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9 November, 2015

RadNet Reports Third Quarter 2015 Financial Results

FOR IMMEDIATE RELEASE

  • Total Net Revenue (“Revenue”) increased 13.2% to $208.4 million in the third quarter of 2015 from $184.1million in the third quarter of 2014

  • Adjusted EBITDA(1) increased 5.6% to $35.3 in the third quarter of 2015 from $33.4 million in the third quarter of 2014

  • Diluted earnings per share was $0.18 per share in the third quarter of 2015, an increase from $0.10 per share from last year’s third quarter

  • Aggregate procedural volumes increased 12.0% and same center volumes increased 2% as compared with the third quarter of 2014

  • During the quarter, RadNet established a new joint venture in Maryland with LifeBridge Health

  • Subsequent to the end of the quarter, RadNet completed the acquisition of Diagnostic Imaging Group, LLC in the New York metropolitan area

LOS ANGELES, California, November 9, 2015 – RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 297 owned and/or operated outpatient imaging centers, today reported financial results for its third quarter of 2015.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “We are pleased with the continuing improvement of our business since the first quarter of this year. This third quarter, we had our highest Revenue and EBITDA of 2015, reflective of growth and expansion initiatives we completed throughout the year and continued focus on managing costs. Although we are far from the full optimization of the infrastructure investments we made at the end of last year and throughout the first quarter of 2015, we are beginning to experience some of the operating leverage from the increased capacity these investments provided. Despite having more work to do to grow into this infrastructure, I am encouraged by utilization trends that I see in our business.”

 

About RadNet, Inc.

RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 297 owned and/or operated outpatient imaging centers. RadNet’s core markets include California, Maryland, Delaware, New Jersey, New York and Rhode Island. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 7,300 employees.

9 November, 2015