Lumexa Imaging posts $7.18M Q3 2026 net income
System-wide advanced imaging procedures rose 8.1% year over year, reaching 38.2% of procedure volume in the quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Lumexa Imaging Holdings, Inc. (LMRI) reported third-quarter 2026 total revenue of $271.973 million, compared with $258.944 million a year earlier. Net income was $7.178 million, versus a $3.501 million loss; income from operations was $28.113 million, compared with $30.340 million. Adjusted EBITDA, a non-GAAP measure, was $62.595 million versus $59.130 million, and adjusted diluted earnings per share were $0.26 versus $0.13.
System-wide procedures reached 1,049,491, up 4.0%; advanced procedures were 400,581, up 8.1%, accounting for 38.2% of procedures versus 36.7%. For the first nine months, operating cash flow was $70.544 million, compared with $29,000 used a year earlier. CEO Caitlin Zulla said three new de novo centers were actively opening and Lumexa was on pace for 8–10 openings in 2026. The company also said it updated its full-year 2026 guidance.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
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.
Positive
- Moderate pointQuarterly net income reached $7.178 million, versus a $3.501 million loss.
- Moderate pointAdjusted EBITDA was $62.595 million, compared with $59.130 million a year earlier.
- Moderate pointNine-month operating cash flow was $70.544 million, versus $29,000 used a year earlier.
Negative
- Moderate pointIncome from operations was $28.113 million, down from $30.340 million a year earlier.
Filing Explained
This 8-K reports Lumexa’s completed third-quarter results; at
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted EPS financial
de novo centers technical
same-center advanced volume growth technical
Zero margin pass-throughs financial
Earnings Snapshot
Updated full-year 2026 guidance.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were LMRI's Q3 2026 revenue and earnings?
How many procedures did LMRI perform in Q3 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02. | Results of Operations and Financial Condition. |
On November 10, 2026, Lumexa Imaging Holdings, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information furnished pursuant to Item 2.02 of this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933 or the Exchange Act.
| Item 7.01. | Regulation FD Disclosure. |
The information described under Item 2.02 above is incorporated by reference in this Item 7.01.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press Release dated November 10, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LUMEXA IMAGING HOLDINGS, INC. | ||||||
| By: | /s/ J. Anthony Martin | |||||
| Date: November 10, 2026 | Name: | J. Anthony Martin | ||||
| Title: | Chief Financial Officer | |||||
Exhibit 99.1
Lumexa Imaging Announces Third Quarter 2026 Results
RALEIGH, N. C., November 10, 2026—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 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||