Exhibit 99.1

FOR IMMEDIATE RELEASE

RadNet Reports Second Quarter Financial Results

LOS ANGELES, California, August 10, 2020 – RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 332 owned and/or operated outpatient imaging centers, today reported financial results for its second quarter of 2020.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “I am extremely pleased with the recovery we are experiencing relative to the low point of our procedural volumes during this COVID-19 period. Our procedural volumes reached a low point during the second week of April, at roughly 28% of the pre-COVID-19 per day averages of January and February. Currently, we are close to 90% of our pre-COVID per day volumes and are optimistic about further recovery as the year progresses.”

Dr. Berger continued, “Our operations teams and executive management moved with great urgency in March to aggressively take the actions necessary to lower our costs and conserve cash under very extreme health and social conditions and substantially reduced patient volume. The actions we took, which included temporarily closing facilities, consolidating patient volume into the centers of excellence which remained open, negotiating and restructuring agreements with vendors and landlords and reducing employee costs through furloughs and temporary salary cuts, among other actions, proved to secure our business in this difficult period. I want to thank the employees of RadNet, who are meeting the challenges during these difficult times and who are making great personal sacrifices for the benefit of our Company, our referring physicians, and most importantly, our patients.”

“We will continue to evaluate the re-opening of locations and bring back furloughed employees as our business further recovers. Currently, 25 of our 332 facilities remain closed. During the COVID-19 period, we were assisted by approximately $25.5 million in grants we received under the CARES Act Provider Relief Fund and approximately $44.4 million we received in the form of advances from the Centers for Medicare and Medicaid Services and one west coast insurance company. Despite having to repay these advances during the second half of this year, we expect that our business will add to the $84.6 million cash balance we had at quarter end,” added Dr. Berger.

Dr. Berger concluded, “Notwithstanding this difficult operating environment, we remain committed to executing our strategic objectives. Last week, we announced a collaboration agreement with Hologic, Inc. focused on improving breast health and advancing both companies’ objectives around Artificial Intelligence (A.I.). The multifaceted agreement incorporates data sharing, co-development of R&D, collaboration on A.I. algorithms, joint market opportunities and the upgrade of RadNet’s fleet of Hologic mammography units to state-of-the art imaging technology. This collaboration with Hologic furthers RadNet’s commitment to developing A.I. solutions that will transform radiology and improve radiologist accuracy and patient care. We remain on track with our DeepHealth division’s plan to submit for U.S. Food and Drug Administration review its first A.I. product later this year. In addition to this, we continue to pursue accretive strategic acquisitions of targets whose operations have been impacted as a result of the COVID-19 market conditions. We look forward to providing updates on these activities in the near future.”

Second Quarter Financial Results

For the second quarter of 2020, RadNet reported Revenue of $190.6 million and Adjusted EBITDA⁽¹⁾ of $22.6 million. Revenue decreased $98.5 million (or 34.1%) and Adjusted EBITDA⁽¹⁾ decreased $20.5 million (or 47.6%) from the second quarter of last year.

For the second quarter, RadNet reported Net Loss Attributable to RadNet, Inc. Common Stockholders (“Net Loss”) of $10.6 million, a decline of approximately $15.5 million from the second quarter of 2019. Adjusting for the impact of the non-cash change in the fair value of an interest rate hedge during the quarter on a tax-effected basis of $2.6 million (“Adjusted Net Loss”), Adjusted Net Loss was $8.0 million in the second quarter, a decline of $12.9 million from the second quarter of 2019.

Per share diluted Net Loss for the second quarter was $(0.21), compared to diluted Net Income of $0.10 in the second quarter of 2019 (based upon a weighted average number of diluted shares outstanding of 50.7 million in 2020 and 50.1 million in 2019). Adjusting for the impact of the non-cash change in the fair value of the interest rate hedge, per share diluted Adjusted Net Loss was $(0.16) in the second quarter compared to diluted Net Income of $0.10 in the second quarter of 2019.

Affecting Net Loss in the second quarter of 2020 were certain non-cash expenses or gains and non-recurring items including: $3.8 million non-cash expense from the change in the fair value of an interest rate hedge; $1.5 million of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted stock; $859,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $569,000 gain on the sale of certain capital equipment; and $1.1 million of non-cash amortization of deferred financing costs and loan discount on debt issuances.

For the second quarter of 2020, as compared with the prior year’s second quarter, MRI volume decreased 39.7%, CT volume decreased 31.6% and PET/CT volume decreased 17.6%. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, decreased 43.7% over the prior year’s second quarter. On a same-center basis, including only those centers which were part of RadNet for both the second quarters of 2020 and 2019, MRI volume decreased 39.4%, CT volume decreased 31.7% and PET/CT volume decreased 16.9%. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, decreased 43.4% over the prior year’s same quarter.

Six Month Financial Results

For the six months ended June 30, 2020, RadNet reported Revenue of $472.1 million and Adjusted EBITDA⁽¹⁾ of $43.0 million. Revenue decreased $88.5 million (or 15.8%) and Adjusted EBITDA⁽¹⁾ decreased $33.4 million (or 43.7%) from the same six month period last year.

For the six month period in 2020, RadNet reported Net Loss of $27.0 million, a decline of approximately $28.1 million over the first six months of 2019. Adjusting for the impact of the non-cash change in the fair value of an interest rate hedge during the six month period on a tax-effected basis of $2.8 million, Adjusted Net Loss was $24.2 million in the first six months of 2020, a decline of $25.3 million over the same period of 2019.

Per share diluted Net Loss for the first six months of 2020 was $(0.53), compared to a diluted Net Income of $0.02 in the same six month period of 2019 (based upon a weighted average number of diluted shares outstanding of 50.5 million in 2020 and 50.0 million in 2019). Adjusting for the impact of the non-cash change in the fair value of the interest rate hedge, per share diluted Adjusted Net Loss was $(0.48) in the first half of 2020 compared to a diluted Net Income of $0.02 in the same period of 2019.

Affecting Net Loss for the six month period of 2020 were certain non-cash expenses and non-recurring items including: $3.8 million non-cash expense from the change in the fair value of an interest rate hedge; $8.1 million of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted stock; $1.1 million of severance paid in connection with headcount reductions related to cost savings initiatives; and $2.2 million of combined non-cash amortization of deferred financing costs and loan discounts related to financing fees paid as part of our existing credit facilities.

Conference Call for Today

Dr. Howard Berger, President and Chief Executive Officer, and Mark Stolper, Executive Vice President and Chief Financial Officer, will host a conference call to discuss its second quarter 2020 results on Monday, August 10th, 2020 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Monday, August 10, 2020

Time: 10:30 a.m. Eastern Time

Dial In-Number: 800-437-2398

International Dial-In Number: 786-204-3966

It is recommended that participants dial in approximately 5 to 10 minutes prior to the start of the 10:30 a.m. call. There will also be simultaneous and archived webcasts available at http://public.viavid.com/index.php?id=141056 or http://www.radnet.com under the “Investors” menu section and “News Releases” sub-menu of the website. An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers, and using the passcode 7462345.

Regulation G: GAAP and Non-GAAP Financial Information

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements in this press release include, among others, statements we make regarding response to and the expected future impacts of COVID-19, including statements about our anticipated business results, balance sheet and liquidity and our future liquidity, burn rate and our continuing ability to service or refinance our current indebtedness.

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 uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

Any forward-looking statement contained in this current report is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.

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 332 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey and New York. 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 8,600 employees. For more information, visit http://www.radnet.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning successfully integrating acquired operations, successfully achieving financial guidance, successfully developing and integrating new lines of business, continuing to grow its business by generating patient referrals and contracts with radiology practices, and receiving third-party reimbursement for diagnostic imaging services, 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 the Company's actual results to differ materially from the statements contained herein. Further information on potential risk factors that could affect RadNet's business and its financial results are detailed in its most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, especially guidance on future financial performance, which speaks only as of the date they are 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.

CONTACTS:

RadNet, Inc.

Mark Stolper, 310-445-2800

Executive Vice President and Chief Financial Officer

RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

(unaudited)

RADNET, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

(IN THOUSANDS)

(unaudited)

RADNET, INC.

RECONCILIATION OF GAAP NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON SHAREHOLDERS TO ADJUSTED EBITDA⁽¹⁾

(IN THOUSANDS)

PAYOR CLASS BREAKDOWN

RADNET PAYMENTS BY MODALITY

Footnotes

⁽¹⁾ The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. 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 extraordinary and one-time events taken place during the period.

Adjusted EBITDA is reconciled to its nearest comparable GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

⁽²⁾ As noted above, the Company defines Free Cash Flow as Adjusted EBITDA less total Capital Expenditures (whether completed with cash or financed) and Cash Interest paid. Free Cash Flow is a non-GAAP financial measure. The Company uses Free Cash Flow because the Company believes it provides useful information for investors and management because it measures our capacity to generate cash from our operating activities. Free Cash Flow does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of Free Cash Flow may differ from definitions used by other companies.

Free Cash Flow should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.