Lumexa Imaging Announces First Quarter 2026 Results

RALEIGH, N.C., May 12, 2026 (GLOBE NEWSWIRE) -- Lumexa Imaging (Nasdaq: LMRI), one of the nation’s largest providers of outpatient imaging services, today announced results for the first quarter ended March 31, 2026, and reiterated full year 2026 guidance. 

“In Q1, we delivered several meaningful achievements to kick off a year of executing on our strategic priorities,” said Caitlin Zulla, Chief Executive Officer of Lumexa Imaging. “We continued to drive strong growth in same-center advanced imaging volumes and our de novo centers are ramping according to our plans.”

“We are also announcing tonight four additional Lumexa Imaging centers including two strategic tuck-in acquisitions plus two de novos. We are well on our way to achieving our stated goal of adding 8-10 de novos to our network of centers this year.” Ms. Zulla continued, “With a large addressable market, and strong demand tailwinds plus a focused strategy centered on same-center growth, geographic expansion, and advanced imaging, 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.”

First Quarter 2026 Highlights:
All comparisons are to the quarter ended March 31, 2025, unless otherwise noted

• Consolidated revenues of $252.5 million, an increase of 3.1% from $245.0 million
• System-wide revenue growth of 4.0%
• Same center advanced volume growth: 5.6% for both consolidated and system-wide
• Net income of $1.7 million as compared to net loss of $7.7 million
• Adjusted EBITDA of $51.2 million as compared to $51.0 million; and a 20.3% Adjusted EBITDA margin
• GAAP EPS of $0.02 per share and Adjusted EPS of $0.18 per share
  
  

Outpatient Volumes:

Consolidated1Q26 1Q25  Increase YoY Consolidated total procedures586,337 579,084 1.3% Consolidated advanced procedures182,176 170,497 6.8% % advanced procedures31.1% 29.4% 170bps Consolidated same-center advanced volume growth------ ------ 5.6%System-wide      System-wide total procedures966,934 943,490 2.5% System-wide advanced procedures357,592 334,642 6.9% % advanced procedures37.0% 35.5% 150bps System-wide same-center advanced volume growth------ ------ 5.6%Note: Advanced Procedures includes MRI and CT modalities     

2026 Full Year Outlook:

The company is reiterating its outlook for the year ending December 31, 2026. Lumexa Imaging continues to expect:

• Consolidated revenues of $1.045 to $1.097 billion
• Adjusted EBITDA of $234 to $242 million. 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%)
• 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 first quarter 2026 results, as well as its 2026 outlook, on May 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, each as filed with the Securities and Exchange Commission (SEC). 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.

Investors:
Sue Dooley
Lumexa Imaging
[email protected]

Media Contact
Melissa Weston
Lumexa Imaging
[email protected]

 LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT FOR COMMON SHARES)(Unaudited) March 31, 2026 December 31, 2025    ASSETS   Cash and cash equivalents$51,226  $58,828 Accounts receivable 118,141   112,942 Accounts receivable, related party 15,942   18,893 Other receivables 20,045   19,015 Prepaid expenses 16,534   17,582 Total current assets 221,888   227,260 Property and equipment, net of accumulated depreciation 150,127   144,709 Operating lease right-of-use assets 76,175   76,555 Investments in unconsolidated affiliates 420,519   423,191 Intangible assets, net of accumulated amortization 40,245   41,335 Goodwill 807,554   807,554 Other assets 46,845   43,953 TOTAL ASSETS$1,763,353  $1,764,557 LIABILITIES AND EQUITY   Accounts payable$37,168  $44,857 Accrued expenses and other current liabilities 80,174   95,561 Accounts receivable pledging arrangement 1,693   1,599 Current portion of long-term debt 13,437   13,112 Current portion of finance lease liabilities 13,408   11,552 Current portion of operating lease liabilities 12,053   12,513 Total current liabilities 157,933   179,194 Long-term debt, less current maturities 816,974   819,029 Long-term finance lease liabilities, less current maturities 38,483   33,262 Long-term operating lease liabilities, less current maturities 71,402   71,437 Deferred income taxes 41,498   40,772 Other liabilities 37,443   34,740 Total liabilities 1,163,733   1,178,434 COMMITMENTS AND CONTINGENCIES   EQUITY:   Common stock, $0.001 par value, 1,000,000,000 shares authorized, 96,080,735 shares issued and outstanding at March 31, 2026 and 96,109,927 shares issued and outstanding at December 31, 2025 96   96 Additional paid-in-capital 1,228,867   1,217,087 Accumulated deficit (629,343)  (631,060)Total equity 599,620   586,123 TOTAL LIABILITIES AND EQUITY$1,763,353  $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 March 31,  2026   2025 REVENUES:    Net patient service revenue$197,318  $192,298 Management fee and other revenue 55,219   52,703 Total revenues 252,537   245,001 OPERATING EXPENSES:    Cost of operations, excluding depreciation and amortization 217,755   208,397 General and administrative expenses 20,335   17,492 Depreciation and amortization 9,922   9,051 Loss on disposal of property and equipment 137   (162)Total operating expenses 248,149   234,778 Equity in earnings of unconsolidated affiliates 15,024   15,318 INCOME FROM OPERATIONS 19,412   25,541 OTHER EXPENSES:    Interest expense 16,331   29,849 INCOME (LOSS) BEFORE INCOME TAXES 3,081   (4,308)Income tax provision 1,364   3,379 NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)$1,717  $(7,687)     Weighted average shares outstanding:    Basic 95,983,233   69,523,369 Diluted 95,983,243   69,523,369 Net income (loss) per common share    Basic$0.02  $(0.11)Diluted$0.02  $(0.11)

 LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(IN THOUSANDS)(Unaudited)     Three Months Ended March 31,  2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES:   Net income (loss)$1,717  $(7,687)Adjustments to reconcile net income (loss) to net cash provided by operating activities   Depreciation and amortization 9,922   9,051 Amortization of operating lease right-of-use assets 3,957   3,739 Amortization of debt issuance costs 717   1,433 Amortization of cloud computing implementation costs 161   113 Equity in earnings of unconsolidated affiliates (15,024)  (15,318)Distributions from investments in unconsolidated affiliates 17,696   18,281 Loss on disposal of property and equipment 137   (162)Deferred income taxes 726   1,499 Stock-based compensation 12,274   6,374 Other (494)  - Changes in operating assets and liabilities:   Accounts receivable (5,199)  (8,470)Accounts receivable, related party 2,951   85 Capitalized cloud computing implementation costs (1,982)  (1,356)Other receivables (1,030)  (5,955)Prepaid expenses 1,570   (1,994)Other assets (2,363)  (9,083)Accounts payable (7,738)  2,490 Accrued expenses and other current liabilities (13,697)  (11,322)Other liabilities 2,703   7,555 Operating lease liabilities (4,072)  (3,235)Net cash provided by (used in) operating activities 2,932   (13,962)CASH FLOWS FROM INVESTING ACTIVITIES:   Proceeds from sale or disposal of property and equipment 40   281 Purchases of property and equipment (5,314)  (1,001)Net cash used in investing activities (5,274)  (720)CASH FLOWS FROM FINANCING ACTIVITIES:   Payments of long-term debt (3,227)  (3,893)Proceeds from long-term debt, net of issuance costs 1,122   496 Payments of finance lease liabilities (3,249)  (1,409)Capital contributions -   660 Proceeds from accounts receivable pledging arrangement 94   - Net cash used in financing activities (5,260)  (4,146)NET DECREASE IN CASH AND CASH EQUIVALENTS (7,602)  (18,828)CASH AND CASH EQUIVALENTS, beginning of period 58,828   26,131 CASH AND CASH EQUIVALENTS, end of period$51,226  $7,303 

 LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA(IN THOUSANDS)(Unaudited)     Three Months Ended March 31,  2026   2025     Net income (loss)$1,717  $(7,687)Depreciation and amortization 9,922   9,051 Income tax provision 1,364   3,379 Amortization of basis difference 531   500 Interest expense 16,331   29,849 Stock-based compensation 12,274   6,374 Loss on disposal of property and equipment 137   (162)Severance and executive recruiting(1) 945   1,370 Strategic initiatives and implementation(2) 825   868 Transaction costs(3) 2,582   3,588 Litigation and settlements(4) 29   (128)Other(5) (5)  22 Adjustments for equity in earnings of unconsolidated affiliates(6) 4,547   3,975 Adjusted EBITDA$51,199  $50,999         (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 March 31,  2026   2025 Net income (loss)$1,717  $(7,687)Stock-based compensation 12,274   6,374 Loss (gain) on disposal of property and equipment 137   (162)Severance and executive recruiting(1) 945   1,370 Strategic initiatives and implementation(2) 825   868 Transaction costs(3) 2,582   3,588 Litigation and settlements(4) 29   (128)Other(5) (5)  22 Adjustments for equity in earnings of unconsolidated affiliates(6) 396   (27)Total adjustments 17,183   11,905 Tax impact of adjustments(7) (1,968)  (1,381)Adjusted net income$16,932  $2,837     Weighted average shares outstanding   Basic 95,983,233   69,523,369 Diluted 95,983,243   69,523,369     Adjusted basic net income per share$0.18  $0.04 Adjusted diluted net income per share$0.18  $0.04         (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 SUBSIDIARIES
DETAILS OF MANAGEMENT FEE AND OTHER REVENUES
(IN THOUSANDS)
(Unaudited)
   Three Months Ended March 31,
  2026   2025 Components of "management fee and other revenues:"     Fees for managing joint ventured outpatient sites and other third party services$21,498  $20,076 Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa 33,721   32,627 Total revenues$55,219  $52,703