#1RadNet Leading Radiology Forward Mark Stolper Chief Financial Officer March 2021 NASDAQ: RDNT#2Safe Harbor This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning RadNet's ability to continue to grow the business by generating patient referrals and contracts with radiology practices, integrate acquired businesses, recruit and retain technologists, and receive third-party reimbursement for diagnostic imaging services, as well as RadNet's financial guidance, among others, are forward-looking statements within the meaning of the Safe Harbor. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties which may cause RadNet's actual results to differ materially from the statements contained herein. These risks and uncertainties as well as those risks set forth in RadNet's reports filed with the SEC, including RadNet's annual report on Form 10-K, for the year ended December 31, 2020. Undue reliance should not be placed on forward-looking statements, especially guidance on future financial performance, which speaks only as of the date it is made. RadNet undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events. RadNet. Leading Radiology Forward 1#32 Diagnostic Imaging Industry Overview 3 Overview of RadNet 4 Financial Information and Core Strategy 1 Introduction 285 $284 Fill-#4RadNet Summary Largest national owner and operator of fixed-site diagnostic imaging centers, with 331 locations • Founded as a one center CA operation in 1980 • • • Major consolidator in the highly fragmented imaging industry Approximately 25% of RadNet centers are held within joint ventures with large health systems (could grow to 50% over the next several years) Ancillary revenue opportunities (Artificial Intelligence, Radiology Software, In-patient Staffing) Quadrupled size of company since 2006 • 2021E Revenue (1) = $1.275 billion • 2021E EBITDA (1) = $185 million • 8,300+ employees in 7 states Concentrated regional networks in CA, MD/DE, NJ, NY and AZ (328 of our 331 sites) • This past quarter, we entered Phoenix, AZ marketplace with Dignity Health JV and Eight Center acquisition •Strategy is to be the clear leader in regional markets • Strategy provides operational efficiencies and marketing/contracting benefits with health plans . (1) Midpoint of 2021 guidance range. RadNet. Leading Radiology Forward 2#5RadNet Summary (continued) Emphasis placed on scale and "multi-modality" strategy • One-stop-shopping for referral sources Lessens our exposure to reimbursement changes; diversifies revenue base Best positioned company to capitalize on industry consolidation and organic growth opportunities • No other fixed site imaging center company is even half the size of RadNet in terms of revenue and number of centers Only imaging center player to provide exclusive managed care capitation arrangements with prominent medical groups and Independent Physician Associations (IPAs) • Over 11% (Pre-COVID) of RadNet Revenue/35+ capitation customers/1.7 million lives under management RadNet. Leading Radiology Forward 3#6Types of Imaging Exams: Modalities Advanced Imaging MRI Produces high-resolution cross-sectional images of soft tissue. Applications: Assesses brain, spinal cord and interior ligaments. CT Produces high-resolution cross-sectional images. Applications: Assesses tumors, strokes, hemorrhages and infections. PET Determines metabolic activity. Applications: Assesses tumors, epilepsy and cardiac function. Routine Imaging Nuclear Medicine Produces images of anatomical structures. Applications: Assesses organ function in heart, kidney, thyroid and bones. Fluoroscopy Video viewing of organs. Applications: Real-time monitoring. Ultrasound Produces visual images of internal organs. Applications: Viewing soft tissue. Mammography Visualizes breast tissue. Applications: Primary screening tool for breast cancer. X-Ray Records images of organs and structures on film. RadNet. Leading Radiology Forward 5#7285 $284 1 Introduction 2 Diagnostic Imaging Industry Overview 3 Overview of RadNet 4 Financial Information and Core Strategy Fill-#8Diagnostic Imaging: A Large and Growing Market Diagnostic Imaging Procedure Volume (1) 730 712 695 678 663 648 635 622 608 596 2.7% 2.4% 2.5% 1.8% 1.9% 2.1% 2.1% - 2.2% 2.3% - 2.5% US Imaging Centers (by State and Region, 2013) Rocky Mountain 434 North Central 365 Great Lakes 969 20 New England 344 138 13 O 10 12 61 Mid- Atlantic 434 28 93 33 11 58 522 128 O 11 O 195 49 • 33 . 378 36 Pacific 925 124 320 30 265 131 278 € 94 689 • 139 56 57 • 124 8 O 79 • 166 172 20 26 80 121 47 O 182 93 48 106 184 • • 545 92 Puerto Rico 14 C Virgin Islands 1 C 627 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ● Indicates decline in number of imaging centers Growth Rate O Indicates no change in number of centers I Annual Imaging Procedures (mm) National imaging market is estimated to be over $100 billion • Approx. 40% is non-hospital imaging (i.e., freestanding centers - like RadNet and imaging completed within doctor offices). • Approx. 60% imaging occurs within hospitals. • More expensive for patients and their insurance companies • Inferior service • More difficult access and parking • Often no sub-specialized radiologist readers 22 Total: 6,816 Industry remains highly fragmented; vast number of mom-and-pops and hospitals . Believed to be over 6,000 imaging locations across the U.S. • Number peaked in 2012 and has been declining • RadNet has a meaningful, non-hospital based market share within its geographies. 1. Source: Frost and Sullivan RadNet. Leading Radiology Forward 8#9Diagnostic Imaging: A Large and Growing Market Growth has resulted from ... • Aging population - 65-year-old demographic is expected to increase significantly • Growing population - particularly in California, our largest market Technology advances - expanding cost-effective applications for diagnostic imaging • Wider physician and payor acceptance for imaging • Greater consumer and physician awareness of and demand for earlier intervention and preventive diagnostic screening Shift to Outpatient Services driven by... • Referring MDs increasing concern about cost, outcomes, and patient experience • Payors steering volume to less costly outpatient providers •Patients increasingly seeking cost effective care given shift to high deductible health plans ■ Supplemented by growing demand for convenient care settings • Shift to outpatient services Imaging has been shown to reduce costs of Healthcare Delivery System from... Earlier and more accurate detection/diagnosis of disease and injury • Preventative screening resulting in money saved during treatment phase Source: Frost and Sullivan RadNet. Leading Radiology Forward 9#10Industry Consolidation and Rationalization "Mom-and-pop" lack necessary economies of scale • Not well capitalized and have a higher cost structure • Single-modality facilities that are more impacted by reimbursement changes and competition from multi-modality facilities • Unable to do network contracting or capitate with payors Higher facility accreditation/quality standards Fear of survival and many more sellers than buyers result in attractive acquisition multiples • Marginal operators are choosing to close and others can be acquired at 3x-5x EBITDA • Operators want to be consolidated into RadNet, which offers long-term stability Few other acquirers in RadNet's core markets NEW YORK RADIOLOGY PARTNERS In 2015-2019, we completed over $185mm of acquisitions • New York Radiology Partners • California Radiology • • Diagnostic Imaging Group Diagnostic Imaging Associates of Delaware Medical Arts Kern Radiology We have also been expanding through health system joint ventures, particularly in CA • California Radiology Doshi Diagnostic Diagnostic Imaging Associates MEDICAL ARTS KR RADIOLOGY KERN RADIOLOGY • COS ● Cedars Sinai MemorialCare Dignity Health RadNet. CEDARS SINAL. MemorialCare Leading Radiology Forward 11#11285 $284 1 Introduction 2 Diagnostic Imaging Industry Overview 3 Overview of RadNet 4 Financial Information and Core Strategy Fill-#12Scale and Leverage Over Competitors Founded in 1980 and is the major consolidator in the highly fragmented imaging industry. Largest owner-operator of fixed-site imaging centers in the U.S. 331 Imaging Centers +8,300 Employees +750 Radiologists with Subspecialties RadNet. 19 Joint Ventures NJ: 22 DE: 8 NY: 94 MD: 58 FL: 3 CA: 139 AZ: 7 Leading Radiology Forward 13#13Favorable Revenue Mix Mitigates Reimbursement Risk Emphasis placed on multi-modality strategy • "One-stop-shopping" for referral sources • Lessens exposure to reimbursement changes, diversifies revenue base Extensive offering of all routine imaging procedures partially insulates us from reimbursement cuts, which generally impact MRI, CT and PET/CT modalities disproportionately. X-Ray 25.4% PET/CT 0.6% RadNet. Q4 2020 Scan Volume by Modality Nuclear Medicine Other 5.4% 0.5% MRI .14.0% CT 8.7% Ultrasound 24.1% Mammo 21.4% Q4 2020 Net Revenue by Modality(1) PET/CT 5.6% X-Ray 6.7% Ultrasound 12.4% Mammo 17.8% Nuclear Medicine Other 4.9% 1.0% MRI 34.8% CT 16.9% Leading Radiology Forward 14#14Favorable Revenue Mix Mitigates Reimbursement Risk (continued) Strong payor relationships - RadNet is a critical provider of diagnostic imaging solutions to healthcare insurance providers Payor diversity mitigates exposure to possible unfavorable reimbursement trends within any one payor class Exclusive capitation business decreases the Company's exposure to potential pricing changes from commercial payors Capitation price escalators create "built-in" increasing reimbursement mechanism Q4 2020 Payor Mix¹ Medicaid Workers Compensation/Personal 2.5% Other 4.2% Injury 2.4% Capitation 12.0% RadNet. Medicare 20.5% Commercial Insurance 58.5% Leading Radiology Forward 15#15Capitated Contracts Create a Barrier to Entry RadNet has over 35 capitated medical groups California with whom we work We receive a per-member-per-month fixed price for exclusively providing outpatient imaging to over 1,900,000 lives in CA (HMO commercial, Medicare Advantage and Managed Medicaid lives) Began first east coast contract in Oct. 2018 with Emblem/AdvantageCare Physicians with over 150,000 lives Exclusive nature of capitated contracts provides revenue stability and predictability On average, RadNet's arrangements are over 10 years old • RadNet has experienced extremely high contract renewal rate • History of rate increases (generally 1%-3% annual increases) • Eliminates costs associated with receivables, bad debt expense and billing costs Capitation contracts create "pull-through" revenue • Doctors from capitated physician groups often refer to us their non-capitated patients (discretionary business) Risk of utilization is borne by RadNet and managed through the Utilization Management Division RadNet. Leading Radiology Forward 16#16RadNet Joint Venture Strategy RadNet has 19 joint ventures with hospital and health system partners . Over 2/3 of the ventures are unconsolidated (RadNet's ownership is between 35%-50%) Remaining 1/3 of ventures are consolidated (RadNet's ownership is between 50%-94%) • Notable partners include Memorial Care (34 centers), RWJ Barnabas in New Jersey (19 centers), Cedars Sinai (5 centers), Dignity Health (14 centers), MedStar Health System, etc. JVs own and operate free-standing, non-hospital-based imaging centers RadNet manages the day-to-day operations and performs most management services (billing, marketing, staffing, credentialing, contracting, IT, HR, accounting, etc.) RadNet receives management fees for its services RW.Barnabas Dignity Health. Dignity Health Adventist Health • • HEALTH Benefits to RadNet Eliminates major outpatient competitor in Market Hospital partners drive incremental volumes Provides more contracting leverage with private payors Receives management fees Can stimulate other activities with partners (Breastlink, Teleradiology, In-house staffing of Radiology Dept) Prepares RadNet for opportunities with population health management UNIVERSITY of MARYLAND SCHOOL OF MEDICINE (COS) CEDARS-SINAI. MemorialCare Benefits to Hospital/Health System Partners • • • • • Can participate in volume trend towards freestanding providers Join forces with what otherwise would be a competitor Provides more contracting leverage with private payors • Benefit from being part of a larger operation Can stimulate other activities with partners (Breastlink, Teleradiology, • In-house staffing of Radiology Dept) Prepares hospital for opportunities with population health mgmt RadNet. Leading Radiology Forward 17#17Information Technology CeRAD RadNet Technology Solutions Provider of PACS/RIS products, and hired an industry-leading software development team • Completing the integration of RadNet centers for significant workflow improvements and cost reductions • Growing the eRAD solutions by continuing to sell them to other industry participants •Provides RadNet with international opportunities • Low capital requirements and high margins RadNet. Technology Solutions As a radiology provider, RadNet has the inside perspective on the best IT solutions. eRAD, our technology division, dynamically automates clinical and business workflow for patient and practice success. Leading Radiology Forward 18#18Opportunity of Artificial Intelligence DeepHealth NI NULOGIX 2 whiterabbit.ai RadNet created an Artificial Intelligence subsidiary in 2019: Acquired Deep Health in 2020 • Leading radiology Al and machine learning company • Focused on interpretation of mammography • Future development on other screening tools for chronic disease - prostate cancer Deep Health founder, Dr. Greg Sorensen, to direct all of RadNet's Al activities Acquired Nulogix in 2019 • Initial focus on improving collections, with ability to recoup previously unrecognized revenue. • Second phase models focus on other billing opportunities, as well as on clinical improvements in workflow prioritization and consistent measuring. Other initiative aimed at building algorithms for image interpretation. Artificial Intelligence subsidiary is also partnering with other Al companies, such as Whiterabbit.ai, to license and collaborate on other algorithms. • Rolling out program with Whiterabbit.ai to increase volumes of mammography - program to be in place in all markets by the end of Q2 • Second phase of pilot will test mammography image interpretation • In discussion phases with partners focusing on image interpretation of routine x-ray exams RadNet. Almost 20% of all collected net global Revenue goes towards paying our radiologists Material opportunity to lower this cost through Artificial Intelligence Leading Radiology Forward 20#19285 $284 1 Introduction 2 Diagnostic Imaging Industry Overview 3 Overview of RadNet 4 Financial Information and Core Strategy Fill-#20Strong Performance as Volumes Have Rebounded from COVID-19 320 270 220 2019 Quarterly Net Revenue $293 170 Q3'19 2020 Quarterly Net Revenue $309 $301 $292 $282 $191 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 2020 Quarterly Adj. EBITDA $47 $51 $46 2019 Quarterly Adj. EBITDA ($ in millions) $41 $23 $20 14.0% 15.6% 15.7% 16.4% 11.9% 7.2% Q3'19 Q4'19 Q1'20 Q2'20 2019 Quarterly Total Leverage 3.96x Q3'19 Q3'20 Q4'20 2020 Quarterly Total Leverage 4.47x 4.40x 3.93x Q4'19 Source: Company Filings and Covenant Compliance Certificate. RadNet. 4.24x 3.84x Q1'20 Q2'20 Q3'20 Q4'20 Denotes period of significant COVID-19 impact Leading Radiology Forward 2#21. 2021 Guidance For 2021, we believe our business will continue to strengthen as COVID-19 restrictions are further lifted across the country and in our markets 2H 2020 Revenue and Adj. EBITDA of $600 million and $96 million, respectively о Run rate greater than our conservative guidance recently released for 2021 Operating Metric 2021 Guidance Range Total Net Revenue $1,250 million - $1,300 million Adjusted EBITDA $180 million - $190 million Capital Expenditures (1) $70 million $75 million Cash Paid for Interest Free Cash Flow Generation (2) $39 million - $44 million $60 million - $70 million * End of year 2021 targeted leverage below 3.25x * 1. Net of proceeds from the sale of equipment, imaging centers and joint venture interests, and excludes New Jersey Imaging Network capital expenditures. 2. Defined as Adjusted EBITDA less Capital Expenditures and Cash Paid for Interest. RadNet. Leading Radiology Forward 7#22(Procedures in Thousands) ($ in Millions) Proven Track Record of EBITDA Growth and Cash Flow Generation Over the past 11 years, RadNet has had a consistent track record of achieving profitable growth and generating significant cash flow COVID-19 had a temporary impact during 2020 Net Revenue Net Revenue ICO VID Impact $1,400 Reported Adjusted EBITDA ■Net Revenue CO VID Impact $1,275 $185 $1,200 $1,000 $800 '09-'21E CAGR: 8.2% $1,200 $1,154 $175 $170 $128 $885 $922 $975 $155 $810 $703 $718 $647 $585 $600 $495 $519 $400 $200 $- H ($ in Millions) '09-'21E CAGR: 4.8% $164 $143 $144 $31 $135 $133 $127 $115 $116 $114 $113 $122 $106 $106 $95 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E $75 Procedure Volumes 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 10,000 Procedures COVID Impact 8,388 8,495 7,886 8,000 '09-'21E CAGR: 7.6% 6,280 7,393 6,937 7,116 1,521 6,000 5,526 4,961 4,587 4,122 4,000 3,544 3,679 2,000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E Source: Company Filings and Presentation. Note: 2021E illustrated at midpoint of the guidance ranges. Volumes include consolidated and non-consolidated Joint Ventures. RadNet. Leading Radiology Forward 8#23Strong Recovery in 2H 2020 2020 Third Quarter Highlights 2020 Fourth Quarter Highlights EBITDA ↑11.7% Up from 3Q 2019 EBITDA MARGIN ↑1.7% REVENUE ↑2.5% EBITDA ↑8.1% Up from 3Q 2019 Up from 4Q 2019 Up from 4Q 2019 EBITDA MARGIN ↑0.8% Up from 4Q 2019 . . Revenue and Adj. EBITDA increased 53.1% and 102.8%, respectively as compared to 2Q 2020 Revenue only decreased 0.3% as compared with 3Q 2019 Adjusted EBITDA increased 11.7% as compared with 3Q 2019 Adjusted EBITDA margin increased 1.7% as compared with 3Q 2019 • Revenue was the highest fourth quarter revenue and adjusted EBITDA in RadNet history Revenue increased 2.5% as compared with 4Q 2019 • Adjusted EBITDA increased 8.1% as compared with 4Q 2019 Adjusted EBITDA margin increased 0.8% as compared with 4Q 2019 • DSOs at December 31, 2020 was 36.2 days, the lowest in Company history Quarter over quarter improvement is evident and expected to continue into 2021 - publicly disclosed 2021 guidance ranges are demonstrative of this recovery with both 2021E Revenue and Adj. EBITDA in line with annualized 2H 2020 performance RadNet. Leading Radiology Forward 4#24Current Capitalization and Equity Cushion Valuation Metrics Equity Market Capitalization @ $21.73 per share Net Debt -12/31/202 2 Curent Enterprise Value 1 $1,135.9 mm 563.7 mm $1,699.6 mm 2019 EBITDA Midpoint of 2021 EBITDA of Guidance $ 164.1 mm $ 185.0 mm Enterprise Value / Trailing 12 Month EBITDA 10.4 x Enterprise Value / Midpoint of 2019 EBITDA Guidance 9.2 x Company Capitalization as of 12/31/20 •$102.0mm cash balance • Undrawn on revolving line of credit (L+350 bps) due July 2023 ($195mm capacity) • $611mm Senior Secured Term Loan at RadNet • $2mm equipment debt • $53mm New Jersey Imaging Network JV debt (RadNet is not the borrower or guarantor) 2021E Free Cash Flow (Adj. EBITDA less CapEx and Cash Interest) is expected to be $60-70mm, representing an attractive Free Cash Flow Yield to equity holders and provides for deleveraging Future earnings and cash flow shielded by Federal NOLs of $227.7 million as of 12/31/20 1. Per closing stock price on 3/23/2021. 2. Source: RadNet 8-K ended 12/31/2020. Net Debt is Total Debt at par value less Cash and Cash Equivalents balance. RadNet. Leading Radiology Forward 10