RALEIGH, N.C., March 26, 2026 (GLOBE NEWSWIRE) -- Lumexa Imaging (Nasdaq: LMRI), one of the nation's largest providers of outpatient imaging services, today announced certain financial results for the fourth quarter ended December 31, 2025, and reiterated full year 2026 guidance. The financial results included in this release pertaining to the fourth quarter and full year 2025 are preliminary, unaudited, and subject to final review and adjustment.
"The fourth quarter of 2025 marked a strong close to an important year for Lumexa Imaging, with continued momentum across the business," said Caitlin Zulla, Chief Executive Officer of Lumexa Imaging. "Strong Adjusted EBITDA growth was driven by advanced imaging volumes, ramping new de novo centers, and our return in-network with a large payer in New Jersey. We strengthened our balance sheet, reducing leverage by two turns, and opened a record number of de novo centers during the year, setting the stage for future growth."
Ms. Zulla continued, "Looking ahead, our 2026 outlook reflects continued growth and margin expansion, supported by durable demand tailwinds and the ongoing shift to outpatient care. With 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."
Fourth Quarter 2025 Highlights:
All comparisons are to the quarter ended December 31, 2024, unless otherwise noted
-- Consolidated revenues of $267.7 million, an increase of 7.9% from $248.0
million
-- System-wide revenue growth of 10.6%
-- Same center advanced volume growth: 12.7% for consolidated and 9.2% for
system-wide
-- Net loss of $28.7 million compared to $25.1 million
-- Adjusted EBITDA of $63.8 million, an increase of 18.6% from $53.7
million; and a 23.8% Adjusted EBITDA margin
-- Achieved a two-turn reduction in leverage from 5.5 times to 3.5 times,
resulting in more than $50 million in annual cash savings
2025 Full Year Highlights:
All comparisons are to the year ended December 31, 2024, unless otherwise noted
-- Added ten new imaging facilities: Nine de novo centers (six wholly owned
and three through joint ventures) and one acquired site
-- Consolidated revenues of $1.023 billion, an increase of 7.8% from $948.9
million
-- System-wide revenue growth of 8.2%
-- Same center advanced volume growth: 8.0% for consolidated and 7.1% for
system-wide
-- Net loss of $47.1 million compared to $94.1 million
-- Adjusted EBITDA of $230.2 million, an increase of 14.6% from $200.8
million; and a 22.5% Adjusted EBITDA margin
Outpatient Volumes:
Increase Increase
Consolidated 2025 2024 YoY 4Q25 4Q24 YoY
Consolidated
total
procedures 2,418,096 2,312,645 4.6 % 627,293 569,734 10.1 %
Consolidated
advanced
procedures 728,304 675,697 7.8 % 190,982 167,184 14.2 %
% advanced
procedures 30.1 % 29.2 % 90bps 30.4 % 29.3 % 110bps
Consolidated
same-center
advanced
volume
growth ------ ------ 8.0 % ------ ------ 12.7 %
System-wide
System-wide
total
procedures 3,972,228 3,840,624 3.4 % 1,027,590 962,520 6.8 %
System-wide
advanced
procedures 1,444,618 1,340,951 7.7 % 379,527 341,859 11.0 %
% advanced
procedures 36.4 % 34.9 % 145bps 36.9 % 35.5 % 142bps
System-wide
same-center
advanced
volume
growth ------ ------ 7.1 % ------ ------ 9.2 %
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%
The company is also providing guidance for Adjusted EPS of $0.71 to $0.77 per share
The financial information above is preliminary and subject to Lumexa Imaging's normal quarter and year-end accounting procedures and external audit by Lumexa Imaging's independent registered public accounting firm. In addition, these preliminary unaudited results are not a comprehensive statement of Lumexa Imaging's financial results for the year ended December 31, 2025, should not be viewed as a substitute for full, audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and are not necessarily indicative of Lumexa Imaging's results for any future period.
Lumexa Imaging Earnings Conference Call and Webcast
Lumexa Imaging will host a conference call to discuss its fourth quarter and full year 2025, as well as its 2026 outlook, on March 26, 2026 at 8:30 a.m. ET. Participants can register for the conference call at the following link: https://register-conf.media-server.com/register/BI5d8d23fe681d4694851e49a7f37188bd. The call can also 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 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 a reconciliation of our Adjusted EBITDA guidance to GAAP net loss. However, such 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 more than 188 outpatient imaging centers across 13 states, 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 performance for the fourth quarter and full year 2025 and 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 the Form S-1 and related Prospectus pursuant to Rule 424(b)(4) of Lumexa Imaging, 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.
Investor Contact
Sue Dooley
Lumexa Imaging
sue.dooley@Lumexaimaging.com
Media Contact
Melissa Weston
Lumexa Imaging
Melissa.Weston@LumexaImaging.com
LUMEXA IMAGING HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2025 AND 2024
(IN THOUSANDS, EXCEPT FOR COMMON SHARES)
(Preliminary and Unaudited)
2025 2024
----------- -------------
ASSETS
Cash and cash equivalents $ 58,828 $ 26,131
Accounts receivable 112,942 107,046
Accounts receivable, related party 18,893 23,308
Other receivables 19,015 5,644
Prepaid expenses 17,582 10,391
--------- ---------
Total current assets 227,260 172,520
--------- ---------
Property and equipment, net of
accumulated depreciation 144,709 121,133
Operating lease right-of-use assets 76,555 80,792
Investments in unconsolidated affiliates 423,191 415,819
Intangible assets, net of accumulated
amortization 41,335 47,788
Goodwill 807,554 807,554
Other assets 43,953 24,958
--------- ---------
TOTAL ASSETS $1,764,557 $1,670,564
========= =========
LIABILITIES AND EQUITY
Accounts payable $ 44,857 $ 29,889
Accrued expenses and other current
liabilities 95,561 108,454
Accounts receivable pledging
arrangement 1,599 -
Current portion of long-term debt 13,112 16,001
Current portion of finance lease
liabilities 11,552 5,509
Current portion of operating lease
liabilities 12,513 13,807
--------- ---------
Total current liabilities 179,194 173,660
Long-term debt, less current
maturities 819,029 1,185,080
Long-term finance lease liabilities,
less current maturities 33,262 16,120
Long-term operating lease
liabilities, less current
maturities 71,437 72,746
Deferred income taxes 40,772 32,696
Other liabilities 34,740 28,608
--------- ---------
Total liabilities 1,178,434 1,508,910
--------- ---------
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, $0.001 par value,
1,000,000,000 shares authorized,
96,109,927 shares issued and
outstanding at December 31, 2025 and
69,523,830 shares issued and
outstanding at December 31, 2024 96 70
Additional paid-in-capital 1,217,087 745,540
Accumulated deficit (631,060) (583,956)
--------- ---------
Total equity 586,123 161,654
--------- ---------
TOTAL LIABILITIES AND EQUITY $1,764,557 $1,670,564
========= =========
LUMEXA IMAGING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
FOR THE YEARS AND QUARTER ENDED DECEMBER 31, 2025
AND 2024
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
(Preliminary and Unaudited)
Year Ended December 31, Quarter Ended December 31,
-------------------------- ----------------------------
2025 2024 2025 2024
------------ ------------ ------------ --------------
REVENUES:
Net patient service
revenue $ 802,707 $ 746,850 $ 210,529 $ 189,829
Management fee and
other revenue 220,374 202,019 57,205 58,199
---------- ---------- ---------- ----------
Total revenues 1,023,081 948,869 267,734 248,028
OPERATING EXPENSES:
Cost of operations,
excluding
depreciation and
amortization 865,516 852,606 225,618 226,456
General and
administrative
expenses 90,453 70,361 37,191 20,120
Depreciation and
amortization 40,379 42,164 12,395 9,816
Loss on disposal of
property and
equipment 968 - 491 -
---------- ---------- ---------- ----------
Total operating
expenses 997,316 965,131 275,695 256,392
---------- ---------- ---------- ----------
Equity in earnings
of unconsolidated
affiliates 72,135 71,505 22,300 23,615
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 97,900 55,243 14,339 15,251
---------- ---------- ---------- ----------
OTHER INCOME AND
EXPENSES:
Interest expense 118,539 136,027 28,016 31,387
Loss on
extinguishment of
debt 13,453 703 13,453 -
Other income (1,873) - (1,873) (110)
Gain on imaging
center sold,
related party -- (2,294) -- --
---------- ---------- ---------- ----------
Total other
expenses 130,119 134,436 39,596 31,277
---------- ---------- ---------- ----------
LOSS BEFORE INCOME TAXES (32,219) (79,193) (25,257) (16,026)
Income tax
provision 14,885 14,906 3,433 9,032
NET LOSS AND
COMPREHENSIVE LOSS $ (47,104) $ (94,099) $ (28,690) $ (25,058)
========== ========== ========== ==========
NET LOSS PER SHARE:
Weighted average
shares
outstanding--Basic
and diluted 70,978,092 69,469,401 75,346,628 69,491,962
Basic and diluted
loss per share $ (0.66) $ (1.35) $ (0.38) $ (0.36)
LUMEXA IMAGING HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(IN THOUSANDS)
(Preliminary and Unaudited)
2025 2024
------------ -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (47,104) $(94,099)
Adjustments to reconcile net loss to
net cash provided by operating
activities
Depreciation and amortization 40,379 42,164
Amortization of operating lease
right-of-use assets 15,010 14,961
Amortization of debt issuance costs 5,739 6,185
Amortization of cloud computing
implementation costs 439 -
Write-off of debt issuance costs due
to extinguishment of debt 5,435 703
Equity in earnings of unconsolidated
affiliates (72,135) (71,505)
Distributions from investments in
unconsolidated affiliates 64,885 79,531
Loss on disposal of property and
equipment 968 -
Gain on insurance recovery for
disposed property and equipment (1,873) -
Gain on imaging center sold, related
party - (2,294)
Non-cash change in fair value of
interest rate caps - 1,274
Deferred income taxes 8,076 9,753
Unit-based compensation 41,604 56,654
Changes in operating assets and
liabilities:
Accounts receivable (5,896) 2,354
Accounts receivable, related party 4,554 (8,584)
Capitalized cloud computing
implementation costs (5,940) -
Other receivables (12,669) 907
Prepaid expenses (6,277) (911)
Other assets (7,361) (5,952)
Accounts payable 14,415 2,948
Accrued expenses and other current
liabilities (17,932) 12,078
Other liabilities 6,133 7,109
Operating lease liabilities (13,376) (12,549)
---------- -------
Net cash provided by operating
activities 17,074 40,727
---------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale or disposal of
property and equipment 2,643 361
Purchases of property and equipment (23,477) (27,773)
Proceeds from sale of businesses - 3,744
Proceeds from sale of business,
related party - 1,385
Contributions to investments in
unconsolidated affiliates (123) -
---------- -------
Net cash used in investing
activities (20,957) (22,283)
---------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering,
net of underwriting discounts and
commissions 434,750 -
Transaction costs incurred in
connection with initial public
offering (7,777) -
Payments of long-term debt (1,204,056) (11,845)
Proceeds from long-term debt, net of
issuance costs 827,848 10,608
Payment of third-party debt issuance
costs (9,304) (506)
Proceeds from revolving line of credit 5,000 30,000
Repayments of revolving line of credit (5,000) (30,000)
Payments of finance lease liabilities (7,315) (11,429)
Capital contributions 835 673
Proceeds from accounts receivable
pledging arrangement 1,599 -
---------- -------
Net cash provided by (used in)
financing activities 36,580 (12,499)
---------- -------
NET INCREASE IN CASH AND CASH EQUIVALENTS 32,697 5,945
CASH AND CASH EQUIVALENTS, beginning of
year 26,131 20,186
---------- -------
CASH AND CASH EQUIVALENTS, end of year $ 58,828 $ 26,131
========== =======
LUMEXA IMAGING HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31,
2025 AND 2024
(IN THOUSANDS)
(Preliminary and Unaudited)
Year Ended December Quarter Ended December
31, 31,
-------------------- ----------------------
2025 2024 2025 2024
--------- --------- --------- -----------
Net loss $(47,104) $(94,099) $(28,690) $(25,058)
Depreciation and
amortization 40,379 42,164 12,395 9,816
Income tax
provision 14,885 14,906 3,433 9,032
Amortization of
basis difference 2,000 2,000 500 500
Interest expense 118,539 136,027 28,016 31,387
Loss on
extinguishment of
debt 13,453 703 13,453 -
Stock-based
compensation 41,604 56,654 18,572 14,038
Gain on imaging
center sold,
related party - (2,294) - (110)
Loss on disposal of
property and
equipment 968 - 491 -
Other income(1) (1,873) - (1,873) -
Severance and
executive
recruiting(2) 3,523 3,436 985 3,032
Strategic
initiatives and
implementation(3) 3,459 5,362 375 1,946
Transaction
costs(4) 21,325 18,167 10,962 4,185
Litigation and
settlements(5) (113) 588 29 401
Other(6) 942 1,904 56 469
Adjustments for
equity in
earnings
of unconsolidated
affiliates(7) 18,167 15,321 5,046 4,106
Adjusted EBITDA $230,154 $200,839 $ 63,750 $ 53,744
======= ======= ======= =======
(1) Represents receipt of casualty insurance proceeds
related to a flood at one of our centers.
(2) Includes severance and recruiting expenses for executive
leadership departures as part of strategic organizational
changes.
(3) 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
(ERP) system.
(4) 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.
(5) Consists of litigation and settlement costs for matters
not related to core operations.
(6) 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.
(7) To adjust for Lumexa Imaging's proportional share
of depreciation and amortization, interest expense
and loss on asset disposals, which are included in
equity in earnings from unconsolidated affiliates.
LUMEXA IMAGING HOLDINGS, INC.
DETAILS OF MANAGEMENT FEE AND OTHER REVENUES
FOR THE YEARS AND QUARTER ENDED DECEMBER 31, 2025
AND 2024
(IN THOUSANDS)
(Preliminary and Unaudited)
Year Ended Quarter Ended
December 31, December 31,
------------------ ---------------------
2025 2024 2025 2024
-------- -------- ------- ------------
Components of
"management fee
and other
revenues:"
Fees for
managing joint
ventured
outpatient
sites and
other third
party
services $ 86,610 $ 74,785 $22,113 $ 25,135
Zero margin
pass-throughs
of employee,
IT and other
site level
costs paid by
Lumexa 133,764 127,234 35,092 33,064
------- ------- ------ ---------
Total
revenues $220,374 $202,019 $57,205 $ 58,199
======= ======= ====== =========
(END) Dow Jones Newswires
March 26, 2026 06:00 ET (10:00 GMT)