Lumexa Imaging (LMRI) 47th Annual Raymond James Institutional Investor Conference summary

Industry context and competitive landscape

• The radiology sector is highly fragmented, with the two largest platforms representing less than 9% of the market, offering substantial growth opportunities.

• Outpatient imaging is growing faster than the broader imaging market, driven by site-of-service trends, increased demand for advanced imaging, and a shift from hospital outpatient departments to independent diagnostic testing facilities.

• The U.S. diagnostic imaging market is expanding due to an aging population and technological advancements, with advanced modalities outpacing routine imaging.

• The sector is experiencing significant developments, including a major competitor deal and ongoing debate about technology ownership versus rental models.

Company overview and growth strategy

• Operates a national outpatient imaging platform with the second largest center footprint, focusing on high-growth metropolitan areas across 13 states, with 189 centers as of December 2025.

• Growth is driven by same-site revenue (2/3 volume, 1/3 rate), 8–10 de novo openings annually, and M&A, with 21 acquisitions since 2018.

• Advanced imaging (MRI, CT, PET) is prioritized, now comprising 63% of revenue and generating ~3.3x more revenue per scan than routine modalities.

• High patient satisfaction (NPS 91, 97% satisfaction), 99% in-network, and 63% commercial payer revenue.

• Management team has deep industry expertise and a strong track record in public and private healthcare.

Joint venture (JV) partnerships and financial structure

• Operates eight long-standing JV partnerships, typically structured as 51% partner/49% company or 49% ownership, sharing capital, operations, and managed care contracting.

• JV financials are transparently disclosed, with audited financials for major JVs and Lumexa accruing net income and receiving cash distributions based on ownership share.

• Management fees and service revenues from JVs are recognized, but a significant portion is zero-margin pass-through.

• JV debt is off-balance sheet, with a manageable pro rata share.

• Ongoing efforts to expand JV partnerships, with multiple active discussions and significant management focus.