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:

Consolidated2025 2024 Increase YoY 4Q25 4Q24   Increase YoYConsolidated total procedures2,418,096 2,312,645 4.6 % 627,293 569,734 10.1 %Consolidated advanced procedures728,304 675,697 7.8 % 190,982 167,184 14.2 %% advanced procedures 30.1 % 29.2 % 90bps 30.4 % 29.3 % 110bpsConsolidated same-center advanced volume growth------ ------ 8.0 % ------ ------ 12.7 %System-wide           System-wide total procedures3,972,228 3,840,624 3.4 % 1,027,590 962,520 6.8 %System-wide advanced procedures1,444,618 1,340,951 7.7 % 379,527 341,859 11.0 %% advanced procedures 36.4 % 34.9 % 145bps 36.9 % 35.5 % 142bpsSystem-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 SHEETSDECEMBER 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 LOSSFOR 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 FLOWSFOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024(IN THOUSANDS)(Preliminary and Unaudited)       2025 2024CASH 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