Lumexa Imaging (LMRI), the second-largest scaled provider of outpatient diagnostic imaging services in the United States, detailed its growth strategy and financial outlook at the Wells Fargo 21st Annual Healthcare Conference on Wednesday.
The company, which went public in December, is pursuing an aggressive expansion plan after opening a record nine de novo facilities in 2025. Management expects to open between eight and ten additional centers in 2026, continuing a push that began in late 2024. On the M&A front, Lumexa completed two tuck-in acquisitions in 2025, marking its first deals since 2023 or earlier.
Financially, projected fiscal 2026 revenue sits at approximately $1.04 billion, reflecting 4% growth. Trailing twelve-month EBITDA came in at $78 million, while a net loss of $28 million over the same period is expected to reverse, with analysts forecasting earnings of $0.81 per share for the full year.
Organic same-site revenue growth is tracking at roughly 6%, with a baseline target of 6% to 7%, split approximately two-thirds from volume and one-third from pricing. Commercial contract price escalators contribute about 1% to 2%. Revenue growth is translating into margin expansion—at current levels, each dollar of revenue growth generates approximately 7 cents of EBITDA margin expansion. Second-half EBITDA growth is expected to run about 4% year-over-year.
Balance-sheet leverage stood at 3.5x following the IPO, down two turns from 4.5x at the time of the offering. Management stated it aims for a "two handle" leverage ratio over time, achieved strictly through EBITDA growth rather than debt paydown.
Each de novo center requires roughly $4 million in capital spending, about half of which is tied to equipment leases. The typical 6,000-square-foot facility houses two MRI rooms—one often shell-out—along with a CT scanner, ultrasound unit, and X-ray unit. The build cycle runs approximately one year from site selection to opening, another year to break even, and two to three years to reach maturity.
Lumexa operates 190 independent diagnostic testing facilities across major metropolitan markets including Dallas, Denver, Atlanta, and Charlotte. Around half of its sites are structured as joint ventures with health systems, in which the partner typically retains a 51% stake to lead managed care contracting while Lumexa holds 49%.
The mix shift toward higher-value imaging continues to accelerate. Advanced imaging now accounts for 37.4% of total imaging volume, up 111 basis points year-over-year, and carries reimbursement rates roughly three times those of routine imaging. Outpatient business represents more than 85% of total revenue. Mammography volume rose 2.6% quarter-over-quarter and 6% sequentially from Q1 to Q2 2025. The company operates eight PET machines and plans to add three more, with two already running in Arizona and South Carolina.
Expanding its tracer portfolio, Lumexa is broadening use of radiopharmaceutical agents including fluoroestradiol for breast cancer patients with estrogen-receptor-positive disease. The firm also touts fast-scan MRI protocols on Siemens equipment that can cut scan times by roughly 60%—for example, reducing an ankle MRI from 22 minutes to 8 minutes—yielding about 40% incremental machine capacity. A virtual-cockpit technology enables remote technologist oversight through its Lumexa Connect platform.
Lumexa competes against peers including RadNet, USPI, and SCA Health, with Welsh, Carson serving as a private equity sponsor in the sector. The company works with health system partners such as Baylor Scott & White, Integris, Hospital for Special Surgery, and UPMC, and has recruited Brett Brodnax, formerly chief development officer of USPI, as chairman.
On the day of the conference, LMRI traded at $11.28, down $2.60 or 2.25%, and down 39% year-to-date from a 52-week high of $19.45. Wall Street price targets range from $13 to $23, implying roughly 47% upside to the consensus.
