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:
Consolidated 1Q26 1Q25 Increase YoY Consolidated total procedures 586,337 579,084 1.3% Consolidated advanced procedures 182,176 170,497 6.8% % advanced procedures 31.1% 29.4% 170bps Consolidated same-center advanced volume growth ------ ------ 5.6% System-wide System-wide total procedures 966,934 943,490 2.5% System-wide advanced procedures 357,592 334,642 6.9% % advanced procedures 37.0% 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
sue.dooley@Lumexaimaging.com
Media Contact
Melissa Weston
Lumexa Imaging
Melissa.Weston@LumexaImaging.com
LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
RECONCILIATION 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 SUBSIDIARIES
SCHEDULE 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
============ ============
(END) Dow Jones Newswires
May 12, 2026 16:07 ET (20:07 GMT)