Lumexa Imaging (LMRI) Investor presentation summary

Investment highlights and market positioning

• Operates a national outpatient imaging platform focused on advanced modalities in high-growth metropolitan areas.

• Benefits from a large, growing, and fragmented imaging industry with strong secular tailwinds.

• Demonstrates commercial, operational, and clinical excellence, driving growth and margins.

• Integrated technology stack leverages best-in-class third-party solutions and AI innovation.

• Led by a public company management team with deep healthcare industry expertise.

Financial and operational performance

• Achieved $1,023M consolidated GAAP revenue and $230M adjusted EBITDA (22.5% margin) for 2025.

• System-wide revenue grew 8.2% year-over-year; consolidated revenue up 7.8%.

• Performed ~4M outpatient scans annually across 188 centers, with 63% of revenue from advanced imaging.

• Net loss of $47M in 2025, with continued investment in growth and technology.

• 99%+ in-network reimbursement and a diversified payor mix, with 63% commercial payors.

Stakeholder value and partnerships

• Maintains high patient (97%) and referring physician (88%) satisfaction rates.

• Joint ventures with major health systems provide operational expertise and revenue diversification.

• JV structure typically involves 49% ownership, with Lumexa managing operations and receiving management fees.

• JV financials are transparently reported, with Lumexa accruing its share of net income and receiving cash distributions.