Lumexa Imaging Holdings, Inc. · NASDAQ:LMRI
Lumexa Imaging — Q2 2026 Earnings Presentation
38 slides from Lumexa Imaging's earnings presentation, Aug 12, 2026
Slide 1: Investor Presentation
Investor Presentation Updated August 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 Leading Outpatient Imaging Platform Focused on Advanced Modalities & Attractive MSAs 2 Large, Growing & Fragmented Industry, Strong Secular Tailwinds 3 Multiple Growth Levers and Strong Return on Capital Characteristics 4 Capital Light, Future Ready Technology Platform Built
Slide 4: Lumexa Imaging at a Glance
Lumexa Imaging at a Glance… High Patient and Provider Satisfaction Operational Highlights(4) 97% 90+ 188 ~4M 99% Patient NPS(1) Imaging Centers Outpatient In-Network Overall Patient (88 in JVs) Scans per Year Reimbursement(5) Satisfaction Rate(1) ~102,000 88% 63% 63% Unique Referring Referring Physi
Slide 5: A Leading Outpatient Imaging Platform Located in Attractive Geographies
A Leading Outpatient Imaging Platform Located in Attractive Geographies 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 MT ~0.6% NY 6 18 NJ NC NJ 14% 19% U
Slide 6: 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 9 ~60% Joint Ventures Less expensive and more convenient NPS Satisfaction Referring Physicians than HOPD competitors(3) Across 88 Centers ✓ IDTFs(1) are ofte
Slide 7: Lumexa Imaging Radiology Centers
Lumexa Imaging Radiology Centers ~$5.5M 1 6 3 6,500 sq. ft. Average annual revenue Manager Technologists Service Reps Efficient center staffing Average center size per consolidated center(1) 83 21 MRI, 12 CT, 33 US/XR $4M Average initial capital investment Average exams per center per day Average se
Slide 8: Strategic Capability: An Internal Teleradiology Team
Strategic Capability: An Internal Teleradiology Team Ability to scale radiologist capacity improves outpatient imaging growth and reduces reliance on third-party radiologists Teleradiologist Ramp Flexible # of Connexia teleradiologists employed Schedules Commitment Outpatient, to Clinical Daytime Qu
Slide 9: We Operate in a Large and Growing Market for Outpatient Imaging
We Operate in a Large and Growing Market for Outpatient Imaging Aging population, technological and healthcare advancements are driving imaging market growth, particularly in advanced modalities US Diagnostic Imaging Services Market ($ in billions) Other Inpatient HOPD Centers Freestanding Imaging C
Slide 10: 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 Payors are actively steering patients Top 10 operators comprise Convenient Retail from HOPDs to IDTFs due to lower ~20% of IDTF locations ⚫ IDTF ownership is h
Slide 11: 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 chronic & complex ⚫ Advanced imaging plays an increasing role in scr
Slide 12: Characterized by an Attractive Mix of Advanced Modalities
Characterized by an Attractive Mix of Advanced Modalities* Modality Revenue Mix Strong and Expanding Advanced Modality Volumes Other Other X-Ray 6% 3% 5% U/S MRI* 15% 22% U/S 10% MRI* 44% X-Ray CT* Mammo 18% 14% 16% CT* Mammo 19% 28% ✓ Indexed to higher growth advanced imaging MRI and CT exams ✓ Adv
Slide 13: And a Healthy, Diverse Payor Mix
And a Healthy, Diverse Payor Mix Payor Revenue Mix(1) Other Self-pay 7% ✓ Approximately 99% in-network (as of December 31, 2025) Liens 5% 3% Medicaid 3% (2) Commercial ✓ 600+ regional commercial payor contracts 63% Medicare 19% (2) ✓ Strong payor relationships driven by reputation for high-quality,
Slide 14: 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 15: Integrated, Scalable Technology Platform: Lumexa Imaging Connect
Integrated, Scalable, Technology Platform: Lumexa Imaging Connect 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 G
Slide 16: Tech Strategy Grounded in Value-Added Relationships
Tech Strategy Grounded in Value-Added Relationships, Not R&D or 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 17: Lumexa Growth Algorithm Drivers
Lumexa 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
Slide 18: 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 19: Commercial Engine Drives Referrals, Modality Mix and Brand Recognition
Commercial Engine Drives Referrals, Modality Mix and Brand Recognition Benefits to Physician Offices Benefits to Patients Ease of Report Access Convenient Retail Locations Quick Turnaround Times Broad Availability of Appointments Subspecialized Radiologists In Network / Low Out-of-Pocket Costs Comme
Slide 20: Attractive De Novo Economics
Attractive De Novo Economics Disciplined underwriting and a rapid center-level ramp drives profitable growth DE NOVO UNIT ECONOMICS Robust pipeline of wholly-owned and JV de novo opportunities 25% IRR Significant whitespace in existing geographies; future M&A creates Underwriting threshold for n
Slide 21: Accelerating our de novo strategy across new and existing MSAs
Accelerating our de novo strategy across new and existing MSAs De Novo Buildout Trajectory Illustration As cohorts mature, revenue and profitability compound across the portfolio Cumulative Added Centers by Maturity | 2018–2026E Mature (>3 yrs) Ramping (12 mos–3 yrs) New (<12 months) 44 +8-10 35 9 3
Slide 22: Unique JV Strategy delivers compelling value to our partners
Unique JV Strategy delivers compelling value to our partners Jointly Owned Imaging JV Entity What the JV Owns & Governs Lumexa Imaging Contributes Health System Contributes • 49% Lumexa / 51% health system • Imaging operations & management • Trusted local brand & reputation ownership • Managed-care
Slide 23: Trusted Joint Venture Partner to Health Systems
Trusted Joint Venture Partner to Health Systems - 88 Centers Outpatient Imaging Joint Ventures Benefits to Health Systems Benefits to Lumexa Imaging Management and operational expertise Managed care ✓ contracting expertise Revenue diversification from targeting volumes outside the affiliated referra
Slide 24: 2026 Guidance
2026 Guidance FY2026 guidance versus FY2025 results 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 $235-$241 M Excluding Public Company Costs: 7.0% 1 2026 Adj EBITDA includes a one time step up of ~$7M of
Slide 25: 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 26: Improved Capital Structure
Improved Capital Structure ✓ Net Proceeds of IPO reduced leverage by 2x ✓ Debt Rating Improved to Moody’s: B2, S&P: B+ ✓ Refinanced Term Loan ✓ = $50M+ in Annual Cash Interest Expense Savings ✓ End of Q2’26: Repriced Term Loan to SOFR+ 250bps Grow While Continuing to Naturally Delever *Annual intere
Slide 27: Experienced Management Team with Deep Industry Expertise
Experienced Management Team with Deep Industry Expertise Caitlin Zulla Tony Martin Chief Executive Officer Chief Financial Officer Russell Stewart, M.D. Alyssa Pepper Kyle Lynch Lachlan Tidmarsh Chief Medical Officer Chief Strategy Officer Chief Growth Officer Chief Information Officer Rikki Mondo C
Slide 28: Appendix: Financial Highlights
Appendix: Financial Highlights 27
Slide 29: 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 30: Track Record of Volume Growth and Advanced Modality Strength
Track Record of Volume Growth and Advanced Modality Strength $ in millions, except scans and centers 2023A 2024A 2025A 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 Outpati
Slide 31: Business Model: Two Revenue Segments
Business Model: Two Revenue 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 • Perform
Slide 32: How We Partner with Health Systems
How We Partner with Health Systems JV Structure (illustration) 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 JV’s assets
Slide 33: Lumexa Technology: Guided By Patient and Physician-Driven Principles
Lumexa Technology: Guided By Patient and Physician-Driven Principles Lumexa Technology: Guided By Patient and Physician-Driven Principles STRATEGIC PILLARS BENEFITS Scalable, Resilient and Actionable Business Secure Intelligence Operations AI Technology Data-driven insights to drive Referral Partner
Slide 34: 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 35: Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS) (Unaudited) (1)Includes severance and recruiting expenses for executive leadership departures as part Three Months Ended June 30, 2026 2025 of strategic organizational changes. (
Slide 36: Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS) (Unaudited) (1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational Three Months Ended March 31, 2026 2025 changes.
Slide 37: 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 (1) Represents receipt of casualty insurance proceeds related to (Dollars in Thousands - Unaudited) a flood at one of our centers. (2) Includes severance a
Slide 38: Thank You!
LUMO Thank You!
Lumexa Imaging Holdings — Q2 2026 Earnings Presentation on 6ix