Lumexa Imaging Announces Fourth Quarter and Full Year 2025 Results, Reiterates Full Year 2026 Guidance

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:

Consolidated	2025		2024		Increase YoY		4Q25		4Q24		Increase 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

[email protected]

Media Contact

Melissa Weston

Lumexa Imaging

[email protected]

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 31,								Quarter Ended December 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 December 31,								Quarter Ended 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