Lumexa Imaging Q2 Earnings Call Highlights

Lumexa Imaging NASDAQ: LMRI reported second-quarter revenue growth, higher advanced-imaging volumes and a return to profitability, while narrowing its full-year adjusted EBITDA outlook and reiterating revenue and adjusted earnings-per-share guidance. Chief Executive Officer Caitlin Zulla said the company continued to execute on its strategy of building an outpatient imaging platform through same-center growth, new center openings, strategic service lines and health system partnerships. She highlighted a record advanced-modality mix, progress in ramping recently opened centers and a new joint venture with Hospital for Special Surgery in the New York metropolitan area.

Consolidated revenue rose 5.1% year over year to $264.2 million in the second quarter. System-wide revenue, which includes Lumexa-operated joint-venture sites in addition to wholly owned centers, increased 6%. Outpatient net patient service revenue increased 3.5% to $143.7 million, while professional fee revenue rose 5% to $60 million. Management fee and other revenue totaled $60.4 million, including roughly $26 million of management fees from health system joint ventures. The remaining amount primarily represented zero-margin pass-through costs paid on behalf of joint ventures, Chief Financial Officer Tony Martin said. Net income was $2.7 million, compared with a net loss of $7.2 million in the prior-year quarter. GAAP earnings were $0.03 per share, while adjusted EPS was $0.20. Interest expense fell to $16.2 million, which Martin said was about $14 million below the second quarter of 2025. The decline reflected debt repayment using IPO proceeds last December. Lumexa also repriced its term loan during June, a move expected to reduce annual cash interest expense by an additional $4 million beginning in the third quarter. Adjusted EBITDA was essentially unchanged at $56.4 million, compared with $56.3 million a year earlier. Adjusted EBITDA margin declined to 21.4% from 22.4%, partly reflecting $1.5 million in public-company costs. General and administrative expense also included higher stock-based compensation tied to the resetting of legacy equity plans during the company’s IPO.

System-wide volume increased 3.1% year over year. Advanced-modality volumes rose 6.3% system-wide and 6.8% on a consolidated basis. Advanced modalities reached 37.4% of total volume, up 111 basis points from a year earlier. Same-site system-wide revenue increased 4.4%, consisting of 2.2% volume growth and 2.2% rate growth, according to Martin. Cash flow from operating activities was $32.8 million, up $31 million from the prior-year quarter. Free cash flow reached a company-record.