 – STOCK-BASED COMPENSATION**

**Stock Incentive Plans**

We have one long-term equity incentive plan, the RadNet, Inc. Equity Incentive Plan, which has been amended and restated on April 20, 2015, March 9, 2017, April 15, 2021, April 27, 2023, and most recently following approval by our stockholders at our annual stockholders meeting on June 7, 2023 (the "Restated Plan"). We have reserved for issuance under the Restated Plan 20,100,000 shares of common stock for issuance under the Restated Plan which can be issued in the form of incentive and/or nonstatutory stock options, restricted and/or unrestricted stock, stock units and stock appreciation rights.

Our stock-based compensation consists of various types of awards, each accounted for separately. There is no overlap between our stock options, DeepHealth options, restricted stock awards ("RSAs") and restricted stock units ("RSUs"), performance stock units ("PSUs"), and performance stock options ("PSOs").

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***Options***

Certain options granted under the Restated Plan to employees are intended to qualify as incentive stock options under existing tax regulations. Stock options generally vest over 3 to 5 years and expire 5 to 10 years from the date of grant.

The following summarizes all of our option transactions for the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Outstanding Options<br>Under the 2006 Plan** | **Shares** | **Weighted Average<br>Exercise price<br>Per Common Share** | **Weighted Average<br>Remaining<br>Contractual Life<br>(in years)** | **Aggregate<br>Intrinsic<br>Value<br>(in thousands)** |
| Balance, December 31, 2025 | 994874 | $19.11 |  |  |
| Granted |  |  |  |  |
| Exercised | (67612) | 1.57 |  |  |
| Balance, March 31, 2026 | 927262 | 20.38 | 5.3 | $32923 |
| Exercisable at March 31, 2026 | 838686 | 20.45 | 5.1 | $29724 |

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Aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between our closing stock price on March 31, 2026 and the exercise price, multiplied by the number of in-the-money options as applicable) that would have been received by the holder had all holders exercised their options on March 31, 2026. As of March 31, 2026, total unrecognized stock-based compensation expense related to non-vested employee awards was $0.4 million which is expected to be recognized over a weighted average period of approximately 0.9 years.

***Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs")***

The Restated Plan permits the award of RSAs and RSUs. The following summarizes all unvested RSA and RSU activities for the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| | **RSAs and RSUs** | **Weighted-Average<br>Remaining<br>Contractual<br>Term (Years)** | **Weighted-Average<br>Fair Value per Share** |
| RSAs and RSUs unvested at December 31, 2025 | 893385 |  | $58.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 868382 |  | $72.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vested | (694166) |  | $63.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited or Canceled | (22615) |  | $61.32 |
| RSAs and RSUs unvested at March 31, 2026 | 1044986 | 1.41 | $67.16 |

---

We determine the fair value of all RSAs and RSUs based on the closing price of our common stock on the grant date.

***Performance based stock units ("PSUs")***

In October 2024, we granted certain employees PSUs with a target award of 35,522 shares of our common stock. The PSUs vest in five equal annual installments on each anniversary of the grant date, subject to continued service and achievement of a performance condition established at the grant date. The performance condition will be measured over a performance period ending no later than the seventh anniversary of the grant date. The number of shares earned may range from 0% to 100% of the target award based on actual performance results. As of March 31, 2026, based on performance achieved to date, all 35,522 shares are expected to vest.

In January 2023, we granted certain employees PSUs with a target award of 60,685 shares of our common stock with a fair value of $18.64. The PSUs will vest in two equal parts, starting three years from the grant date based on continuous service, with the number of shares earned (0% to 200% of the target award) depending upon the extent to which we achieve a performance condition as determined by the board of directors over the period from January 1, 2023 through December 31, 2023. In March of 2024, based on the performance condition being achieved, the board of directors issued 121,370 shares.

***Shares available***

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Of the 20,100,000 shares of common stock reserved for issuance under the Restated Plan, at March 31, 2026, there remain approximately 1,342,517 shares available under the Restated Plan for future issuance.

**NOTE 8 – SUBSEQUENT EVENTS**

On May 1, 2026, the Company acquired a 50% membership interest in Intermountain Medical Imaging, LLC for purchase consideration of approximately $17.5 million, subject to customary adjustments. Intermountain Medical Imaging operates multi-modality imaging centers in Idaho.

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**ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q (this "report") and with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2025 (the "Annual Report") filed with the U.S. Securities and Exchange Commission (the "SEC").*

*As used in this Quarterly Report on Form 10-Q, the terms "RadNet," "we," "us," and "our" refer to RadNet, Inc., a Delaware corporation, and where appropriate, our consolidated subsidiaries.*

**Forward-Looking Statements**

This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect current views about future events and are based on our currently available financial, economic and competitive data and on current business plans. Actual events or results may differ materially depending on risks and uncertainties that may affect our operations, markets, services, prices and other factors.

In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," "assumption" or the negative of these terms or other comparable terminology. Forward-looking statements in this report include, among others, statements we make regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations concerning domestic and global economic conditions, rates of inflation, or changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated trends in our revenues, operating expenses or capital expenditures, and our financial guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and potential impact of regulatory changes affecting our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected future market acceptance for our products or services, and our competitive strengths in the markets we serve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully acquire and integrate new businesses, and achieve expected benefits, synergies or operating results from those acquisitions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economics and cost savings anticipated to be derived from our investments in artificial intelligence and machine learning products and solutions.

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 known and unknown risks, uncertainties and other factors that are difficult to predict and out of our control. Our actual results, level of activity, performance or achievements may be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated or implied in our forward-looking statements include the factors included in "Risk Factors" in our Annual Report as supplemented by the information in Part II– Item 1A below. You should consider the inherent limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements.

Any forward-looking statement in this report is based on information currently available to us and speaks only as of the date of this report. We do not undertake any responsibility to release publicly any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report or any unanticipated events which may cause actual results to differ from those expressed or implied by the forward-looking statements contained in this report, except as required by law.

**Overview**

Our operations comprise two segments for financial reporting purposes for this reporting period, Imaging Centers and Digital Health.

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Within our Imaging Centers segment, we are a national provider of diagnostic imaging services in the United States. As of March 31, 2026, we operated directly or indirectly through joint ventures with hospitals, 435 centers located in Arizona, California, Delaware, Florida, Maryland, New Jersey, New York and Texas. Our centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, often reducing the cost and amount of care for patients. Internationally, our subsidiary The HLH Imaging Group Limited, provides teleradiology services for remote interpretation of images on behalf of providers within the framework of the United Kingdom's National Health Service.

We established a Digital Health business segment during our 2024 fiscal year, under the umbrella brand "DeepHealth". The Digital Health segment combines our former Artificial Intelligence ("AI") business with our workflow solutions, including those previously marketed under the eRAD brand. This includes providing AI-powered health informatics with the aim of empowering breakthroughs in care through imaging. It leverages advanced AI for operational efficiency and improved clinical outcomes in breast, chest, musculoskeletal, neuro, prostate and thyroid health. At the heart of the portfolio is a cloud-native operating system – DeepHealth OS – that unifies data across the clinical and operational workflow. By integrating AI, workflow orchestration, and data management into a single operating system, the Digital Health segment enables health systems to drive radiology workflow efficiency & productivity, help mitigate the impacts of staff shortages, and reduce diagnostic variability. The Digital Health segment provides these solutions to RadNet and to over 2,890 customers in the US and outside of the US.

The Digital Health segment's solutions have been clinically validated and are already delivering measurable impact at scale. The company's technology is deployed across 2,890+ customers worldwide, including thousands of screening sites in the United States and Europe, and is the most widely used solution for lung cancer screening in the United Kingdom. Clinical outcomes demonstrate strong performance, including a 21% increase in cancer detection rates in breast screening. Our end-to-end solutions are widely adopted in real-world settings, including RadNet and external customers, supporting more than 24 million scans worldwide.

As part of our continued strategic expansion in Digital Health, we recently completed four acquisitions: iCAD, Inc., a provider of AI-powered breast health solutions, See-Mode Technologies, a medical technology company focused on enhancing ultrasound-based diagnostics through artificial intelligence, CIMAR UK, a cloud-native provider of image exchange solutions, and Gleamer SAS, a Radiology AI company with a portfolio of AI solutions across X-Ray, MRI, CT, and Mammography. iCAD Inc. and SeeMode technologies are already fully integrated into the Digital Health segment, with SeeMode's technology deployed in over 300 RadNet Imaging Services sites for improving efficiencies in Thyroid Ultrasounds across the network. CIMAR UK and Gleamer are currently being integrated into the business, with significant early momentum, including launching go-live of Gleamer X-Ray products in RadNet Services in California in April 2026, just a month post-acquisition.

Our Digital Health segment currently provides this comprehensive suite of solutions to RadNet and to over 2,890 customers in the United States, Europe and other countries around the world.

For further financial information about these segments, see Note 5, Segment Reporting, in the notes accompanying our financial statements included in this report.

**Recent Developments**

The following table presents the total number of imaging centers in operation, including both consolidated and non-consolidated centers, and our consolidated revenues for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Centers in operation | 435 | 401 |
| Net consolidated revenues (millions) | $576 | $471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Our imaging services include MRI, CT, PET, nuclear medicine, mammography, ultrasound, X-ray, fluoroscopy and other related procedures. The vast majority of our centers offer multi-modality imaging services, a key point of differentiation from our competitors. The multi-modality offering provides a "one-stop" solution for our customers and referral sources. It also diversifies our revenue base, and reduces our exposure to changes in reimbursement rates for certain imaging modalities.

Our revenue is derived from a diverse mix of payors, including private payors and commercial insurance companies, managed care capitated payors, and government payors, such as Medicare and Medicaid. We believe our payor diversity

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mitigates our exposure to possible unfavorable reimbursement trends within any one payor class. Our total service fee revenue, net of contractual allowances and discounts, and implicit price concessions for the three months ended March 31, 2026 and 2025 received from our various payors is summarized in the following table (in thousands):

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| | | |
|:---|:---|:---|
| **In Thousands** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **In Thousands** | **2026** | **2025** |
| Commercial insurance | $315869 | $262488 |
| Medicare | 137179 | 108199 |
| Medicaid | 13991 | 11690 |
| Workers' compensation/personal injury | 12304 | 10459 |
| Other payors | 33590 | 27691 |
| Management fee revenue | 7481 | 6279 |
| Other revenue | 24804 | 12543 |
| Revenue under capitation arrangements | 30413 | 32050 |
| Total service revenue | $575631 | $471399 |

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Our revenue is not always consistent across each quarter. We generally experience the lowest volumes of procedures and the lowest level of revenue during the first quarter of each year. This is primarily the result of two factors. First, our volumes and revenue are typically impacted by winter weather conditions in our northeastern operations. It is common for snowstorms and other inclement weather to result in patient appointment cancellations and, in some cases, imaging center closures. Second, in recent years, we have observed greater participation in high deductible health plans by patients. As these high deductibles reset in January for most of these patients, we have observed that patients utilize medical services less during the first quarter, when securing medical care will result in significant out-of-pocket expenditures.

***Acquisitions***

During the three months ended March 31, 2026, we completed the acquisition of certain assets of entities which engage directly in the practice of radiology or in associated businesses for an aggregate consideration of $67.3 million. These acquisitions include:

Regional Radiology Center: 13 imaging centers in Florida;

Northwest Radiology Network PC: 6 imaging centers in Indiana;

See Note 4, Business Combinations and Related Activity, in the notes accompanying our financial statements in this report for additional information, including the fair value determination of the acquired assets and assumed liabilities, associated with these acquisitions.

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***Joint Venture Activity***

At March 31, 2026, 150 of our imaging centers were operating as joint ventures with hospital and health system partners. On behalf of the joint ventures, we manage the day-to-day operations and perform most management and support services in exchange for a management fee. We charged management service fees from the centers underlying these joint ventures of approximately $6.6 million and $6.1 million for the three months ended March 31, 2026 and 2025, respectively.

For information on our investment in unconsolidated joint ventures, key balance sheet data and income statement data for the unconsolidated joint ventures, see Note 2, Significant Accounting Policies – Investment in Joint Ventures in the notes accompanying our financial statements included in this report.

 **Critical Accounting Policies**

The SEC defines critical accounting estimates as those that (a) are most important to the portrayal of a company's financial condition and results of operations and (b) require management's most difficult, subjective or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. In Note 2 of the notes accompanying our financial statements included in this report and in our Annual Report, we discuss our significant accounting policies, including those that do not require management to make difficult, subjective or complex judgments or estimates. The most significant areas involving management's judgments and estimates are described below.

***Use of Estimates***

The financial statements included in this report were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions affect various matters, including our reported amounts of assets and liabilities in our consolidated balance sheets at the dates of the financial statements, our disclosure of contingent assets and liabilities at the dates of the financial statements, and our reported amounts of revenues and expenses in our consolidated statements of operations during the reporting periods. These estimates involve judgments with respect to numerous factors that are difficult to predict and are beyond management's control. As a result, actual amounts could materially differ from these estimates.

***Revenues***

Our revenues generally relate to net patient fees received from various payors and patients themselves under contracts in which our performance obligations are to provide diagnostic services to the patients. Revenue is recorded during the period our obligations to provide diagnostic services are satisfied, which is generally over a period of less than one day. The contractual relationships with patients, in most cases, also involve a third-party payor (Medicare, Medicaid, managed care health plans and commercial insurance companies, including plans offered through the health insurance exchanges) and the transaction prices for the services provided are dependent upon the terms provided by (Medicare and Medicaid) or negotiated with (managed care health plans and commercial insurance companies) the third-party payors. The payment arrangements with third-party payors for the services we provide to the related patients typically specify payments at amounts less than our standard charges and generally provide for payments based upon predetermined rates per diagnostic services or discounted fee-for-service rates. Management continually reviews the contractual estimation process to consider and incorporate updates to laws and regulations, changes in business and economic conditions, and the frequent changes in managed care contractual terms resulting from contract re-negotiations and renewals.

As it relates to the Consolidated Medical Group (as defined in Note 1 of the notes accompanying our financial statements included in this report), this service fee revenue includes payments for both the professional medical interpretation revenue recognized by them as well as the payment for all other aspects related to our providing the imaging services, for which we earn management fees. As it relates to others centers, this service fee revenue is earned through providing the use of our diagnostic imaging equipment and the provision of technical services as well as providing administration services such as clerical and administrative personnel, bookkeeping and accounting services, billing and collection, provision of medical and office supplies, secretarial, reception and transcription services, maintenance of medical records, and advertising, marketing and promotional activities.

Our service fee revenue is based upon our management's estimate of amounts we expect to be entitled to receive from patients and third-party payors. Estimates of contractual allowances under Medicare, Medicaid, managed care and commercial insurance plans are based upon historical collection experience of the payments received from such payors in accordance with the underlying contractual agreements. Revenue related to uninsured patients and uninsured copayment and deductible amounts

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for patients who have health care coverage may have price concessions applied. We also record estimated implicit price concessions (based primarily on historical collection experience) related to uninsured accounts to record self-pay revenue at the estimated amounts we expect to collect.

Under capitation arrangements with various health plans, we earn a per-enrollee amount each month for making available diagnostic imaging services to all plan enrollees under the capitation arrangement. Revenue under capitation arrangements is recognized in the period in which we are obligated to provide services to plan enrollees under contracts with various health plans. Our estimates and assumptions related to revenue recognition did not change materially for the quarter ended March 31, 2026.

***Accounts Receivable***

The vast majority all of our accounts receivable are due under fee-for-service contracts from third party payors, such as insurance companies and government-sponsored healthcare programs, or directly from patients. Services are generally provided pursuant to one-year contracts with healthcare providers. Receivables generally are collected within industry norms for third-party payors. We continuously monitor collections from our payors and maintain an allowance for bad debts based upon specific payor collection issues that we have identified and our historical experience. Our estimates and assumptions for allowances on our account receivable did not change materially during the quarter ended March 31, 2026.

***Business Combination***

We evaluate all acquisitions in accordance with the accounting guidance under ASC 805, Business Combinations. Once a purchase has been determined to be the acquisition of a business, we are required to recognize the assets acquired and the liabilities assumed at their acquisition date fair values. Any portion of the purchase consideration transferred in excess of the net of the acquisition date fair values of the assets acquired and the liabilities assumed is allocated to goodwill. The allocation requires our management to make estimates of the value of various assets acquired and liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations.

**Recent Accounting Standards**

See Note 3, Recent Accounting and Reporting Standards to the financial statements included in this report for further information.

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**Results of Operations**

**Result Summary**

The following table summarizes our consolidated results of operations and other financial information:

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| | | |
|:---|:---|:---|
| **In Thousands** | **Three Months Ended <br>Match 31,** | **Three Months Ended <br>Match 31,** |
| **In Thousands** | **2026** | **2025** |
| **Operating Revenue** |  |  |
| Imaging Center | $556815 | $461378 |
| Digital Health | 29121 | 19221 |
| Intersegment eliminations | (10305) | (9200) |
| Total service revenue | $575631 | $471399 |
| **Segment profit** |  |  |
| Imaging Center | $36260 | $15648 |
| Digital Health | $(11141) | $(3117) |
| Total Segment profit | $25119 | $12531 |

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***Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025***

**Imaging Center Segment**

We have developed our Imaging Centers segment through a combination of organic same-center growth, new center buildouts, acquisitions and joint venture formations. In the discussion below, "same center" metrics are based on imaging centers that we operate and were in operation throughout the period of January 1, 2025 through March 31, 2026, excluding amounts relating to imaging centers that were acquired or divested between January 1, 2025 through March 31, 2026, unless the procedural volumes of closed centers were relocated into centers that existed throughout such period. The revenue analysis presented below includes intersegment revenue prior to elimination.

***Total Revenue***

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| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Revenue | **2026** | **2025** | **$ Increase** | **% Change** |
| Total | $556815 | $461378 | $95437 | 20.7% |
| Same Center | $502562 | $461350 | $41212 | 8.9% |
| Excluded | $54253 | $28 |  |  |

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Our 8.9% increase in Imaging Center same-center revenue compared to the same period last year was driven by higher fees per imaging procedure and increased procedure volumes. This is a function of procedural volume growth at our consolidated centers. This growth reflects both organic increases at existing centers and incremental volumes from centers acquired since the prior-year period.

The increase in revenue was largely attributable to the procedural volume growth, increased reimbursement from commercial and capitated payors and favorable changes in product mix, as advanced imaging represented a greater proportion of total procedures. A significant contributor to this shift was the increase in PET and CT procedures related to prostate cancer and Alzheimer's-related studies, which are included within advanced modality imaging procedures. Additionally, the increase in same center revenue was the result of net increases in reimbursement from commercial and capitated payors.

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***Operating Expenses***

Total operating expenses for the three months ended March 31, 2026 increased approximately $83.7 million, or 17.5%, to $563.0 million for the three months ended March 31, 2026 from $479.4 million for the three months ended March 31, 2025. The following table breaks down our cost of operations and total operating expenses for the three months ended March 31, 2026 and 2025 (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Salaries, excluding stock-based compensation | 223742 | 193587 |
| Professional reading fees | 95850 | 77104 |
| Stock-based compensation | 26056 | 25228 |
| Building and equipment rental | 35832 | 30924 |
| Medical supplies | 43196 | 29725 |
| Lease abandonment charges |  | 5388 |
| Other operating expenses **\*** | 95882 | 83774 |
| Cost of operations | 520558 | 445730 |
| Depreciation and amortization | 38501 | 32539 |
| Loss on sale and disposal of equipment | 2568 | 398 |
| Severance costs | 1412 | 696 |
| Total operating expenses | $563039 | $479363 |

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**&nbsp;&nbsp;&nbsp;&nbsp;\***Includes billing fees, office supplies, repairs and maintenance, insurance, business tax and license, outside services, telecom, utilities, marketing, travel and other expenses.

The discussion below provides additional information and analysis on changes in our various operating expenses for the three months ended March 31, 2026 and 2025 (in thousands):

**Salaries, excluding stock-based compensation and severance**

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| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Salaries, excluding stock-based compensation and severance | **2026** | **2025** | **$ Increase** | **% Change** |
| Total | $223742 | $193587 | $30155 | 15.6% |
| Same Center | $202125 | $193491 | $8633 | 4.5% |
| Excluded | $21617 | $96 |  |  |

---

In response to higher procedure volumes, we increased staffing levels across clinical, administrative and technical functions to support patient demand. These increases were partially offset by improved labor efficiency initiatives, workflow optimization technologies and operating leverage from higher procedural volumes, which contributed to salary expense growth remaining below the rate of same-center revenue growth. Overall, the increase in compensation expense remained generally consistent with same-center revenue trends.

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<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_22)</u>

**Professional reading fees** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Professional Fees | **2026** | **2025** | **$ Increase** | **% Change** |
| Total | $95850 | $77104 | $18746 | 24.3% |
| Same Center | $87322 | $77105 | $10217 | 13.3% |
| Excluded | $8528 | -$1 |  |  |

---

The increase in same-center professional fees was primarily attributable to higher procedural volumes. The increase in professional fees relative to the 8.9% increase in same-center sales was primarily driven by (i) a greater mix of advanced imaging procedures, for which professional fees generally represent a higher proportion of revenue, and (ii) disproportionately higher growth in California imaging centers staffed by BRMG radiologists, whose professional fees are consolidated within our financial results. In many imaging centers outside of California, revenues are reported net of professional fees and, accordingly, the related professional fees are not consolidated within our financial results.

**Stock-based compensation**

Stock-based compensation for the three months ended March 31, 2026 increased approximately $0.8 million, or 3.3%, to $26.1 million from $25.2 million for the three months ended March 31, 2025.

**Building and equipment rental**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Building & Equipment Rental | **2026** | **2025** | **$ Increase** | **% Change** |
| Total | $35832 | $30924 | $4908 | 15.9% |
| Same Center | $31391 | $30863 | $528 | 1.7% |
| Excluded | $4441 | $61 |  |  |

---

Building and equipment rental expense on a same-center basis increased slightly, primarily due to higher rent and common area maintenance charges.

**Medical supplies**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Medical Supplies Expense | **2026** | **2025** | **$ Increase** | **% Change** |
| Total | $43196 | $29725 | $13471 | 45.3% |
| Same Center | $33956 | $29720 | $4236 | 14.3% |
| Excluded | $9240 | $5 |  |  |

---

Consistent with the shift in our procedural mix toward more advanced imaging, medical supplies expense increased at a higher rate than revenue growth. The growth in PET and CT procedures, particularly for prostate cancer and suspected Alzheimer's studies, drove higher utilization of high-cost isotope tracers, contributing to the increase. In addition, price increases for these tracers further elevated medical supplies expense compared to the prior year.

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<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_22)</u>

**Other operating expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Other Operating Expenses | **2026** | **2025** | **$ Increase** | **% Change** |
| Total | $95882 | $83774 | $12108 | 14.5% |
| Same Center | $88076 | $83706 | $4370 | 5.2% |
| Excluded | $7806 | $68 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Other operating expenses, which include outside services, software licensing fees, including approximately $10.3 million of intersegment license fees paid to Digital Health, repair and maintenance, and utilities, have increased $12.1 million, or 14.5%, to approximately $95.9 million for the three months ended March 31, 2026 compared to $83.8 million for three months ended March 31, 2025.

The increase was primarily attributable to higher outside service costs associated with acquisition activity, increased contractor services, and higher equipment and maintenance costs. In addition, certain increases relate to intersegment software licensing fees from the Digital Health segment, which are eliminated in consolidation and therefore impact segment operating results but not consolidated operating income.

**Additional segment operating and non-operating expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Depreciation and amortization | **2026** | **2025** | **$ Increase** | **% Change** |
| Total | $38501 | $32539 | $5962 | 18.3% |
| Same Center | $35785 | $32522 | $3263 | 10.0% |
| Excluded | $2611 | $17 |  |  |

---

The increase in depreciation expense was the result of our higher depreciable asset base.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Severance | **2026** | **2025** | **$ Increase** | **% Change** |
| Total | $1412 | $696 | $716 | 102.9% |
| Same Center | $1323 | $696 | $627 | 90.1% |
| Excluded | $89 | $— |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** | **$ Increase/(Decrease)** | **% Change** |
| Other income | ($5057) | ($7716) | 2659 | (34.5)% |

---

Other income for the three months ended March 31, 2026 included $5.0 million of money market interest income.

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<u>[**Table of Contents**](#ia1a8a6b6b6784fcdb48cd3023d055589_22)</u>

**Digital Health Segment**

The breakdown of revenue and expenses of the Digital Health segment for the three months ended March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** | **$ Change** | **% Change** |
| **Statement of Operations** |  |  |  |  |
| Revenue | $**29121** | $**19221** | $**9900** | **51.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Salaries and Wages | 15828 | 8693 | 7135 | 82.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock Compensation | 5320 | 3266 | 2054 | 62.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating | 14554 | 6816 | 7738 | 113.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI | 4560 | 3562 | 998 | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation & Amort. | 6466 | 2944 | 3522 | 119.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale and disposal of equipment and other | 23 | 3 | 20 | 666.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Severance | 53 | 51 | 2 | 3.9% |
| Total operating expenses | $**46804** | $**25335** | $**21469** | **84.7%** |
| Loss from Operations | $**(17683)** | $**(6114)** | $**(11569)** | **189.2%** |
| Other expense | **170** | **5** | **165** | **3300.0%** |
| Loss before taxes | **(17853)** | **(6119)** | **(11734)** | **191.8%** |
| Income taxes | $**(2969)** | $**(732)** | $**(2237)** | **305.6%** |
| Segment net loss | **(14884)** | **(5387)** | **(9497)** | **176.3%** |

---

Revenues for the Digital Health segment increased significantly compared to the prior-year period, reflecting a combination of strong growth in our Population Health AI and Enterprise Informatics portfolios, combined with the impact of inorganic growth from the acquisitions of iCAD, SeeMode, CIMAR.

For the three months ended March 31, 2026, Digital Health segment revenues increased $9.9 million or 51.5%, to $29.1 million, compared to $19.2 million for the three months ended March 31, 2025. The growth was primarily driven by a 125% increase in AI-related revenue and a 17% increase in Enterprise Imaging revenue.

External revenue represented 65% of total segment revenue for three months ended March 31, 2026. Compared to last year, the segment's customer base expanded from 460+ to 2,890+, and procedure volumes supported by Digital Health solutions increased from $4.9 million to $10.5 million, primarily reflecting the addition of iCAD, Gleamer, and CIMAR.

Annual Recurring Revenue or ARR, as of March 31, 2026 was $96.9 million as compared with $49.8 million as of March 31, 2025. The Company defines Annual Recurring Revenue ("ARR") as a key subscription economy metric representing the predictable, normalized annualized value of contracted recurring revenue generated from customers from active customer contracts. ARR includes subscription fees, recurring support fees, and contracted usage charges and excludes one-time, non-recurring fees such as, implementation, hardware sales, professional services, consulting and one-off training. ARR is a non-GAAP measure and does not represent GAAP revenue recognized over time.

Segment operating expenses increased year over year due to the addition of new costs resulting from acquisitions (iCAD, SeeMode, CIMAR and Gleamer); investments in the personnel to build foundational capabilities and support the segment's growth trajectory , investments in software and cloud costs, increased stock-based compensation commensurate with the growing organization, and higher non-capitalized R&D costs, reflecting continued investment in scaling our platforms for broader deployment. We expect the segment to continue operating at a net loss in the near term as integration of iCAD, See-Mode, CIMAR, and Gleamer progresses.

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**Consolidated** 

The following discussion relates to consolidated interest expense and other items managed at the corporate level, which are not separately allocated to our reportable segments.

**Interest expense**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In Thousands** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| Interest expense | **2026** | **2025** | **$ Increase/(Decrease)** | **% Change** |
| Total interest expense | $17657 | $17239 | $418 | 2.4% |
| Interest related to derivatives\* |  | (1018) |  |  |
| Interest expense related to amortization\*\* | 779 | 728 |  |  |
| Adjusted interest expense\*\*\* | 16878 | 17529 | (651) | (3.7)% |

---

\*Includes payments from 2019 Swaps (as defined in the notes to our condensed consolidated financial statements) and Swaps amortization

\*\*Includes noncash amortization of deferred loan costs and discount on issuance of debt

\*\*\*Includes interest related to our term loans, revolving credit line, notes, and other

The decrease in interest expense was primarily driven by a lower average outstanding debt balance during the three months ended March 31, 2026, compared to the same period in the prior year.

In addition, our 2019 interest rate swap agreements matured in 2025. As a result, there were no interest related to derivatives during the current period, whereas prior periods included the impact of such swap-related amounts.

***Non-cash change in fair value of interest rate hedge***

No non-cash change in fair value of interest rate hedge was recognized during the three months ended March 31, 2026, as our 2019 Swaps matured in 2025.

 ***Equity in earnings from unconsolidated joint ventures***

For the three months ended March 31, 2026 and 2025, we recognized equity in earnings from unconsolidated joint ventures in the amount of $3.8 million and $2.6 million, respectively. The increase was primarily driven by improved income from Santa Monica Imaging Group LLC and lower losses from Arizona Diagnostic Radiology Group LLC.

**Net income attributable to noncontrolling interests** 

At March 31, 2026, our consolidated subsidiaries operated 385 diagnostic imaging centers of which 100 were not wholly-owned. At March 31, 2025, our consolidated subsidiaries included 347 imaging centers, of which 100 were not wholly-owned. Thus, a portion of the operating results of our consolidated subsidiaries were attributable to noncontrolling interests.

For the three months ended March 31, 2026, we recognized net income attributable to noncontrolling interests of $8.7 million versus $8.2 million for the three months ended March 31, 2025, respectively, remaining essentially flat year over year.

As noncontrolling interests only represent a portion of our imaging center business, and excludes our Digital Health segment, which generated losses of $17.7 million for the three months ended March 31, 2026, we do not expect changes in net income attributable to noncontrolling interests to correlate with changes in consolidated operating income or pretax income.

**Non-GAAP Financial Measures**

We use both U.S. generally accepted accounting principles ("GAAP") and non-GAAP metrics to measure our financial results. We believe that, in addition to GAAP metrics, non-GAAP metrics such as Adjusted EBITDA assist us in measuring our core operations from period to period. We also utilize systemwide measures and other supplemental operating metrics that include both consolidated and unconsolidated affiliates to provide further insight into the overall scale and performance of our diagnostic imaging centers.

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**Adjusted EBITDA**

Our Adjusted EBITDA metric removes non-cash and non-recurring charges that occur in the affected period and provides a basis for measuring the Company's core financial performance against other periods.

We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted to exclude income taxes, interest expense, severance costs, depreciation and amortization, non-cash employee stock-based compensation, loss on sale and disposal of equipment and other, non-cash change in fair value of interest rate hedge, other income, non-capitalized research and development expenses related to DeepHealth Cloud OS and Generative AI, lease abandonment charges, and acquisition transaction costs. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or one-time events that take place during the period.

Adjusted EBITDA is a non-GAAP financial measure used as an analytical indicator by us and the healthcare industry to assess business performance. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and Adjusted EBITDA should not be considered in isolation or as alternatives to net income, or other financial statement data presented in the consolidated financial statements as an indicator of financial performance. Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation and this metric, as presented, may not be comparable to other similarly titled measures of other companies.

The following is a reconciliation of the nearest comparable GAAP financial measure, net income, to Adjusted EBITDA for the three months ended March 31, 2026 and 2025, respectively.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net income (loss) attributable to RadNet, Inc. common stockholders | $(33466) | $(37926) |
| Income taxes | (8096) | (3398) |
| Interest expense | 17657 | 17239 |
| Severance costs | 1464 | 747 |
| Depreciation and amortization | 44967 | 35483 |
| Non-cash employee stock-based compensation | 31376 | 28494 |
| Loss on sale and disposal of equipment and other | 2591 | 402 |
| Non-cash change in fair value of interest rate hedge |  | 2106 |
| Other income | (4907) | (7712) |
| Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI | 4560 | 3562 |
| Lease abandonment charges |  | 5388 |
| Non-cash change to contingent consideration | 2764 |  |
| Non-operational rent expenses | 900 | 1342 |
| Acquisition transaction costs | 3454 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA - Total Company** | $**63264** | $**46399** |
| **<u>NOTE</u>** |  |  |
| Adjusted EBITDA - Imaging Center | $61961 | $42688 |
| Adjusted EBITDA - Digital Health Segment | $1303 | $3711 |

---

The following table is a reconciliation of GAAP net income for our Digital Health segment to Adjusted EBITDA for the three months ended March 31, 2026 and 2025, respectively.

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---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Segment net loss | $(14884) | $(5387) |
| Stock Compensation | 5320 | 3266 |
| Depreciation & Amortization | 6466 | 2944 |
| Other operating loss | 23 | 3 |
| Other expense | 150 | 4 |
| Severance | 53 | 51 |
| Interest | 20 |  |
| Income taxes | (2969) | (732) |
| Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI | 4560 | 3562 |
| Non-cash change to contingent consideration | 2564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA - Digital Health Segment** | $**1303** | $**3711** |

---

**Systemwide Operating Metrics**

At March 31, 2026, 150 of our imaging centers were operating as joint ventures with hospital and health system partners, including 12 unconsolidated joint ventures operating 50 diagnostic imaging centers that represent partnerships with hospitals, or health systems and were formed for the purpose of owning and operating diagnostic imaging centers. Professional services at the joint venture diagnostic imaging centers are performed by contracted radiology practices or a radiology practice that participates in the joint venture. Our investment in these joint ventures is accounted for under the equity method, as we do not have a controlling financial interest in such ventures. We evaluate our investment in joint ventures, including cost in excess of book value (equity method goodwill) for impairment whenever indicators of impairment exist.

We charged management service fees from the centers underlying these joint ventures of approximately $6.6 million and $6.1 million for the three months ended March 31, 2026 and 2025, respectively. These management fees are expenses of the unconsolidated joint ventures and are recognized as service fee revenue. These management fees are earned for providing to the unconsolidated joint venture centers, among other things, day-to-day operational oversight, revenue cycle, human resources, finance, accounting and information systems. These joint ventures are considered related parties. Amounts transacted between us and the entities are in the ordinary course of business and are disclosed on our balance sheet in the due from/to affiliate accounts.

Given the significance of these unconsolidated joint ventures to our business, in addition to our consolidated results, management evaluates performance on a systemwide basis that includes both our consolidated operations and the operations of our unconsolidated joint ventures. We refer to metrics derived solely from entities we consolidate for financial reporting purposes as "consolidated," and metrics that incorporate the results of our unconsolidated joint ventures as "Systemwide."

Systemwide measures are non-GAAP financial measures and should not be considered substitutes for, or superior to, our consolidated GAAP results. Because Systemwide measures combine amounts derived from our consolidated results with amounts derived from entities that are not consolidated, they do not represent our actual revenue or other GAAP financial measures. Investors should not rely on Systemwide metrics in isolation and should review them only in conjunction with our consolidated financial statements and related notes as a supplement to understanding the overall scale and performance of our imaging network.

Management uses Systemwide measures, including Systemwide imaging center revenue, to assess the aggregate performance of our diagnostic imaging center network. Because a significant portion of our imaging center network operates through unconsolidated joint ventures, consolidated revenue alone does not capture the full revenue-generating activity of our network, and we believe investors benefit from understanding Systemwide revenue as an indicator of the economic performance and growth trajectory management considers. These metrics are intended to present the full scope of imaging center activity from which we derive economic benefit. Systemwide revenue is equal to consolidated revenue plus 100% of the revenues of our unconsolidated joint ventures, without adjustment for our ownership percentage.

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We believe these measures provide insight into the total scale of our diagnostic imaging center network and the aggregate revenues generated across all centers in which we hold an economic interest which is consistent with how management internally evaluates the business, allocates resources, and assesses operational performance. We believe such measures facilitate a more complete understanding of trends in our business. We believe these measures enable period-over-period comparisons of operating performance across the full network on a same-center and total-center basis, including volume, revenue, and growth rates.

The following table reconciles Systemwide imaging center revenue to total service revenue as reported under GAAP for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | | |
| | **2026** | **2025** |<br>**$ Increase/(Decrease)** |<br>**% Change** |
| Total service revenue | 575631 | 471399 | 104232 | 22.1% |
| Add Intersegment revenue | 10305 | 9200 | 1105 | 12.0% |
| Less: Digital Health revenue | (29121) | (19221) | (9900) | 51.5% |
| Consolidated imaging center revenue | 556815 | 461378 | 95437 | 20.7% |
| Unconsolidated affiliates revenue (1) | 73330 | 66274 | 7056 | 10.6% |
| Systemwide revenue | 630145 | 527652 | 102493 | 19.4% |
|  | **Three months ended March 31,** | **Three months ended March 31,** |  |  |
|  | **2026** | **2025** | **$ Increase/(Decrease)** | **% Change** |
| Consolidated imaging center revenue | 556815 | 461378 | 95437 | 20.7% |
| Less: Excluded Consolidated Imaging center revenue | (54253) | (28) | (54225) | 193660.7% |
| Consolidated same-center revenue | 502562 | 461350 | 41212 | 8.9% |
| Unconsolidated affiliates same-center revenue (2) | 73330 | 66058 | 7271 | 11.0% |
| Systemwide same-center revenue | 575892 | 527408 | 48483 | 9.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1."Unconsolidated affiliates revenue" represents revenue generated by unconsolidated joint ventures that are accounted for under the equity method and therefore not included in our consolidated GAAP revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2."Unconsolidated affiliates same-center revenue" represents same-center revenue generated by unconsolidated joint ventures included in Systemwide measures and not included in consolidated GAAP revenue.

The following tables present our systemwide procedural volumes by modality and systemwide same-center procedural volumes by modality for the three months ended March 31, 2026 and 2025, including the percentage change compared to the prior year period. Management believes these metrics provide useful supplemental information regarding trends in procedural demand and utilization across our imaging network, including consolidated and unconsolidated joint ventures.

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| | | | |
|:---|:---|:---|:---|
| | **SYSTEMWIDE PROCEDURAL VOLUMES BY MODALITY** | **SYSTEMWIDE PROCEDURAL VOLUMES BY MODALITY** | |
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | |
| | **2026** | **2025** |<br>**% Change** |
| MR | 538043 | 447330 | 20.3% |
| CT | 319201 | 271170 | 17.7% |
| PET/CT | 27572 | 20389 | 35.2% |
| Nuclear Medicine | 10395 | 9577 | 8.5% |
| Ultrasound | 718006 | 656427 | 9.4% |
| Mammography | 504761 | 476378 | 6.0% |
| X-ray and Other | 902977 | 861702 | 4.8% |
|  | 3020955 | 2742973 | 10.1% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **SYSTEMWIDE SAME-CENTER PROCEDURAL VOLUMES BY MODALITY** | **SYSTEMWIDE SAME-CENTER PROCEDURAL VOLUMES BY MODALITY** | |
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | |
| | **2026** | **2025** |<br>**% Change** |
| MR | 491958 | 447330 | 10.0% |
| CT | 284014 | 271152 | 4.7% |
| PET/CT | 23394 | 20389 | 14.7% |
| Nuclear Medicine | 8461 | 9577 | (11.7)% |
| Ultrasound | 670331 | 656325 | 2.1% |
| Mammography | 474740 | 476378 | (0.3)% |
| X-ray and Other | 853793 | 860472 | (0.8)% |
|  | 2806691 | 2741623 | 2.4% |

---

**Liquidity and Capital Resources**

We expect our existing capital resources, anticipated cash from operations and our borrowing capacity under our credit facilities will be sufficient to sustain our operations for the next twelve months and the foreseeable future.

Our principal capital requirements are for the development of new diagnostic imaging centers, the acquisition of existing diagnostic imaging centers and the acquisition of new diagnostic imaging equipment. On a continuing basis, we evaluate various transactions to increase shareholder value and enhance our business results, including acquisitions, divestitures and joint ventures. We expect to fund any future acquisitions primarily with cash flow from operations and borrowings, including borrowing available under our secured credit facilities or through new equity or debt issuances.

We and our subsidiaries or affiliates may from time to time, in our sole discretion, purchase, repay, redeem or retire any of our outstanding debt or equity securities in privately negotiated or open market transactions, by tender offer or otherwise.

The following table summarizes key balance sheet data related to our liquidity as of March 31, 2026 and December 31, 2025 and income statement data for the three months ended March 31, 2026 and 2025 (in thousands):

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| | | |
|:---|:---|:---|
| **Balance Sheet Data:** | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $455339 | $767215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 209090 | 200317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Working capital (exclusive of current operating lease liabilities) | 171732 | 507298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity | 1352712 | 1355886 |

---

---

| | | |
|:---|:---|:---|
| **Income statement data for the three months ended March 31,** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenue | $575631 | $471399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to RadNet common stockholders | (33466) | (37926) |

---

***Sources and Uses of Cash***

The following table summarizes key components of our sources and uses of cash for the three months ended March 31, 2026 and 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| **Cash Flow Data** | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities | $78972 | $41481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities | (370973) | (56751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash used in financing activities | (17504) | (7510) |

---

Cash provided by operating activities for the three months ended March 31, 2026 increased by $37.5 million compared to March 31, 2025 primarily driven by a $25.8 million change in assets and liabilities, primarily due to the timing of payments for accounts payable and accrued expenses.

Cash used in investing activities for the three months ended March 31, 2026 increased $314.2 million compared to the three months ended March 31, 2025. The increase was primarily due to a $300.4 million increase in purchases of imaging facilities and other acquisitions, mainly related to the acquisition of Gleamer, a digital health business, as well as imaging facilities.

Cash used by financing activities for the three months ended March 31, 2026 increased by $10.0 million compared to the three months ended March 31, 2025, as well as the repayment of notes payable assumed in connection with acquisitions.

***Secured Credit Facilities***

We maintain secured credit facilities with Barclays and with Truist Bank.

On June 11, 2025, we entered into Incremental Amendment No. 2 to the Barclays Credit Agreement, pursuant to which Barclays, as lender, provided an additional $100.0 million of incremental term loan borrowings under our existing senior secured term loan facility, all other terms remained the same. $1.0 million recognized as discount and deferred finance cost. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement. Pursuant to the Second Amendment, we are required to make quarterly principal payments of approximately $2.4 million, compared to $2.2 million prior to the amendment.

On November 26, 2024, we entered into Amendment No. 1 to the Barclays Credit Agreement (the "First Amendment") with the Barclays Bank Plc and the lenders and financial institutions named therein. Pursuant to the First Amendment, the interest rates on the term loans and revolving credit facility provided under the Restated Credit Agreement have been reduced by 0.25%.

On April 18, 2024, we refinanced our Barclays Revolving Credit Facility, replacing the prior facility with an $875.0 million term loan and a $282.0 million revolving credit facility. The refinance transaction reduced our interest rates on the

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Barclays Term Loan and revolving credit facility and extended the maturity date for the term loan to April 18, 2031 and for the revolving credit facility to April 18, 2029. The new term loan calls for quarterly principal payments of $2.2 million, compared to $1.8 million under the prior credit facility.

Our condensed consolidated balance sheets at March 31, 2026 include $1,079.6 million of total term loan debt (exclusive of unamortized discounts of $11.6 million) in thousands:

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| | | | |
|:---|:---|:---|:---|
| | **Face Value** | **Discount** | **Total Carrying<br>Value** |
| Barclays Term Loan | $958680 | $(11199) | $947481 |
| Truist Term Loan | 120937 | (396) | 120542 |
| Total Term Loans | $1079617 | $(11595) | $1068022 |

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At March 31, 2026, we had no borrowings under our Barclays or Truist revolving credit facilities. After reserves for outstanding letters of credit of $8.6 million, we had $273.4 million available for borrowing under our Barclays Revolving Credit Facility and $50.0 million available under our Truist revolving credit facility.

Please see Note 6, Credit Facilities and Notes Payable in the notes accompanying our financial statements included in this report for more information on our secured credit facilities.

**ITEM 3. Quantitative and Qualitative Disclosures about Market Risk**

**Foreign Currency Exchange Risk:** 

We are exposed to foreign exchange risk with respect to revenues and expenses denominated in the Pound Sterling, Euro, Canadian Dollar, Hungarian Forint and Indian Rupee. We provide radiological services in the United Kingdom, conduct AI operations in the Netherlands, and maintain research and development centers in Canada, Hungary and India. We do not have any foreign currency exchange contracts to mitigate this risk. At March 31, 2026, a hypothetical 1% decline in the currency exchange rates between the U.S. dollar against these currencies, would have resulted in an annual increase of approximately $0.7 million in operating expenses.

**Interest Rate Sensitivity**:

Our debt instruments, including borrowings under our Barclays Revolving Credit Facility and our Truist Revolving Credit Facility, bear interest at variable rates. Accordingly, our interest expense and our earnings are affected by changes in short term interest rates.

To mitigate our future floating rate interest expense exposure, we entered into the 2019 Swaps with a locked-in interest rate for one-month Term SOFR of 1.98% for $400 million of notional value. We are liable for premium payments to the 2019 swap counterparties if interest rates are below the arranged rate and receive payments from the counterparties if interest rates exceed the arranged rate. Payments under the 2019 Swaps are settled in cash on a monthly basis. The 2019 Swaps for the $400 million notional amount expired in October 2025.

We can elect SOFR or Alternative Base Rate interest options on amounts outstanding under the Barclays Term Loan. At March 31, 2026, we had $958.7 million outstanding subject to an SOFR election on the Barclays Term Loan. At March 31, 2026, our effective SOFR interest rate plus applicable margin was 5.92%. Consequently, a hypothetical 1% increase in the SOFR rates under the Barclay's credit facility would result in an increase of $9.6 million in annual interest expense and a corresponding decrease in income before taxes.

We can elect SOFR or Base Rate interest rate options on amounts outstanding under the Truist Revolving Credit Facility. At March 31, 2026, we had $120.9 million outstanding subject to an adjusted SOFR election on the Truist Term Loan (as defined in the notes to our condensed consolidated financial statements). At March 31, 2026, our effective SOFR rate plus applicable margin was 5.30%. A hypothetical 1% increase in the adjusted Eurodollar rates under the Truist Revolving Credit Facility would result in an increase of approximately $1.2 million in annual interest expense and a corresponding decrease in income before taxes.

**ITEM 4**. **Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

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Under the supervision of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, as of March 31, 2026. Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026 to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

There has been no change in our internal control over financial reporting during three months ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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**PART II – OTHER INFORMATION**

**ITEM 1. Legal Proceedings**

From time to time we are engaged legal proceedings that arise in the ordinary course of our business. We do not believe that the outcome of any of our current legal proceedings will have a material adverse impact on our business, financial condition and results of operations.

**ITEM 1A. Risk Factors**

For information about the risks and uncertainties related to our business, please see the risk factors described in our Annual Report. The risks described in our Annual Report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

**ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**ITEM 3. Defaults Upon Senior Securities**

None.

**ITEM 4. Mine Safety Disclosures**

Not applicable.

**ITEM 5. Other Information**

**Rule 10b5-1 Trading Plan.**

During the fiscal quarter ended March 31, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**ITEM 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3.1 | Certificate of Amendment to Certificate of Incorporation of RadNet, Inc., a Delaware corporation, dated September 2, 2008 (incorporated by reference to Exhibit 3.2 filed with Form 8-K on September 4, 2008). |
| 3.2 | Certificate of Amendment to Certificate of Incorporation of RadNet, Inc., a Delaware corporation, dated September 2, 2008 (incorporated by reference to Exhibit 3.2 filed with Form 8-K on September 4, 2008). |
| 3.3 | Amended and Restated Bylaws of RadNet, Inc., a Delaware corporation (incorporated by reference to Exhibit 3.1 filed with Form 8-K on February 6, 2020). |
| 10.1 | Second Amendment to Employment Agreement dated January 23, 2026 with Mark D. Stolper (incorporated by reference to Exhibit 10.12 filed with Form 10-K on March 2, 2026). |
| 10.2 | Second Amendment to Employment Agreement dated January 23, 2026 with Stephen M. Forthuber (incorporated by reference to Exhibit 10.15 filed with Form 10-K on March 2, 2026). |
| 10.3 | Second Amendment to Employment Agreement dated January 23, 2026 with Norman Hames (incorporated by reference to Exhibit 10.18 filed with Form 10-K on March 2, 2026). |
| 10.4 | Second Amendment to Employment Agreement dated January 23, 2026 with Mital Patel (incorporated by reference to Exhibit 10.21 filed with Form 10-K on March 2, 2026). |
| 10.5 | Third Amendment to Employment Agreement dated January 3, 2026 with David J. Katz (incorporated by reference to Exhibit 10.25 filed with Form 10-K on March 2, 2026). |
| 10.6 | Amendment to Employment Agreement dated January 23, 2026 with Cornelis Wesdorp (incorporated by reference to Exhibit 10.29 filed with Form 10-K on March 2, 2026). |
| 10.7 | <u>[French Sub-Plan to the RadNet, Inc. Equity Incentive Plan, Effective April 30, 2026.](ex107frenchfrancesharesubp.htm)</u> |
| 10.8 | <u>[Form of Stock Unit Award Agreement to the French Sub-Plan to the RadNet, Inc. Equity Incentive Plan.](ex108formofstockunitawarda.htm)</u> |
| 31.1 | <u>[Certification of Howard G. Berger, M.D. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](q12026exhibit311.htm)</u> |
| 31.2 | <u>[Certification of Mark D. Stolper pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](q12026exhibit312.htm)</u> |
| 32.1 | <u>[Certification of Howard G. Berger, M.D. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. \*](q12026exhibit321.htm)</u> |
| 32.2 | <u>[Certification of Mark D. Stolper pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. \*](q12026exhibit322.htm)</u> |
| 101 | The following financial information from RadNet, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Changes in Stockholders Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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\*&nbsp;&nbsp;&nbsp;&nbsp;This certification is being furnished solely to accompany this report pursuant to 18 U.S.C. 1350, and is not being filed for purposes of Section 18 of the Exchange Act and is not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | RADNET, INC. | RADNET, INC. |
| | (Registrant) | (Registrant) |
| Date: May 11, 2026 | By: | /s/ Howard G. Berger, M.D. |
|  |  | Howard G. Berger, M.D., President and Chief Executive Officer<br>(Principal Executive Officer) |
| Date: May 11, 2026 | By: | /s/ Mark D. Stolper |
|  |  | Mark D. Stolper, Chief Financial Officer<br>(Principal Financial and Accounting Officer) |

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## Exhibit 10.7

**FRENCH SUB-PLAN TO THE**

**RADNET, INC.**

**EQUITY INCENTIVE PLAN**

**Effective on April 30, 2026** 

Approved by the Compensation Committee of the Board of Directors of RadNet, Inc. on April 30, 2026

Additional Terms and Conditions for Restricted Shares Units received by French tax residents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Purpose**

The purpose of this French sub-plan (the "**Sub-Plan**") to the RadNet, Inc. Equity Incentive Plan approved by the Board of Directors and Compensation Committee on April 30, 2026 (the "**Plan**") is to provide specific additional terms for the grant of Restricted Shares Units, which give the right to receive Shares of RadNet, Inc. (the "**Company**"), granted for free to present and future French Employees or Officers, as each are defined below.

This Sub-Plan aims to specify certain terms and conditions of the Plan in order for the Grant of Restricted Shares Units to comply with articles L. 225-197-1 et seq. of the French Commercial Code and the Committee Authorization.

This Sub-Plan was adopted pursuant to Plan Section 4(b)(viii)(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Definitions** 

Under the Sub-Plan, the following capitalized terms and expressions used in the Sub-Plan shall have the meaning ascribed to them below, being specified that these definitions shall apply to such terms and expressions when used in either the singular or the plural form. Capitalized terms in this Sub-Plan not otherwise defined herein shall have the meaning ascribed to them in the Plan.

**"Beneficiary":** means a French Employee or Officer to whom the Administrator decides to grant Restricted Shares Units as well as, as the case may be, his or her estate.

**"Committee Authorization"** means the authorization granted by the Board's Compensation Committee on April 30, 2026.

**"Compensation Committee"** means the committee of Directors appointed by the Board in accordance with Section 4 of the Plan.

**"Disability":** means the disability of a Beneficiary as defined in Article L 341-4 2°) and 3°) of the French social security code. A Beneficiary shall not be considered to have incurred a Disability unless he or she provides evidence of such impairment sufficient to comply with the above definition and satisfy the Company in its discretion.

"**Grant":** means the decision of the Administrator to grant Restricted Shares Units to a Beneficiary under the Plan; provided that such Grant shall constitute a right to acquire Shares for free upon expiration of the Vesting Period subject to compliance with the terms and conditions of the Plan, Sub-Plan and the Form Stock Unit Agreement.

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"**Grant Date":** means the date when the Administrator decides to grant Restricted Shares Units under the Plan and this Sub-Plan.

**"Holding Period"**: means, with respect to a Share (underlying a Restricted Shares Unit) granted to a Beneficiary under the Plan and this Sub-Plan, the period starting from the Vesting Date as set forth in the Beneficiary's Form Stock Unit Agreement, and ending at the date from which the Beneficiary may transfer the Shares, by any means.

**"Restricted Shares Unit":** means a Stock Unit that is granted under this Sub-Plan and which is subject to the terms and conditions of the Plan, this Sub-Plan and the Beneficiary's Form Stock Unit Agreement.

**"Vesting Date":** means, with respect to a Restricted Shares Unit granted to a Beneficiary under the Plan, the date when the corresponding Share is definitely acquired by the relevant Beneficiary as set forth in his or her Form Stock Unit Agreement.

**"Vesting Period":** means, with respect to a Restricted Shares Unit granted to a Beneficiary under the Plan, the period from the Grant Date to the Vesting Date as set forth in the Form Stock Unit Agreement of the relevant Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Beneficiaries** 

As stated above, Beneficiaries of the Sub-Plan may only be present and future French tax resident employees ("**French Employees**") or corporate officers, within the meaning of article L. 225-197—1 of the French Commercial Code ("**Officers**") of any French parent or subsidiary of the Company.

In accordance with the Plan, the Administrator shall select the list of Beneficiaries among the eligible French Employees or Officers of French companies in which the Company holds, or is held directly or indirectly by, at least 10% of the share capital or voting rights and determine the number of Restricted Shares Units granted to each of them (article L 225-197-1 of the French Commercial Code).

A Beneficiary cannot hold more than 10% of the share capital of the Company at the time of Grant, nor can the Grant result in a Beneficiary holding more than 10% of the share capital of the Company. For the purposes of this computation, only shares in the Company held for less than 7 years by a French Employee or Officer are taken into account.

The total number of Shares awarded under this Sub-Plan cannot exceed 15% of the share capital of the Company.

Furthermore, pursuant to article L 22-10-60 of the French Commercial Code, in the event that Restricted Shares Units are granted to Officers, one of the following conditions must be met:

-the Company grants free Shares or stock options to all of its employees and at least 90% of the French Employees of the Company's French subsidiaries;

-a profit-sharing agreement ("*accord d'intéressement*"), or a discretionary profit-sharing agreement ("*accord de participation dérogatoire*"), or a voluntary profit-sharing

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agreement ("*accord de participation volontaire*") applies to at least 90% of the employees of the Company's French subsidiaries;

-the Company makes a payment to the Company savings plan of all of its employees and at least 90% of the employees of the Company's French subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Vesting Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.<u>Principle</u> 

The Committee Authorization decided that each Beneficiary has a conditional right to receive free Shares from the Company.

The relevant Beneficiary shall definitively acquire a Share granted under the Sub-Plan upon expiration of his or her Vesting Period.

During the Vesting Period and until the applicable number of Shares are issued in settlement of a Restricted Shares Unit, the Beneficiary shall not have any rights as a stockholder with respect to such Shares.

Pursuant to article L 225-197-1 of the French Commercial Code, the Vesting Period shall be at least one year from the Grant Date and the total duration of the Vesting Period and Holding Period shall be at least two years from the Grant Date.

Pursuant to article L 225-197-3 of the French commercial code, during a Vesting Period, the Beneficiaries hold against the Company a right to acquire the relevant Shares granted to him or her, said right being personal and not transferrable until the end of the relevant Vesting Period.

Under the Plan, as set forth in the Form Stock Unit Agreement, the Vesting Period shall be four years as from the Vesting Calculation Date (it being assumed, for the purposes of this Sub-Plan, that the Grant Date and the Vesting Calculation Date as referred to in the Form Stock Unit Agreement are the same date), with Restricted Shares Units vesting incrementally at a rate of 25% of the total number of Restricted Shares Units on each of the first four anniversaries of the Vesting Calculation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.<u>Death</u>

In the event of death of a Beneficiary during the Vesting Period, the relevant free Shares shall be definitively acquired on the date of a request for acquisition notified to the Company by his or her estate; provided that such request shall be notified to the Company within six months from the date of death of the relevant Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.<u>Disability</u>

In the event of Disability before the end of a Vesting Period, the relevant free Shares shall be definitively acquired by the relevant Beneficiary on the date of his or her Disability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Holding Period** 

At the end of the Vesting Period, the relevant Beneficiaries shall be the owners of the free Shares granted under the Plan and shall become stockholders of the Company. Therefore, they shall benefit from all rights granted to stockholders of the Company.

However, during the Holding Period (which begins at the end of the Vesting Period) the Beneficiaries may not transfer or pledge the Shares they acquired, by any means.

As mentioned above, it is reminded that pursuant to article L 225-197-1 of the French Commercial Code, the total duration of the Vesting Period and Holding Period shall be equal to at least two years as from the Grant Date.

In this respect, Shares shall become transferrable after a Holding Period which, together with the Vesting Period, equals at least two years after the Grant Date.

In the event of death or Disability of a Beneficiary during the Holding Period, the relevant free Share shall become freely assignable (article L 255-197-3 and L 225-197-1 of the French Commercial Code).

At the end of the Holding Period, the relevant Shares shall be fully available and notably transferrable by the Beneficiary, subject to the provisions of the following paragraph.

Insofar as the Company's Shares are listed on a regulated market and pursuant to article L. 22-10-59 of the French commercial code, the free Shares granted under the Plan shall not be transferred at the end of the Holding Period:

-within a period of thirty calendar days before the announcement of an intermediary or annual report, that the Company is required to publicly publish;

-when the Beneficiary benefits from privileged information (within the meaning of Article 7 of Regulation (EU) No 596/2014 of the European Parliament) which is not publicly known.

Under the Plan, the Holding Period applicable to each tranche of vested Shares shall end on the later of (i) the applicable Vesting Date and (ii) the second anniversary of the Grant Date (it being assumed, for the purposes of this Sub-Plan, that the Grant Date and the Vesting Calculation Date as referred to in the Form Stock Unit Agreement are the same date), so that the combined duration of the Vesting Period and the Holding Period shall always be at least two years from the Grant Date, in compliance with article L. 225-197-1 of the French Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Tax and Social regimes** 

The Beneficiary shall bear all taxes and costs imposed on him or her under applicable laws in connection with the grant of Restricted Shares Units to him or her under the Plan and shall pay such taxes and costs when due.

Each Beneficiary shall be solely liable with respect to any filing imposed on him or her in connection with the Grant of Restricted Shares Units granted to him or her under the Plan and Sub-Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Disclaimer** 

It is the responsibility of each Beneficiary to consult with their personal tax or financial advisor regarding the financial, tax, and/or social security implications associated with the Grant and, if applicable, the subsequent transfer of the free Shares.

The Company, its stockholders and officers shall in no way be liable for any financial, social, or tax consequences associated with the Grant or the subsequent transfer of the free Shares by the Beneficiaries.

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## Exhibit 10.8

**INTERNATIONAL RSU – 4 YEAR VESTING – FRANCE RECIPIENTS**

**RADNET, INC.**

**EQUITY INCENTIVE PLAN** 

**FORM STOCK UNIT AGREEMENT**

RadNet, Inc. (the "**Company**") hereby awards Stock Units (the "**Stock Unit**") to the Awardee named below (the "**Award**"). The terms and conditions of the Award are set forth in this cover sheet and the Stock Units Agreement (together, the "**Agreement**") and in the Plan as it may be amended from time to time.

**Participant:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**_____________________

**ID:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**_____________________

**Award Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**_____________________

**Date of Grant:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**_____________________

**Vesting Commencement Date:&nbsp;&nbsp;&nbsp;&nbsp;**_____________________

**Number of Shares:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**_____________________

**Vesting Schedule**

As long as you continuously are a Service Provider, you will become incrementally vested as to 50% of the total Shares subject to this Award on the first anniversary of the Vesting Calculation Date (with all such amounts being rounded to a whole number). Pursuant to French law, the initial Stock Units vesting on the first anniversary must also be held for one additional year from the date of vesting before the Awardee may sell or otherwise transfer such shares. 25% of the total Stock Units subject to this Award will vest on each of the second and third anniversaries of the Vesting Calculation Date. Upon the date you cease to be a Service Provider for any reason, all of the then outstanding unvested Stock Units subject to this Award shall be then forfeited without consideration and shall not become vested.

**By Participant electronically viewing this Agreement, Participant accepts all terms and conditions described within the Agreement, and in RadNet, Inc.'s Equity Incentive Plan and Plan Prospectus. The Equity Incentive Plan and Plan Prospectus are available for viewing in your E\*Trade Account under the "My Account >> Company Resources >> Documents From Your Company."**

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**INTERNATIONAL RSU – 4 YEAR VESTING – FRANCE RECIPIENTS**

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| | |
|:---|:---|
| **The Plan and**<br>**Other Agreements** | The text of the Plan is incorporated in this Agreement by this reference. You and the Company agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. Unless otherwise defined in this Agreement, certain capitalized terms used in this Agreement are defined in the Plan.<br>This Agreement and the Plan constitute the entire understanding between you and the Company regarding this Award of Stock Units. Any prior agreements, commitments or negotiations are superseded. |
| **Award of**<br>**Stock Units** | The Company awards you the number of Stock Units shown on the cover sheet of this Agreement. <br>This Award is not intended to constitute a nonqualified deferred compensation plan within the meaning of section 409A of the Code and will be interpreted to be exempt from Code Section 409A. |
| **Settlement** | To the extent a Stock Unit becomes vested and subject to the satisfaction of any tax withholding obligations as discussed below, each vested Stock Unit will entitle you to receive one Share which will be distributed to you as soon as reasonably practicable (as determined by the Administrator) after vesting. For the avoidance of doubt, you are not entitled to elect any form of deferral of the settlement. Issuance of such Shares shall be in complete satisfaction of such vested Stock Units. Such settled Stock Units shall be immediately cancelled and no longer outstanding and you shall have no further rights or entitlements related to those settled Stock Units. |

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| | |
|:---|:---|
| **No Assignment** | The Stock Units subject to this Award shall not be sold, assigned, optioned, transferred, attached, garnished, or made subject to any creditor's process, whether voluntarily, involuntarily or by operation of law. However, this shall not preclude a transfer of vested Shares that are issued in settlement of Stock Units by will or by the laws of descent and distribution. In addition, pursuant to Company procedures, you may designate a beneficiary who will receive any outstanding vested Shares in the event of your death. Regardless of any marital property settlement agreement, the Company is not obligated to recognize your spouse's interest in your Award in any way. |

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**INTERNATIONAL RSU – 4 YEAR VESTING – FRANCE RECIPIENTS**

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| | |
|:---|:---|
| **Leaves of Absence** | For purposes of this Agreement, your status as a Service Provider does not terminate when you go on a *bona fide* leave of absence that was approved by the Company (or its parent, subsidiary or affiliate) in writing, if the terms of the leave provide for continued service crediting, or when continued service crediting is required by applicable law. For the purposes of this Agreement/the Plan, your status as a Service Provider terminates in any event when the approved leave ends, unless you immediately return to active service.<br>The Company determines which leaves count for this purpose (along with determining the effect of a leave of absence on vesting of the Award), and when your status as a Service Provider terminates for all purposes under the Plan. |
| **Voting and**<br>**Other Rights** | As a holder of Stock Units, you shall have no rights other than those of a general creditor of the Company. Subject to the terms of this Agreement, a holder of outstanding Stock Units has none of the rights and privileges of a stockholder of the Company. Without limiting the generality of the foregoing, a holder of outstanding Stock Units has no right to vote or to receive dividends (if any) on the Shares represented by such Stock Units. Subject to the terms and conditions of this Agreement, Stock Units create no fiduciary duty of the Company to you and only represent an unfunded and unsecured contractual obligation of the Company. The Stock Units shall not be treated as property or as a trust fund of any kind.<br>You, or your estate, shall have no rights as a stockholder of the Company with regard to the Award until you have been issued the applicable Shares by the Company and have satisfied all other conditions specified in the Plan. No adjustment shall be made for cash or stock dividends or other rights for which the record date is prior to the date when such applicable Shares are issued. |

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**INTERNATIONAL RSU – 4 YEAR VESTING – FRANCE RECIPIENTS**

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| | |
|:---|:---|
| **Taxes and**<br>**Withholding** | You will be solely responsible to bear the burden of any and all applicable taxes associated with this Award. You will be solely responsible for filing any and all tax returns for which you are obligated to file by any law or regulation. You agree to fully indemnify the Company or any of its Affiliates for any tax claim by any tax authority with respect to any event in relation to the obligations following from this Agreement.<br>The delivery to you of any Shares will not be permitted unless and until any applicable tax withholding or other taxes that may be due are fully satisfied. Tax withholding obligations may arise before release of Shares to you, and you must timely satisfy any such obligations as a condition of this Award. At the discretion of the Administrator and to the extent permitted by applicable laws, any such tax withholding obligations may be settled by the Company withholding and retaining a portion of the Shares from the Shares that would otherwise be deliverable to you and/or by Shares which have already been owned by you for more than six (6) months and which are surrendered to the Company and/or by delivery of a direction to a securities broker or other third party to sell Shares on the open market and to deliver all or part of the sale proceeds to the Company (and such proceeds shall also need to pay for any broker commissions incurred on the sale of Shares). Such withheld or sold Shares will be applied to pay the withholding obligation (and broker commissions if applicable) by using the aggregate fair market value of the withheld or sold Shares as of the date of vesting. In any case you will be delivered only the net amount of vested Shares after the withholding/commissions obligation has been satisfied and you will not receive the withheld/sold Shares. |

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**INTERNATIONAL RSU – 4 YEAR VESTING – FRANCE RECIPIENTS**

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| | |
|:---|:---|
| **Restrictions on**<br>**Issuance and**<br>**Resale** | The Company will not issue any Shares if the issuance of such Shares at that time would violate any law or regulation.<br>By signing this Agreement, you agree not to sell, transfer, dispose of, pledge, hypothecate, make any short sale of, or otherwise effect a similar transaction of any Shares acquired under this Award (each, a "**Sale Prohibition**") at a time when applicable laws, regulations or Company or underwriter trading policies prohibit the exercise or disposition of Shares. The Company shall have the right to designate one or more periods of time, each of which generally will not exceed one hundred eighty (180) days in length (provided however, that such period may be extended in connection with the Company's release (or announcement of release) of earnings results or other material news or events), and to impose a Sale Prohibition, if the Company determines (in its sole discretion) that such limitation(s) is needed in connection with a public offering of Shares or to comply with an underwriter's request or trading policy, or could in any way facilitate a lessening of any restriction on transfer pursuant to the Securities Act of 1933 or any state securities laws with respect to any issuance of securities by the Company, facilitate the registration or qualification of any securities by the Company under the USA Securities Act of 1933 or any state securities laws, or facilitate the perfection of any exemption from the registration or qualification requirements of the Securities Act of 1933 or any applicable state securities laws for the issuance or transfer of any securities. The Company may issue stop/transfer instructions and/or appropriately legend any stock certificates issued pursuant to this Award in order to ensure compliance with the foregoing.<br>If the sale of Shares acquired under this Award is not registered under the USA Securities Act of 1933, but an exemption is available which requires an investment representation or other representation and warranty, you shall represent and agree that the Shares being acquired are being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations and warranties as are deemed necessary or appropriate by the Company and its counsel. |

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 -5- <br>

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**INTERNATIONAL RSU – 4 YEAR VESTING – FRANCE RECIPIENTS**

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| | |
|:---|:---|
| **Legends** | All Shares issued in book entry form under this Award may, where applicable, include the following notations:<br>"THE SHARES ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE."<br>"THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE USA SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED." |
| **No Retention**<br>**Rights** | Your Award or this Agreement does not give you the right to be retained by the Company (or any parent or any subsidiaries or affiliates) in any capacity. The Company (or any parent and any subsidiaries or affiliates) reserves the right to terminate your status as a Service Provider at any time and for any reason.<br>This Award, the Stock Units, and the Shares that may be released to you pursuant to this Award are not intended to constitute or replace any pension rights or compensation and are not to be considered compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represent any portion of your salary (if any), compensation or other remuneration for any purpose, including but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. |

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 -6- <br>

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**INTERNATIONAL RSU – 4 YEAR VESTING – FRANCE RECIPIENTS**

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| | |
|:---|:---|
| **Notice** | Any notice to be given or delivered to the Company relating to this Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice to be given or delivered to you relating to this Agreement shall be in writing and addressed to you at such address of which you advise the Company in writing. All notices shall be deemed effective upon receipt.<br>The Awardee agrees that the Company may deliver all documents relating to the Plan or this Award (including prospectuses required by the Securities and Exchange Commission), and all other documents that the Company is required to deliver to its security holders or the Awardee (including annual reports, proxy statements and financial statements), either by e-mail or by e-mail notice of a Web site location where those documents have been posted. The Awardee may at any time (i) revoke this consent to e-mail delivery of those documents; (ii) update the e-mail address for delivery of those documents; (iii) obtain at no charge a paper copy of those documents, in each case by writing the Company at 1510 Cotner Ave., Los Angeles, CA 90025, Attention: General Counsel. The Awardee understands that an e-mail account and appropriate hardware and software, including a computer or compatible cell phone and an Internet connection, will be required to access documents delivered by e-mail. |
| **Applicable Law** | This Agreement will be interpreted and enforced under the laws of the State of Delaware, USA without reference to the conflicts of law provisions thereof. |
| **Voluntary**<br>**Awardee** | You acknowledge that you are voluntarily participating in the Plan. |
| **No Rights to**<br>**Future Awards** | Your rights, if any, in respect of or in connection with this Award or any other Awards are derived solely from the discretionary decision of the Company to permit you to participate in the Plan and to benefit from a discretionary future Award. By accepting this Award, you expressly acknowledge that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Awards to you or benefits in lieu of other Awards even if Awards have been granted repeatedly in the past. All decisions with respect to future Awards, if any, will be at the sole discretion of the Administrator. |
| **Future Value** | The future value of the underlying Shares is unknown and cannot be predicted with certainty. If the underlying Shares do not increase in value (or decrease in value) after the Date of Award, the Award could have little or no value. |

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 -7- <br>

------

**INTERNATIONAL RSU – 4 YEAR VESTING – FRANCE RECIPIENTS**

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| | |
|:---|:---|
| **No Advice**<br>**Regarding Award** | The Company has not provided any tax, legal or financial advice, nor has the Company made any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan or this Award. |
| **No Right**<br>**to Damages** | You will have no right to bring a claim or to receive damages if any portion of the Award is cancelled or expires. The loss of existing or potential profit in the Award will not constitute an element of damages in the event of your Termination of Service for any reason, even if the termination is in violation of an obligation of the Company or a parent or a subsidiary or an affiliate to you. |
| **Data Privacy** | You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by the Company for the exclusive purpose of implementing, administering and managing your participation in the Plan. You understand that the Company holds certain personal information about you, including, but not limited to, name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, cancelled, purchased, exercised, vested, unvested or outstanding in your favor for the purpose of implementing, managing and administering the Plan ("**Data**"). You understand that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere and that the recipient country may have different data privacy laws and protections than your country. You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party with whom you may elect to deposit any Shares acquired under the Plan. |

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 -8- <br>

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Howard G. Berger, M.D., certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form 10-Q of RadNet, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 11, 2026

------

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;Howard G. Berger, M.D. |
| **Howard G. Berger, M.D.** |
| **President, Chief Executive Officer and Chairman of the Board of Directors** |

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## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mark D. Stolper, certify that:

1. I have reviewed this report on Form 10-Q of RadNet, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and

have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Dated: May 11, 2026

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| |
|:---|
| /s/ Mark D. Stolper |
| **Mark D. Stolper** |
| **Executive Vice President** |
| **and Chief Financial Officer** |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of RadNet, Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on May 11, 2026 (the "Report"), I, Howard G. Berger, M.D., Chairman of the Board of Directors and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for the periods presented in the Report.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;Howard G. Berger, M.D. |
| Howard G. Berger, M.D. |
| Chairman, President and Chief Executive Officer |
| (Principal Executive Officer) |
| May 11, 2026 |

---

A signed original of this written statement required by Section 906 has been provided to the Company and will be furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of RadNet, Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on May 11, 2026 (the "Report"), I, Mark D. Stolper, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for the periods presented in the Report.

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| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;Mark D. Stolper |
| Mark D. Stolper |
| Chief Financial Officer |
| (Principal Financial Officer) |
| May 11, 2026 |

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A signed original of this written statement required by Section 906 has been provided to the Company and will be furnished to the Securities and Exchange Commission or its staff upon request.

<br>