Lumexa Imaging (LMRI) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2025 results, with revenue and adjusted EBITDA exceeding guidance, driven by advanced imaging volumes and new center openings.

• Completed IPO, rebranded, and expanded into new markets, including a partnership with UPMC and returning in-network with a major payer, now operating in 14 states.

• Opened a record number of new centers in 2025 (nine de novo, one acquired) and launched innovative service lines and AI-enabled technologies.

• Full year 2025 saw a significant reduction in net loss from $94.1M to $47.1M.

Financial highlights

• Q4 2025 consolidated revenue was $267.7M, up 7.9% year-over-year; adjusted EBITDA was $63.8M, up 18.6%, with a 23.8% margin.

• Full-year 2025 consolidated revenue reached $1.023B, up 7.8%; adjusted EBITDA was $230.2M, up 14.6%, with a 22.5% margin.

• Net loss improved to $47.1M in 2025 from $94.1M in 2024.

• Professional fee revenue for Q4 was $66.8M, up 10.6% year-over-year.

• Achieved a two-turn reduction in leverage, saving over $50M in annual cash interest.

Outlook and guidance

• 2026 revenue expected between $1.045B–$1.097B; adjusted EBITDA between $234M–$242M, including $7M in new public company costs.

• Adjusted EPS guidance for 2026 is $0.71–$0.77 per share.

• Margin expansion and continued growth expected, supported by outpatient care trends, advanced modalities, and geographic expansion.

• Q1 2026 adjusted EBITDA expected to be flat year-over-year due to weather and volume pull-forward, but full-year guidance reaffirmed.