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 eight 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 and commercial payor mix.

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

• Maintains a diversified referral network of ~100,000 physicians and emphasizes high patient and referring physician satisfaction.

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

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; system-wide revenue growth was 7.4%.

• 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, an improvement from a $69.0 million loss in the prior year period.

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

• As of September 30, 2025, total assets were $1.69 billion and total liabilities were $1.52 billion.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to pay down a portion of outstanding borrowings under the existing term loan, and for working capital, capital expenditures, and general corporate purposes.

• As of September 30, 2025, $1.2 billion was outstanding under the existing term loan, with a planned refinancing to a new facility post-IPO.

• No cash dividends are anticipated in the foreseeable future; earnings will be retained to fund growth.