Mr. Riadh Zine reports

AKUMIN ANNOUNCES FIRST QUARTER 2023 RESULTS

Akumin Inc. has released its financial results for the quarter ended March 31, 2023.

First quarter 2023 highlights:

• Akumin delivered first quarter same-store volume performance on a consolidated basis as follows:
  • +4.0% for MRI
  • +16.1% for PET/CT
  • +7.6% for Oncology Patient Starts
• The Company reported revenue totaling $187.6 million for the first quarter, a $1.3 million or 1% increase over the first quarter of last year.
• Net loss was $29.2 million for the first quarter, an increase in net loss of $2.8 million, compared to the prior year period.
• Akumin generated $33.1 million of Adjusted EBITDA* (as defined below) for the first quarter, a $1.1 million or 4% increase over the first quarter of last year.

Commenting on the quarterly results, Riadh Zine, Chairman and Chief Executive Officer of the Company, said, "We are pleased that our operating and financial performance was in line with our budget for the quarter, which is typically the seasonally weakest period in the fiscal year. Relative to last year, the first quarter was negatively impacted by a revenue loss from certain Florida facilities closed for renovations in the period.

"We experienced a return of organic growth in MRI procedure volumes, as clinical labor shortages have moderated, and impressive growth in our PET/CT volumes driven by an expansion of clinical applications and the development of new tracers. This organic growth in our radiology segment more than offset the year-over-year revenue losses we experienced in the quarter.

"Following the completion of a comprehensive review and repositioning of our oncology business in 2022, our renewed focus on this segment is now delivering intended results and was in line with our budget in the first quarter. We continue to believe oncology will be a strong driver of growth for Akumin going forward.

"We have continued our integration initiatives in the first quarter as we seek to realize our next phase of synergies by rationalizing business processes, consolidating IT systems, and leveraging our scale to reduce maintenance and service costs. As previously stated, we expect these initiatives to result in more than $25 million in additional run-rate synergies by the end of 2023.

"We are encouraged by our operating and financial performance in the first quarter and remain confident in our ability to achieve our financial guidance for 2023", Zine concluded.

Unless otherwise indicated, all amounts are expressed in U.S. dollars. Certain metrics, including those expressed on an adjusted or comparable basis, are non-GAAP measures. See "Non-GAAP Measures" and "Selected Consolidated Financial Information" of this press release for further details.

Investor Presentation

Akumin would like to invite interested parties to an investor presentation to be held on Thursday, May 11, 2023 from 8:30 a.m. to 9:30 a.m. Eastern Time where management will discuss first quarter results.

Conference call details:

Date: 8:30 a.m. Eastern Time, Thursday, May 11, 2023

Click to join by phone: https://akum.in/Q1-2023-Results-Dial-In-Numbers

Access via webcast: https://akum.in/Q1-2023-Results-Webcast

North American Toll Free: 888-664-6383

A related presentation will be available from Akumin's website ( www.akumin.com ) and at https://akumin.com/investor-relations/events-presentations/ . Participants are asked to connect at least 10 minutes prior to the beginning of the call to ensure participation. The webcast archive will be available for 90 days. A replay of the presentation will also be available until Thursday, May 18, 2023 by calling 416-764-8677 or toll-free 1-888-390-0541, using passcode number 639247.

About Akumin

Akumin is a national partner of choice for U.S. hospitals, health systems and physician groups, with comprehensive solutions addressing outsourced radiology and oncology service-line needs. Akumin provides (1) fixed-site outpatient diagnostic imaging services through a network of 180 owned and/or operated imaging locations; and (2) outpatient radiology and oncology services and solutions to approximately 1,100 hospitals and health systems across 48 states. By combining clinical and operational expertise with the latest advances in technology and information systems, Akumin facilitates more efficient and effective diagnosis and treatment for patients and their providers. Akumin's imaging procedures include MRI, CT, positron emission tomography (PET and PET/CT), ultrasound, diagnostic radiology (X-ray), mammography, and other interventional procedures; cancer care services include a full suite of radiation therapy and related offerings. For more information, visit www.akumin.com and www.alliancehealthcareservices-us.com .

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