Leading Radiology Forward
Current 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
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