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
Sue.Dooley@LumexaImaging.com

Media Contact
Melissa Weston
Lumexa Imaging
Melissa.Weston@LumexaImaging.com

Lumexa Imaging Q2 2026 Outpatient Volumes Highlights:

Consolidated 2Q26   2Q25   Increase YoY
Consolidated total procedures 617,722   602,366   2.5%
Consolidated advanced procedures 193,125   180,911   6.8%
% advanced procedures 31.3%   30.0%   123bps
Consolidated same-center advanced volume growth ——   ——   5.2%
System-wide          
System-wide total procedures 1,022,874   992,118   3.1%
System-wide advanced procedures 382,506   359,948   6.3%
% advanced procedures 37.4%   36.3%   111bps
System-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 SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
RECONCILIATION 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 SUBSIDIARIES
RECONCILIATION 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 SUBSIDIARIES
SCHEDULE 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 SUBSIDIARIES
SCHEDULE 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 SUBSIDIARIES
DETAILS 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   $ 20,578
Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa   34,324     32,639
Total 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   $ 40,654
Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa   68,045     65,266
Total revenues $ 115,646   $ 105,920

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT REVENUES
(IN THOUSANDS)
(Unaudited)
         
         
  THREE MONTHS ENDED JUNE 30, 2026
  OUTPATIENT PROFESSIONAL INTERSEGMENT
ELIMINATIONS
TOTAL OF
REPORTABLE
SEGMENTS
Revenue        
Net patient service revenue $ 143,747 $ 64,280 $ (4,292 ) $ 203,735
Management fee and other revenue   52,462   7,965       60,427
Total revenues $ 196,209 $ 72,245 $ (4,292 ) $ 264,162


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