Lumexa Imaging (LMRI) Registration Filing summary

Company overview and business model

• Operates the second largest outpatient imaging center network in the U.S. with 184 centers across 13 states, including 85 joint ventures with health systems as of September 30, 2025.

• Focuses on advanced imaging modalities (MRI, CT, PET) and targets high-growth metropolitan areas with favorable demographics.

• Utilizes a scalable, integrated technology platform and has implemented third-party AI solutions to improve efficiency and clinical quality.

• Maintains a diversified referral network of ~100,000 physicians and 29,000 practices, with high patient and physician satisfaction scores.

• Business model includes wholly owned centers, variable interest entities (VIEs), and joint ventures, with management fees from unconsolidated affiliates.

Financial performance and metrics

• Consolidated revenue for the nine months ended September 30, 2025 was $755.3 million, up 7.8% from the prior year period.

• Adjusted EBITDA for the same period was $166.4 million, representing a 22.0% margin.

• Net loss for the nine months ended September 30, 2025 was $18.4 million.

• System-wide revenue growth was 7.4% for the nine months ended September 30, 2025.

• 58% of consolidated revenue and 63% of system-wide revenue came from commercial payors for the nine months ended September 30, 2025.

Use of proceeds and capital allocation

• Net proceeds from the IPO (estimated at $427.0 million) will be used to pay down a portion of $1.2 billion in outstanding term loan debt, with the remainder for working capital, capital expenditures, and general corporate purposes.

• No plans to pay dividends in the foreseeable future; earnings will be retained to fund growth.