Michael Murdock
About Michael Murdock
Michael N. Murdock is Executive Vice President, Mergers & Acquisitions at RadNet and has served as a company executive officer since 2007; he assumed the EVP, M&A role in 2021. He is 70 and holds a B.S. from California State University, Northridge, with a career spanning CFO roles and senior finance positions across healthcare services and physician practice management prior to joining RadNet via the Radiologix acquisition in 2006 . Company performance during his current tenure includes 2024 revenue of $1.83B (+13.2% YoY), income from operations of $104.6M (+6%), and cumulative TSR value of $344 on a $100 initial investment for 2024; Adjusted EBITDA reached $279.46M and net income was $2.79M in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| RadNet | Executive Vice President, Mergers & Acquisitions | 2021–Present | Leads corporate development; active program completing acquisitions and AI tuck-ins |
| RadNet (post-Radiologix acquisition) | Executive Officer | 2007–Present | Long-tenured executive continuity across expansion and partnerships |
| Radiologix, Inc. | Senior Vice President & Chief Financial Officer | Jan 2005–Nov 2006 | Stewarded finance through sale to RadNet (joined RadNet Nov 2006) |
| Dental One | Chief Financial Officer | 1999–2004 | Multi-state roll-up (48 practices) backed by venture capital |
| Physician Reliance Network, Inc. | Chief Financial Officer | – to 1999 | Oncology practice platform ($398M revenue) merged to form U.S. Oncology in 1999 |
| American Medical International/American Medical Holdings | Senior Financial Positions | – | Finance leadership at $2.4B acute care operator (later Tenet Healthcare) |
| Arthur Andersen | Auditor | 1978–(early career) | Public accounting foundation |
Years shown where explicitly disclosed; other entries omit dates consistent with filings .
External Roles
None disclosed in company filings for Murdock .
Equity Ownership & Alignment
- Murdock is not listed among directors or Named Executive Officers in the Security Ownership table; his specific beneficial ownership, pledged shares, or compliance with ownership guidelines are not disclosed .
- Company policy prohibits hedging and derivative transactions; pledging requires Chief Legal Officer exception and demonstration of repayment capacity without resort to pledged shares .
Employment Terms
- No Murdock-specific employment agreement, severance, change-of-control, or non-compete terms are disclosed in the proxy. The detailed severance structures in the 2025 proxy apply to Named Executive Officers (Berger, Stolper, Hames, Forthuber, Wesdorp) and are not asserted for Murdock .
Performance & Track Record
Recent corporate transactions executed under RadNet’s M&A program during Murdock’s EVP tenure:
| Date | Target/Asset | Consideration Structure | Key Terms/Performance Mechanics |
|---|---|---|---|
| Jun 2, 2025 | See-Mode Technologies Pte. Ltd. | Up to $12.7M contingent consideration (50% cash / 50% RDNT shares) | Three milestones with 97.5%, 70%, 40% initial probability assumptions; milestones tied to product implementations and FDA clearances |
| Jul 1, 2025 | Kolb Radiology P.C. | Contingent earnout up to $8.0M | Fair value estimated at $4.5M via Monte Carlo; model assumptions disclosed (volatility, leverage, spread) |
| Jul 17, 2025 | iCAD, Inc. | Assumed stock option plans; options converted to RDNT | Option exchange ratio mechanisms, vesting, tax treatment; 163,838 options granted/replaced and activity reported through Sep 30, 2025 |
| Oct 1, 2025 | Remote Diagnostic Imaging Partners, LLC | ~$4.5M payable in RDNT common stock | Tech/ops support assets acquired; stock consideration aligns incentives |
Company operating performance context:
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Cumulative TSR (Value of $100 Investment) | $148.33 | $92.76 | $171.28 | $344.04 |
| Net Income (USD Millions) | $24.73 | $10.65 | $3.04 | $2.79 |
| Adjusted EBITDA (USD Millions) | $211.94 | $191.28 | $232.30 | $279.46 |
Additional 2024 operating detail: revenue $1.83B (+13.2% YoY) and income from operations $104.6M (+6% YoY), underscoring execution momentum in core imaging services and health-system partnerships .
Fixed Compensation
Not disclosed for Murdock in the 2025 proxy; he is not a Named Executive Officer, and no salary/bonus figures are provided .
Performance Compensation
Not disclosed for Murdock. Company-wide equity practices are described (RSUs/PSUs/PSOs timing, vesting, clawback), but Murdock-specific grants are not enumerated .
Vesting Schedules and Insider Selling Pressure
- Company grants for executives/directors generally vest on annual schedules (e.g., three- or four-year tranches; March 10 cycles in recent grants) and performance awards from 2023 vested at target/max based on AEBITDA achievement; these schedules can contribute to periodic supply from officers receiving vested shares, but Murdock-specific vesting cadence is not disclosed .
- Insider trading policy prohibits hedging; pledging requires exception—reducing the likelihood of hedged exposure and associated selling pressure signals for covered insiders .
Compensation Structure vs. Performance Metrics (Company Program)
- Compensation design emphasizes Adjusted EBITDA, TSR through equity value, and strategic objectives via discretionary bonuses; peer benchmarking by Pearl Meyer supports market alignment .
- Say-on-pay approval was ~89% in 2024, indicating investor support for the company’s pay-for-performance framework (company-level) .
Risk Indicators & Red Flags
- Filings report no material legal proceedings for current directors or executive officers over the past 10 years .
- One late Form 4 in 2024 pertained to another executive (Chief Legal Officer), with Section 16 compliance otherwise timely—no Murdock-specific exceptions noted .
- Clawback policy adopted in Nov 2023 (SEC Rule 10D-1 and Nasdaq compliant) covers senior executives for restatement-related recoupment, mitigating misreporting risk .
Compensation Peer Group (Benchmarking Context)
Peer groups (2024 and updated for 2025) comprise healthcare services operators used for benchmarking executive compensation levels and mix (company-level disclosure; not Murdock-specific) .
Investment Implications
- Retention/transition risk: Long-tenured executive with deep healthcare finance/M&A background; absence of disclosed employment/severance terms and ownership for Murdock limits direct assessment of retention economics, making 8-K 5.02 monitoring for officer changes and potential Form 4 activity prudent .
- Incentive alignment: Company-wide anti-hedging and clawback policies support alignment; equity-centric incentives tied to Adjusted EBITDA/TSR indicate management’s pay sensitivity to performance, though Murdock’s specific grants/vesting are not disclosed .
- Trading signals: Watch vesting-heavy dates (e.g., March 10 cycles for executive RSUs/PSUs) and acquisition-related stock consideration issuances that may affect float; active M&A cadence (See-Mode, Kolb Radiology, iCAD options, RDIP) suggests continuing deal flow under Murdock’s remit which can be a catalyst for sentiment and capital allocation views .
- Execution risk: Company performance improved markedly in 2024 (TSR and Adjusted EBITDA), but low net income points to margin and cash conversion sensitivities in imaging operations; sustained integration discipline in acquisitions remains a key lever for value creation .