Lumexa Imaging Holdings, Inc. · NASDAQ:LMRI
Lumexa Imaging — Q1 2026 Earnings Presentation
39 slides from Lumexa Imaging's earnings presentation, May 12, 2026
Slide 1: Investor Presentation
Investor Presentation Updated March 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation has been prepared by Lumexa Imaging Holdings, Inc. ("Lumexa Imaging," the "Company" or "we") and contains forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements r
Slide 3: Investment Highlights
Investment Highlights 1 National Outpatient Imaging Platform Focused on Advanced Modalities & Attractive MSAs 2 Large, Growing & Fragmented Industry Featuring Strong Secular Tailwinds Commercial, Operational & Clinical Excellence Drive Growth & Margins, Positioning Lumexa Imaging as the 3 Partner of
Slide 4: Snapshot of Lumexa Imaging Today
Snapshot of Lumexa Imaging Today High Patient and Provider Satisfaction Operational Highlights(4) 97% 90+ 188 ~4M 99% Patient NPS(1) Imaging Centers Outpatient In-Network Overall Patient (86 in JVs) Scans per Year Reimbursement(5) Satisfaction Rate(1) ~102,000 88% 63% 63% Unique Referring Referring
Slide 5: We Provide Significant Value to Stakeholders Across the Imaging Ecosystem
We Provide Significant Value to Stakeholders Across the Imaging Ecosystem Patients Referring Physicians Health Systems Payors 90+ 97% ~102,000 8 ~60% Joint Ventures Less expensive and more convenient NPS Satisfaction Referring Physicians Across 86 Centers than HOPD competitors(3) ✓ IDTFs(1) are ofte
Slide 6: We Operate in a Large and Growing Imaging Market
We Operate in a Large and Growing Imaging Market … Aging population, technological and healthcare advancements are driving imaging market growth, particularly in advanced modalities US Diagnostic Imaging Services Market ($ in billions) Other Inpatient HOPD Centers Freestanding Imaging Centers CAGR ’
Slide 7: With Powerful Underlying Trends Driving Demand for Advanced Imaging
…With Powerful Underlying Trends Driving Demand for Advanced Imaging… Advanced Imaging is Driving Market Drivers Growth(1) (2019-2024 revenue growth) ⚫ Aging population with complex chronic conditions Aging population + increase in ⚫ Advanced imaging plays an increasing role in screening, diagnosis,
Slide 8: On the Right Side of the Shift to IDTF Outpatient Imaging Centers
…and are on the Right Side of the Shift to IDTF Outpatient Imaging Centers Convenience of Our IDTFs Cost Savings Highly Fragmented Ownership ⚫ IDTF ownership is highly Payors are actively steering patients from Top 10 operators comprise fragmented HOPDs to IDTFs due to lower costs ~20% of IDTF locat
Slide 9: Leading Outpatient Imaging Platform Located in Attractive Geographies
Lumexa Imaging Is A Leading Outpatient Imaging Platform Located in Attractive Geographies Lumexa Imaging Is A Leading Outpatient Imaging Platform Located in Attractive Geographies National Footprint of 188 Imaging Centers(1) Geographic Revenue Mix(2) Population Growth(3) Other ~2x ~1.4% 18% TX 33% 1
Slide 10: Lumexa Imaging Radiology Centers
Lumexa Imaging Radiology Centers ~$5.5M 1 6 3 6,500 sq. ft. Average annual revenue Manager Technologists Service Reps Average center size per consolidated center(1) Illustrative center staffing 83 21 MRI, 12 CT, 33 US/XR $4M Average initial capital investment Average exams per center per day Average
Slide 11: Indexed to High Growth Advanced Modalities Supported by Diversified Payor Mix
Indexed to High Growth Advanced Modalities Supported by Diversified Payor Mix Modality Revenue Mix Modality Volume Mix Payor Revenue Mix(1) Other Other Other X-Ray 6% 3% Self-pay 7% 5% U/S MRI 22% Liens 5% 15% 3% U/S (2) 10% Medicaid MRI 44% 3% Commercial (2) 63% CT Medicare X-Ray Mammo 14% 19% 18%
Slide 12: Trusted Joint Venture Partner to Health Systems
Trusted Joint Venture Partner to Health Systems Long-standing joint ventures with growth-oriented health systems and whitespace for potential new partnerships Outpatient Imaging Joint Ventures Benefits to Health Systems Benefits to Lumexa Imaging Management and operational expertise Managed care ✓ c
Slide 13: How We Partner with Health Systems
How We Partner with Health Systems Illustrative JV Structure Illustrative Responsibilities ⚫ Lumexa Imaging takes 49% ownership of JV ⚫ Manages all operations and receives a management fee based on percent of revenue JV Partners ⚫ Health System takes 51% ownership of JV ⚫ Clinically integrates the J
Slide 14: Growth Algorithm Drivers
Growth Algorithm Drivers M&A Tuck-ins • Strategic Strategic Service • Accretive Line Expansion Efficiencies • PET Through Innovation • BAC New Site Openings • FastScan Technology • 8-10 De Novo openings • Virtual MRI Drive Same-Store per year • AI Initiatives Growth • Health system JVs • 2/3 driven
Slide 15: Same-Center Organic Growth Playbook
Same-Center Organic Growth Playbook Differentiated commercial approach has driven revenue and volume growth despite macro conditions Represents same-center metrics Revenue Growth(1) ✓ Resilient through economic cycles 8.2% System-wide Revenue Growth Focus on the highest potential referring offices ✓
Slide 16: Highly Accretive De Novo Strategy
Highly Accretive De Novo Strategy Accelerating our de novo strategy across new and existing MSAs Key Points 13 $4M Robust pipeline of opportunities to develop wholly-owned and JV de De Novo Openings since Average Initial Capital Investment novos December 31, 2023(1) As short as As short as Signi
Slide 17: Appendix: Financial Highlights
Appendix: Financial Highlights
Slide 18: Track Record of Growth
Track Record of Growth $ in millions, except scans and centers 2023A 2024A 2025 2025 Highlights • 9 new de novos, 1 acquisition Centers 183 181 188 Centers in JVs 82 83 86 • Added new JV partnership De Novos Opened 2 4 9 • Consolidated revenue increased Outpatient Scans – Consolidated 2,440 2,312 2,
Slide 19: Business Model: Two Segments
Business Model: Two Segments Outpatient Imaging Business Model Professional Fees Business Model • Full scope of services in a convenient outpatient setting • Support our health system partners by furnishing a radiologist to them • Building 8-10 new sites per year, M&A opportunities • Performing for
Slide 20: Improved Capital Structure: Grow While Continuing to Delever
Improved Capital Structure: Grow While Continuing to Delever Stronger balance sheet, reduced leverage by 2x, and improved cash flow • Net Proceeds of IPO reduced leverage by 2x • Debt Rating Improved to Moodys: B2, S&P: B+ • Refinanced Term Loan • Add cost of debt lowered from SOFR+475 bps ≥ to SOFR
Slide 21: 2026 Guidance
2026 Guidance 2025 Results 2026 Guidance Growth Rate from Midpoint Consolidated Revenue $1,023 M $1,045-$1,097 M 5.4% Reported 3.9%1 Adjusted EBITDA $230 M $234-$242 M1 Excluding Public Company Costs 7.0% 1 2026 Adj EBITDA includes ~$7M of public company costs that were not in incurred in 2025 20
Slide 22: Pro Forma Adjusted EBITDA Margin Trends
Pro Forma Adjusted EBITDA Margin Trends Adj. EBITDA Normalized for Public Company Costs Long Term Margin Levers • Mix shift to advanced modalities $230 • FastScan technology rollout $201 • Operating efficiencies via technology • Benefits of scale and disciplined cost management One-Time Headwinds in
Slide 23: Joint Venture Finances and How Reflected in Lumexa's Financial Reporting
Joint Venture Finances and How Reflected in Lumexa’s Financial Reporting Debt Levels and Comparison of Cash Flows vs. Accrued Earnings from JVs Readily Available in Lumexa Reporting Lumexa’s largest JV is audited each year, JV Financial Data Treatment in Lumexa's Consolidated Financial Statements an
Slide 24: Joint Venture Finances Reflected in Lumexa's Financial Reporting
Joint Venture Finances Reflected in Lumexa’s Financial Reporting Operating Results, Debt, Management Fees and Pass-Through Costs Financial highlights of Joint Venture outpatient centers: • Joint Venture Site Level • Lumexa Imaging Level ➢ Joint venture centers have debt (equipment financings) ➢ Our
Slide 25: Our Technology Organization is Guided By Patient and Physician-Driven Principles
Our Technology Organization is Guided By Patient and Physician-Driven Principles Our Technology Organization is Guided By Patient and Physician-Driven Principles STRATEGIC PILLARS KEY ENABLERS Scalable, Resilient and Actionable Business Secure Intelligence Operations AI Technology Data-driven insigh
Slide 26: Highly Integrated Technology Stack
Highly Integrated Technology Stack Lumexa Imaging partners with best-in-class imaging technology providers across its integrated IT platform to support future expansion ✓ Scalable Technology Platform PACS: RIS: Workflow Advanced Visualization ✓ Operational Efficiency Gains Management Tools Implement
Slide 27: FDA Approved AI for Radiology Clinical Use Cases
FDA Approved AI for Radiology Clinical Use Cases Radiology has by far the most advanced development in AI for clinical use cases ~1,100 ~6X $13B FDA-approved clinical AI Growth in # of FDA-approved clinical AI Investments in Radiology algorithms in Radiology algorithms in Radiology since 2020 AI in
Slide 28: Our AI Strategy is Grounded in Value-Added Relationships, Not Acquisition
Our AI Strategy is Grounded in Value-Added Relationships, Not Acquisition… Our approach facilitates accelerated adoption, reduced capital intensity and flexibility to pick innovative solutions aligned to our business needs. Benefits of Our Third-Party AI Strategy Clinical Decision Support ✓ Accelera
Slide 29: Focused on the Key Value Levers for Our Business
… And, Practically, Focused on the Key Value Levers for Our Business. Driving maximum utilization from our site-level equipment, ensuring radiologist productivity, and reducing administrative overhead. Streamlined intake experience Patient and referring Centralized scheduling platform maximizing ord
Slide 30: AI Relationships Deliver Value While Maintaining Speed To Market and Flexibility
AI Relationships Deliver Value While Maintaining Speed To Market and Flexibility AI Relationships Deliver Value While Maintaining Speed To Market and Flexibility Our partner or buy vs build or acquire approach has delivered clear proof points already, that add value to our business aligned to our st
Slide 31: Rapidly Building a Strategic Capability: An Internal Teleradiology Team
Rapidly Building a Strategic Capability: An Internal Teleradiology Team Ability to control radiologist capacity improves outpatient imaging growth and reduces reliance on third-party radiologists Teleradiologist Ramp Flexible # of Connexia teleradiologists employed Schedules Commitment Outpatient, t
Slide 32: First-Rate Commercial Capabilities
First-Rate Commercial Capabilities Serving Important Stakeholders Referring Physician Offices Patients Quick Broad In Network / Low Subspecialized Ease of Convenient Turnaround Needs: Availability of Out-of-Pocket Needs: Radiologists Report Access Retail Locations Times Appointments Costs ✓ 120 sale
Slide 33: Public Company Management Team with Deep Industry Experience
Public Company Management Team with Deep Industry Experience Caitlin Zulla Tony Martin Chief Executive Officer Chief Financial Officer Paul Gilbert Russell Stewart, M.D. Lachlan Tidmarsh Chief Legal Officer & Corporate Secretary Chief Medical Officer Chief Information Officer Jill Lewandowski Alyssa
Slide 34: Glossary
Glossary 1. Consolidated (GAAP) revenue – Consolidated revenue includes revenue from our wholly owned subsidiaries, our variable interest entities and our franchise centers. Consolidated revenue does not include the revenues of our unconsolidated affiliates 2. Consolidated Revenue Growth – the perce
Slide 35: Capital Additions and Cash Flows – Year Ended December 31, 2025
Capital Additions and Cash Flows – Year Ended December 31, 2025 Investing in our Growth Opportunity We made $113m of fixed asset additions across all the centers we operate. Cash flows from operating activities less cash pay capex of $23.5m yields a number Blended topline revenue growth of ~6% that
Slide 36: Operating Cash Flow Notes – Year Ended December 31, 2025
Operating Cash Flow Notes – Year Ended December 31, 2025 • We de-levered 2.5x during 2025, 0.5x from operating business before IPO and 2.0x from IPO • We reported cash flows from operating activities of $17.1 million • Some notable items reduced our cash flow: • $28 million of transaction costs, sev
Slide 37: GAAP to Non GAAP Reconciliations: Certain Expenses and Cash Payment Timing
GAAP to Non GAAP Reconcliations: Certain Expenses and Cash Payment Timing $28.3 million incurred and paid in 2025. $11.2 million of what was incurred in 2024 was paid in 2025. Blended topline revenue growth of ~6% Source: Lumexa Form 10-K for the year ended December 31, 2025. See “Non-GAAP Financial
Slide 38: Reconciliation of GAAP Net Loss to Adjusted EBITDA
LUMEXA IMAGING HOLDINGS, INC. RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2025 AND 2024 (Dollars in Thousands - Unaudited) Quarter Ended December 31, Year Ended December 31, 4Q 2025 4Q 2024 2025 2024 GAAP net loss $ (28,690) $ (25,058) $ (47,1
Slide 39: Thank You!
LUMO Thank You!
Lumexa Imaging Holdings — Q1 2026 Earnings Presentation on 6ix