Lumexa Imaging Announces Third Quarter 2026 Results

Lower interest expense accompanied a return to quarterly profit, while operating income declined year over year.

Rhea-AI Summary

Lumexa Imaging (Nasdaq: LMRI) reported third-quarter 2026 revenue of $272.0 million, up from the same quarter a year earlier. Revenue grew 5.0%, while net income reached $7.2 million versus a $3.5 million loss. GAAP earnings were $0.07 per share versus a $0.05 loss. Adjusted EBITDA, a non-GAAP earnings measure, rose to $62.6 million from $59.1 million; its margin increased to 23.0% from 22.8%.

Consolidated advanced imaging volumes rose 7.9%. Operating income fell to $28.113 million from $30.340 million. Lumexa reiterated 2026 revenue guidance of $1.045 billion–$1.097 billion and narrowed adjusted EBITDA guidance to $236 million–$240 million, retaining the $238 million midpoint. It raised adjusted EPS guidance to $0.86–$0.90 from $0.71–$0.77, citing a lower assumed effective tax rate. The company expects 8–10 new center openings this year.

19 points · 1 major

PositiveiHow this balance works

How this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EPS guidance increased to $0.86–$0.90 from $0.71–$0.77, reflecting a lower assumed effective tax rate.
• Moderate pointQ3 consolidated revenue grew 5.0% to $272.0 million; system-wide revenue grew 7.7% year over year.
• Moderate pointQ3 net income reached $7.2 million, versus a $3.5 million loss a year earlier.
• Moderate pointQ3 adjusted EBITDA increased to $62.6 million from $59.1 million a year earlier.
• Moderate pointQ3 total procedures increased 3.6% consolidated and 4.0% system-wide year over year.
• Moderate pointQ3 advanced procedures, comprising MRI and CT scans, increased 7.9% consolidated and 8.1% system-wide year over year.
• Moderate pointQ3 interest expense fell to $15.674 million from $30.577 million a year earlier.
• Moderate pointNine-month operating cash flow reached $70.544 million, versus $29,000 used a year earlier.

11 minor points

• Minor pointQ3 GAAP EPS improved to $0.07 from a $0.05 loss; adjusted EPS was $0.26.
• Minor pointQ3 adjusted EBITDA margin increased to 23.0% from 22.8% a year earlier.
• Minor pointQ3 same-center advanced procedure volumes grew 6.6% consolidated and 6.8% system-wide year over year.
• Minor pointQ3 advanced procedure mix reached 31.8% consolidated and 38.2% system-wide, up 127 and 145 basis points, respectively.
• Minor pointQ3 earnings from unconsolidated affiliates rose to $22.846 million from $17.990 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.New-center expansion targets 8–10 openings in 2026; three centers are actively being opened.
• Minor pointNine-month revenue increased to $788.672 million from $755.347 million a year earlier.
• Minor pointNine-month net income reached $11.640 million, versus an $18.414 million loss a year earlier.
• Minor pointNine-month GAAP EPS improved to $0.12 from a $0.26 loss a year earlier.
• Minor pointNine-month interest expense fell to $48.227 million from $90.523 million a year earlier.
• Minor pointCash increased to $90.011 million at September 30, 2026, from $58.828 million at December 31, 2025.

Negative

• Moderate pointQ3 operating income declined to $28.113 million from $30.340 million a year earlier.
• Moderate pointQ3 general and administrative expenses rose to $30.025 million from $17.081 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 guidance includes approximately $7 million of public-company costs not incurred in 2025.
• Minor pointQ3 operating costs excluding depreciation and amortization increased to $225.571 million from $219.236 million a year earlier.
• Minor pointQ3 depreciation and amortization increased to $10.331 million from $9.654 million a year earlier.

8 minor points

• Minor pointQ3 income tax provision increased to $4.607 million from $3.264 million a year earlier.
• Minor pointNine-month operating income declined to $70.565 million from $83.561 million a year earlier.
• Minor pointNine-month general and administrative expenses rose to $74.757 million from $53.262 million a year earlier.
• Minor pointNine-month operating costs excluding depreciation and amortization rose to $668.611 million from $639.898 million a year earlier.
• Minor pointNine-month depreciation and amortization increased to $30.336 million from $27.984 million a year earlier.
• Minor pointNine-month debt extinguishment and modification loss was $1.053 million, versus none a year earlier.
• Minor pointLong-term debt excluding current maturities increased to $821.524 million from $819.029 million at December 31, 2025.
• Minor pointCurrent long-term debt maturities increased to $15.548 million from $13.112 million at December 31, 2025.

News Explained

The release’s September 30 balance sheet reports cash and equivalents of $90,011 thousand, with $15,548 thousand of current debt and $821,524 thousand of long-term debt.

Key Figures

Quarterly revenue: $272.0 million vs. $258.9 million Net income: $7.2 million vs. net loss of $3.5 million Adjusted EBITDA: $62.6 million vs. $59.1 million +5 more

Quarterly revenue

$272.0 million vs. $258.9 million

Third quarter 2026 vs. third quarter 2025

Net income

$7.2 million vs. net loss of $3.5 million

Third quarter 2026 vs. third quarter 2025

Adjusted EBITDA

$62.6 million vs. $59.1 million

Third quarter 2026 vs. third quarter 2025

Adjusted EBITDA margin

23.0% vs. 22.8%

Third quarter 2026 vs. third quarter 2025

2026 revenue guidance

$1.045 billion to $1.097 billion

Full-year consolidated guidance reiterated

2026 Adjusted EBITDA guidance

$236 million to $240 million, from $235 million to $241 million

Full-year range narrowed; midpoint unchanged at $238 million

2026 Adjusted EPS guidance

$0.86 to $0.90, from $0.71 to $0.77 per share

Full-year guidance raised

Consolidated advanced outpatient volume growth

7.9%

Third quarter 2026

Previous Earnings Reports

1 past event · Latest: Aug 12

Same Type 1 event

1. Aug 12

   Quarterly earnings

   24h Move

   +4.0%

   Q2 revenue and adjusted EBITDA rose, with full-year revenue and EBITDA guidance retained.

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

Key Terms

basis points, non-gaap financial measures, gaap eps

3 terms

basis points financial

"up 127 and 145 basis points, respectively"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

non-gaap financial measures financial

"financial measures that are not calculated in accordance with GAAP"

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 $0.07 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., Nov. 10, 2026 (GLOBE NEWSWIRE) -- Lumexa Imaging (Nasdaq: LMRI), one of the nation’s largest providers of outpatient imaging services, today reported results for the third quarter ended September 30, 2026.

“In Q3, we advanced our business in several meaningful ways while executing against our strategy. Advanced modalities reached a record high as a percent of our volumes, and our newer de novo cohorts continue to ramp on plan. We are actively opening three new de novo centers and are on pace to achieve our goal for 8–10 new center openings this year,” said Caitlin Zulla, Chief Executive Officer of Lumexa Imaging. “These achievements mark progress toward our long-term growth plans, and that progress is translating into strong, durable cash generation. We enter the fourth quarter confident in our ability to deliver for patients, partners, and shareholders.”

“We are leading a transformation in healthcare - delivering high-quality imaging in more convenient settings, more quickly and at meaningfully lower cost through our wholly owned centers and alongside health system partners, improving clinical and financial outcomes.”

Third Quarter 2026 Highlights

All comparisons are to the quarter ended September 30, 2025, unless otherwise noted

• Revenue growth of 5.0% consolidated and 7.7% system-wide; consolidated revenues of $272.0 million as compared to $258.9 million
• Advanced outpatient volume growth of 7.9% consolidated and 8.1% system-wide
• Same-center advanced outpatient volume growth of 6.6% consolidated and 6.8% system-wide
• Advanced procedure mix of 31.8% consolidated and 38.2% system-wide, up 127 and 145 basis points, respectively
• Net income of $7.2 million as compared to net loss of $3.5 million
• Adjusted EBITDA of $62.6 million as compared to $59.1 million; and a 23.0% Adjusted EBITDA margin as compared to 22.8%
• GAAP EPS of $0.07 per share and Adjusted EPS of $0.26 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 $236 million to $240 million, from its prior range of $235 million to $241 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%)
• Raising guidance for Adjusted EPS to $0.86 to $0.90 from $0.71 to $0.77 per share, driven by lower assumed effective tax rate.
  

Lumexa Imaging Earnings Conference Call and Webcast
Lumexa Imaging will host a conference call to discuss its third quarter 2026 results on November 10, 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 approximately 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; and our ability to drive future growth and execute on our goals and strategies. 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 Q3 2026 Outpatient Volumes Highlights:

Consolidated		3Q26		3Q25		Increase YoY
	Consolidated total procedures	631,131		609,352		3.6%
	Consolidated advanced procedures	200,600		185,913		7.9%
	% advanced procedures	31.8%		30.5%		127bps
	Consolidated same-center advanced volume growth	------		------		6.6%
System-wide
	System-wide total procedures	1,049,491		1,009,029		4.0%
	System-wide advanced procedures	400,581		370,501		8.1%
	% advanced procedures	38.2%		36.7%		145bps
	System-wide same-center advanced volume growth	------		------		6.8%
Note: Advanced Procedures includes MRI and CT modalities. As of September 30, 2026 Center count was 190 total, 87 JV and 103 consolidated.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT FOR COMMON SHARES)
(Unaudited)
		September 30, 2026				December 31, 2025
ASSETS
Cash and cash equivalents		$	90,011			$	58,828
Accounts receivable			117,769				112,942
Accounts receivable, related party			22,570				18,893
Other receivables			33,174				19,015
Prepaid expenses			14,789				17,582
Total current assets			278,313				227,260
Property and equipment, net of accumulated depreciation			158,847				144,709
Operating lease right-of-use assets			74,833				76,555
Investments in unconsolidated affiliates			428,019				423,191
Intangible assets, net of accumulated amortization			38,582				41,335
Goodwill			807,554				807,554
Other assets			46,988				43,953
TOTAL ASSETS		$	1,833,136			$	1,764,557
LIABILITIES AND EQUITY
Accounts payable		$	20,382			$	44,857
Accrued expenses and other current liabilities			117,920				95,561
Accounts receivable pledging arrangement			2,322				1,599
Current portion of long-term debt			15,548				13,112
Current portion of finance lease liabilities			15,007				11,552
Current portion of operating lease liabilities			12,277				12,513
Total current liabilities			183,456				179,194
Long-term debt, less current maturities			821,524				819,029
Long-term finance lease liabilities, less current maturities			39,782				33,262
Long-term operating lease liabilities, less current maturities			70,377				71,437
Deferred income taxes			47,044				40,772
Other liabilities			36,870				34,740
Total liabilities			1,199,053				1,178,434
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 96,062,177 shares issued and outstanding at September 30, 2026 and 96,109,927 shares issued and outstanding at December 31, 2025			96				96
Additional paid-in-capital			1,253,407				1,217,087
Accumulated deficit			(619,420	)			(631,060	)
Total equity			634,083				586,123
TOTAL LIABILITIES AND EQUITY		$	1,833,136			$	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 September 30,
			2026			2025
REVENUES:
Net patient service revenue		$	211,115		$	201,695
Management fee and other revenue			60,858			57,249
Total revenues			271,973			258,944
OPERATING EXPENSES:
Cost of operations, excluding depreciation and amortization			225,571			219,236
General and administrative expenses			30,025			17,081
Depreciation and amortization			10,331			9,654
Loss on disposal of property and equipment			779			623
Total operating expenses			266,706			246,594
Equity in earnings of unconsolidated affiliates			22,846			17,990
INCOME FROM OPERATIONS			28,113			30,340
OTHER EXPENSES:
Interest expense			15,674			30,577
Fair market value adjustment on debt			654			-
Total other expenses			16,328			30,577
INCOME (LOSS) BEFORE INCOME TAXES			11,785			(237	)
Income tax provision			4,607			3,264
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)		$	7,178		$	(3,501	)
Weighted average shares outstanding:
Basic			95,983,246			69,531,530
Diluted			96,256,077			69,531,530
Net income (loss) per common share
Basic		$	0.07		$	(0.05	)
Diluted		$	0.07		$	(0.05	)

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)
		Nine Months Ended September 30,
			2026			2025
REVENUES:
Net patient service revenue		$	612,168		$	592,178
Management fee and other revenue			176,504			163,169
Total revenues			788,672			755,347
OPERATING EXPENSES:
Cost of operations, excluding depreciation and amortization			668,611			639,898
General and administrative expenses			74,757			53,262
Depreciation and amortization			30,336			27,984
Loss on disposal of property and equipment			892			477
Total operating expenses			774,596			721,621
Equity in earnings of unconsolidated affiliates			56,489			49,835
INCOME FROM OPERATIONS			70,565			83,561
OTHER EXPENSES:
Interest expense			48,227			90,523
Loss on extinguishment and modification of debt			1,053			-
Fair market value adjustment on debt			654			-
Total other expenses			49,934			90,523
INCOME (LOSS) BEFORE INCOME TAXES			20,631			(6,962	)
Income tax provision			8,991			11,452
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)		$	11,640		$	(18,414	)
Weighted average shares outstanding:
Basic			95,983,242			69,527,181
Diluted			96,092,916			69,527,181
Net income (loss) per common share
Basic		$	0.12		$	(0.26	)
Diluted		$	0.12		$	(0.26	)

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(Unaudited)
		Nine Months Ended September 30,
			2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	11,640			$	(18,414	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization			30,336				27,984
Amortization of operating lease right-of-use assets			11,879				11,162
Amortization of debt issuance costs			2,161				4,337
Amortization of cloud computing implementation costs			1,332				271
Unrealized fair market value adjustment on debt			263				-
Write-off of debt issuance costs related to extinguishment of debt			46				-
Equity in earnings of unconsolidated affiliates			(56,489	)			(49,835	)
Distributions from investments in unconsolidated affiliates			55,028				41,223
Loss on disposal of property and equipment			892				477
Deferred income taxes			6,272				3,502
Stock-based compensation			37,350				23,032
Other			(1,030	)			-
Changes in operating assets and liabilities:
Accounts receivable			(4,827	)			(7,206	)
Accounts receivable, related party			(3,677	)			2,189
Capitalized cloud computing implementation costs			(2,773	)			(1,686	)
Other receivables			(14,159	)			(7,494	)
Prepaid expenses			2,094				(6,369	)
Other assets			(2,196	)			(15,418	)
Accounts payable			(24,475	)			5,007
Accrued expenses and other current liabilities			29,725				(10,889	)
Other liabilities			2,605				7,700
Operating lease liabilities			(11,453	)			(9,602	)
Net cash provided by (used in) operating activities			70,544				(29	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale or disposal of property and equipment			196				794
Acquisition of intangible asset			(600	)			-
Purchases of property and equipment			(29,192	)			(19,228	)
Contributions to investments in unconsolidated affiliates			(3,366	)			(123	)
Net cash used in investing activities			(32,962	)			(18,557	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of third-party debt issuance costs			(154	)			-
Proceeds from long-term debt			15,675				2,818
Payments of long-term debt			(11,925	)			(11,807	)
Proceeds from revolving line of credit			-				5,000
Payments of finance lease liabilities			(10,455	)			(4,926	)
Capital contributions			-				835
Proceeds from accounts receivable pledging arrangement			1,080				726
Repayments on accounts receivable pledging arrangement			(620	)			-
Net cash used in financing activities			(6,399	)			(7,354	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			31,183				(25,940	)
CASH AND CASH EQUIVALENTS, beginning of period			58,828				26,131
CASH AND CASH EQUIVALENTS, end of period		$	90,011			$	191

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA
(IN THOUSANDS)
(Unaudited)
		Three Months Ended September 30,
			2026				2025
Net income (loss)		$	7,178			$	(3,501	)
Depreciation and amortization			10,331				9,654
Income tax provision			4,607				3,264
Amortization of basis difference			573				500
Interest expense			15,674				30,577
Stock-based compensation			12,339				8,312
Loss on disposal of property and equipment			779				623
Fair market value adjustment on debt			654				-
Severance and executive recruiting(1)			622				365
Strategic initiatives and implementation(2)			2,365				1,198
Transaction costs(3)			(661	)			2,899
Litigation and settlements(4)			3,578				(14	)
Other(5)			362				728
Adjustments for equity in earnings
of unconsolidated affiliates(6)			4,194				4,525
Adjusted EBITDA		$	62,595			$	59,130
(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 related to the deployment of a new technology system, the development, customization, and integration of a new enterprise resource planning system, and related transformation of our finance organization, including enhancements to our accounting capabilities and internal control processes.
(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)
		Nine Months Ended September 30,
			2026			2025
Net income (loss)		$	11,640		$	(18,414	)
Depreciation and amortization			30,336			27,984
Income tax provision			8,991			11,452
Amortization of basis difference			1,678			1,500
Interest expense			48,227			90,523
Stock-based compensation			37,350			23,032
Loss on extinguishment and modification of debt			1,053			-
Loss on disposal of property and equipment			892			477
Fair market value adjustment on debt			654			-
Severance and executive recruiting(1)			2,253			2,538
Strategic initiatives and implementation(2)			5,849			3,084
Transaction costs(3)			2,628			10,363
Litigation and settlements(4)			4,780			(142	)
Other(5)			444			886
Adjustments for equity in earnings
of unconsolidated affiliates(6)			13,464			13,121
Adjusted EBITDA		$	170,239		$	166,404
(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 related to the deployment of a new technology system, the development, customization, and integration of a new enterprise resource planning system, and related transformation of our finance organization, including enhancements to our accounting capabilities and internal control processes.
(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 September 30,
			2026				2025
Net income (loss)		$	7,178			$	(3,501	)
Stock-based compensation			12,339				8,312
Loss on disposal of property and equipment			779				623
Fair market value adjustment on debt			654				-
Severance and executive recruiting(1)			622				365
Strategic initiatives and implementation(2)			2,365				1,198
Transaction costs(3)			(661	)			2,899
Litigation and settlements(4)			3,578				(14	)
Other(5)			362				728
Adjustments for equity in earnings
of unconsolidated affiliates(6)			160				255
Total adjustments			20,198				14,366
Tax impact of adjustments(7)			(2,722	)			(1,515	)
Adjusted net income		$	24,654			$	9,350
Weighted average shares outstanding
Basic			95,983,246				69,531,530
Diluted			96,256,077				69,531,530
Adjusted basic net income per share		$	0.26			$	0.13
Adjusted diluted net income per share		$	0.26			$	0.13
(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 related to the deployment of a new technology system, the development, customization, and integration of a new enterprise resource planning system, and related transformation of our finance organization, including enhancements to our accounting capabilities and internal control processes.
(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)
		Nine Months Ended September 30,
			2026				2025
Net income (loss)		$	11,640			$	(18,414	)
Stock-based compensation			37,350				23,032
Loss on disposal of property and equipment			892				477
Loss on extinguishment and modification of debt			1,053				-
Fair market value adjustment on debt			654				-
Severance and executive recruiting(1)			2,253				2,538
Strategic initiatives and implementation(2)			5,849				3,084
Transaction costs(3)			2,628				10,363
Litigation and settlements(4)			4,780				(142	)
Other(5)			444				886
Adjustments for equity in earnings
of unconsolidated affiliates(6)			755				309
Total adjustments			56,658				40,547
Tax impact of adjustments(7)			(7,183	)			(4,381	)
Adjusted net income		$	61,115			$	17,752
Weighted average shares outstanding
Basic			95,983,242				69,527,181
Diluted			96,092,916				69,527,181
Adjusted basic net income per share		$	0.64			$	0.26
Adjusted diluted net income per share		$	0.64			$	0.26
(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 related to the deployment of a new technology system, the development, customization, and integration of a new enterprise resource planning system, and related transformation of our finance organization, including enhancements to our accounting capabilities and internal control processes.
(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 September 30,
			2026			2025
Components of "management fee and other revenues:"
Fees for managing joint ventured outpatient sites and other third party services		$	25,889		$	23,843
Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa			34,969			33,406
Total revenues		$	60,858		$	57,249
		Nine Months Ended September 30,
			2026			2025
Components of "management fee and other revenues:"
Fees for managing joint ventured outpatient sites and other third party services		$	73,490		$	64,497
Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa			103,014			98,672
Total revenues		$	176,504		$	163,169

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT REVENUES
(IN THOUSANDS)
(Unaudited)
		THREE MONTHS ENDED SEPTEMBER 30, 2026
		OUTPATIENT			PROFESSIONAL			INTERSEGMENT ELIMINATIONS				TOTAL OF REPORTABLE SEGMENTS
Revenue
Net patient service revenue		$	148,975		$	66,342		$	(4,202	)		$	211,115
Management fee and other revenue			52,974			7,884			-				60,858
Total revenues		$	201,949		$	74,226		$	(4,202	)		$	271,973

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Lumexa Imaging's third-quarter 2026 earnings results?

Lumexa reported $272.0 million in revenue and $7.2 million in net income for the quarter ended September 30, 2026. Revenue increased 5.0% year over year, and net income compared with a $3.5 million loss. GAAP earnings were $0.07 per share, while adjusted earnings were $0.26 per share.

What is Lumexa Imaging's updated 2026 financial guidance?

Lumexa's 2026 outlook includes revenue of $1.045 billion–$1.097 billion, adjusted EBITDA of $236 million–$240 million and adjusted EPS of $0.86–$0.90. Revenue guidance is unchanged. The adjusted EBITDA range narrowed from $235 million–$241 million with its $238 million midpoint unchanged, while adjusted EPS guidance increased from $0.71–$0.77.

How do public-company costs affect Lumexa Imaging's 2026 adjusted EBITDA outlook?

Approximately $7 million of public-company costs reduce 2026 adjusted EBITDA growth at the guidance midpoint from 7% to 4% versus 2025. These costs were not incurred in 2025.