Lumexa Imaging (LMRI) Barclays 28th Annual Global Healthcare Conference summary

Business overview and growth strategy

• Operates 189 outpatient imaging centers in 13 states, focusing on high-growth markets with strong commercial payer mix.

• Provides imaging at 60% lower cost than hospital outpatient departments, emphasizing value.

• Growth achieved through de novo openings and acquisitions, with nine de novos completed last year and the first 2026 de novo already open.

• De novo pipeline targets 8-10 openings per year, with compounding impact expected as more sites ramp up.

• Dedicated analytics and market research guide site selection and ensure optimal locations for patient access.

Industry trends and demand drivers

• Outpatient imaging is a $33B market growing at 7% CAGR, outpacing the broader radiology market.

• Advanced imaging (MRI, CT, PET) is the main growth driver, growing twice as fast as routine modalities and commanding a 3.3x revenue premium.

• Demand is fueled by aging population, chronic conditions, new screening mandates, and novel treatments.

• Advanced imaging volumes grew 11% quarter-over-quarter and 7.7% year-over-year in Q4.

• Routine X-ray volumes are less significant financially and not indicative of trends in higher-margin modalities.

Operational initiatives and technology

• Sales team of 120 focuses on deep referral relationships and high patient satisfaction (NPS 91).

• Targeted sales efforts led to a 400 basis point improvement in orthopedic referrals in Q4.

• FastScan technology reduces MRI exam times, increasing capacity by 40%; 50% of machines equipped, targeting 66% by end of 2026.

• Virtual MRI pilot reduces tech downtime and extends site hours.

• AI applications include breast arterial calcification scoring, with early opt-in rates exceeding expectations.