Lumexa Imaging Announces Second Quarter 2026 Results

RALEIGH, N.C., Aug. 12, 2026 (GLOBE NEWSWIRE) -- Lumexa Imaging (Nasdaq: LMRI), one of the nation’s largest providers of outpatient imaging services, today reported results for the second quarter ended June 30, 2026, and updated its full year 2026 outlook. 

"During the second quarter, we continued to build on our momentum, delivering strong same-center growth, expanding our mix of advanced imaging and ramping new centers," said Caitlin Zulla, Chief Executive Officer of Lumexa Imaging. "Some highlights include announcing four new imaging centers year to date and a joint venture with Hospital for Special Surgery (HSS), a globally recognized leader in musculoskeletal health, marking our ninth health system partnership and our second new joint venture in the past twelve months."

"With a large and growing addressable market and durable demand tailwinds, we believe Lumexa Imaging is well positioned to deliver sustained, profitable growth while expanding access to high-quality, lower-cost imaging for patients, providers, and payors."

Second Quarter 2026 Highlights:
All comparisons are to the quarter ended June 30, 2025, unless otherwise noted

• Consolidated revenues of $264.2 million, an increase of 5.1% from $251.4 million
• System-wide revenue growth of 6.0%
• Consolidated advanced outpatient volume growth of 6.8% and 6.3% system-wide
• Same-center advanced outpatient volume growth of 5.2% consolidated and 4.9% system-wide
• Net income of $2.7 million as compared to net loss of $7.2 million
• Adjusted EBITDA of $56.4 million as compared to $56.3 million; and a 21.4% Adjusted EBITDA margin as compared to 22.4%
• GAAP EPS of $0.03 per share and Adjusted EPS of $0.20 per share
  
  

2026 Full Year Outlook:

Lumexa Imaging provided an update on its guidance for the full year ended December 31, 2026.

• Reiterating full-year 2026 consolidated revenue guidance of $1.045 billion to $1.097 billion.
• Narrowing its full-year 2026 Adjusted EBITDA guidance range to $235 million to $241 million, from its prior range of $234 million to $242 million. The midpoint of $238 million is unchanged. This includes approximately $7 million of public company costs that were not incurred in 2025. (At the midpoint of guidance, the addition of these costs lowers Adjusted EBITDA growth for 2026 versus 2025 from 7% to 4%)
• Reiterating guidance for Adjusted EPS of $0.71 to $0.77 per share.
  
  

Lumexa Imaging Earnings Conference Call and Webcast
Lumexa Imaging will host a conference call to discuss its second quarter 2026 results, as well as its 2026 outlook, on August 12, 2026 at 5:00 p.m. ET. The call can be accessed via live audio webcast online at ir.lumexaimaging.com. A replay of the webcast will be available at the same link shortly after the completion of the call and will remain available for approximately one year.

Statement Regarding Use of Non-GAAP Financial Measures
This press release uses Adjusted EBITDA and Adjusted EPS, financial measures that are not calculated in accordance with GAAP. We use Adjusted EBITDA and Adjusted EPS, in conjunction with GAAP financial measures, as an integral part of managing our business and to, among other things: (i) monitor and evaluate the performance of our business operations and financial performance; (ii) facilitate internal comparisons of the historical operating performance of our business operations; (iii) review and assess the operating performance of our management team; and (iv) analyze and evaluate financial and strategic planning decisions regarding future operations and annual operating budgets. For a reconciliation of Adjusted EBITDA and Adjusted EPS to the most directly comparable measure calculated in accordance with GAAP, please see below.

We have not reconciled our Adjusted EBITDA or Adjusted EPS guidance to their most directly comparable GAAP measures because we do not and are not able to provide guidance for those GAAP measures due to the uncertainty and potential variability of certain reconciling items, including transaction costs, severance and executive recruiting. Because such items cannot be provided without unreasonable efforts, we are unable to provide the corresponding reconciliations. However, such reconciling items could have a significant impact on our future results.

About Lumexa Imaging

Lumexa Imaging is a nationwide provider of outpatient medical imaging. With over 5,000 team members and greater than 190 outpatient imaging centers, our team conducted approximately 4 million outpatient procedures system-wide in 2025. We are a partner of choice for health systems and radiologists, delivering best-in-class clinical excellence, operations, and state-of-the-art technology across our platform.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," or "will," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our expectations regarding our financial position and operating performance, including our guidance for full year 2026 and our assumptions underlying such guidance; our ability to drive future growth and execute on our goals and strategies; and our expectations regarding our product innovation. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including but not limited to those risk factors identified in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our Annual Report on Form 10-K for the year ended December 31, 2025 and our later dated Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligations to update any forward-looking statements, except as required by law.

Investor Contact
Sue Dooley
Lumexa Imaging
[email protected]

Media Contact
Melissa Weston
Lumexa Imaging
[email protected]

Lumexa Imaging Q2 2026 Outpatient Volumes Highlights:

Consolidated2Q26 2Q25  Increase YoYConsolidated total procedures617,722 602,366 2.5%Consolidated advanced procedures193,125 180,911 6.8%% advanced procedures31.3% 30.0% 123bpsConsolidated same-center advanced volume growth------ ------ 5.2%System-wide     System-wide total procedures1,022,874 992,118 3.1%System-wide advanced procedures382,506 359,948 6.3%% advanced procedures37.4% 36.3% 111bpsSystem-wide same-center advanced volume growth------ ------ 4.9%Note: Advanced Procedures includes MRI and CT modalities. Center count at June 30, 2026 was 192 total, 88 JV and 104 consolidated.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT FOR COMMON SHARES)(Unaudited) June 30, 2026 December 31, 2025    ASSETS   Cash and cash equivalents$69,705  $58,828 Accounts receivable 120,637   112,942 Accounts receivable, related party 20,024   18,893 Other receivables 31,552   19,015 Prepaid expenses 14,498   17,582 Total current assets 256,416   227,260 Property and equipment, net of accumulated depreciation 156,062   144,709 Operating lease right-of-use assets 77,033   76,555 Investments in unconsolidated affiliates 423,331   423,191 Intangible assets, net of accumulated amortization 39,722   41,335 Goodwill 807,554   807,554 Other assets 48,654   43,953 TOTAL ASSETS$1,808,772  $1,764,557 LIABILITIES AND EQUITY   Accounts payable$27,062  $44,857 Accrued expenses and other current liabilities 109,167   95,561 Accounts receivable pledging arrangement 1,267   1,599 Current portion of long-term debt 14,330   13,112 Current portion of finance lease liabilities 14,597   11,552 Current portion of operating lease liabilities 11,932   12,513 Total current liabilities 178,355   179,194 Long-term debt, less current maturities 819,753   819,029 Long-term finance lease liabilities, less current maturities 41,177   33,262 Long-term operating lease liabilities, less current maturities 72,296   71,437 Deferred income taxes 43,592   40,772 Other liabilities 38,538   34,740 Total liabilities 1,193,711   1,178,434 COMMITMENTS AND CONTINGENCIES   EQUITY:   Common stock, $0.001 par value, 1,000,000,000 shares authorized, 96,074,976 shares issued and outstanding at June 30, 2026 and 96,109,927 shares issued and outstanding at December 31, 2025 96   96 Additional paid-in-capital 1,241,563   1,217,087 Accumulated deficit (626,598)  (631,060)Total equity 615,061   586,123 TOTAL LIABILITIES AND EQUITY$1,808,772  $1,764,557 

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)(Unaudited)     Three Months Ended June 30,  2026   2025 REVENUES:   Net patient service revenue$203,735  $198,185 Management fee and other revenue 60,427   53,217 Total revenues 264,162   251,402 OPERATING EXPENSES:   Cost of operations, excluding depreciation and amortization 225,285   212,265 General and administrative expenses 24,397   18,689 Depreciation and amortization 10,083   9,279 (Gain) loss on disposal of property and equipment (24)  16 Total operating expenses 259,741   240,249 Equity in earnings of unconsolidated affiliates 18,619   16,527 INCOME FROM OPERATIONS 23,040   27,680 OTHER EXPENSES:   Interest expense 16,222   30,097 Loss on extinguishment and modification of debt 1,053   - Total other expenses 17,275   30,097 INCOME (LOSS) BEFORE INCOME TAXES 5,765   (2,417)Income tax provision 3,020   4,809 NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)$2,745  $(7,226)    Weighted average shares outstanding:   Basic 95,983,246   69,526,574 Diluted 96,039,426   69,526,574 Net income (loss) per common share   Basic$0.03  $(0.10)Diluted$0.03  $(0.10)

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)(Unaudited)     Six Months Ended June 30, 2026
 2025
REVENUES:   Net patient service revenue$401,053 $390,483 Management fee and other revenue 115,646  105,920 Total revenues 516,699  496,403 OPERATING EXPENSES:   Cost of operations, excluding depreciation and amortization 443,040  420,662 General and administrative expenses 44,732  36,181 Depreciation and amortization 20,005  18,330 (Gain) loss on disposal of property and equipment 113  (146)Total operating expenses 507,890  475,027 Equity in earnings of unconsolidated affiliates 33,643  31,845 INCOME FROM OPERATIONS 42,452  53,221 OTHER EXPENSES:   Interest expense 32,553  59,946 Loss on extinguishment and modification of debt 1,053  - Total other expenses 33,606  59,946 INCOME (LOSS) BEFORE INCOME TAXES 8,846  (6,725)Income tax provision 4,384  8,188 NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)$4,462 $(14,913)    Weighted average shares outstanding:   Basic 95,983,240  69,524,980 Diluted 96,011,335  69,524,980 Net income (loss) per common share   Basic$0.05 $(0.21)Diluted$0.05 $(0.21)

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(IN THOUSANDS)(Unaudited)     Six Months Ended June 30,  2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES:   Net income (loss)$4,462  $(14,913)Adjustments to reconcile net income (loss) to net cash provided by operating activities   Depreciation and amortization 20,005   18,330 Amortization of operating lease right-of-use assets 7,956   7,424 Amortization of debt issuance costs 1,437   2,871 Amortization of cloud computing implementation costs 760   184 Write-off of debt issuance costs related to extinguishment of debt 46   - Equity in earnings of unconsolidated affiliates (33,643)  (31,845)Distributions from investments in unconsolidated affiliates 36,869   32,820 Loss on disposal of property and equipment 113   (146)Deferred income taxes 2,820   1,477 Stock-based compensation 25,011   14,720 Other (535)  - Changes in operating assets and liabilities:   Accounts receivable (7,695)  (6,870)Accounts receivable, related party (1,131)  (2,035)Capitalized cloud computing implementation costs (1,647)  (1,421)Other receivables (12,537)  (5,410)Prepaid expenses 3,034   (7,028)Other assets (4,723)  (11,311)Accounts payable (18,596)  1,214 Accrued expenses and other current liabilities 18,085   (11,002)Other liabilities 3,798   7,018 Operating lease liabilities (8,156)  (5,966)Net cash provided by (used in) operating activities 35,733   (11,889)CASH FLOWS FROM INVESTING ACTIVITIES:   Proceeds from sale or disposal of property and equipment 40   713 Acquisition of intangible asset (600)  - Purchases of property and equipment (14,985)  (5,602)Contributions to investments in unconsolidated affiliates (3,366)  - Net cash used in investing activities (18,911)  (4,889)CASH FLOWS FROM FINANCING ACTIVITIES:   Payment of third-party debt issuance costs (154)  - Proceeds from long-term debt 9,536   496 Payments of long-term debt (8,393)  (7,821)Proceeds from revolving line of credit -   5,000 Payments of finance lease liabilities (6,602)  (2,998)Capital contributions -   715 Repayments on accounts receivable pledging arrangement (332)  - Net cash used in financing activities (5,945)  (4,608)NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 10,877   (21,386)CASH AND CASH EQUIVALENTS, beginning of period 58,828   26,131 CASH AND CASH EQUIVALENTS, end of period$69,705  $4,745 

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA(IN THOUSANDS)(Unaudited)     Three Months Ended June 30,  2026   2025     Net income (loss)$2,745  $(7,226)Depreciation and amortization 10,083   9,279 Income tax provision 3,020   4,809 Amortization of basis difference 573   500 Interest expense 16,222   30,097 Stock-based compensation 12,737   8,346 Loss on extinguishment and modification of debt 1,053   - Loss (gain) on disposal of property and equipment (24)  16 Severance and executive recruiting(1) 686   803 Strategic initiatives and implementation(2) 2,659   1,018 Transaction costs(3) 707   3,875 Litigation and settlements(4) 1,173   - Other(5) 87   142 Adjustments for equity in earnings   of unconsolidated affiliates(6) 4,724   4,615 Adjusted EBITDA$56,445  $56,274   (1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes.(2)Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives, specifically related to the deployment of a new technology system and labor model, as well as the development, customization, and integration of a new enterprise resource planning system.(3)Includes costs for third party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.(4)Consists of litigation and settlement costs for matters not related to core operations.
(5)Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.(6)To adjust for Lumexa Imaging's proportional share of depreciation and amortization, interest expense and losses/gains on asset disposals, which are included in equity in earnings from unconsolidated affiliates.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA(IN THOUSANDS)(Unaudited)     Six Months Ended June 30, 2026
 2025
    Net income (loss)$4,462 $(14,913)Depreciation and amortization 20,005  18,330 Income tax provision 4,384  8,188 Amortization of basis difference 1,105  1,000 Interest expense 32,553  59,946 Stock-based compensation 25,011  14,720 Loss on extinguishment and modification of debt 1,053  - Loss (gain) on disposal of property and equipment 113  (146)Severance and executive recruiting(1) 1,631  2,173 Strategic initiatives and implementation(2) 3,484  1,886 Transaction costs(3) 3,289  7,464 Litigation and settlements(4) 1,202  (128)Other(5) 82  158 Adjustments for equity in earnings   of unconsolidated affiliates(6) 9,270  8,596 Adjusted EBITDA$107,644 $107,274   (1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes.(2)Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives, specifically related to the deployment of a new technology system and labor model, as well as the development, customization, and integration of a new enterprise resource planning system.(3)Includes costs for third party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.(4)Consists of litigation and settlement costs for matters not related to core operations.
(5)Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.(6)To adjust for Lumexa Imaging's proportional share of depreciation and amortization, interest expense and losses/gains on asset disposals, which are included in equity in earnings from unconsolidated affiliates.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESSCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE(IN THOUSANDS, EXCEPT PER SHARE DATA)(Unaudited)     Three Months Ended June 30,  2026   2025     Net income (loss)$2,745  $(7,226)    Stock-based compensation 12,737   8,346 Loss (gain) on disposal of property and equipment (24)  16 Loss on extinguishment and modification of debt 1,053   - Severance and executive recruiting(1) 686   803 Strategic initiatives and implementation(2) 2,659   1,018 Transaction costs(3) 707   3,875 Litigation and settlements(4) 1,173   - Other(5) 87   142 Adjustments for equity in earnings   of unconsolidated affiliates(6) 199   81 Total adjustments 19,277   14,281 Tax impact of adjustments(7) (2,493)  (1,484)Adjusted net income$19,529  $5,571     Weighted average shares outstanding   Basic 95,983,246   69,526,574 Diluted 96,039,426   69,526,574     Adjusted basic net income per share$0.20  $0.08 Adjusted diluted net income per share$0.20  $0.08         (1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes. (2)Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives, specifically related to the deployment of a new technology system and labor model, as well as the development, customization, and integration of a new enterprise resource planning system.(3)Includes costs for third party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.(4)Consists of litigation and settlement costs for matters not related to core operations.
(5)Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.(6)To adjust for Lumexa Imaging's proportional share of losses/gains on asset disposals, which are included in equity in earnings from unconsolidated affiliates.(7)Tax effected adjustments using blended federal and state effective income tax rate.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESSCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE(IN THOUSANDS, EXCEPT PER SHARE DATA)(Unaudited)     Six Months Ended June 30,  2026   2025     Net income (loss)$4,462  $(14,913)    Stock-based compensation 25,011   14,720 Loss (gain) on disposal of property and equipment 113   (146)Loss on extinguishment and modification of debt 1,053   - Severance and executive recruiting(1) 1,631   2,173 Strategic initiatives and implementation(2) 3,484   1,886 Transaction costs(3) 3,289   7,464 Litigation and settlements(4) 1,202   (128)Other(5) 82   158 Adjustments for equity in earnings   of unconsolidated affiliates(6) 595   54 Total adjustments 36,460   26,181 Tax impact of adjustments(7) (4,461)  (2,865)Adjusted net income$36,461  $8,403     Weighted average shares outstanding   Basic 95,983,240   69,524,980 Diluted 96,011,335   69,524,980     Adjusted basic net income per share$0.38  $0.12 Adjusted diluted net income per share$0.38  $0.12   (1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes.(2)Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives, specifically related to the deployment of a new technology system and labor model, as well as the development, customization, and integration of a new enterprise resource planning system.(3)Includes costs for third party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.(4)Consists of litigation and settlement costs for matters not related to core operations.
(5)Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.(6)To adjust for Lumexa Imaging's proportional share of losses/gains on asset disposals, which are included in equity in earnings from unconsolidated affiliates.(7)Tax effected adjustments using blended federal and state effective income tax rate.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESDETAILS OF MANAGEMENT FEE AND OTHER REVENUES(IN THOUSANDS)(Unaudited)     Three Months Ended June 30, 2026
 2025
Components of "management fee and other revenues:"   Fees for managing joint ventured outpatient sites and other third party services$26,103 $20,578Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa 34,324  32,639Total revenues$60,427 $53,217             Six Months Ended June 30, 2026
 2025
Components of "management fee and other revenues:"   Fees for managing joint ventured outpatient sites and other third party services$47,601 $40,654Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa 68,045  65,266Total revenues$115,646 $105,920

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESSEGMENT REVENUES(IN THOUSANDS)(Unaudited)           THREE MONTHS ENDED JUNE 30, 2026 OUTPATIENTPROFESSIONALINTERSEGMENT
ELIMINATIONSTOTAL OF
REPORTABLE
SEGMENTSRevenue    Net patient service revenue$143,747$64,280$(4,292)$203,735Management fee and other revenue 52,462 7,965 -  60,427Total revenues$196,209$72,245$(4,292)$264,162