Lumexa Imaging Announces Second Quarter 2026 Results

Rhea-AI Summary

Lumexa Imaging (Nasdaq: LMRI) reported second quarter 2026 revenue of $264.2 million, up 5.1% year over year, with system-wide revenue growth of 6.0%. Advanced outpatient volumes rose 6.8% on a consolidated basis and 6.3% system-wide, while same-center advanced volumes increased 5.2% consolidated and 4.9% system-wide.

Lumexa reported net income of $2.7 million versus a $7.2 million net loss a year earlier. Adjusted EBITDA was $56.4 million with a 21.4% margin, compared to $56.3 million and a 22.4% margin in 2025. GAAP EPS was $0.03 and Adjusted EPS $0.20.

For full-year 2026, Lumexa reiterated consolidated revenue guidance of $1.045–$1.097 billion and Adjusted EPS of $0.71–$0.77, and narrowed Adjusted EBITDA guidance to $235–$241 million, keeping the midpoint at $238 million. Guidance includes approximately $7 million of public company costs not incurred in 2025.

Positive

• Revenue growth: Q2 2026 consolidated revenue rose 5.1% to $264.2 million
• Volume mix improvement: consolidated advanced procedures up 6.8%, now 31.3% of total
• Return to profitability: Q2 net income $2.7 million vs $7.2 million loss
• Adjusted EPS of $0.20 in Q2 2026 vs prior-year loss per share
• Interest expense reduction: Q2 interest expense fell to $16.2 million from $30.1 million
• Operating cash flow: six-month 2026 cash from operations $35.7 million vs $(11.9) million in 2025

Negative

• Margin compression: Q2 Adjusted EBITDA margin declined to 21.4% from 22.4%
• Lower operating income: income from operations fell to $23.0 million from $27.7 million
• Higher G&A costs: Q2 general and administrative expenses increased to $24.4 million from $18.7 million
• High leverage: total long-term debt including current portion about $834.1 million at June 30, 2026
• Guided EBITDA growth impact: guidance includes ~$7 million public company costs, reducing 2026 Adjusted EBITDA growth midpoint from 7% to 4%

News Explained

The quarter-end update adds disclosed liquidity, debt and share-base figures, with $69,705 thousand cash and 96,074,976 common shares outstanding.

The new structural information in Lumexa Imaging's second-quarter results is its June 30 balance sheet: cash was $69,705 thousand, current debt was $14,330 thousand, long-term debt was $819,753 thousand, and 96,074,976 common shares were issued and outstanding.

Under the supplied definition, dilution results from issuing additional shares that reduce an existing holder's percentage ownership; this release reports the quarter-end common-share base.

For the six months ended June 30, 2026, operating activities provided $35,733 thousand, investing activities used $18,911 thousand, financing activities used $5,945 thousand, and ending cash was $69,705 thousand.

Market reaction after 2Q26 earnings report: LMRI +4.01% in the Aug 13 session

+4.01% 6.2x vol

2 alerts

+4.01% Session close to close

-19.8% Trough Tracked

$1.25B Market Cap

6.2x Rel. Volume

In the Aug 13 session, LMRI gained 4.01%, reflecting a moderate positive market reaction. Argus tracked a trough of -19.8% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. Trading volume was exceptionally heavy at 6.2x the daily average, suggesting very strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Recent insider records show 65,000 shares bought and zero sold. This adds a supportive ownership dat...

Analysis

Recent insider records show 65,000 shares bought and zero sold. This adds a supportive ownership datapoint to the earnings update, while moderate short positioning remains a volatility risk; guidance execution is the key item to watch.

Key Figures

Revenue: $264.2 million, +5.1% Net Income: $2.7 million Adjusted EBITDA: $56.4 million +5 more

8 metrics

Revenue $264.2 million, +5.1% Second quarter 2026 versus $251.4 million in second quarter 2025

Net Income $2.7 million Second quarter 2026 versus net loss of $7.2 million

Adjusted EBITDA $56.4 million Second quarter 2026 versus $56.3 million

Adjusted EBITDA Margin 21.4% Second quarter 2026 versus 22.4%

GAAP EPS $0.03 per share Second quarter 2026

Adjusted EPS $0.20 per share Second quarter 2026

Revenue Guidance $1.045 billion to $1.097 billion Full-year 2026

Adjusted EBITDA Guidance $235 million to $241 million Full-year 2026, narrowed from $234 million to $242 million

Previous Earnings Reports

2 past events · Latest: May 12 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
May 12	Q1 earnings	Positive	-23.3%	Profitability improved and full-year guidance was reiterated despite a negative price reaction.
Mar 26	Q4 earnings	Positive	-29.8%	Revenue growth, leverage reduction, and 2026 guidance accompanied a negative price reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

LMRI's tag-specific earnings events both showed positive or stabilizing reported results but negative 24-hour price reactions.

Key Terms

adjusted ebitda, adjusted eps, non-gaap financial measures, gaap eps

4 terms

adjusted ebitda financial

"Adjusted EBITDA and Adjusted EPS, financial measures that are not calculated"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted eps financial

"Adjusted EBITDA and Adjusted EPS, financial measures that are not calculated"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

non-gaap financial measures financial

"This press release uses Adjusted EBITDA and Adjusted EPS, financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

gaap eps financial

"GAAP EPS of $0.03 per share and Adjusted EPS of $0.20 per share"

GAAP EPS is the profit per share a company reports using U.S. Generally Accepted Accounting Principles, the standard rules for preparing financial statements. It shows how much net income is attributable to each share after recognized costs like operating expenses, taxes and long-term cost allocations, much like a household reporting its monthly savings after following a fixed budgeting checklist. Investors rely on GAAP EPS to compare profitability consistently across companies and reporting periods.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

FAQ

How did Lumexa Imaging (LMRI) perform in Q2 2026?

Lumexa Imaging reported Q2 2026 revenue of $264.2 million, up 5.1% year over year, and net income of $2.7 million. According to Lumexa Imaging, Adjusted EBITDA was $56.4 million with a 21.4% margin, and GAAP EPS was $0.03 per share.

What is Lumexa Imaging’s 2026 revenue and EBITDA guidance after its Q2 2026 results?

Lumexa Imaging reiterated 2026 revenue guidance of $1.045–$1.097 billion and narrowed Adjusted EBITDA guidance to $235–$241 million. According to Lumexa Imaging, the Adjusted EBITDA midpoint remains $238 million and includes about $7 million of incremental public company costs.

What were Lumexa Imaging’s Q2 2026 EPS and Adjusted EPS (LMRI)?

Lumexa Imaging reported Q2 2026 GAAP EPS of $0.03 and Adjusted EPS of $0.20 per share. According to Lumexa Imaging, this compares with a prior-year net loss per share of $(0.10), reflecting a swing back to profitability for common shareholders.

How did outpatient imaging volumes change for Lumexa Imaging in Q2 2026?

In Q2 2026, consolidated total procedures rose 2.5% to 617,722, while consolidated advanced procedures grew 6.8% to 193,125. According to Lumexa Imaging, system-wide total procedures increased 3.1%, and advanced procedures increased 6.3%, with higher advanced mix percentages.

What does Lumexa Imaging’s cash flow and debt position look like after Q2 2026?

For the first six months of 2026, Lumexa Imaging generated $35.7 million in operating cash flow and ended with $69.7 million in cash. According to Lumexa Imaging, total long-term debt including current portion was approximately $834.1 million at June 30, 2026.

Did Lumexa Imaging improve profitability year over year in the first half of 2026?

Yes. Lumexa Imaging posted six-month 2026 net income of $4.5 million compared with a $(14.9) million net loss in 2025. According to Lumexa Imaging, revenue for the same period increased to $516.7 million from $496.4 million year over year.

How are public company costs affecting Lumexa Imaging’s 2026 Adjusted EBITDA outlook?

Lumexa Imaging expects about $7 million of public company costs in 2026 that were not incurred in 2025. According to Lumexa Imaging, at the midpoint this reduces expected Adjusted EBITDA growth for 2026 versus 2025 from approximately 7% to about 4%.