| Delaware | 13-3326724 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| 1510 Cotner Avenue | ||||||||
| Los Angeles, | California | 90025 | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
| Class Title | Trading Symbol | Registered Exchange | ||||||||||||
| Common Stock, $0.0001 par value | RDNT | NASDAQ Global Market | ||||||||||||
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Emerging growth company | ☐ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Page | |||||
ITEM 6. Exhibits | |||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents | $ | 726,272 | $ | 767,215 | |||||||
| Accounts receivable | 241,845 | 200,317 | |||||||||
| Due from affiliates | 6,863 | 12,592 | |||||||||
| Prepaid expenses and other current assets | 60,776 | 52,003 | |||||||||
| Total current assets | 1,035,756 | 1,032,127 | |||||||||
| PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS | |||||||||||
| Property and equipment, net | 879,904 | 807,702 | |||||||||
| Operating lease right-of-use assets | 759,225 | 690,250 | |||||||||
| Total property, equipment and right-of-use assets | 1,639,129 | 1,497,952 | |||||||||
| OTHER ASSETS | |||||||||||
| Goodwill | 1,122,468 | 907,663 | |||||||||
| Other intangible assets | 245,348 | 148,508 | |||||||||
| Deferred financing costs | 1,393 | 1,684 | |||||||||
| Investment in joint ventures | 135,019 | 130,340 | |||||||||
| Deposits and other | 47,238 | 40,289 | |||||||||
| Total assets | $ | 4,226,351 | $ | 3,758,563 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Accounts payable, accrued expenses and other | $ | 489,818 | $ | 422,029 | |||||||
| Due to affiliates | 91,298 | 70,104 | |||||||||
| Deferred revenue | 16,480 | 7,272 | |||||||||
| Current operating lease liability | 69,557 | 61,934 | |||||||||
| Current portion of notes payable | 30,669 | 25,424 | |||||||||
| Total current liabilities | 697,822 | 586,763 | |||||||||
| LONG-TERM LIABILITIES | |||||||||||
| Long-term finance lease liability | 4,288 | — | |||||||||
| Long-term operating lease liability | 776,329 | 707,001 | |||||||||
| Notes payable, net of current portion | 1,301,862 | 1,064,495 | |||||||||
| Deferred tax liability, net | 39,005 | 21,903 | |||||||||
| Other non-current liabilities | 12,994 | 22,515 | |||||||||
| Total liabilities | 2,832,300 | 2,402,677 | |||||||||
| EQUITY | |||||||||||
Common stock - $0.0001 par value, 200,000,000 shares authorized; 78,646,805 and 77,399,615 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 8 | 8 | |||||||||
| Additional paid-in-capital | 1,222,961 | 1,180,434 | |||||||||
| Accumulated other comprehensive (loss) income | (5,504) | 4,885 | |||||||||
| Accumulated deficit | (121,373) | (95,437) | |||||||||
| Total RadNet, Inc.'s Stockholders' equity: | 1,096,092 | 1,089,890 | |||||||||
| Noncontrolling interests | 297,959 | 265,996 | |||||||||
| Total equity | 1,394,051 | 1,355,886 | |||||||||
| Total liabilities and equity | $ | 4,226,351 | $ | 3,758,563 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||
| Service fee revenue | $ | 592,589 | $ | 468,063 | $ | 1,137,807 | $ | 907,412 | |||||||||||||||
| Revenue under capitation arrangements | 30,131 | 30,167 | 60,544 | 62,217 | |||||||||||||||||||
| Total service revenue | 622,720 | 498,230 | 1,198,351 | 969,629 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Cost of operations, excluding depreciation and amortization | 534,640 | 429,085 | 1,085,152 | 882,565 | |||||||||||||||||||
| Lease abandonment charges | 1,306 | 123 | 1,306 | 5,511 | |||||||||||||||||||
| Depreciation and amortization | 45,529 | 35,993 | 90,496 | 71,476 | |||||||||||||||||||
| Loss on sale and disposal of equipment and other | 1,117 | 1,724 | 3,708 | 2,126 | |||||||||||||||||||
| Severance costs | 660 | 426 | 2,124 | 1,173 | |||||||||||||||||||
| Total operating expenses | 583,252 | 467,351 | 1,182,786 | 962,851 | |||||||||||||||||||
| INCOME FROM OPERATIONS | 39,468 | 30,879 | 15,565 | 6,778 | |||||||||||||||||||
| OTHER INCOME AND EXPENSES | |||||||||||||||||||||||
| Interest expense | 18,153 | 17,189 | 35,810 | 34,428 | |||||||||||||||||||
| Equity in earnings of joint ventures | (4,710) | (4,356) | (8,535) | (6,955) | |||||||||||||||||||
| Non-cash change in fair value of interest rate swap | — | 1,956 | — | 4,062 | |||||||||||||||||||
| Debt restructuring and extinguishment expenses | 3,368 | — | 3,368 | — | |||||||||||||||||||
| Other income, net | (3,960) | (7,764) | (8,867) | (15,476) | |||||||||||||||||||
| Total other expenses | 12,851 | 7,025 | 21,776 | 16,059 | |||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 26,617 | 23,854 | (6,211) | (9,281) | |||||||||||||||||||
| (Provision for) benefit from income taxes | (6,363) | (820) | 1,733 | 2,578 | |||||||||||||||||||
| NET INCOME (LOSS) | 20,254 | 23,034 | (4,478) | (6,703) | |||||||||||||||||||
| Net income attributable to noncontrolling interest | 12,724 | 8,580 | 21,458 | 16,769 | |||||||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 7,530 | $ | 14,454 | $ | (25,936) | $ | (23,472) | |||||||||||||||
| BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 0.10 | $ | 0.19 | $ | (0.33) | $ | (0.32) | |||||||||||||||
| DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 0.10 | $ | 0.19 | $ | (0.33) | $ | (0.32) | |||||||||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||||||||||
| Basic | 77,788,452 | 74,352,498 | 77,425,061 | 74,070,438 | |||||||||||||||||||
| Diluted | 78,731,021 | 75,531,743 | 77,425,061 | 74,070,438 | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| NET INCOME (LOSS) | $ | 20,254 | $ | 23,034 | $ | (4,478) | $ | (6,703) | |||||||||||||||
| Foreign currency translation adjustments | (3,032) | 9,523 | (10,550) | 13,632 | |||||||||||||||||||
| Change in fair value of cash flow hedge from prior periods reclassified to earnings, net of taxes | — | 1,023 | — | 2,056 | |||||||||||||||||||
| COMPREHENSIVE INCOME (LOSS) | 17,222 | 33,580 | (15,028) | 8,985 | |||||||||||||||||||
| Less net income attributable to noncontrolling interests | 12,724 | 8,580 | 21,458 | 16,769 | |||||||||||||||||||
| Less foreign currency translation adjustments attributable to noncontrolling interests | 6 | — | (161) | — | |||||||||||||||||||
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS | $ | 4,492 | $ | 25,000 | $ | (36,325) | $ | (7,784) | |||||||||||||||
| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total RadNet, Inc.'s Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
| BALANCE - MARCH 31, 2026 | 78,545,837 | $ | 8 | $ | 1,211,912 | $ | (2,466) | $ | (128,903) | $ | 1,080,551 | $ | 272,161 | $ | 1,352,712 | ||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of options | 28,560 | — | 509 | — | — | 509 | — | 509 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock under the equity compensation plan | 86,491 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 10,558 | — | — | 10,558 | — | 10,558 | |||||||||||||||||||||||||||||||||||||||
| Forfeiture of restricted stock and share cancellation | (14,083) | — | (18) | — | — | (18) | — | (18) | |||||||||||||||||||||||||||||||||||||||
| Distributions paid to noncontrolling interests | — | — | — | — | — | — | (1,525) | (1,525) | |||||||||||||||||||||||||||||||||||||||
| Change in cumulative foreign currency translation adjustment | — | — | — | (3,038) | — | (3,038) | 6 | (3,032) | |||||||||||||||||||||||||||||||||||||||
| Noncontrolling interest recognized in business combination | — | — | — | — | — | — | 14,593 | 14,593 | |||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | 7,530 | 7,530 | 12,724 | 20,254 | |||||||||||||||||||||||||||||||||||||||
| BALANCE - JUNE 30, 2026 | 78,646,805 | $ | 8 | $ | 1,222,961 | $ | (5,504) | $ | (121,373) | $ | 1,096,092 | $ | 297,959 | $ | 1,394,051 | ||||||||||||||||||||||||||||||||
| BALANCE - MARCH 31, 2025 | 74,956,566 | $ | 7 | $ | 1,016,762 | $ | (3,919) | $ | (114,711) | $ | 898,139 | $ | 238,378 | $ | 1,136,517 | ||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of options | 50,340 | 1 | 433 | — | — | 434 | — | 434 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock under the equity compensation plan | 63,877 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 8,761 | — | — | 8,761 | — | 8,761 | |||||||||||||||||||||||||||||||||||||||
| Forfeiture of restricted stock and share cancellation | (3,681) | — | (20) | — | — | (20) | — | (20) | |||||||||||||||||||||||||||||||||||||||
| Distributions paid to noncontrolling interests | — | — | — | — | — | — | (2,400) | (2,400) | |||||||||||||||||||||||||||||||||||||||
| Contribution from noncontrolling partner | — | — | — | — | — | — | 2,389 | 2,389 | |||||||||||||||||||||||||||||||||||||||
| Change in cumulative foreign currency translation adjustment | — | — | — | 9,523 | — | 9,523 | — | 9,523 | |||||||||||||||||||||||||||||||||||||||
| Change in fair value of cash flow hedge from prior periods reclassified to earnings | — | — | — | 1,023 | — | 1,023 | — | 1,023 | |||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | 14,454 | 14,454 | 8,580 | 23,034 | |||||||||||||||||||||||||||||||||||||||
| BALANCE - JUNE 30, 2025 | 75,067,102 | $ | 8 | $ | 1,025,936 | $ | 6,627 | $ | (100,257) | $ | 932,314 | $ | 246,947 | $ | 1,179,261 | ||||||||||||||||||||||||||||||||
| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total RadNet, Inc.'s Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
| BALANCE - DECEMBER 31, 2025 | 77,399,615 | $ | 8 | $ | 1,180,434 | $ | 4,885 | $ | (95,437) | $ | 1,089,890 | $ | 265,996 | $ | 1,355,886 | ||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of options | 95,672 | — | 612 | — | — | 612 | — | 612 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock under the equity compensation plan | 979,451 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 41,998 | — | — | 41,998 | — | 41,998 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock in connection with acquisitions | 190,924 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Forfeiture of restricted stock and share cancellation | (18,857) | — | (83) | — | — | (83) | — | (83) | |||||||||||||||||||||||||||||||||||||||
| Purchase of noncontrolling interests | — | — | — | — | — | — | (3,927) | (3,927) | |||||||||||||||||||||||||||||||||||||||
| Change in cumulative foreign currency translation adjustment | — | — | — | (10,389) | — | (10,389) | (161) | (10,550) | |||||||||||||||||||||||||||||||||||||||
| Noncontrolling interest recognized in business combination | — | — | — | — | — | — | 14,593 | 14,593 | |||||||||||||||||||||||||||||||||||||||
| Net (loss) income | — | — | — | — | (25,936) | (25,936) | 21,458 | (4,478) | |||||||||||||||||||||||||||||||||||||||
| BALANCE - JUNE 30, 2026 | 78,646,805 | $ | 8 | $ | 1,222,961 | $ | (5,504) | $ | (121,373) | $ | 1,096,092 | $ | 297,959 | $ | 1,394,051 | ||||||||||||||||||||||||||||||||
| BALANCE - DECEMBER 31, 2024 | 74,036,993 | $ | 7 | $ | 988,147 | $ | (9,061) | $ | (76,785) | $ | 902,308 | $ | 231,102 | $ | 1,133,410 | ||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of options | 62,296 | 1 | 554 | — | — | 555 | — | 555 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock under the equity compensation plan | 970,712 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock under the DeepHealth equity compensation plan | 3,438 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 37,275 | — | — | 37,275 | — | 37,275 | |||||||||||||||||||||||||||||||||||||||
| Forfeiture of restricted stock and share cancellation | (6,337) | — | (40) | — | — | (40) | — | (40) | |||||||||||||||||||||||||||||||||||||||
| Distributions paid to noncontrolling interests | — | — | — | — | — | — | (3,313) | (3,313) | |||||||||||||||||||||||||||||||||||||||
| Contributions from noncontrolling interests | — | — | — | — | — | — | 2,389 | 2,389 | |||||||||||||||||||||||||||||||||||||||
| Change in cumulative foreign currency translation adjustment | — | — | — | 13,632 | — | 13,632 | — | 13,632 | |||||||||||||||||||||||||||||||||||||||
| Change in fair value of cash flow hedge from prior periods reclassified to earnings, net of taxes | — | — | — | 2,056 | — | 2,056 | — | 2,056 | |||||||||||||||||||||||||||||||||||||||
| Net (loss) income | — | — | — | — | (23,472) | (23,472) | 16,769 | (6,703) | |||||||||||||||||||||||||||||||||||||||
| BALANCE - JUNE 30, 2025 | 75,067,102 | $ | 8 | $ | 1,025,936 | $ | 6,627 | $ | (100,257) | $ | 932,314 | $ | 246,947 | $ | 1,179,261 | ||||||||||||||||||||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net loss | $ | (4,478) | $ | (6,703) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 90,496 | 71,476 | |||||||||
| Noncash operating lease expense | 32,658 | 29,356 | |||||||||
| Equity in earnings of joint ventures, net of dividends | (4,679) | (1,267) | |||||||||
| Amortization of deferred financing costs and loan discount | 1,550 | 1,471 | |||||||||
| Loss on sale and disposal of equipment | 3,708 | 2,126 | |||||||||
| Loss on extinguishment of debt | 407 | — | |||||||||
| Lease abandonment charges | 1,306 | 5,511 | |||||||||
| Amortization of cash flow hedge | — | 2,712 | |||||||||
| Non-cash change in fair value of interest rate swap | — | 4,062 | |||||||||
| Stock-based compensation | 41,915 | 37,235 | |||||||||
| Change in fair value of contingent consideration | (393) | — | |||||||||
| Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions: | |||||||||||
| Accounts receivable | (23,413) | (14,159) | |||||||||
| Other current assets | (1,131) | 22,381 | |||||||||
| Other assets | (7,443) | (2,544) | |||||||||
| Deferred taxes | (3,784) | (3,511) | |||||||||
| Operating leases | (29,238) | (34,726) | |||||||||
| Deferred revenue | 1,016 | 145 | |||||||||
| Accounts payable, accrued expenses and other | 74,574 | 48,264 | |||||||||
| Net cash provided by operating activities | 173,071 | 161,829 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Purchase of imaging facilities and other acquisitions, net of cash acquired | (315,707) | (31,985) | |||||||||
| Purchase of property and equipment and other | (126,215) | (101,776) | |||||||||
| Proceeds from sale of equipment | 744 | 40 | |||||||||
| Equity contributions in existing and purchase of interest in joint ventures | — | (20,480) | |||||||||
| Collection of notes receivable | 6,651 | — | |||||||||
| Net cash used in investing activities | (434,527) | (154,201) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Principal payments on notes and leases payable | (11,767) | (3,461) | |||||||||
| Payments on term loan debt | (11,140) | (10,252) | |||||||||
| Proceeds from issuance of new debt, net of issuance costs | 248,937 | 99,001 | |||||||||
| Purchase of noncontrolling interests by third party | — | 2,389 | |||||||||
| Distributions paid to noncontrolling interests | (3,927) | (3,313) | |||||||||
| Proceeds from issuance of common stock upon exercise of options | 612 | 554 | |||||||||
| Net cash provided by financing activities | 222,715 | 84,918 | |||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | (2,202) | 586 | |||||||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (40,943) | 93,132 | |||||||||
| CASH AND CASH EQUIVALENTS, beginning of period | 767,215 | 740,020 | |||||||||
| CASH AND CASH EQUIVALENTS, end of period | $ | 726,272 | $ | 833,152 | |||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
| Cash paid during the period for interest | $ | 35,632 | $ | 35,018 | |||||||
| Cash paid during the period for income taxes | $ | 2,143 | $ | 2,428 | |||||||
| In Thousands | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Commercial insurance | $ | 339,401 | $ | 278,902 | $ | 655,367 | $ | 541,410 | |||||||||||||||
| Medicare | 150,821 | 116,331 | 287,923 | 224,499 | |||||||||||||||||||
| Medicaid | 14,452 | 12,597 | 28,468 | 24,283 | |||||||||||||||||||
| Workers' compensation/personal injury | 13,533 | 10,642 | 25,830 | 21,114 | |||||||||||||||||||
| Other payors | 36,831 | 29,394 | 70,383 | 57,087 | |||||||||||||||||||
| Management fee revenue | 7,858 | 6,688 | 15,339 | 12,967 | |||||||||||||||||||
| Other revenue | 29,693 | 13,509 | 54,497 | 26,052 | |||||||||||||||||||
| Revenue under capitation arrangements | 30,131 | 30,167 | 60,544 | 62,217 | |||||||||||||||||||
| Total service revenue | $ | 622,720 | $ | 498,230 | $ | 1,198,351 | $ | 969,629 | |||||||||||||||
| Imaging Center segment | Digital Health segment | Total | |||||||||||||||
| Balance as of December 31, 2025 | $ | 741,893 | $ | 165,770 | $ | 907,663 | |||||||||||
| Goodwill from acquisitions | 47,491 | 171,121 | 218,612 | ||||||||||||||
| Measurement period and other adjustments | — | 1,684 | 1,684 | ||||||||||||||
| Currency translation | (357) | (5,134) | (5,491) | ||||||||||||||
| Balance as of June 30, 2026 | $ | 789,027 | $ | 333,441 | $ | 1,122,468 | |||||||||||
| 2026* | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | Weighted average amortization period remaining in years | ||||||||||||||||||||||||||||||||||||||||
| Management service contracts | $ | 1,144 | $ | 2,287 | $ | 2,287 | $ | 2,287 | $ | 2,287 | $ | 2,097 | $ | 12,389 | 5.3 | ||||||||||||||||||||||||||||||||
| Covenant not to compete and other contracts | 988 | 1,826 | 1,736 | 1,245 | 162 | 8 | 5,965 | 3.2 | |||||||||||||||||||||||||||||||||||||||
| Customer lists | 4,092 | 8,077 | 8,036 | 8,036 | 8,033 | 93,619 | 129,893 | 16.2 | |||||||||||||||||||||||||||||||||||||||
| Patent and trademarks | 202 | 382 | 318 | 66 | 43 | 83 | 1,094 | 3.4 | |||||||||||||||||||||||||||||||||||||||
| Developed technology & software | 6,557 | 12,619 | 12,619 | 7,538 | 6,827 | 17,115 | 63,275 | 5.9 | |||||||||||||||||||||||||||||||||||||||
| Trade Names definite life | 959 | 1,918 | 1,883 | 1,332 | 1,119 | 4,099 | 11,310 | 8.5 | |||||||||||||||||||||||||||||||||||||||
| Certifications | 984 | 495 | 247 | — | — | — | 1,726 | 0.2 | |||||||||||||||||||||||||||||||||||||||
| Others | 219 | 438 | 438 | 219 | — | — | 1,314 | 2.9 | |||||||||||||||||||||||||||||||||||||||
| Trade names indefinite life | — | — | — | — | — | 7,100 | 7,100 | ||||||||||||||||||||||||||||||||||||||||
| IPR&D | — | — | — | — | — | 11,282 | 11,282 | ||||||||||||||||||||||||||||||||||||||||
| Total annual amortization | $ | 15,145 | $ | 28,042 | $ | 27,564 | $ | 20,723 | $ | 18,471 | $ | 135,403 | $ | 245,348 | |||||||||||||||||||||||||||||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | Weighted average amortization period remaining in years | ||||||||||||||||||||||||||||||||||||||||
| Management Service Contracts | $ | 2,287 | $ | 2,287 | $ | 2,287 | $ | 2,287 | $ | 2,287 | $ | 2,096 | $ | 13,531 | 5.8 | ||||||||||||||||||||||||||||||||
| Covenant not to compete and other contracts | 2,039 | 1,745 | 1,655 | 1,195 | 119 | — | 6,753 | 3.6 | |||||||||||||||||||||||||||||||||||||||
| Customer lists | 3,914 | 3,736 | 3,694 | 3,694 | 3,694 | 43,016 | 61,748 | 16.9 | |||||||||||||||||||||||||||||||||||||||
| Patent and Trademarks | 763 | 391 | 326 | 67 | 43 | 83 | 1,673 | 3.1 | |||||||||||||||||||||||||||||||||||||||
| Developed Technology & Software | 9,712 | 9,177 | 9,177 | 3,958 | 3,227 | 5,770 | 41,021 | 5.0 | |||||||||||||||||||||||||||||||||||||||
| Trade Names definite life | 394 | 394 | 359 | 252 | 127 | 336 | 1,862 | 5.6 | |||||||||||||||||||||||||||||||||||||||
| Certifications | 1,867 | — | — | — | — | — | 1,867 | 0.8 | |||||||||||||||||||||||||||||||||||||||
| Others | 438 | 438 | 438 | 219 | — | — | 1,533 | 3.4 | |||||||||||||||||||||||||||||||||||||||
| Trade Names indefinite life | — | — | — | — | — | 8,500 | 8,500 | ||||||||||||||||||||||||||||||||||||||||
| IPR&D | — | — | — | — | — | 10,020 | 10,020 | ||||||||||||||||||||||||||||||||||||||||
| Total Annual Amortization | $ | 21,414 | $ | 18,168 | $ | 17,936 | $ | 11,672 | $ | 9,497 | $ | 69,821 | $ | 148,508 | |||||||||||||||||||||||||||||||||
| For the three months ended June 30, 2026 | ||||||||||||||||||||
| March 31, 2026 Balance | Currency Translation Adjustments | June 30, 2026 Balance | ||||||||||||||||||
| Currency Translation Adjustments | $33 | $(3,038) | $(3,005) | |||||||||||||||||
| For the six months ended June 30, 2026 | ||||||||||||||||||||
| December 31, 2025 Balance | Currency Translation Adjustments | June 30, 2026 Balance | ||||||||||||||||||
| Currency Translation Adjustments | $7,384 | $(10,389) | $(3,005) | |||||||||||||||||
| For the three months ended June 30, 2025 | ||||||||||||||||||||
| March 31, 2025 Balance | Currency Translation Adjustments | June 30, 2025 Balance | ||||||||||||||||||
| Currency Translation Adjustments | $(1,588) | $9,523 | $7,935 | |||||||||||||||||
| For the six months ended June 30, 2025 | ||||||||||||||||||||
| December 31, 2024 Balance | Currency Translation Adjustments | June 30, 2025 Balance | ||||||||||||||||||
| Currency Translation Adjustments | $(5,697) | $13,632 | $7,935 | |||||||||||||||||
For the three months ended June 30, 2026 | ||||||||||||||||||||||||||||||||||||||
| Entity | Account | March 31, 2026 Balance | Additions | Change in valuation of contingent consideration | Currency Translation | June 30, 2026 Balance | ||||||||||||||||||||||||||||||||
| See-Mode Technologies Pte. Ltd. | Accrued expenses and other non-current liabilities | $ | 6,962 | $ | — | $ | 90 | $ | (24) | $ | 7,028 | |||||||||||||||||||||||||||
| Kolb Radiology P.C. | Accrued expenses and other non-current liabilities | $ | 4,100 | $ | — | $ | (3,727) | $ | — | $ | 373 | |||||||||||||||||||||||||||
| CIMAR (UK) Limited | Accrued expenses and other non-current liabilities | $ | 6,616 | $ | — | $ | 137 | $ | 8 | $ | 6,761 | |||||||||||||||||||||||||||
| Gleamer SAS | Accrued expenses | $ | 8,424 | $ | — | $ | 343 | $ | (85) | $ | 8,682 | |||||||||||||||||||||||||||
For the six months ended June 30, 2026 | ||||||||||||||||||||||||||||||||||||||
| Entity | Account | December 31, 2025 Balance | Additions | Change in valuation of contingent consideration | Currency Translation | June 30, 2026 Balance | ||||||||||||||||||||||||||||||||
| See-Mode Technologies Pte. Ltd. | Accrued expenses and other non-current liabilities | $ | 5,329 | $ | — | $ | 1,717 | $ | (18) | $ | 7,028 | |||||||||||||||||||||||||||
| Kolb Radiology P.C. | Accrued expenses and other non-current liabilities | $ | 3,900 | $ | — | $ | (3,527) | $ | — | $ | 373 | |||||||||||||||||||||||||||
| CIMAR (UK) Limited | Accrued expenses and other non-current liabilities | $ | 5,753 | $ | — | $ | 1,074 | $ | (66) | $ | 6,761 | |||||||||||||||||||||||||||
| Gleamer SAS | Accrued expenses | $ | — | $ | 8,618 | $ | 343 | $ | (279) | $ | 8,682 | |||||||||||||||||||||||||||
| As of June 30, 2026 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total Fair Value | Total Face Value | |||||||||||||||||||||||||
| Barclays Term Loan and Truist Term Loan | $ | — | $ | 1,322,222 | $ | — | $ | 1,322,222 | $ | 1,323,729 | |||||||||||||||||||
| As of December 31, 2025 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total Fair Value | Total Face Value | |||||||||||||||||||||||||
| Barclays Term Loan and Truist Term Loan | $ | — | $ | 1,087,272 | $ | — | $ | 1,087,272 | $ | 1,084,869 | |||||||||||||||||||
| 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, LLC | 35 | % | |||
| Calvert Medical Imaging Centers, LLC | 50 | % | |||
| Montgomery Community Magnetic Imaging Center, LLC | 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 | % | |||
| Balance as of December 31, 2025 | $ | 130,340 | |||
| Equity in earnings in joint ventures | 8,535 | ||||
| Distribution of earnings | (3,856) | ||||
| Balance as of June 30, 2026 | $ | 135,019 | |||
| Balance Sheet Data: | June 30, 2026 | December 31, 2025 | |||||||||
| Current assets | $ | 95,060 | $ | 79,220 | |||||||
| Noncurrent assets | 232,621 | 227,447 | |||||||||
| Current liabilities | (11,340) | (10,682) | |||||||||
| Noncurrent liabilities | (82,247) | (71,298) | |||||||||
| Total net assets | $ | 234,094 | $ | 224,687 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| Income statement data | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net revenue | $ | 76,970 | $ | 72,438 | $ | 150,299 | $ | 138,711 | |||||||||||||||
| Operating expense, excluding depreciation and amortization | 62,044 | 57,720 | 122,184 | 112,696 | |||||||||||||||||||
| Depreciation and amortization | 4,871 | 5,280 | 9,865 | 10,456 | |||||||||||||||||||
| Non-operating expense | 30 | 157 | 94 | 651 | |||||||||||||||||||
| Net income | 10,025 | 9,281 | 18,156 | 14,908 | |||||||||||||||||||
| Three Months Ended June 30, 2026 | |||||||||||
| Imaging Center | Digital health | Total | |||||||||
| Revenues from external customers | $ | 601,819 | $ | 20,901 | $ | 622,720 | |||||
| Intersegment revenues | — | 11,526 | 11,526 | ||||||||
| $ | 601,819 | $ | 32,427 | $ | 634,246 | ||||||
| Reconciliation of revenue | |||||||||||
| Elimination of intersegment revenues | (11,526) | ||||||||||
| Total consolidated revenues | $ | 622,720 | |||||||||
| Less: | |||||||||||
| Other segment items* | $ | 509,064 | $ | 38,408 | |||||||
| Segment profit (loss) | 92,755 | (5,981) | 86,774 | ||||||||
| Reconciliation of segment profit | |||||||||||
| Depreciation and amortization | $ | (45,529) | |||||||||
| Loss on sale and disposal of equipment and other | (1,117) | ||||||||||
| Severance costs | (660) | ||||||||||
| Interest expense | (18,153) | ||||||||||
| Equity in earnings of joint ventures | 4,710 | ||||||||||
| Debt restructuring and extinguishment expenses | (3,368) | ||||||||||
| Other income, net | 3,960 | ||||||||||
| Income before income taxes | $ | 26,617 | |||||||||
| Three Months Ended June 30, 2025 | |||||||||||
| Imaging Center | Digital health | Total | |||||||||
| Revenues from external customers | $ | 487,216 | $ | 11,014 | $ | 498,230 | |||||
| Intersegment revenues | — | 9,712 | 9,712 | ||||||||
| $ | 487,216 | $ | 20,726 | $ | 507,942 | ||||||
| Reconciliation of revenue | |||||||||||
| Elimination of intersegment revenues | (9,712) | ||||||||||
| Total consolidated revenues | $ | 498,230 | |||||||||
| Less: | |||||||||||
| Other segment items* | $ | 414,160 | $ | 24,760 | |||||||
| Segment profit (loss) | 73,056 | (4,034) | 69,022 | ||||||||
| Reconciliation of segment profit | |||||||||||
| Depreciation and amortization | $ | (35,993) | |||||||||
| Loss on sale and disposal of equipment and other | (1,724) | ||||||||||
| Severance costs | (426) | ||||||||||
| Interest expense | (17,189) | ||||||||||
| Equity in earnings of joint ventures | 4,356 | ||||||||||
| Non-cash change in fair value of interest rate swaps | (1,956) | ||||||||||
| Other income, net | 7,764 | ||||||||||
| Income before income taxes | $ | 23,854 | |||||||||
Six Months Ended June 30, 2026 | |||||||||||
| Imaging Center | Digital health | Total | |||||||||
| Revenues from external customers | $ | 1,158,807 | $ | 39,544 | $ | 1,198,351 | |||||
| Intersegment revenues | — | 22,003 | 22,003 | ||||||||
| $ | 1,158,807 | $ | 61,547 | $ | 1,220,354 | ||||||
| Reconciliation of revenue | |||||||||||
| Elimination of intersegment revenues | (22,003) | ||||||||||
| Total consolidated revenues | $ | 1,198,351 | |||||||||
| Less: | |||||||||||
| Other segment items* | $ | 1,029,792 | $ | 78,669 | |||||||
| Segment profit (loss) | 129,015 | (17,122) | 111,893 | ||||||||
| Reconciliation of segment profit | |||||||||||
| Depreciation and amortization | $ | (90,496) | |||||||||
| Loss on sale and disposal of equipment and other | (3,708) | ||||||||||
| Severance costs | (2,124) | ||||||||||
| Interest expense | (35,810) | ||||||||||
| Equity in earnings of joint ventures | 8,535 | ||||||||||
| Debt restructuring and extinguishment expenses | (3,368) | ||||||||||
| Other income, net | 8,867 | ||||||||||
| Loss before income taxes | $ | (6,211) | |||||||||
Six Months Ended June 30, 2025 | |||||||||||
| Imaging Center | Digital health | Total | |||||||||
| Revenues from external customers | $ | 948,594 | $ | 21,035 | $ | 969,629 | |||||
| Intersegment revenues | — | 18,912 | 18,912 | ||||||||
| 948,594 | 39,947 | 988,541 | |||||||||
| Reconciliation of revenue | |||||||||||
| Elimination of intersegment revenues | (18,912) | ||||||||||
| Total consolidated revenues | $ | 969,629 | |||||||||
| Less: | |||||||||||
| Other segment items* | $ | 859,890 | $ | 47,098 | |||||||
| Segment profit (loss) | 88,704 | (7,151) | 81,553 | ||||||||
| Reconciliation of segment profit | |||||||||||
| Depreciation and amortization | (71,476) | ||||||||||
| Loss on sale and disposal of equipment and other | (2,126) | ||||||||||
| Severance costs | (1,173) | ||||||||||
| Interest expense | (34,428) | ||||||||||
| Equity in earnings of joint ventures | 6,955 | ||||||||||
| Non-cash change in fair value of interest rate swaps | (4,062) | ||||||||||
| Other income, net | 15,476 | ||||||||||
| Income before income taxes | $ | (9,281) | |||||||||
| Period | Base Rate plus Margin | Effective Rate | ||||||
As of December 31, 2025 | SOFR plus 2.25% Prime Rate plus 1.25% | 6.07% 8.0% | ||||||
As of June 30, 2026 | SOFR plus 2.0% Prime Rate plus 1.0% | 5.7% 7.8% | ||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Barclays Term Loans collateralized by RadNet's tangible and intangible assets | $ | 1,205,604 | $ | 961,119 | |||||||
| Discount on Barclays Term Loans | (11,283) | (11,759) | |||||||||
| Truist Term Loan Agreement collateralized by NJIN's tangible and intangible assets | 118,125 | 123,750 | |||||||||
| Discount on Truist Term Loan Agreement | (330) | (462) | |||||||||
Equipment notes payable at 2.7% to 7.2%, due through 2029, collateralized by medical equipment | 17,603 | 17,271 | |||||||||
| Other notes payable, due through 2036 | 2,812 | — | |||||||||
| Total debt obligations, excluding finance lease liabilities | 1,332,531 | 1,089,919 | |||||||||
| Less: current portion | (30,669) | (25,424) | |||||||||
| Long term portion of debt obligations | $ | 1,301,862 | $ | 1,064,495 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Total debt obligations, excluding finance lease liabilities | $ | 1,332,531 | $ | 1,089,919 | |||||||
| Short-term finance lease liability* | 1,332 | — | |||||||||
| Long-term finance lease liability | 4,288 | $ | — | ||||||||
Total debt obligations, including finance lease liabilities | $ | 1,338,151 | $ | 1,089,919 | |||||||
| Outstanding Options Under the 2006 Plan | Shares | Weighted Average Exercise price Per Common Share | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||||
| Balance, December 31, 2025 | 994,874 | $ | 19.11 | |||||||||||||||||||||||
| Granted | — | — | ||||||||||||||||||||||||
| Exercised | (97,854) | 6.82 | ||||||||||||||||||||||||
| Balance, June 30, 2026 | 897,020 | 20.44 | 5.0 | $ | 36,980 | |||||||||||||||||||||
| Exercisable at June 30, 2026 | 810,148 | 20.54 | 4.8 | $ | 33,322 | |||||||||||||||||||||
| RSAs and RSUs | Weighted-Average Remaining Contractual Term (Years) | Weighted-Average Fair Value per Share | |||||||||||||||
| RSAs and RSUs unvested at December 31, 2025 | 893,385 | $ | 58.23 | ||||||||||||||
| Granted | 914,377 | $ | 71.88 | ||||||||||||||
| Vested | (723,908) | $ | 62.85 | ||||||||||||||
| Forfeited or Canceled | (40,682) | $ | 59.22 | ||||||||||||||
| RSAs and RSUs unvested at June 30, 2026 | 1,043,172 | 1.19 | $ | 67.38 | |||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Centers in operation | 442 | 405 | |||||||||
| Net consolidated revenues (millions) | $ | 1,198 | $ | 970 | |||||||
| In Thousands | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Commercial insurance | $ | 339,401 | $ | 278,902 | $ | 655,367 | $ | 541,410 | |||||||||||||||
| Medicare | 150,821 | 116,331 | 287,923 | 224,499 | |||||||||||||||||||
| Medicaid | 14,452 | 12,597 | 28,468 | 24,283 | |||||||||||||||||||
| Workers' compensation/personal injury | 13,533 | 10,642 | 25,830 | 21,114 | |||||||||||||||||||
| Other payors | 36,831 | 29,394 | 70,383 | 57,087 | |||||||||||||||||||
| Management fee revenue | 7,858 | 6,688 | 15,339 | 12,967 | |||||||||||||||||||
| Other revenue | 29,693 | 13,509 | 54,497 | 26,052 | |||||||||||||||||||
| Revenue under capitation arrangements | 30,131 | 30,167 | 60,544 | 62,217 | |||||||||||||||||||
| Total service revenue | $ | 622,720 | $ | 498,230 | $ | 1,198,351 | $ | 969,629 | |||||||||||||||
| In Thousands | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating Revenue | |||||||||||||||||||||||
| Imaging Center | $ | 601,819 | $ | 487,216 | $ | 1,158,807 | $ | 948,594 | |||||||||||||||
| Digital Health | 32,427 | 20,726 | 61,547 | 39,947 | |||||||||||||||||||
| Intersegment eliminations | (11,526) | (9,712) | (22,003) | (18,912) | |||||||||||||||||||
| Total service revenue | $ | 622,720 | $ | 498,230 | $ | 1,198,351 | $ | 969,629 | |||||||||||||||
| Segment profit | |||||||||||||||||||||||
| Imaging Center | $ | 92,755 | $ | 73,056 | $ | 129,015 | $ | 88,704 | |||||||||||||||
| Digital Health | $ | (5,981) | $ | (4,034) | $ | (17,122) | $ | (7,151) | |||||||||||||||
| Total Segment profit | $ | 86,774 | $ | 69,022 | $ | 111,893 | $ | 81,553 | |||||||||||||||
| In Thousands | Three Months Ended June 30, | |||||||||||||
| Revenue | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $601,819 | $487,216 | $114,603 | 23.5% | ||||||||||
| Same Center | $539,056 | $485,413 | $53,643 | 11.1% | ||||||||||
| Excluded | $62,763 | $1,803 | — | — | ||||||||||
| Three Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Salaries, excluding stock-based compensation and severance | 226,298 | 188,766 | |||||||||
| Professional reading fees | 93,266 | 69,381 | |||||||||
| Stock-based compensation | 7,762 | 6,091 | |||||||||
| Building and equipment rental | 37,181 | 32,006 | |||||||||
| Medical supplies | 44,218 | 31,196 | |||||||||
| Lease abandonment charges | 1,306 | 123 | |||||||||
Other operating expenses * | 99,033 | 86,597 | |||||||||
| Cost of operations | 509,064 | 414,160 | |||||||||
| Depreciation and amortization | 37,090 | 32,941 | |||||||||
| Loss on sale and disposal of equipment | 1,168 | 1,812 | |||||||||
| Severance costs | 392 | 309 | |||||||||
| Total operating expenses | $ | 547,714 | $ | 449,222 | |||||||
| In Thousands | Three Months Ended June 30, | |||||||||||||
| Professional Fees | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $93,266 | $69,381 | $23,885 | 34.4% | ||||||||||
| Same Center | $83,034 | $69,064 | $13,970 | 20.2% | ||||||||||
| Excluded | $10,232 | $317 | — | — | ||||||||||
| In Thousands | Three Months Ended June 30, | |||||||||||||
| Building & Equipment Rental | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $37,181 | $32,006 | $5,175 | 16.2% | ||||||||||
| Same Center | $31,954 | $31,289 | $665 | 2.1% | ||||||||||
| Excluded | $5,227 | $717 | — | — | ||||||||||
| In Thousands | Three Months Ended June 30, | |||||||||||||
| Medical Supplies Expense | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $44,218 | $31,196 | $13,022 | 41.7% | ||||||||||
| Same Center | $33,146 | $31,087 | $2,059 | 6.6% | ||||||||||
| Excluded | $11,072 | $109 | — | — | ||||||||||
| In Thousands | Three Months Ended June 30, | |||||||||||||
| Other Operating Expenses | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $99,033 | $86,597 | $12,436 | 14.4% | ||||||||||
| Same Center | $88,562 | $86,156 | $2,406 | 2.8% | ||||||||||
| Excluded | $10,471 | $441 | — | — | ||||||||||
| In Thousands | Three Months Ended June 30, | |||||||||||||
| Depreciation and amortization | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $37,090 | $32,941 | $4,149 | 12.6% | ||||||||||
| Same Center | $33,844 | $32,721 | $1,123 | 3.4% | ||||||||||
| Excluded | $3,246 | $220 | — | — | ||||||||||
| In Thousands | Three Months Ended June 30, | |||||||||||||
| Severance | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $392 | $309 | $83 | 26.9% | ||||||||||
| Same Center | $221 | $309 | $(88) | (28.5)% | ||||||||||
| Excluded | $171 | $— | — | — | ||||||||||
| In Thousands | Three Months Ended June 30, | |||||||||||||
| 2026 | 2025 | $ Increase/(Decrease) | % Change | |||||||||||
| Other income, net | ($820) | ($7,767) | 6,947 | (89.4)% | ||||||||||
| In Thousands | Six Months Ended June 30, | |||||||||||||
| Revenue | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $1,158,807 | $948,593 | $210,214 | 22.2% | ||||||||||
| Same Center | $1,039,813 | $946,001 | $93,812 | 9.9% | ||||||||||
| Excluded | $118,994 | $2,592 | — | — | ||||||||||
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Salaries, excluding stock-based compensation | $ | 450,040 | $ | 382,355 | |||||||
| Professional reading fees | 189,116 | 146,485 | |||||||||
| Stock-based compensation | 33,818 | 31,319 | |||||||||
| Building and equipment rental | 73,013 | 62,930 | |||||||||
| Medical supplies | 87,414 | 60,922 | |||||||||
| Lease abandonment charges | 1,306 | 5,511 | |||||||||
Other operating expenses * | 195,084 | 170,367 | |||||||||
| Cost of operations | 1,029,791 | 859,889 | |||||||||
| Depreciation and amortization | 75,590 | 65,480 | |||||||||
| Loss on sale and disposal of equipment | 3,736 | 2,211 | |||||||||
| Severance costs | 1,804 | 1,005 | |||||||||
| Total operating expenses | $ | 1,110,921 | $ | 928,585 | |||||||
| In Thousands | Six Months Ended June 30, | |||||||||||||
| Professional Fees | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $189,116 | $146,485 | $42,631 | 29.1% | ||||||||||
| Same Center | $170,051 | $146,026 | $24,025 | 16.5% | ||||||||||
| Excluded | $19,065 | $459 | — | — | ||||||||||
| In Thousands | Six Months Ended June 30, | |||||||||||||
| Building & Equipment Rental | 2026 | 2025 | $ Increase/(Decrease) | % Change | ||||||||||
| Total | $73,013 | $62,930 | $10,083 | 16.0% | ||||||||||
| Same Center | $62,880 | $61,892 | $988 | 1.6% | ||||||||||
| Excluded | $10,133 | $1,038 | — | — | ||||||||||
| In Thousands | Six Months Ended June 30, | |||||||||||||
| Medical Supplies Expense | 2026 | 2025 | $ Increase/(Decrease) | % Change | ||||||||||
| Total | $87,414 | $60,922 | $26,492 | 43.5% | ||||||||||
| Same Center | $66,859 | $60,795 | $6,064 | 10.0% | ||||||||||
| Excluded | $20,555 | $127 | — | — | ||||||||||
| In Thousands | Six Months Ended June 30, | |||||||||||||
| Other Operating Expenses | 2026 | 2025 | $ Increase/(Decrease) | % Change | ||||||||||
| Total | $195,084 | $170,367 | $24,717 | 14.5% | ||||||||||
| Same Center | $176,118 | $169,516 | $6,602 | 3.9% | ||||||||||
| Excluded | $18,966 | $851 | — | — | ||||||||||
| In Thousands | Six Months Ended June 30, | |||||||||||||
| Depreciation and amortization | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $75,590 | $65,480 | $10,110 | 15.4% | ||||||||||
| Same Center | $69,142 | $65,190 | $3,952 | 6.1% | ||||||||||
| Excluded | $6,448 | $290 | ||||||||||||
| In Thousands | Six Months Ended June 30, | |||||||||||||
| Severance | 2026 | 2025 | $ Increase | % Change | ||||||||||
| Total | $1,804 | $1,005 | $799 | 79.5% | ||||||||||
| Same Center | $1,543 | $1,005 | $538 | 53.5% | ||||||||||
| Excluded | $261 | $— | ||||||||||||
| In Thousands | Six Months Ended June 30, | |||||||||||||
| 2026 | 2025 | $ Increase/(Decrease) | % Change | |||||||||||
| Other income, net | $(5,875) | $(15,485) | $9,610 | (62.1)% | ||||||||||
| In Thousands | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | |||||||||||||||||||
| Statement of Operations | ||||||||||||||||||||||||||
| Revenue | $ | 32,427 | $ | 20,726 | $ | 11,701 | 56.5 | % | $ | 61,547 | $ | 39,947 | $ | 21,600 | 54.1 | % | ||||||||||
| Salaries and Wages | 18,501 | 9,819 | 8,682 | 88.4 | % | 34,330 | 18,513 | 15,817 | 85.4 | % | ||||||||||||||||
| Stock Compensation | 2,778 | 2,649 | 129 | 4.9 | % | 8,098 | 5,916 | 2,182 | 36.9 | % | ||||||||||||||||
| Other operating | 12,019 | 7,506 | 4,513 | 60.1 | % | 26,570 | 14,321 | 12,249 | 85.5 | % | ||||||||||||||||
| Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI | 5,110 | 4,787 | 323 | 7 | % | 9,670 | 8,349 | 1,321 | 16 | % | ||||||||||||||||
| Depreciation & Amort. | 8,440 | 3,052 | 5,388 | 176.5 | % | 14,906 | 5,996 | 8,910 | 148.6 | % | ||||||||||||||||
| (Gain) loss on sale and disposal of equipment and other | (51) | (88) | 37 | (42.0) | % | (28) | (85) | 57 | (67.1) | % | ||||||||||||||||
| Severance | 267 | 117 | 150 | 128.2 | % | 320 | 168 | 152 | 90.5 | % | ||||||||||||||||
| Total operating expenses | $ | 47,064 | $ | 27,842 | $ | 19,222 | 69.0 | % | $ | 93,866 | $ | 53,178 | $ | 40,688 | 76.5 | % | ||||||||||
| Loss from Operations | $ | (14,637) | $ | (7,116) | $ | (7,521) | 105.7 | % | $ | (32,319) | $ | (13,231) | $ | (19,088) | 144.3 | % | ||||||||||
| Other expense | 199 | 4 | 195 | 4875.0 | % | 370 | 8 | 362 | 4525.0 | % | ||||||||||||||||
| Loss before taxes | (14,836) | (7,120) | (7,716) | 108.4 | % | (32,689) | (13,239) | (19,450) | 146.9 | % | ||||||||||||||||
| Income taxes | $ | (3,325) | $ | (2,249) | $ | (1,076) | 47.8 | % | $ | (6,294) | $ | (2,981) | $ | (3,313) | 111.1 | % | ||||||||||
| Segment net loss | (11,511) | (4,871) | (6,640) | 136.3 | % | (26,395) | (10,258) | (16,137) | 157.3 | % | ||||||||||||||||
| In Thousands | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
| Interest expense | 2026 | 2025 | $ Increase/(Decrease) | % Change | 2026 | 2025 | $ Increase/(Decrease) | % Change | ||||||||||||||||||
| Total interest expense | $ | 18,153 | $ | 17,189 | $964 | 5.6 | % | $ | 35,810 | $ | 34,428 | $1,382 | 4.0 | % | ||||||||||||
| Interest related to derivatives* | — | (1,040) | — | (2,058) | ||||||||||||||||||||||
| Interest expense related to amortization** | 771 | 743 | 1,550 | 1,471 | ||||||||||||||||||||||
| Adjusted interest expense*** | 17,382 | 17,486 | (104) | (0.6) | % | 34,260 | 35,015 | (755) | (2.2) | % | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) attributable to RadNet, Inc. common stockholders | $ | 7,530 | $ | 14,454 | $ | (25,936) | $ | (23,472) | |||||||||||||||
| Income taxes | 6,363 | 820 | (1,733) | (2,578) | |||||||||||||||||||
| Interest expense | 18,153 | 17,189 | 35,810 | 34,428 | |||||||||||||||||||
| Severance costs | 660 | 426 | 2,124 | 1,173 | |||||||||||||||||||
| Depreciation and amortization | 45,529 | 35,993 | 90,496 | 71,476 | |||||||||||||||||||
| Non-cash employee stock-based compensation | 10,539 | 8,741 | 41,915 | 37,235 | |||||||||||||||||||
| Loss on sale and disposal of equipment and other | 1,117 | 1,724 | 3,708 | 2,126 | |||||||||||||||||||
| Non-cash change in fair value of interest rate hedge | — | 1,956 | — | 4,062 | |||||||||||||||||||
| Other income | (3,960) | (7,764) | (8,867) | (15,476) | |||||||||||||||||||
| Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI | 5,110 | 4,787 | 9,670 | 8,349 | |||||||||||||||||||
| Lease abandonment charges | 1,306 | 123 | 1,306 | 5,511 | |||||||||||||||||||
| Loss (gain) on extinguishment of debt and related expenses | 3,368 | — | 3,368 | — | |||||||||||||||||||
| Non-cash change to contingent consideration | (3,157) | — | (393) | — | |||||||||||||||||||
| Non-operational rent expenses | 498 | 496 | 1,398 | 1,838 | |||||||||||||||||||
| Acquisition transaction costs | 6,599 | 2,301 | 10,053 | 2,973 | |||||||||||||||||||
Adjusted EBITDA - Total Company | $ | 99,655 | $ | 81,246 | $ | 162,919 | $ | 127,645 | |||||||||||||||
| NOTE | |||||||||||||||||||||||
Adjusted EBITDA - Imaging Center | $ | 97,177 | $ | 77,843 | $ | 159,138 | $ | 120,531 | |||||||||||||||
| Adjusted EBITDA - Digital Health Segment | $ | 2,478 | $ | 3,403 | $ | 3,781 | $ | 7,114 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Segment net loss | $ | (11,511) | $ | (4,871) | $ | (26,395) | $ | (10,258) | |||||||||||||||
| Stock Compensation | 2,778 | 2,650 | 8,098 | 5,916 | |||||||||||||||||||
| Depreciation & Amortization | 8,440 | 3,053 | 14,906 | 5,997 | |||||||||||||||||||
| Other operating loss | (51) | (88) | (28) | (85) | |||||||||||||||||||
| Other expense | 227 | 4 | 377 | 8 | |||||||||||||||||||
| Severance | 267 | 117 | 320 | 168 | |||||||||||||||||||
| Interest | (27) | — | (7) | — | |||||||||||||||||||
| Income taxes | (3,325) | (2,249) | (6,294) | (2,981) | |||||||||||||||||||
| Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI | 5,110 | 4,787 | 9,670 | 8,349 | |||||||||||||||||||
| Non-cash change to contingent consideration | 570 | — | 3,134 | — | |||||||||||||||||||
Adjusted EBITDA - Digital Health Segment | $ | 2,478 | $ | 3,403 | $ | 3,781 | $ | 7,114 | |||||||||||||||
| Three months ended June 30, | ||||||||||||||||||||
| 2026 | 2025 | $ Increase/(Decrease) | % Change | |||||||||||||||||
| Total service revenue | $ | 622,720 | $ | 498,230 | 124,490 | 25.0 | % | |||||||||||||
| Add Intersegment revenue | 11,526 | 9,712 | 1,814 | 18.7 | % | |||||||||||||||
| Less: Digital Health revenue | (32,427) | (20,726) | (11,701) | 56.5 | % | |||||||||||||||
| Consolidated imaging center revenue | 601,819 | 487,216 | 114,603 | 23.5 | % | |||||||||||||||
| Unconsolidated affiliates revenue (1) | 76,970 | 72,438 | 4,532 | 6.3 | % | |||||||||||||||
| Systemwide revenue | $ | 678,789 | $ | 559,654 | 119,135 | 21.3 | % | |||||||||||||
| Six months ended June 30, | ||||||||||||||||||||
| 2026 | 2025 | $ Increase/(Decrease) | % Change | |||||||||||||||||
| Total service revenue | $ | 1,198,351 | $ | 969,629 | 228,722 | 23.6 | % | |||||||||||||
| Add Intersegment revenue | 22,003 | 18,912 | 3,091 | 16.3 | % | |||||||||||||||
| Less: Digital Health revenue | (61,547) | (39,947) | (21,600) | 54.1 | % | |||||||||||||||
| Consolidated imaging center revenue | 1,158,807 | 948,594 | 210,213 | 22.2 | % | |||||||||||||||
| Unconsolidated affiliates revenue (1) | 150,299 | 138,711 | 11,588 | 8.4 | % | |||||||||||||||
| Systemwide revenue | $ | 1,309,106 | $ | 1,087,305 | 221,801 | 20.4 | % | |||||||||||||
| SYSTEMWIDE PROCEDURAL VOLUMES BY MODALITY | |||||||||||||||||
| Three Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| MR | 593,143 | 490,299 | 21.0 | % | |||||||||||||
| CT | 352,734 | 291,820 | 20.9 | % | |||||||||||||
| PET/CT | 29,027 | 22,155 | 31.0 | % | |||||||||||||
| Nuclear Medicine | 10,460 | 9,377 | 11.5 | % | |||||||||||||
| Ultrasound | 776,541 | 701,917 | 10.6 | % | |||||||||||||
| Mammography | 537,732 | 508,000 | 5.9 | % | |||||||||||||
| X-ray and Other | 962,376 | 900,095 | 6.9 | % | |||||||||||||
| 3,262,013 | 2,923,663 | 11.6 | % | ||||||||||||||
| SYSTEMWIDE PROCEDURAL VOLUMES BY MODALITY | |||||||||||||||||
| Six months ended June 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| MR | 1,131,186 | 937,629 | 20.6 | % | |||||||||||||
| CT | 671,935 | 562,990 | 19.4 | % | |||||||||||||
| PET/CT | 56,599 | 42,544 | 33.0 | % | |||||||||||||
| Nuclear Medicine | 20,855 | 18,954 | 10.0 | % | |||||||||||||
| Ultrasound | 1,494,547 | 1,358,344 | 10.0 | % | |||||||||||||
| Mammography | 1,042,493 | 984,378 | 5.9 | % | |||||||||||||
| X-ray and Other | 1,865,353 | 1,761,797 | 5.9 | % | |||||||||||||
| 6,282,968 | 5,666,636 | 10.9 | % | ||||||||||||||
| Three months ended June 30, | ||||||||||||||||||||
| 2026 | 2025 | $ Increase/(Decrease) | % Change | |||||||||||||||||
| Consolidated imaging center revenue | $ | 601,819 | $ | 487,216 | 114,603 | 23.5 | % | |||||||||||||
| Less: Excluded Consolidated Imaging center revenue | (62,763) | (1,803) | (60,960) | 3381.0 | % | |||||||||||||||
| Consolidated same center revenue | 539,056 | 485,413 | 53,643 | 11.1 | % | |||||||||||||||
| Unconsolidated affiliates same center revenue (2) | 76,970 | 72,183 | 4,787 | 6.6 | % | |||||||||||||||
| Systemwide same center revenue | $ | 616,026 | $ | 557,596 | 58,430 | 10.5 | % | |||||||||||||
| SYSTEMWIDE SAME CENTER PROCEDURAL VOLUMES BY MODALITY | |||||||||||||||||
| Three Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| MR | 537,894 | 488,168 | 10.2 | % | |||||||||||||
| CT | 315,226 | 290,174 | 8.6 | % | |||||||||||||
| PET/CT | 23,980 | 22,050 | 8.8 | % | |||||||||||||
| Nuclear Medicine | 8,442 | 9,377 | (10.0) | % | |||||||||||||
| Ultrasound | 723,473 | 699,829 | 3.4 | % | |||||||||||||
| Mammography | 505,871 | 507,920 | (0.4) | % | |||||||||||||
| X-ray and Other | 912,993 | 897,473 | 1.7 | % | |||||||||||||
| 3,027,879 | 2,914,991 | 3.9 | % | ||||||||||||||
| Balance Sheet Data: | June 30, 2026 | December 31, 2025 | |||||||||
| Cash and cash equivalents | $ | 726,272 | $ | 767,215 | |||||||
| Accounts receivable | 241,845 | 200,317 | |||||||||
| Working capital (exclusive of current operating lease liabilities) | 407,491 | 507,298 | |||||||||
| Total equity | 1,394,051 | 1,355,886 | |||||||||
Income statement data for the six months ended June 30, | 2026 | 2025 | |||||||||
| Total net revenue | $ | 1,198,351 | $ | 969,629 | |||||||
Net loss attributable to RadNet common stockholders | (25,936) | (23,472) | |||||||||
| Cash Flow Data | June 30, 2026 | June 30, 2025 | |||||||||
| Cash provided by operating activities | $ | 173,071 | $ | 161,829 | |||||||
| Cash used in investing activities | (434,527) | (154,201) | |||||||||
| Cash provided by financing activities | 222,715 | 84,918 | |||||||||
| Face Value | Discount | Total Carrying Value | |||||||||||||||
| Barclays Term Loan | $ | 1,205,604 | $ | (11,283) | $ | 1,194,321 | |||||||||||
| Truist Term Loan | 118,125 | (330) | 117,795 | ||||||||||||||
| Total Term Loans | $ | 1,323,729 | $ | (11,613) | $ | 1,312,116 | |||||||||||
| Exhibit Number | Description | |||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 3.3 | ||||||||
| 10.1 | ||||||||
| 10.2 | ||||||||
| 10.3 | Incremental Amendment No. 3 to Credit and Guaranty Agreement, dated as of June 10, 2026, by and among Radnet Management, Inc., a California corporation, RadNet, Inc., a Delaware corporation, certain subsidiaries and affiliates of Radnet Management, Inc., as Guarantors, the lenders and other financial institutions from time to time party thereto, and Barclays Bank PLC, as administrative agent and collateral agent (incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on June 10, 2026). | |||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32.1 | ||||||||
| 32.2 | ||||||||
| 101 | The following financial information from RadNet, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 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) | |||||||
| RADNET, INC. | ||||||||
| (Registrant) | ||||||||
| Date: August 10, 2026 | By: | /s/ Howard G. Berger, M.D. | ||||||
| Howard G. Berger, M.D., President and Chief Executive Officer (Principal Executive Officer) | ||||||||
| Date: August 10, 2026 | By: | /s/ Mark D. Stolper | ||||||
| Mark D. Stolper, Chief Financial Officer (Principal Financial and Accounting Officer) | ||||||||
-1- | ||||||||
-2- | ||||||||
-3- | ||||||||
-4- | ||||||||
-5- | ||||||||
-1- | ||||||||
The Plan and 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. 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 Stock Units | The Company awards you the number of Stock Units shown on the cover sheet of this Agreement. 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. | ||||
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. | ||||
-2- | ||||||||
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. 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 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. 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. | ||||
-3- | ||||||||
Taxes and 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. 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. | ||||
-4- | ||||||||
Restrictions on Issuance and Resale | The Company will not issue any Shares if the issuance of such Shares at that time would violate any law or regulation. 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. 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. | ||||
-5- | ||||||||
-6- | ||||||||
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. 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 Awardee | You acknowledge that you are voluntarily participating in the Plan. | ||||
No Rights to 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. | ||||
-7- | ||||||||
No Advice 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 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. | ||||
-8- | ||||||||
| 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 | |||||||
| 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. | |||||||
| /s/ Howard G. Berger, M.D. | |||||
| Howard G. Berger, M.D. | |||||
| President, Chief Executive Officer and Chairman of the Board of Directors | |||||
| 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 | |||||||
| 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. | |||||||
| /s/ Mark D. Stolper | |||||
| Mark D. Stolper | |||||
| Executive Vice President | |||||
| and Chief Financial Officer | |||||
| /s/ Howard G. Berger, M.D. | |||||
| Howard G. Berger, M.D. | |||||
| Chairman, President and Chief Executive Officer | |||||
| (Principal Executive Officer) | |||||
August 10, 2026 | |||||
| /s/ Mark D. Stolper | |||||
| Mark D. Stolper | |||||
| Chief Financial Officer | |||||
| (Principal Financial Officer) | |||||
August 10, 2026 | |||||