Slides
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MP On: 02/27/2026 ARTWORK (DTP USE ONLY) RadNet’s Acquisition of ONRAD Inc. Shareholder Presentation October 2026
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | 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 EBITDA in the first year of operation • Projected future top line growth to exceed 10% • Enables RadNet to expand radiology services within hospitals and health systems • Acquired capabilities will complement imaging services and digital health solutions RadNet currently provides to hospitals and health systems • ONRAD will form the foundation for RadNet’s 3rd reportable operating segment – Radiology Professional Services
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | 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 customers and partners • Addresses growing market demand • U.S. imaging demand growth is outpacing the supply of trained radiologists • Integration of AI-enabled technology with teleradiology and radiology professional staffing services, can transform workflows, support case prioritization and better match interpretation capacity to demand • ONRAD is a financially attractive platform with leading metrics in its industry • 30%+ Adjusted EBITDA Margins • Requires little capital investment to maintain and grow Revenue • Adds to RadNet a new growth engine
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | _____________________ (1) Represents (Adj. EBITDA less Capital Expenditures) / Adj. EBITDA. (2) Represents projected Revenue and Adjusted EBITDA for the first year after transaction closes. 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 8,000+ Reads per Day Extensive Network of Radiologists and Hospital Customers 225+ Hospital Facilities Across the US 130+ Practicing Radiologists 11-14% US Teleradiology Market CAGR (2025-2030) Significant Market Opportunity Highly Attractive Business Model $190- $200M Revenue(2) ~22% Organic Rev. CAGR (2018A-2025A) $60- $65M Adj. EBITDA(2) 95%+ FCF Conversion % (1) 30%+ Adj. EBITDA Margin
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | 380 318 336 356 374 395 418 444 472 501 533 566 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E 2027P 2028P 2029P 2030P US Diagnostic Imaging Services Market ($ in Billions) Large Addressable Radiology Market… _____________________ Sources: LEK Market Study, Fortune Business Insights. Note: Certain figures do not sum to totals due to rounding. U.S. Radiology Demand (wRVUs in Millions) $19 $23 $39 $40 $33 $44 $24 $33$114 $140 2019 2024 Radiology is the gateway to all care delivery and has become increasingly critical due to growth in imaging volume and complexity 6.9% 5.9% 0.7% 3.9% ’19-’24 CAGR Imaging center and hospital outpatient imaging growth significantly outpacing inpatient 3.7% CAGR Freestanding Imaging Centers Hospital Outpatient Departments Inpatient Other 4.2% Increasing demand for imaging driven by an aging population, expanded healthcare access, advanced imaging equipment innovation, growing adoption of advanced imaging and AI
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | 32.6 33.0 33.4 33.8 33.9 34.3 35.0 35.2 35.6 35.9 36.9 37.8 38.7 39.6 40.4 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E 2027P 2028P 2029P 2030P …With an Increasing Supply / Demand Imbalance 0.9% Diagnostic Radiology Residency Position CAGR (2016 -2025) 1 1.1% Practicing Radiologist CAGR (2016-2025) 1 30%+ of Radiologists are Age 55+ 1 ~3,000 Radiologists Reached Retirement Age in 2024 1 2.3x Increase in Radiologist Attrition Rate (2014 to 2022) 1 Inadequate Overall Growth in Radiologist Population (1) (US radiologist population in thousands) 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 1.5% CAGR _____________________ Source: LEK Market Study, Radiology Business Online, AJR Online. (1) Radiologist population inclusive of residency matches and net of retirements.
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | ONRAD — Full Spectrum of Radiology Services 81% 18% <1% CT 53% CTA 14% XR 14% MRI / MRA 9% US 7% MA 2% Other 1% 24/7/365 Operational Support Hospital- Based Diagnostic Radiology Remote Interpretation Billing / RCM Services Peer Review Quality Assurance Hospital- Based Interventional Radiology MSO Services Mission-Critical Service : Radiology is critical to all care delivery and directly impacts clinical outcomes Load-Balancing and Efficiency : In-house radiologist downtime is an inefficient use of resources, but hospitals must equally staff for maximum expected demand or face dangerous potential delays in care delivery Need for Outsourced Radiology Addresses these Challenges ONRAD delivers teleradiology and a wide array of radiology services through one platform to over 270 facilities nationwide 2025 Revenue 2025 Revenue Mix by Modality ONRAD Solutions Full-Service Radiology Customers ~18% of Revenue Combination of hospital- based and teleradiology services, complemented by white-label billing / RCM services Teleradiology Customers ~81% (1) of Revenue Remote reading services across all imaging modalities billed on a per-read basis
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | National, Blue-Chip Customer Base Revenue by End Market Serving market leaders across the healthcare ecosystem with proven ability to “land and expand” across the customer base Diverse Customer Base of Leading Players in the Healthcare Ecosystem2025A Revenue Summary 270+ Customer Facilities Company Headquarters and Primary Data Center States Serviced Operations Center and Data Center Hospital 96% Urgent Care / Imaging Center Facilities/Other 4% 225+ Hospital Facilities 48 Urgent Care / Imaging Center Facilities Revenue by Geography Revenue by Geography CA 22% VA 10% MI 9% IL 8% TX 8% DE 7% NM 6% NY 5% NC 3% Other 22%
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Large Network of Board-Certified Radiologists Extensive and Broad Expertise National network of 130+ radiologists supporting all diagnostic modalities and delivering 24/7/365 radiology services Radiologist Coverage 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Studies RVUs Average Daily Studies and RVUs (1) 1.9x+ increase in daily study and RVU volume since March 2021 ‘21 ‘25 ‘26‘22 ‘23 ‘24 71%29% Sub-Specialists Diagnostic YTD 2026A Radiologist Overview %
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Multiple Avenues for Sustainable Double-Digit Growth ONRAD is primed for the next phase of growth through both organic and inorganic strategies Cross-Sell Bookings New Customer Wins Transformative & Tuck-In M&A Existing Customer Growth Partner with Hospital Affiliated Groups Continue to win new hospital system, radiology group and imaging center customers Execute “land-and-expand” strategy with existing customers by adding incremental facilities and expanding scope of services Partner with hospital-affiliated radiology groups to land new hospital system customers and expand radiologist capacity Leverage proven business model and M&A playbook in a highly-fragmented industry
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Teleradiology Overview Remote radiology services across all imaging modalities 26 States ~ 80% Revenue Key Metrics (2026E unless otherwise noted) Modality Mix Geographic Mix Customer Mix 246 Current Facilities - NM - CA - VA - TX - DE - All Other - IL - NC - MT - TN72 Health Systems - Hospital - Urgent Care / Imaging Center Facilities (As of 2025A) 26% 11% 9%8% 8% 4% 4% 4% 3% 23% 97% 3% 55% 15% 14% 8% 7% 1% - US - CT - CTA - XR - MRI - Other
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Full-Service Customers Overview Onsite hospital-based division supports all imaging modalities and can pair with teleradiology to address overflow volume 5 Health Systems Modality Mix Geographic Mix Customer Mix 25 Current Facilities Key Metrics (2026E unless otherwise noted) 5 States - MI - IL - NY - CA - WA - Hospital - Urgent Care / Imaging Center Facilities (As of 2025A) 90% 10% 41% 15% 12% 12% 9% 11% - US - CT - CTA - XR - MRI - Other 47% 28% 17% 5% 2% 1% - OH ~ 20% Revenue
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | 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 President & Chief Executive Officer 8 years at ONRAD Lyn Mize Chief Financial Officer 3 years at ONRAD Jerry Lee Chief Technology Officer 12 years at ONRAD Leandra Hutchinson President & Chief Operating Officer 1 year at ONRAD Alix Vincent Co-Founder & Chief Medical Officer 20 years at ONRAD
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Imaging at a Crossroads 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 visualization, etc.) Current Challenges:
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Imaging at a Crossroads Technological Innovation Workflow Transformation (AI/Reporting Tools/Cloud) Early Detection & Prevention (Population Health) Clinical Navigation to Improve Outcomes Future Solutions:
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Viewing & Reporting Experience Intelligent Experience Digitization of Imaging enabled by PACS Workflows centered around viewing & reporting. Bringing intelligence into every step of the imaging experience. • Automate Radiology • Guide Patient Journeys • Accelerate Acute Care • Stage Shift Disease Intelligent Experience era
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Rules-Based Worklist PACS / Viewer EMR / RIS Voice-Based Dictation EMR / RIS Case Assignment & Distribution Identify Findings Review Clinical History Dictate Report Report Sign-off Imaging Studies Order & Clinical History Conventional Tools Typical Radiologist Workflow Today Radiologist navigate labor intensive steps using multiple tools to produce a diagnostic report.
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Imaging Studies Order & Clinical History AIAI-enabled Clinical Findings Automated Workflows Case Assignment Case Triage/ Prioritization Findings Visualization Draft Report Generation Final Report Append Correct Accept Simplified Radiologist Review AI Intelligent Radiology Workflow
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RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif !01 SOURCE IMAGERY ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Source photos: !01 SOURCE IMAGERY Artwork file: ONRAD CIP_CUSTOM_LANDSCAPE LETTER.tif Last modified by: MC On: 12/11/25 ARTWORK (DTP USE ONLY) Header: Calibri Headings – (Size 24) Sub-Header: Calibri Headings - (Size 16) Headers Above Charts / Bullets: Calibri Body (Size 14) Bullets: Calibri Body (Size 11.5) Diagrams / Displays (Main Portion): Calibri Body (Size 14) Diagrams / Displays (Sub-Portion): Calibri Body (Size 10) Footnotes: Calibri Body (Size 7) CONFIDENTIAL | ONRAD | Intellint Clinical Navigation AI Medical Reference Tools AI Assisted Clinical Navigation Final Radiology Report Improved Patient Outcomes
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Source photos: W:\Wordproc\SolmeteX\!ARTWORK\!01 SOURCE IMAGERY Artwork file: W:\Wordproc\SolmeteX\!ARTWORK\!06 CIP & CEM\Solmetex CIP Letter.tif Last modified by: NG On: 8/2/24 ARTWORK (DTP USE ONLY) RGB: 0 / 37 / 64 Hex: #002540 RGB: 14 / 85 / 129 Hex: #0E5581 RGB: 95 / 149 / 183 Hex: #5F95B7 RGB: 165/ 190 / 214 Hex: #A5BED6 RGB: 38 / 38 / 38 Hex: #262626 RGB: 214 / 167 / 49 Hex: #D6A731 USE COLOR PALETTE SWATCHES RGB: 0 / 83 / 155 Hex: #00539B USE FOR CONTENT ABOUT BAIRD ONLY RGB: 217 / 217 / 217 Hex: #D9D9D9 USE FOR LINES & SHADING RGB: 0 / 0 / 0 Hex: #000000 USE FOR TEXT RGB: xxx / xxx / xxx Hex: #xxxxxx NOTE ADDITIONAL ACCENT COLORS HERE RGB: xxx / xxx / xxx Hex: #xxxxxx Question and Answer Session