Lumexa Imaging posts Q2 revenue of $264m as advanced volumes rise
Lumexa Imaging (Nasdaq: LMRI), one of the largest US outpatient imaging networks, reported second-quarter 2026 consolidated revenues of $264.2 million, up 5.1% year on year from $251.4 million, and swung to a net profit of $2.7 million against a net loss of $7.2 million in the same period of 2025.
The Raleigh, North Carolina-based company attributed the improvement to strong growth in advanced imaging modalities, primarily MRI and CT, which saw consolidated volume rise 6.8% year on year. Same-centre advanced outpatient volume grew 5.2% on a consolidated basis, a metric that strips out the contribution from newly opened sites and is typically watched as a measure of organic momentum.
Financial performance
Adjusted EBITDA was broadly flat at $56.4 million, compared with $56.3 million a year earlier, producing a margin of 21.4% against 22.4% in the prior-year quarter. The company noted that approximately $7 million of public company costs, not incurred in 2025, are weighing on the full-year Adjusted EBITDA growth rate, which it now guides at roughly 4% rather than the 7% that would be implied on a like-for-like basis. Adjusted EPS came in at $0.20 per share.
Chief executive Caitlin Zulla pointed to four new imaging centres opened year to date and a joint venture with the Hospital for Special Surgery, a specialist musculoskeletal institution, as evidence of continued network expansion. The HSS deal marks Lumexa's ninth health system partnership and its second new joint venture in twelve months.
For the full year, the company reiterated consolidated revenue guidance of $1.045 billion to $1.097 billion and narrowed its Adjusted EBITDA range to $235 million to $241 million, from a prior range of $234 million to $242 million. The midpoint of $238 million is unchanged.
Market context
The outpatient imaging sector has attracted sustained investor interest over the past several years, driven by the ongoing shift of procedures out of higher-cost hospital settings and into independent or joint-venture centres. Health systems have broadly embraced partnership models with specialist operators, in part to retain radiology revenue without bearing the capital burden of running large imaging fleets themselves. Lumexa competes in this space alongside other multi-site operators, and the joint-venture structure it favours, where a health system retains an equity stake, has become a common means of aligning incentives between the two parties.
The emphasis on advanced imaging mix is commercially significant. MRI and CT procedures typically carry higher reimbursement than plain radiography, and a rising share of advanced procedures as a proportion of total volume supports revenue per procedure even when total visit counts grow more modestly. Lumexa's advanced procedures represented 31.3% of consolidated total procedures in Q2 2026, up from 30.0% a year earlier, a 123 basis-point shift that management is presenting as a strategic, not merely cyclical, trend.
The company carries approximately $820 million in long-term debt, a legacy of its growth-by-acquisition strategy, and interest expense fell sharply year on year to $16.2 million in Q2 2026 from $30.1 million, partly reflecting debt restructuring completed after its Nasdaq listing. Free cash flow generation and the pace of deleveraging will be key focal points for investors as the company matures into its public-company status. The Q2 results call was scheduled for 5:00 p.m. ET on 12 August 2026.