Radnet, Inc. · NASDAQ:RDNT
Radnet — Merger or Acquisition (October 2026)
20 slides from Radnet's merger presentation, October 2026
Slide 1: RadNet's Acquisition of ONRAD Inc.
RadNet’s Acquisition of ONRAD Inc. Shareholder Presentation October 2026
Slide 2: Transaction Overview
Transaction Overview • RadNet has signed a definitive agreement to acquire ONRAD • $350mm + 5mm shares of RadNet stock • Up to $210mm earnout (paid in cash and/or stock at RadNet’s election) based upon 2027 Adjusted EBITDA • Anticipated to add $190-200mm of annual Revenue and $60-65MM of Adjusted EB
Slide 3: Why ONRAD? Why Now?
Why ONRAD? Why Now? • Acquisition is partially a response to inbound demand RadNet has received from joint venture partners and other health systems • Connects 3 complementary businesses (Imaging Centers, Digital Health, Radiology Professional Services) to provide comprehensive solutions for custome
Slide 4: ONRAD — At a Glance
ONRAD — At a Glance ONRAD is one of the largest teleradiology providers in the United States, supplying 24-hour final interpretations to a blue-chip list of hospital systems, radiology groups and diagnostic imaging centers Extensive Network of Radiologists and Hospital Customers 130+ 8,000+ 225+ Pra
Slide 5: Large Addressable Radiology Market…
Large Addressable Radiology Market… Increasing demand for imaging driven by an aging population, expanded healthcare access, advanced imaging equipment innovation, growing adoption of advanced imaging and AI US Diagnostic Imaging Services Market ($ in Billions) Freestanding Imaging Centers Inpatient
Slide 6: …With an Increasing Supply / Demand Imbalance
…With an Increasing Supply / Demand Imbalance Supply of new radiologists is significantly constrained, with fewer radiologists entering the profession and a growing number of retirement-age radiologists exiting, intensifying the supply / demand imbalance 0.9% 1.1% 1 Diagnostic Radiology Residency 1
Slide 7: ONRAD — Full Spectrum of Radiology Services
ONRAD — Full Spectrum of Radiology Services ONRAD delivers teleradiology and a wide array of radiology services through one platform to over 270 facilities nationwide Need for Mission-Critical Service: Radiology is critical to all care delivery and directly impacts clinical outcomes Outsourced Load-
Slide 8: National, Blue-Chip Customer Base
National, Blue-Chip Customer Base Serving market leaders across the healthcare ecosystem with proven ability to “land and expand” across the customer base 2025A Revenue Summary Diverse Customer Base of Leading Players in the Healthcare Ecosystem 225+ 48 Hospital Facilities Urgent Care / Imaging Cent
Slide 9: Large Network of Board-Certified Radiologists
Large Network of Board-Certified Radiologists National network of 130+ radiologists supporting all diagnostic modalities and delivering 24/7/365 radiology services Extensive and Broad Expertise Radiologist Coverage 29% 71% YTD 2026A Radiologist Overview % Sub-Specialists Diagnostic Average Daily Stu
Slide 10: Multiple Avenues for Sustainable Double-Digit Growth
Multiple Avenues for Sustainable Double-Digit Growth ONRAD is primed for the next phase of growth through both organic and inorganic strategies Transformative & Tuck-In M&A Leverage proven business model and M&A playbook in a highly-fragmented industry Partner with Hospital Affiliated Partner with h
Slide 11: Teleradiology Overview
Teleradiology Overview Remote radiology services across all imaging modalities Key Metrics (2026E unless otherwise noted) (As of 2025A) Modality Mix 7% 1% ~ 80% 8% - CT - MRI Revenue 14% - CTA - US 55% - XR - Other 15% 26 States Geographic Mix 23% - CA - IL 26% - VA - NC 3% - TX - MT 72 246 4% 4% -
Slide 12: Full-Service Customers Overview
Full-Service Customers Overview Onsite hospital-based division supports all imaging modalities and can pair with teleradiology to address overflow volume Key Metrics (2026E unless otherwise noted) (As of 2025A) Modality Mix 11% ~ 20% 9% - CT - MRI Revenue 12% 41% - CTA - US - XR - Other 12% 5 15% St
Slide 13: Proven Leadership Team will Join RadNet
Proven Leadership Team will Join RadNet ONRAD management brings decades of teleradiology services experience and is poised to lead the next chapter of growth Dave Engert Lyn Mize Jerry Lee Leandra Hutchinson Alix Vincent President & Chief Chief Financial Officer Chief Technology President & Co-Found
Slide 14: Imaging at a Crossroads: Current Challenges
Imaging at a Crossroads Current Challenges: Workforce Shortages – Radiologists & Technologists Increasing Labor Costs Growing Imaging Study Volumes & Utilization Capital Investments required to manage Enterprise- wide requirements (i.e. AI, data storage, image distribution, advanced visualiz
Slide 15: Imaging at a Crossroads: Future Solutions
Imaging at a Crossroads Future Solutions: Technological Innovation Workflow Transformation (AI/Reporting Tools/Cloud) Early Detection & Prevention (Population Health) Clinical Navigation to Improve Outcomes CONFIDENTIAL | ONRAD |
Slide 16: Intelligent Experience era
Intelligent Experience era Intelligent Experience Bringing intelligence into every step of the imaging Viewing & Reporting experience. Experience • Automate Radiology • Guide Patient Journeys Workflows centered • Accelerate Acute Care around viewing & • Stage Shift Disease reporting. Digitization of
Slide 17: Typical Radiologist Workflow Today
Typical Radiologist Workflow Today Radiologist navigate labor intensive steps using multiple tools to produce a diagnostic report. Imaging Order & Studies Clinical History Case Assignment Review Identify Clinical Dictate Report & Findings Report Sign-off Distribution History Rules-Based PACS / Viewe
Slide 18: Intelligent Radiology Workflow
Intelligent Radiology Workflow AI-enabled Clinical Findings AI Simplified Radiologist Review Append Imaging AI Correct Accept Studies Automated Workflows Order & Clinical Final Report History Case Case Triage/ Findings Draft Report Assignment Prioritization Visualization Generation CONFIDENTIAL | ON
Slide 19: Intellint Clinical Navigation
Intellint Clinical Navigation Final AI Medical AI Assisted Improved Radiology Reference Clinical Patient Report Tools Navigation Outcomes CONFIDENTIAL | ONRAD |
Slide 20: Question and Answer Session
Question and Answer Session